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Key Players in the Auditing Process

Going through an audit can be a stressful undertaking for a nonprofit organization. It is necessary to have an audit performed by an external auditor every fiscal year. In addition to the external auditor, there are other people involved in …

posted in Accounting Knowledge

Bookkeeping vs. Accounting

One of the primary purposes of bookkeeping and accounting is to have audited financial statements at the end of accounting periods and the fiscal year. Transactions are recorded. Receipts and detailed records are kept on file.There are some main differences …

posted in Accounting Knowledge

Tech Companies’ Tax Tactics

Remarkably, the world’s most profitable tech company, Apple, has developed tax strategies which have helped them avoid paying billions in taxes. This isn’t unusual for technology companies. Their products aren’t necessarily physical goods but royalties or patents in this digital …

posted in Accounting Knowledge

Stockholder’s Equity

Stockholder’s equity comprises the third portion of the balance sheet, in addition to assets and liabilities. It reveals the amount invested into the company by the shareholders.  It is the amount of capital received from investors in exchange for stock. …

posted in Accounting Knowledge

Preparing for the Position of Controller

Controllers play a key role in the function of a company. They provide the tools needed to steer the business towards financial success. Although a large part of a controllers job involves basic accounting, the controller is occupied with management …

posted in Career

Serving the Needs of Internal Operations

The Generally Accepted Accounting Principles (GAAP) have been established to provide a nationwide standard of accounting. Using GAAP reporting supplies financial statements with a consistent structure, making them easily understood and comparable for external entities. The IRS and outside investors …

posted in Business

The Accounting Profession

Many small business owners try to juggle the role of entrepreneur and accountant. While some are skilled at it, others need to hire an accountant to be responsible for the processing, reporting and auditing of their business’ financial information. Accountants …

posted in Career