Lawsuits and the threat of lawsuits are the most common contingent liabilities, but unused gift cards, product warranties, and recalls also fit into this category. Liabilities are a vital aspect of a company because they are used to finance operations and pay for large expansions. For example, in most cases, if a wine supplier sells … Continue reading “What Are Liabilities? Definition, Examples, and Types”
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And, obviously, the sooner you send out invoices, the sooner you’ll get paid. Unearth any unpaid bills to ensure they get processed in the correct accounting period before you close out your year. In the meantime, you’ll need to analyze all the unreconciled expenses that have flowed through your shared account to determine which were business-related, and which ones were personal. As we get closer and closer to year-end most businesses will begin thinking about taxes. By the time ye […]
It proves that auditors perform an audit assignment based on applicable standards and as well as policy. Largely, it comes down to how manual the process has traditionally been. Working papers have usually been prepared using Word and Excel, with physical printouts organized in binders. The working papers were reviewed on paper, and if changes or revisions were required, those changes had to be input by hand and new copies printed up, collated, and (more…) […]
Most insurance underwriters have bachelor’s degrees, but it’s possible to gain a position if you have a strong background in insurance-related work and analysis. Underwriters work for insurance companies and generally work in an office setting. Industry conferences and other networking events are also great places to look for financial jobs. Finance major jobs come with a steady paycheck and excellent career prospects. A Chief Financial Officer , for instance, makes around $158,553 […]
ScaleFactor is on a mission to remove the barriers to financial clarity that every business owner faces. A cash flow Statement contains information on how much cash a company generated and used during a given period. If debt increases without corresponding upticks in either assets or earnings, it could be a bad sign of things to come. Here, Bakery A’s solvency is above 20% which is healthy and will be looked at favorably by lenders.
Creating an annual report is a long-term process that requires an organized system for recording and tracking data, media clipping, photographs and a list of business achievements. While a number of companies create the annual reports in-house, others may hire a design firm to compile, proofread and finalize the document. The reports are used by investors, lenders, banks, suppliers, potential customers and employees to assess the financial position (more…) […]
We updated this page to include a few more links to articles we found helpful for our readers—most notably, a link to our piece on the best bookkeeping software for small businesses. Learn the basics of small-business accounting with this beginner’s guide. Firms also have intangible assets such as customer goodwill that may be listed on the balance sheet. The chart of accounts may change over time as the business grows and changes.
It only works if your company is relatively small with a […]
Indeed, courts have held that top management may be in violation of its obligation to assess and disclose material weaknesses in its internal control over financial reporting when it ignores an employee’s concerns that could impact the company’s SEC filings. SOX 404 compliance costs represent a tax on inefficiency, encouraging companies to centralize and automate their financial reporting systems. This is apparent in the comparative costs of companies with decentralized operations a […]
If for any reason you are unhappy with your workers compensation package, your power to sue is limited — remember the compensation bargain. However, you can still appeal to the state workers compensation board, and an attorney can help you in this process. They would need to have their own workers comp if they’re an LLC. Visit our attorney directory to find a lawyer near you who can help. Supplemental reports of any status change in employee’s condition. (more…) […]
