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A collection of knowledge, stories, and insights into today’s accounting world

Accrued Dictionary

Balance Sheet Reconciliation

So your accountant is talking about “balance sheet reconciliation.” She tells you it means “a balancing of the amount on your balance sheet GL accounts and the details that make up those balances, while ensuring that any differences are adequately and reasonably explained.” Here’s what she really means when she says, “balance sheet reconciliation.”

Behind the Scenes

How One Accountant’s Deep Dive Into the Company’s Numbers Revealed Inconvenient Truths

Communicating complicated analysis in a way that is easy to understand is a skill accountants are constantly working on. Being able to translate their complicated processes and findings to an audience that does not understand accounting is a challenge, especially when these findings contradict the existing beliefs of the clients they are speaking to.

Day in the Life

It’s Bookkeeping Day- A Day In The Life of an Accountant

Today is Bookkeeping Day. These are the days accountants record massive amounts of transactions from various bank accounts and credit cards for their clients to map the movement of money within a business. Accountants define every transaction based on what it was for into a variety of categories to show where money came from and where it is going.

Calculated Ingredients

A simple recipe for reimbursing employees

By creating a clear policy around employee reimbursement and recording these transactions, you can easily repay employees and have written proof if there is a dispute down the line. Here is a recipe for implementing a process for paying back your employees, including easy to follow directions, tips and tricks, and ingredients you need. Bon Appetit!

Accrued Dictionary

Receipts

Your accountant is collecting all receipts from the year. He says they are a “a written proof of purchase of having received an agreed upon amount of money, goods, services, etc. that can be physical or digital, but should be kept organized because they’re important throughout the year.” Here’s what he really means when he talks about “receipts.”

Behind the Scenes

How One Accountant’s Experience Changed a Company’s Expectation, Saving them Headaches, Time, and Money.

Trouble shooting numbers and solving mathematical issues is a large part of an accountant’s job that is often overlooked. Sometimes, the problem lies deeper than the math. Sometimes the problem is in the process followed to find the calculation. One accountant’s problem solving revealed a deeper issue with a client’s process: a lack of understanding

Day in the Life

It’s Accounts Payable Day- A Day In The Life of an Accountant

Today is Accounts Payable Day. Accountants spend the day gathering bills for their clients for utilities, services, vendors and more. They collect receipts for employee reimbursement. Accounts payable day is monotonous, and mostly consists of an accountant signing in and out of online portals to download invoices and input numbers into Quickbooks.

Calculated Ingredients

Upgrade from the Shoebox. Easy Recipe for Storing Receipts

By having an organized process for storing receipts, you don’t have to waste valuable time searching for them. Upgrade from the shoebox! Here’s a recipe to get your receipts into storage and you back into your business, including easy to follow directions, tips and tricks, and an ingredients list you’ll need to make the perfect dish. Bon Appetit!

Accrued Dictionary

Accounts Payable Aging

So your accountant is working on “accounts payable aging.” He says it means “a report that shows what bills you still owe vendors, how overdue they are, and how much you have to pay right now to stay on top of them,” but all you hear is “bills, bills, bills.” This is what your accountant really means when he says the words “accounts payable aging.”

Behind the Scenes

How One Accountant Pressed Pause on her Sunday Afternoon to Settle an Unassuming but High Priority Request from Her Client.

Accountants frequently stay late or work on weekends to meet urgent and important requests from their clients. Due to the nature of these requests, even the smallest task can be so integral to a business’ future that accountants have no choice but to help. Here’s a story of why one accountant paused a family game to send her client some paperwork.

Day in the Life

It’s Client Onboarding Day- A Day In The Life of an Accountant

Today is client onboarding day. These are the days accountants take the reins from their account management team and meet their clients for the first time. Client onboarding days start with a lot of research into the company and what they do, preparation, and quite a few meetings to discuss its needs, priorities, and expectations of the accountants.

Calculated Ingredients

A recipe for storing your accounting documents in one place

By keeping all your accounting related documents together in one folder, you can help streamline processes like filing taxes and audits. Here is a recipe to save time by keeping all your documents in one organized accounting folder on your company’s server, including easy to follow directions, tips and tricks, and ingredients you need. Bon Appetit!

Accrued Dictionary

Bank Statement Reconciliation

So your accountant is talking about “bank statement reconciliation.” He tells you that it means something along the lines of “reconciling bank accounts with financial reports,” “deposits and withdrawals,” and “truing up your transactions,” but all you hear is static. Here’s what he really means when he talks about, “bank statement reconciliation.”

Behind the Scenes

A Behind the Scenes Look Into the Journey of a Client-Accountant Relationship

It’s easy to think that accountants spend most of their time behind a computer analyzing data for clients they don’t get to know. What people don’t realize is that accountants spend sometimes years cultivating relationships with their clients. Over the course of five years, one accountants’ professional relationships transformed into a friendship.

Day in the Life

It’s Model Building Day- A Day in the Life of an Accountant

Today is model building day. Accountants use these days to build mathematical models to track inventory, profitability, forecasting, and more. For accountants who love puzzles, formulation, and math, the spreadsheet is a playground. Modeling requires a high level of detail in functionality and design, which is a project most accountants enjoy.

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