Accounting

Introduction to financial vs managerial accounting on an orange background with an illustration.

Financial vs Managerial Accounting

In the world of accounting, two primary branches dominate the field: financial accounting and managerial accounting. While both disciplines involve the processing and analysis of financial information, they serve distinct purposes and cater to different stakeholders. Knowing how to distinguish and understand them is crucial for your career. Main Differences of Financial and Managerial Accounting …

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Introduction to how can AI help accountants on an orange background with an illustration.

How Can AI Help Accountants?

In today’s rapidly evolving technological landscape, artificial intelligence (AI) is revolutionizing various industries, including accounting. The integration of AI technologies into accounting practices has brought about numerous benefits, streamlining processes, and enhancing efficiency. Today, we explore the significance of AI in the realm of accounting and highlight its various applications and advantages for accountants. Why …

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Introduction to the bank reconciliation on an orange background with an illustration.

How to Conduct Bank Reconciliation in Accounting

Do you know how to conduct bank reconciliation? Maintaining accurate financial records is crucial for any business. One essential process in financial management is bank reconciliation. Today, I will provide a comprehensive guide to bank reconciliation, explaining what it is, why it is important, and how to streamline this process. Also, by understanding and implementing …

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Introduction to the accounting basics for finance professionals on a blue background with an illustration.

Accounting Basics for Finance Professionals

Do you know that the accounting basics are important for finance professionals? Accounting is a fundamental aspect of business and finance that involves keeping track of financial transactions, preparing financial statements, and analyzing financial data. Therefore, as a finance professional working in the accounting department of a finance company, it is essential to have a …

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An introduction to preparing financial statements on a blue background with an illustration.

What Are The Steps to Prepare Financial Statements?

Combining accounting data into a standardized set of financials is part of the process of creating financial statements. Subsequently, you send the statements to management, creditors, borrowers, and investors, who use them to assess the company’s performance, liquidity, and cash flows. The steps below are part of the process of creating financial statements. What Are …

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Introduction to how to use standard costing and variances on a blue background with an illustration.

How to Use Standard Costing and Variances?

Businesses utilize standard costing and variances as a method to monitor their expenses. In other words, it entails establishing a “standard” cost for each good or service and measuring actual costs to these benchmarks. Additionally, you can track direct and indirect expenses using standard costing. On the other hand, variance analysis is a method for …

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Introduction to Activity-Based costing method in finance on an orange background with an illustration.

What is Activity-Based Costing in Finance?

The manufacturing sector uses activity-based costing (ABC) most frequently because it improves the accuracy of cost data. Also, it is effective in identifying the expenses a firm incurs throughout the production process. Therefore, here is everything you should know about activity-based costing if you are a finance professional. Definition of Activity-Based Costing Activity Based Costing …

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Introduction to the difference between Cash Vs. Accrual method on a blue background with an illustration.

Difference between Cash Vs. Accrual Method in Finance

The timing when revenue and expenses are recorded is the key distinction between the cash vs. accrual method. Therefore, do you understand the difference? Also, based on these two principles, you can define the two different accounting methods to use. Cash Vs. Accrual Method Here are the differences, benefits, and accounting of the cash vs. accrual …

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