Driver-based budgeting helps your nonprofit align its financial planning with operational activities, making adjusting to changes and improving decision-making easier. At the same time, balancing mission-driven initiatives with responsible financial management is key to ensuring your nonprofit’s long-term sustainability. Are you responsible for managing a nonprofit’s budget, or are you…

Proper documentation serves as a record of the auditor’s rationale, providing a trail that can be reviewed and understood by others, including regulatory bodies and stakeholders. This transparency is crucial for maintaining trust and accountability in the audit process. With the $ 3,000 misstatement also, the company’s current ratio would…

Our service dashboard makes it easy to manage your workers and track their progress and you’ll have a dedicated account manager for any questions along the way. All our assistants are trained in fundamental information security practices. They’re also given access to resources for further learning, which they’re encouraged to…

Once the evaluation is complete and the bookkeeper better understands your books, it will be time to organize and categorize all of the available data. During this step, the professional(s) will identify and work through all of your transactions one-by-one to ensure they’re properly categorized. Ensure you understand your company’s…

By analyzing the income statement, the analyst observes that operating expenses, particularly in R&D and administrative costs, have risen sharply. This increase in expenses suggests potential inefficiencies in operations or a shift in strategy that may impact profitability. The analyst uses operating margin (EBIT ÷ Revenue) as a key metric…

Real estate-specific reports, like cash flow statements, balance sheets, and income statements, provide insights into a property’s performance and potential. Specialized real estate accounting systems offer tailored solutions for the industry. They cater to the unique needs of property management, ensuring accuracy and efficiency. These systems are more than just…

While the specific accounting used in not-for-profit entities differs slightly from traditional accounting conventions, the goal of providing reliable and unbiased financial information useful for decision-making is vitally important. Some of the governmental and regulatory entities involved in maintaining the rules and principles in accounting are discussed in Explain Why…

Not being able to see or input the expenses unless I pay for the quick receipt plan in app is kind of a bummer. I’m glad the option is still available online and the system works great and the amount of different charts available is super helpful. With the Pro…

The second part of the necessary entry will be a credit to a liability account. Examples are the factory maintenance department, factory administrative department, and quality assurance department. In the Canadian context, companies must adhere to the International Financial Reporting Standards (IFRS) as adopted in Canada, which provide guidelines for…

Content Make payments easy and secure Total amount owed with currency Invoicing and Billing Are invoices legal documents? One good thing about an invoice is that they are totally customizable. If you charge by the day, hour, or job, you can specify whichever one fits you best. The term “invoice”…