Business happens in real time, but it can take time for everything else to catch up. This includes accounting. Sure, financial transactions may happen instantly, but account reconciliation happens at ...

There are typically multiple accounting periods currently active at any given point in time. For example, assume the accounting department of XYZ Co. is closing the financial records for the month of ...

In early May, several pronouncements were issued by the Internal Revenue Service in connection with changes in accounting periods. The guidance reflects the continuing effort by the IRS to identify ...

Accrual and cash basis methods recognize revenue and expenses at different times. Here are the advantages and disadvantages of each method.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small ...

Keeping up with financial tracking is essential to running a healthy business. When you know exactly where your money is coming from, where it’s going and how each transaction affects your bottom line ...

Companies have always faced a major issue of how to reflect changes in accounting methods and error corrections in financial statements. In 2005 FASB issued Statement ...