It also provides information to make general strategic decisions and a benchmark for its revenue and income goals. In short, once a business is up and running, spending extra time and money on maintaining proper records is critical. Accounting software eliminates a good deal of manual data entry, making it entirely possible to do your […]
Category Archives: Bookkeeping
Determining which party is the principal and agent for revenue purposes is a complex process, and is the main reason ASC 606 was designed and implemented. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Take your learning and productivity to the next level with […]
The net realizable value is an essential measure in inventory accounting under the Generally Accepted Accounting Principles (GAAP) and the International Financing Reporting Standards (IFRS). The calculation of NRV is critical because it prevents the overstatement of the assets’ valuation. Net realizable value can also refer to the aggregate total of the ending balances in […]
Content Inventory Table of Content What is an Operating Cycle? Operating Cycle Formula The Accounting Gap Between Large and Small Companies Operating Cycle Definition However, its payable days are lower than ABC Co. which means it has a negative impact on the cash conversion cycle. Even with the lower payable days, XYZ Co. managed to […]
If you have a steady and reliable internet connection from a trusted service provider, you are good to go. Ensure that your office maintains a backup power source (such as a generator) to ensure that you are always connected to the internet. You may also consider getting a secondary data package from a different ISP […]
While it’s not exactly a cheap service to use, the combination of a cloud-based software dashboard and real-time help from InDinero advisors could soon be paying dividends. The Dashboard area works in harmony with a rock-solid app too, meaning that you can stay on top of your business administration tasks anytime and anywhere. InDinero has […]
Be it startups, small to medium-sized businesses, or non-profit organizations, outsourcing offers major advantages. Companies outsource to achieve cost savings and focus on core business functions. Top-notch organizations opt to outsource to drive transformational business results. The bulk of accountants today feel that cloud computing will make their jobs easier in the future. Take a […]
By outsourcing financial functions to accounting firms or other accounting professionals, you are gaining access to someone with more expertise to handle the more complex functions. These professionals also are trained to offer financial advice and financial management tips. Outsourced accounting is when a business hires a third party or someone outside the company to […]
The frequency of preparation of HOA financial statements may vary depending on state laws, community bylaws, and the size of the association. One of the best homeowners association accounting rules to adopt is to exercise internal controls. That means not letting a single person have control over every financial department. Ideally, the person who writes […]
Moving from manual invoice management to an online software will help with transparency, risk management and error reduction. It is vital to ensure that your HOA or condominium board is following industry best practices where HOA accounts payable are concerned. Keeping track of all the expenses is hard work, and knowing what they are is often half the battle. […]