accounting certifications The Importance of Accounting Certifications 1. The Benefits of Accounting Certifications Many employers look for candidates who hold these kinds of credentials because they offer a testament to one’s dedication to their education and job. The earning potential for accountants who possess a certification always far exceeds those who do not. However, one must first pass a difficult exam encompassing the most stringent […]
cash vs accrual accounting Cash vs Accrual Accounting 1. Introduction When a business uses cash basis accounting, the income and expenses are recorded when received or paid. According to the IRS, it is the most commonly used method, which is probably because it is also the simplest. You defer income so it is not taxed until the next tax year and, “it is less complex […]
accounting terms Introduction to Accounting Terms 1. Basic Accounting Terms Budget is an estimate of costs, an organized financial forecast of operations, resources, property, and liabilities. Actually, a budget is an estimate of income and expenditure for a specific period of time or for a given project and is used as a tool for decision making. Every manager of a firm will prepare their own […]
cash basis accounting Benefits of Cash Basis Accounting 1. Introduction to Cash Basis Accounting Under the cash-basis of accounting, the accounting process begins with the recognition of cash as the primary means of measurement and the basis for recording all business transactions during an accounting period. The other major elements of the cash-basis of accounting include an emphasis on the accounting equation (Assets = Liabilities […]
accounting services The Benefits of Outsourcing Accounting Services 1. Introduction Although outsourced accounting operations easily handle basic activities like accounts payable and receivable (AP & AR), payroll, or trial balance and general ledgers work, typically, more advanced operations also can be requested. Perhaps the owners of another client will need individual tax planning. The business owner, who must also request specialized reports. Even audit assistance […]
accrual basis accounting Accrual Basis Accounting 1. Introduction to Accrual Basis Accounting The basic concept of accrual basis accounting is that accounting transactions are recognized when they occur regardless of when cash changes hands. This means that revenue is recorded in the period when the details of the customer or client order are fully provisioned and the company becomes obligated to provide specific obligations to […]
debit vs credit accounting Debit vs Credit Accounting 1. Introduction to Debit and Credit Accounting The system of double-entry accounting applies “account” for recording transactions. An account is a summary record of similar transactions relating to a particular item (e.g. cash account). The double-entry rule defines each transaction in terms of two accounts and affects both accounts with the same value – but in opposite […]
wave accounting login The Benefits of Using Wave Accounting 1. Introduction to Wave Accounting Designed and developed as an unquestionably simple application for non-accountants, Wave Accounting helps users organize income and customer information, automatically produces financial statements, generates expense reports, monitors unpaid invoices, and shares with the user useful business insights based on user history. In addition, Wave users can also leverage premium features in […]
generally accepted accounting principles Importance of Generally Accepted Accounting Principles 1. Introduction to Generally Accepted Accounting Principles Officials who are responsible for the organization’s financial reporting are the driving force for an organization to continually maintain the representation of financial information of accountants. Whether they are accountants obtaining their expertise in a variety of different industries or exposure with their careers, which has provided them […]
accounting profit The Importance of Accounting Profit 1. Definition of Accounting Profit Equally, the intrigue of the car owners support a claim so we can state cost to serve all business income, all kinds of permitted costs deserve to be provided just large business expenses, therefore this might be approved. This informative article has added major payment or profit-pay-back services in this category, as well […]
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