Bookkeeping

In all financial statements, the balance sheet should always remain in balance. A company’s “uses” of capital (i.e. the purchase of its assets) should be equivalent to its “sources” of capital (i.e. debt, equity). This transaction affects both sides of the accounting equation; both the left and right sides of the equation increase by +$250. […]

Their challenge was that the candidate had the accounting chops to be a VP of Finance and the experience growing and selling a business to be a CFO. While they had found the right person, upgrading this individual from a VP of Finance to a CFO was not as straightforward as a simple title change.

If it’s wood, then the cost driver may be based on feet of wood used, or pounds of wood used. Using direct materials as a cost driver requires quantifying the direct material with some physical or otherwise quantifiable measure. Then allocate indirect costs to the units of output using a cost driver rate, such as $2

Processing an invoice for accounts payable involves a series of steps to ensure that invoices are processed accurately and efficiently. This method is time and resource-intensive without an accounts payable automation platform. Every time there’s a transaction, an accounting software tool will record when it occurred, who handled it, and whenever each step of the