They are classified as either current assets (assets that are expected to be converted into cash in less than a year) or non-current assets (long-term assets that are difficult to convert into cash). Current liabilities are important because they can be used to determine how well a company is performing by whether or not they […]

The main challenges in managing outstanding receivables are ensuring timely payments from customers and minimizing the risk of bad debt while maintaining positive customer relationships. An outstanding check adjusting entries is a check payment that has been recorded by the issuing entity, but which has not yet cleared its bank account as a deduction from […]

For personalised support, explore Ryans’ corporate tax and business planning services, where our experts can help streamline the process for your business. Even small businesses need accurate financial statements, but for publicly held companies, it’s essential. It’s estimated that the average accounting team takes 25 days to complete an annual close. This time of year […]

While the cost principle seems advantageous, it may not be every business’s best method. In fact, there are many accounting professionals that find the method to be controversial. This is due to a handful of significant disadvantages that come with the cost principle. This can be a little tricky if cash isn’t used in a […]

If an asset is purchased halfway into an accounting year, the time factor will be 6/12 and so on. Use this calculator to calculate the simple straight line depreciation of assets. Once straight line depreciation charge is determined, it is not revised subsequently. Yes, financial solutions like Intuit Enterprise Suite can automate depreciation calculations, saving […]

Consolidated Financial Statements are the aggregated financial statement of a group company with multiple segments or subsidiaries. For a group company, it is referred to as the report which includes parents and its collective business. The Bookkeeping for Chiropractors basic difference between the balance sheet and a consolidated balance sheet is the inclusion of another […]