That documentation may be a receipt, an invoice, a purchase order, or some similar type of financial record showing that the transaction took place. At the end of the course, you’ll receive a professional certificate, which you can put on your resume to demonstrate your skills and accomplishments to potential employers. Bookkeepers manage a company’s […]
The point is, by holding even a small portion of your funds in an offshore account, you ensure that you (and your family) can always access your money — no matter what happens. The key is choosing the right jurisdiction and the right bank that match your objectives and provide the benefits you’re after. For […]
If you know you’ll need to repair your deck next summer, you can use a sinking fund to save for this expense. But if your furnace suddenly breaks and needs to be replaced, you’ll need to dip into your emergency fund to cover it. A sinking fund is a great way to save money over […]
Although it is not realized in the books of accounts, a contingent liability is credited to the accrued liabilities account in the journal. The impact of contingent liability can also hamper a company’s ability to take debt from the market as creditors become more stringent before lending capital due to the uncertainty of the liability. […]
The basis of SoD is the understanding that running a business should not be a single-person job. No one person should have the power or control to perform any kind of task that may lead to fraudulent or criminal activity that could damage the company. Segregation of duties is based on the idea of shared […]
You could also sell the home to pay off the joint mortgage. In some cases, your loan servicer may be willing to modify the loan to remove a co-borrower or let you assume the loan for a fee, but this is far less common. Depending on your current loan type, a new loan could save […]
Visit rsmus.com/about for more information regarding RSM US LLP and RSM International. Finance and accounting outsourcing is only the beginning—RSM has the people, processes and technology to transform your finance department and, by extension, your company. Tax outsourcing services have emerged as a strategic solution in transforming the tax return preparation process for CPA… We […]
Again with regard to the IRS, program accomplishment data and fundraiser details are required disclosures on Form 990 for nonprofits filing anything greater than a Form 990-N. Your state fundraising registration renewal may seek some of these details as well, particularly details on fundraising events. Paying attention to the fine details in the nonprofit bookkeeping […]
Without a standard set of expectations, accountants could present reports in whatever format they please, including formats of their own design. Any financial statement must be an accurate reflection of all of a company’s assets, expenses, liabilities and other financial commitments. This constraint requires financial reports to be thorough, clear and without omissions or modifications. […]
Ending income may be overstated deliberately, when management wants to report unusually high profits, possibly to meet investor expectations, meet a bonus target, or exceed a loan requirement. In these cases, there are a variety of tools for fraudulent inventory overstatement, such as reducing any inventory loss reserves, overstating the value of inventory components, overcounting […]
