The two important terms “accounting” and “bookkeeping” are easily confused. What are they, how do they interrelate, and how do they interface with accounting methods, policies and procedures? What is the difference between bookkeeping and financial accounting?
Chief financial officers (CFOs) must go beyond conventional finance functions in today’s business environment and become guardians of a company’s digital transformation. They’ll need to use a variety of SaaS tools, including artificial intelligence (AI), machine learning (ML), and blockchain, to do so. What financial software tools does a CFO use? Continue reading What Financial Software Tools Does a CFO Use?
Many companies overlook the issue of having a problem gambler in the office. This often seems like something distant. Besides, employees’ personal life typically shouldn’t affect their work lives. Yet, with gambling addiction, the situation is a bit different. When someone is a problem gambler, this serious issue will affect various aspects of their life, including their professional performance. What are three 3 Behavioral signs that someone may have a gambling problem? Continue reading What are Three 3 Behavioral Signs that Your Employee Has a Gambling Problem?
With the implementation of the Sarbanes-Oxley Act (SOX), finance and accounting departments have scrambled to put in place internal control systems as required by SOX section 404. Compliance with SOX and SEC regulations are certainly good reasons for companies to create a financial control system.
Automation tools are used to improve efficiency, productivity, and overall performance throughout a company. Using these tools to drive a seamless operation is steadily rising as one of the most popular business strategies for business process improvement. That is why automating finances should be a part of your management overhaul. Continue reading Automating Finances Should Be a Part of Your Management Overhaul
Must all segments of your business operate effectively for your business to be truly successful? Some businesses survive in spite of poor performance in some segment(s), which is actually being carried by the performance of another segment. In other words, when one segment is not productive, other segments must be even more productive to compensate for it. If this is the case, then you could use a balanced scorecard to achieve strategic alignment. Continue reading How Do You Use a Balanced Scorecard?
Mistakes are an inevitable part of running a business. It is a common practice that a business faces a drawback due to an unpredictable financial mistake. Some blame it on ignorance, some on lack of professional guidance, while others are simply trying to find someone to blame. What financial mistakes put business at risk? Continue reading What Financial Mistakes Put Business at Risk?
Generally, one of the most important users of financial statements in the USA is the Internal Revenue Service (IRS), followed by various state and local taxing authorities. Required income tax returns can be prepared more easily from financial reports that are classified in a comparable manner. A tax practitioner is usually retained to prepare and file these returns. The reports most commonly requested of the company are the general ledger and related financial statements. What are reports of financial statements? Continue reading What Are The Reports and Financial Statements Prepared by Accountants?
Are financial performance objectives more critical than you think? While almost every business pays attention to financial performance, studies show that small and medium sized businesses in particular frequently do not engage in thorough financial planning, including the development of financial performance objectives. Continue reading How to Develop Financial Performance Objectives