Do you know that you can use ChatGPT for accounting in your everyday work? As artificial intelligence (AI) technology continues to advance, businesses are looking for new and innovative ways to streamline their operations and improve their bottom line. One emerging trend in this space is the use of AI-powered chatbots for accounting. In this …
Accounting can be a daunting subject for many adults, let alone kids. However, it is a fundamental aspect of managing money and understanding finances. That is why I felt the need to have Accounting explained in a simple manner In this guide, we will aim to simplify accounting concepts and explain them in a way …
Accounting Explained in A Simple Manner for Kids and Adults Read More »
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 …
Being able to work with the Big 4 accounting firms is a major honor and accomplishment for many aspiring CPAs. In addition to providing the vast majority of auditing services globally, they are consistently ranked as among the greatest places to work. Therefore, it goes without saying that it’s difficult to get employed by one …
How Can You Earn A Spot in The Big 4 Accounting Firms? Read More »
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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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 …
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 …
What do you need to do in the year-end closing process? If you are working in Finance just like me, chances are that it’s getting busy. In addition to the day-to-day activities, there are three things you should do to finish the year well. Assess Your Balance Sheet Positions One of the main accounting principles …
Year-End Closing Process: 3 Areas of Focus in Finance Read More »
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 …
Difference between Cash Vs. Accrual Method in Finance Read More »
Have you ever heard about deferred revenue and expenses but never clearly understood what it means? The success of every firm or individual in finance depends on having a solid foundation in accounting. As a result, recording deferred revenue and expenses on the accrual method of accounting may aid in matching income and expenses to …
