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 […]
Do you want to build your professional accounting network? The accounting profession is competitive, and it’s up to you to put yourself ahead of the pack. Why does it matter at all for accountants who work mostly behind-the-scenes as bookkeepers or tax preparers to build your professional network? If you’re looking to build a solid […]
A balance sheet is one of the most important financial documents you may use to assess your own finances. For anyone interested in a company’s financial health, balance sheets are one of the two most significant financial statements. Managers, stockholders, and anybody else interested in the company’s performance may be among those interested in the […]
Associations are often set up and run as both nonprofit and tax-exempt organizations. The term “tax-exempt status” refers to an exemption from federal income taxes under the Internal Revenue Code. Nonprofit status relates to incorporation status under state law. First, let’s define the term “tax-exempt.” Most federal income taxes, as well as several state taxes, […]
While it is impossible to predict the exact economic impact of the worldwide COVID-19 pandemic, analysts believe that it will have significant negative consequences on the global economy. According to early projections, most major economies were expected to lose at least 2.9 percent of their GDP by 2020 if the virus became a worldwide pandemic. […]
Every business owner has to grasp balance sheets in order to keep track of their company’s financial health. Balance sheets, along with income and cash flow statements, give business owners the financial information they need to make informed decisions. At the end of an accounting period, a balance sheet shows a company’s assets, liabilities, and […]
