Understanding these processes helps with cash flows, profit balance, and your financial reporting. Understanding how to do all your accounting processes accurately is important for business. You want to know where you are with financial performance, your financial statements, and year-end. Nominal Accounts Regularly reviewing account control technology debt recovery and accounts receivable management and […]
A personal account is an account that records transactions with individuals, businesses, or organizations. It keeps track of amounts owed to or by the business by specific parties. Permanent accounts; carry forward to the next accounting period. How often should I review my accounting records? The nominal accounts are almost always the income statement accounts […]
How well do you and your law firm staff understand your billing workflow and process? A good place to start your billing policy is by articulating your overall billing process—from start to finish. When moving from manual workflows to electronic billing, you will eliminate certain manual steps. That’s why creating a standard process now can […]
Some software even have a tracker at the top of the dashboard of each case, with a bar being filled as the case goes along. And most e-billing software will send alerts when certain milestones are crossed. Because all the important information is stored in one place instead of spread across paper and electronic documents, […]
However, those programs often include shortcomings, as the product teams usually lack the expert guidance of lease accountants. Additionally, software provides the ability to house all leases within a central repository and provides access across an entire organization, rather than only to contract owners. Ideally, this central repository will provide access to the document, amortization […]
Payments to be made by a lessee to a lessor for the right to use an underlying asset during periods covered by an option to extend or terminate a lease that are not included in the lease term. In determining its incremental borrowing rate, the Board explained in paragraph BC162 that, depending on the nature of the underlying asset and the terms and conditions of […]
