What image appears in your mind when someone says, accountant? Most people would imagine an old gentleman with a well-ironed shirt, spectacles with thick glass, and a green visor. He would probably be accompanied by heavy registers, ledgers, and an intense light above his head. Surely, it would be an image of an accountant if …
Why Do Accountants Stereotypically Wear Green Eyeshades? Read More »
One can’t deny the impact of technology on society and how businesses, no matter the niche, are nudged to adapt due to the industry’s growing needs and demands. For instance, in recent years, the processing of data and information simultaneously has become a critical task in most organizations. As such, this has led to the …
5 Biggest Technology Trends In Accounting And Finance Read More »
Business-to-business transactions require series of document exchanges to ensure commercial and regulatory compliance. These documents reflect the strength of the process, internal controls, and terms of the transactions between the companies. Business purchases are not like a swipe of credit cards, as more nitty-gritty correspondence and documentation are vital in the process. One of the …
What is Blanket Purchase Order? – Benefit and How Does It Work? Read More »
The modern-day business dynamic has considerably evolved over the course of time. As a matter of fact, companies today are striving to be more agile in order to survive in a fast-paced environment. In this regard, it is imperative for businesses to ensure that they are able to make decisions on grounds of business strategy. …
What is Outsourced Accounting? & How Does It Work? Read More »
Definition During the normal course of operations, numerous financial transactions are taking place within the company. In this regard, it is often challenging for companies to keep a proper track record of the expenses that they have incurred. As a result, it might be challenging for companies to keep up to date with the expenses …
Petty Cash Book: Definition, Features Example, Format… Read More »
Definition A transferrable letter of credit can be described as a financial guarantee, that one of the parties, is going to transfer all, or a part of the credit that they have to the other party. Letters of credits are seen as protecting covenants that ensure that payment is made to the supplier of those …
Transferable Letter of Credit – Definition, Key Feature, and More Read More »
Definition: During the normal course of the business, there are numerous different transactions that the business carries out. It is essential to ensure that all the transactions are properly recorded and can be retrieved with proper and relative ease. In the same manner, it is also important to have clear and discrete communication channels established …
What is a Purchase Order? Definition, Key Features, Usages, And Importance Read More »
Meaning Material refers to the raw material, or the inputs that are required by the company to fulfill the production process. Subsequently, material Control comprises managerial activities that are undertaken by the decision-makers of the company in order to ensure that the quality, as well as the quantity of the materials that are used in …
Material Control – Meaning, Objective, Advantages, and More Read More »
What is a Sales Discount? Sales Discount is referred to as a discount that is extended to the customer in order to incentivize him to pay the amount early or purchase more The slight deduction from the total bill depending on timely payment acts as a motivator for the debtors of the company, since they …
Definition: A Stale Check is defined as a check that is presented to the bank after a considerable amount of time from the date that has been mentioned on the check. The dating timeline in this regard is mostly of a duration of 6 months or more. While the bank might not always refuse to …
What is a Stale Check? – Definition, Explanation, And Features Read More »
