Knowing how much you’re spending is an important part of accounting. You’ll never know whether your firm is profitable if you don’t keep track of your spending. Cost accounting comes into play in this situation. Cost accounting is a type of accounting that focuses on the expenses of running a firm. Before you go into cost accounting, […]

Financial accounting is the process of recording, analyzing, and reporting on a company’s business transactions in order to produce financial statements that are used by internal and external shareholders to evaluate the financial stability of a company or a business. As a result, financial accounting reports are critical in defining a company’s goals, how it […]

Too often, companies don’t have a standardized review process for their employees. This can lead to inconsistency and unfairness in the reviews given to employees.  A standardized review process is a system in which all employees are reviewed using the same criteria. This means that everyone is judged by the same standards, and employees can […]

Have you ever heard of the Excel tool known as What-If Goal Seek Analysis? No, most likely. One of the three What-If Analyses available in Excel is the What-If Goal Seek analysis. Let me describe the What-If Analysis in a few words before we get started with the Goal Seek analysis. It is nothing more […]

Internal audit is a systematic approach to evaluate the company’s internal controls, regulatory and corporate compliance, and accounting processes. Internal audits provide tools necessary for the organization to achieve operational efficiency by providing information it needs for the accomplishment of its goals and correcting slip-ups before they turn up in an external audit. Internal auditors […]

As remote work grows and more people work from home or other places away from their office, managers must learn to create collaborative remote work teams. Managing a remote workforce can be challenging, however. Communication and trust are crucial, but it is hard to maintain over long distances. Without these important elements, team members can feel isolated […]

Many successful firms are afraid of interacting with the Internal Revenue Service as tax season approaches. The most prevalent phobia is being audited, however this does not occur as frequently as you may imagine. It’s far more probable that your company will need to deal with a tax obligation, such as back taxes, because they […]

Giving employees a voice in their performance reviews is one of the most important things you can do to ensure their success. When employees are involved in the review process, they feel like they are part of the team and their opinions matter. This results in a more positive work environment and increased productivity. Why […]

CPE stands for continuing professional education. Accounting is a very specialized profession, and because tax rules and regulations may change quickly, accountants enroll in continuing education programs to stay up to date on changes in the law and accounting practices. They must be aware of the continuing education (CE) requirements of the states in which […]

Financial accounting is the soul of a commercial enterprise’s ability to manage economic information presented in terms of money in an effective and efficient manner. A business’s activities will be sporadic in the absence of financial accounting and its functions. Financial Accounting Definition Financial accounting is a type of accounting that involves the process of […]