Other activities may require periodic or ongoing subsidy from fundraising or other program areas. Deciding whether and how to support these services is a central strategic decision for nonprofits. Knowing the real costs of each program allows us to make informed decisions and choices that will lead to mission and financial success. It’s about investing …
Implementing the EOQ formula provides key information for inventory management. But it’s advisable to take additional steps to determine whether your current quantities could be more cost-effective. Using the EOQ model, the companies are saving them from the unnecessary warehousing costs resulting in the case of extra stocks of inventory. Other factors can be the …
Economic Order Quantity Definition, Explanation, Formula, Example and Assumptions Read More »
For example, if an asset account which is expected to have a debit balance, shows a credit balance, then this is considered to be an abnormal balance. Now that we have explored the relationship between normal balances and assets, liabilities, and equity, let’s move on to discussing the importance of normal balances in accounting. Next, …
Lien waivers and lien releases are completely different documents (even though they are often confused by the construction industry). This article is the ultimate guide for construction lien waivers including essential information and… We are a subcontractor and the GC we are working for is asking us to sign and notarize progress payment line waivers …
21 Best Construction Accounting Software Reviewed For 2024 Read More »
This should include tangible assets like vehicles and inventory, as well as intangible assets like intellectual property. Assets are resources the business owns, such as cash, accounts receivable, and equipment. Liabilities are obligations the company has—in other words, what the company owes to others, such as accounts payable 8 stylist secrets for healthy, shiny hair …
Balance Sheets 101: What Goes on a Balance Sheet? Read More »
A change in accounting estimate is not accounted for by restating or retrospectively adjusting amounts reported in previously issued financial statements or by reporting pro forma amounts for prior periods. Once an error is identified, the accounting and reporting conclusions will depend on the materiality of the error(s) to the financial statements. Additionally, when evaluating …
Is it a change in accounting policy or estimate? Amendments to IAS 8 Read More »
Designing and selling custom products like how to create a second stream of income t-shirts, mugs, and phone cases can be profitable. Platforms like Redbubble, Etsy, Shopify, and Teespring facilitate this process. Create AI-driven applications and tools that create revenue through automated language learning tools, tutoring apps, or games. Creating a successful app can generate …
How to Create Multiple Streams of Income in Your 20s Read More »
Discover the next generation of strategies and solutions to streamline, simplify, and transform finance operations. A report by Abnormal Security reveals that companies affected by Vendor Email Compromise (VEC) attacks rose by 119 percent between July 2020 and April 2021. Cybercriminals target communication between vendors and customers as the easiest way to carry out supply …
What Are B2B Payments? Definition And How To Process Them Read More »
Through diligent record-keeping, organizations maintain transparency with donors and uphold compliance with regulations. Nonprofit bookkeeping is crucial for the success of nonprofit organizations. It ensures their finances are managed responsibly, maintains compliance with regulations, and provides insights to make informed decisions. Although seemingly similar, for-profit and nonprofit accounting processes differ in many ways. IRS regulations …
