Includes tools that help automate the reconciliation process and auto-categorizes transactions for you in the Pro plan, but you can’t set up your own bank rules; no global search function. Today’s leading accounting platforms offer standard security features like data encryption, secure credential tokenization and more. While human error will always play some role in…
Wave’s inventory management feature is very basic, which is why it lost points in my evaluation. So, if you’re a product-based business, you should consider alternatives like QuickBooks Online or Xero. You can add a product or service, but not the quantity purchased or sold. This means that Wave can’t calculate your COGS, which is…
We see that plant assets have varied durations of utility, but all have a significant life span going beyond just a year. Naturally, the initial purchase of the plant asset would be an outflow of cash, any subsequent sales would be a cash inflow. If there is an indication that the carrying amount (ie the…
Thus, for plant assets accounting, it is necessary to understand and have a clear idea about one characteristic of plant assets is that they are: the above types of assets. Once bought, it’s not going to make a quick exit from the balance sheet after a few uses. It’s embedded into the production process, playing a…
Hiring an accountant can be a daunting task for several small businesses and startups. No matter the what is the difference between an irr and an accounting rate of return size of your company, you want the best set of hands to handle your financial records. At « Accounting outsourcing services » we proudly serve a diverse…
Fraud is a sensitive aspect that should be taken seriously, especially in the financial sector. That’s why accountants should know how to detect if records have been manipulated or faked. Companies outsource to achieve cost savings and focus on core business functions. Top-notch organizations opt to outsource to drive transformational business results. Every inDinero plan…
By interpreting this metric, businesses gain valuable insights into their liquidity position, financial health, and competitive standing. In this section, we will discuss how to read and analyze an average collection period to glean meaningful information for your business. In conclusion, understanding the average collection period is essential in monitoring a company’s cash flow and…
If they have lax collection procedures and policies in place, then income would drop, causing financial harm. Although cash on hand is important to every business, some rely more on their cash flow than others. Invest in collection software that can automate reminders and streamline the collection process. To better illustrate how this formula works,…