article thumbnail

Improving the AP End of Month Close Process

MineralTree

Its primary purpose is to ensure the accuracy and completeness of financial records so that financial statements can be prepared for internal and external reporting purposes. Getting Invoices Posted Invoices need to be accurately recorded in the accounting system. What are Month-End Reports?

article thumbnail

GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

Generally Accepted Accounting Principles (GAAP) are a set of accounting principles, standards, and procedures that define accepted accounting practice at a particular time. Its purpose is to ensure that financial statements provide an accurate and transparent view of the company’s financial condition and operations.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Tips for Startup Accounting

Withum

Increased Accounting Complexity. Companies are faced with a variety of complex financial accounting and reporting challenges. High risk and complex areas such as Revenue accounting, Capitalized Software Costs and Stock Based compensation require the skill and attention which a company may not have available internally.

Account 122
article thumbnail

How to Simplify Your Accounting in a Business Acquisition

Anders CPA

One of those being the accounting involved in combining businesses. To help simplify purchase accounting for business combinations involving private companies, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-18 back in December 2014.

Account 105
article thumbnail

Understanding the Down Round in Tech Companies: Accounting & Tax Implications

Shay CPA

We have some tips to help you approach the down round with accounting and taxation best practices in mind. What a down round means for your accounting To start, you need to make sure that lower valuation is accurately captured in your startup’s financial statements.

Tax 52
article thumbnail

Top 10 Common Accounting Interview Questions with Answers

Simple Accounts

As you are asked for your words, try to explain accounting in the way you conceived it. . Different types of accounting are: Financial accounting, Cost accounting, Management accounting . A balance sheet is one of the important financial statements of a company. What is balance sheet?

Account 52
article thumbnail

23 Accounting Security Tips to Keep Your Firm Secure

Ryan Lazanis

Make sure that you are also backing up this data at least monthly since, while unlikely, these systems can go down at any moment. Some apps like Rewind let you automatically back up these financial accounts and your critical reports to protect you from possible accounting automation risk.

Account 98