Cash basis method is more immediate in recognizing revenue and expenses, while the accrual basis method of accounting focuses on anticipated revenue and expenses. Cash basis lets businesses record income and expenses only when cash is actually received or paid. Accrual accounting involves tracking income and expenses as they are incurred (when an invoice is […]
Category Archives: Bookkeeping
Costs are fixed for a set level of production or consumption and become variable after this production level is exceeded. Fixed expenses are those that stay the same each month, such as rent and loan payments. If we talk about what are variable expenses, these are the expenses that fluctuate from month to month, such […]
If you have a pretty simple tax return, you may not need anything more than a free filing service. Paid packages from tax providers can be a less expensive way for people with more complicated tax situations to get their taxes done rather than seeing an in-person professional. • CPAs can provide a lot […]
Together with expanding roles, new expectations from stakeholders, and evolving regulatory requirements, these demands can place unsustainable strain on finance and accounting functions. F&A teams have embraced their expanding roles, but unprecedented demand for their time coupled with traditional manual processes make it difficult for F&A to execute effectively. Global brands and the fastest growing […]
Accountants need to contact the purchasing department if they have purchased the items. They are not going to process payment for the items that have not been purchased. Moreover, accountants have to contact the warehouse if they have received the goods. A supercharged 3 way matching AP workflow ensures timely vendor payments. Vendors value early […]
Often, investors will require tech companies to become GAAP compliant after a certain point, typically a Series A. An effective approach to accounting for tech companies takes a slightly different approach to that used by a more traditional business. In his year of owning Twitter, Mr. Musk has overhauled the company and the social media […]