While bookkeeping and accounting are both essential business functions, there is an important distinction. Bookkeeping is responsible for the recording of financial transactions. Accounting is ...

The accounting cycle is the chain of activities that businesses and organizational entities perform to track transactions and consolidate financial information of a specific accounting period. It is ...

Busy business owners need automation to review the financial picture, not generate the data. Creating effective processes can generate efficiencies, streamline procedures, provide better reporting, ...

Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

Last year, the Financial Accounting Standards Board (FASB) provided private companies with an extra year to adopt lease accounting standard ASC 842. When this was announced, 63.8% of surveyed private ...

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The Financial Accounting Foundation’s board of trustees is changing the process for doing post-implementation reviews of the effectiveness of accounting standards, shifting the leadership of the ...

NORWALK, Conn.--(BUSINESS WIRE)--When the Financial Accounting Standards Board (FASB) issues a final standard, it means the FASB has concluded that the benefits derived from the standard justify the ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Payroll accounting helps employers stay on top of what they owe employees and understand how worker compensation impacts cash flow. Accounting is a critical part of every business, but have you heard ...

Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author. While I haven’t been an accountant for as long as some seasoned financial professionals, I ...