Category: Bookkeeping

Account reconciliations keep a company’s financial statements accurate, ward off fraud, and can be automated to let your finance team worry about bigger things. Account reconciliation is about building trust in financial data and ensuring compliance. For finance leaders, a well-executed reconciliation process can prevent financial misstatements, reduce fraud risks, and support strategic decision-making. For…

Accountants must evaluate the likelihood of the contingent event materializing. This evaluation often involves a thorough analysis of historical data, industry trends, and expert opinions. For instance, in the case of a lawsuit, legal counsel might provide insights into the likelihood of an unfavorable outcome based on similar past cases. The recognition of contingent liabilities…

Earn Free Gift Cards and Cash with Online Paid Surveys You usually can’t deduct the expense if the reserve meeting is held on a day on which you don’t work at your regular job. In this case, your transportation is generally a nondeductible commuting expense. However, you can deduct your transportation expenses if the location…

We are committed to providing an all-inclusive and welcoming environment. Although our instructors have limited time allotted, pre-scheduled tutoring sessions are available for the serious student. In addition, one day a month, there is a day allocated for testing and exam preparation. For example, a two-year continuing education term would require twenty-eight hours. At least…

To standardize the output for the sake of comparability, the next step is to divide by the base period. The accounting period covered could be one-month, a quarter, or a full fiscal year. If you want to take your variance analysis to the next level, check out FloQast Variance Analysis. It offers a better way…

Accurate recording of contra entries in accounting systems is essential for financial integrity. These entries require attention to detail, as they directly impact the accuracy of financial statements. Understanding the relationship between the main account and its contra account dictates how transactions are recorded and reported. Tricky Question: Is Unearned Revenue a Contra Account? We’ll…

When it comes to travel and expense management, automation can help streamline the reporting and reimbursement process to ensure prompt payment while also reducing unnecessary costs. Positive cash flow means more money is coming in during your measurement period than going out. Negative cash flow means you have more money going out than is coming…

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Transfer Pricing: Definition, Methods, Examples & Tax Compliance Guide Because the external market is competitive, the firm is a price taker and must accept the transfer price determined by market forces (their marginal revenue from transfer and demand for transfer products becomes the transfer price). If the market price is relatively high (as in Ptr1…