Financial statement analysis studies and tries to gain an understanding of different financial and non-financial aspects of the company or the organisation. This study is conducted taking the details from the financial reporting periodically. Such a study helps to make different decisions for the company’s future performance. Below, we present a high-level overview of why [...]
Accountants may be tasked with recording specific transactions or working with specific sets of information. For this reason, there are several broad groups that most accountants can be grouped into. Amanda Bellucco-Chatham is an editor, writer, and fact-checker with years of experience researching personal finance topics. Specialties include general financial planning, career development, lending, retirement, [...]
These costs generally consist of direct materials, direct labor, and variable manufacturing overhead. Fixed manufacturing costs are regarded as period expenses along with SG&A costs. The short answer is that the fixed manufacturing overhead is going to be incurred no matter how much is produced. But, on a case-by-case basis, including fixed manufacturing overhead in [...]
No matter what you’re reconciling, it will involve comparing two sets of records to determine accuracy. If there are any differences between the accounts and the amounts, these differences need to be explained. Reconciling your bank statements allows you to identify problems before they get out of hand. The reconciliation process is necessary if you [...]
Under https://adprun.net/what-is-variable-costing/, overhead costs are charged to expense at once, rather than when the related sales occur (which may be in a later period). Consequently, this methodology is only used for internal reporting purposes. It helps to find the amount of revenue or the units required to cover the product’s total costs. Break-even points in [...]
There are three key aspects of blockchain that can affect the accounting industry. This article will talk about Blockchain technology, technologies that make Blockchain possible, and how it can impact the accounting domain. In today's interconnected world, technology has become an integral part of our lives, transforming the way we work, communicate, and navigate the [...]
Blockchain accounting authenticates every financial transaction from any part of the world within a short duration. Moreover, validators reject unauthorized data entries during the verification process. The transparency level at which blockchain operates also limits the chance of misunderstanding among accountants. The accounting industry is also reaping the benefits of Blockchain technology because of its [...]
It’s not just about your core banking system but generative AI in particular. It allows banks to use all the soft information/data they have, be it in operations, be it because of customer interviews, or be it in terms of monitoring software. They can leverage that data, which at the moment requires lots and lots [...]
Public companies are required to have a periodic financial statement available to the public. On the other hand, private companies do not need to appeal to shareholders. That is why there is no need to have their financial statements published to the public. The balance sheet is used to assess the financial health of a [...]
Xero's unlimited-users feature makes it a winner among larger businesses and well-established small businesses that require more than five users. It’s also less expensive than QuickBooks Online and a bit easier to use, thanks to its customizable dashboard and simple layout. It also offers Payroll, but this service is an additional fee starting at $45 [...]