Outsourcing is one of the most effective business choices for streamlining processes and expanding a company’s reach. When finance and accounting tasks are assigned to an outsourcing company located in a different geographical location, mostly a low-cost country, is referred to as offshore accounting. Accounting is an important aspect of every company. Companies must maintain […]
The large number of federally-funded programs created as part of the financial stimulus to offset COVID-19 pandemic losses have changed the single audit requirements immensely. In addition to many new programs, which started at the beginning of 2021, there are programs that started mid-year as well as older programs that added new requirements. More than […]
Expense fraud, according to the ACFE, is when an employee claims compensation for false or exaggerated expenditures. Expense fraud is a big problem that most organizations’ accounting and finance departments are dealing with. Managing cost spending and preventing fraud is crucial to protecting an organization’s financial resources since it is the second-highest indirect expense after […]
There are sure to be some surprises in Tax Year 2021, although certain adjustments are already in the works. In this blog, we will highlight some of the IRS’s 2021 tax phase-outs, modifications, and inflation adjustments. There are numerous advantages to budgeting your finances. Most of which is effective financial planning, which will help you identify […]
For a number of fear-based reasons, businesses are typically reluctant to share financial information with their employees. While every firm has the discretion of sharing which numbers with whom, those who choose to share with workers may handle this difficult subject with ease. During crunching times, such as COVID-19, that we are currently experiencing, it […]
As the COVID-19 pandemic continues to wreak havoc for most businesses and organizations, it is imperative that not-for-profit entities (NFP) keep watch over certain areas of their organizations. This post will address some areas that organizations should watch to make sure they are minimally affected by the pandemic. Cash Management NFPs should carefully manage […]
A control account is a general ledger account designed for the purpose of documenting and summarizing bulk transactions of the same kind. This account holds totals for transactions that are maintained separately in subsidiary-level ledger accounts. Control accounts are used mostly to summarize accounts receivable and payable because these sections include a significant number of […]
Accounts payable specialis collaborate with other accounting or finance experts to generate bookkeeping and financial transaction records for accountants and auditors to utilise throughout tax season. They keep track of ledger balances, look for financial irregularities, and arrange databases and documents pertaining to your company’s finances. The majority of an AP specialist’s day-to-day work includes […]
As an Accountant, you’re no stranger to dealing with challenges and setbacks, such as the tax laws changing or your Excel suddenly crashing while you’re trying to update a formula. However, changes and uncertainties due to COVID-19 can leave you feeling stuck in your career development as an Accountant. Here are three essential skills you […]
Accountants are sometimes viewed as dull, and uninteresting characters. Books do not balance themselves, and businesses cannot thrive until our accountants assist us in identifying trends, developing budgets, and adhering to those budgets. Businesses rely on individuals who can do numbers that they don’t know how to do or don’t have time to do. They […]