Accounting

Comprehending your business finances is a function of knowing your gross receipts. As you prepare for tax reports, apply for funding, or just track performance, output gross receipts, which are your total income generated by the business for a particular time frame. In QuickBooks, this info is easy to find once you know the right...

In this complex world of corporate finance today, a vision without an actionable plan is simply hoping for the best. For an organization to remain sustainable overall and increase shareholder value, it needs one cohesive map that aligns all departments with a common financial goal. That is the purpose of the Master Budget. An expert budget represents the umbrella...

The world of corporate finance does not allow for anything less than perfect accuracy. This accuracy comes from a crucial process called Account Reconciliation. Although this may sound like a boring administrative function, it is the single most powerful weapon an organization wields to prevent fraud, financial mismanagement, and regulatory non-compliance. Regardless of whether you run a small...

To​‍​‌‍​‍‌ effectively plan, budget, and decide, a company needs to know how its costs behave. But it is not rare that companies do not have complete data or sophisticated analytical tools to understand their cost patterns. In such cases, the high-low method in accounting turns out to be a handy and simple-to-use tool. It enables...

Auditing is everything about trust. Businesses, regulators, stakeholders and investors rely on auditors for verification of whether or not the financial statements actually reflect financial health of a company. To attain this auditors follow a well-structured method called audit procedures. Within these procedures, there is an important component known as substantive procedures. Even if they...

Managing your business’s financial needs can be very challenging, especially for small and mid-sized companies with many different areas to operate. That is why QuickBooks was developed to assist with your daily accounting needs, an easy-to-use and robust accounting system to help manage your company’s financial information. Using QuickBooks will help you organize your financial...

The accounting entries that record the expenses upon the actual occurrence of the expense are termed accrued expenses, although the payout has not been received. This method of accounting ensures that expenses are recorded within the period when they occur, and thus it offers better financial information compared to cash-based accounting. What Are Accrued Expenses?...

With the expansion of the business, it becomes necessary to manage finances with ease, particularly in cases where multiple users want to access the same QuickBooks Desktop company file. QuickBooks Desktop can be easily networked across two computers, allowing you to work in tandem and maintain accurate financial records. This blog will guide you through...

More than 2.8 million people rely on CFI to learn accounting, financial analysis, modeling, and other skills. A key to the secrets of corporate financial analysis is to use our resources freely to navigate and experience a preview of the first module of each course. What is a Temporary Account? A temporary account is the...

If you have ever glanced at a financial statement or report of any company, you might have seen terms such as net revenue, net income, and gross revenue. They might sound the same, but they represent various things. Each of them narrates a different aspect of a business’s financial story, and having a good understanding...