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What is Managerial Accounting and How Does it Differ from Financial Accounting?

Snyder

No matter how large or small your business is, managerial accounting will help you gain profit. This type of accounting aims mainly at forecasting and long-term business decisions and is used to ensure your company’s financial health. So what’s managerial accounting, and why is it crucial for small business owners?

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A financial statement analysis mini-dashboard for a quick data analytics exercise

Wendy Tietz

Looking for a quick data analytics exercise for financial statement analysis in an introductory accounting class? You can give your students the link for this financial statement analysis dashboard and then ask a series of questions.

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The Difference between Bookkeeping and Accounting

SMBAccountant

There are different types of accountants which specialize in different areas. Auditors provide opinions on the accuracy and reasonableness of financial statements. Forensic accountants research financial transactions to uncover fraud. Tax accountants specialize in IRS law and completion of tax returns.

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New! Crossword and word search puzzles to review financial statement analysis

Wendy Tietz

Below are links to a crossword puzzle to review financial statement analysis concepts in financial accounting – and links to a word search puzzle to review the same concepts.

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IMA Unveils New FMAA Certification

CPA Practice

The Institute of Management Accountants (IMA) launched a new certification on Nov. 29 focused on foundational financial and managerial accounting knowledge. The FMAA has no prerequisites to pursue the certification, the IMA said.

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5 Tax Season Tactics to Grow Client Advisory Services

CPA Practice

Offer Business Performance Insights Business owners that use external tax preparation services often do not have in-house managerial accounting expertise. Conduct a business health assessment : With as little as two annual financial statements, you can evaluate changes that have occurred in your client’s business.

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Effectively Leveraging Accounting for Financial Planning Strategy

CPA Practice

Having the capacity to perform financial analysis comes down to skill, bandwidth, and the balance between prioritizing today’s needs with tomorrow’s opportunities. In addition, cost accounting helps leadership understand its most profitable services and determine product or service pricing.

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