Category: Bookkeeping

Thomas’ experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning. Taxpayers can also choose the free file fillable forms option, which provides general instructions on how to file taxes, instead of completing the work for a taxpayer. Direct File is also only available to taxpayers with certain types… Continue reading Tax-Free Savings Account TFSA: Definition and Calculation

Filters allowed me to sort reports by time period, including a custom date range. All reporting graphs were color-coded with a key for each data point. Scaling businesses often face the challenge of expanding operations without escalating costs or complexities. Its impressive 95% automation rate means businesses can handle larger volumes of accounting entries without… Continue reading Accounting Software for Medium Sized Businesses

This type of accounting follows the International Financial Reporting Standards (IFRS) and helps businesses adhere to the laws and regulations of other countries. Governmental accountants are experts in providing services that serve the government’s needs. They track project funds to ensure government programs are performing as expected and give clarity on fund spending. Cost accounting… Continue reading 8 Best Accounting Software for Midsize Businesses in 2024

These expenses can quickly add up, especially if you’re a small business with limited resources. Accounting and bookkeeping can be outsourced to handle sales and use tax reporting, bill payment, payroll process, and tax reporting. If you need a higher level of outsourced accounting, a controller can provide tax planning and analysis, depreciation scheduled maintenance,… Continue reading TDefinitive Guide to Outsourced Accounting TOA Global

Separation of duties (SoD), also referred to as segregation of duties, is the principle that no user should be given total control over sensitive systems, processes, or activities. For example, one person is not able to complete a task without another person who acts as a check, the 7 best business debt management companies for… Continue reading Why is Segregation of Duties important?

The details entered on the check, vendor bank account details, payment vouchers, and the original bill and purchase order must be scrutinized. If you would like to explore further how Near can help you outsource your accounts payable roles to professionals in LatAm, book a free consultation call today. For example, the average salary for… Continue reading How the Accounts Payable Process Works in 6 Basic Steps

Relevant tests – Vouching the cost of assets to purchase invoices and checking depreciation rates and calculations. Rights and obligations – means that the entity has a legal title or controls the rights to an asset or has an obligation to repay a liability. Relevant test – select a sample of customer orders and check to dispatch notes and… Continue reading What Are the Audit Assertions? Definition, Types, And Explanation

Depending on the industry, a company could have multiple sources of income besides revenue and various types of expenses. Some of those income sources or costs could be listed as separate line items on the income statement. Net income is the profit that remains after all expenses and costs have been subtracted from revenue. Net… Continue reading Net Income vs Gross Income: What’s the Difference?

The results of all financial transactions that occur during an accounting period are summarized in the balance sheet, income statement, and cash flow statement. The financial statements of most companies are audited annually by an external CPA firm. It may be handled by a bookkeeper or an accountant at a small firm, or by sizable finance departments with… Continue reading How to Know When to Move from Public Accounting to Industry Accounting

When applied beyond accounting, Sage Intacct isn’t the most capable ERP system, as it lacks some of the feature-rich applications others have for use cases like sales, customer support, and logistics. ERP streamlines and integrates all of a company’s data into one database system that acts as the single source of truth, so data can… Continue reading Enterprise Resource Planning ERP: Meaning, Components, and Examples