The cash application process—a core tenet of accounts receivable management—is notoriously difficult, so most AR teams have a lot of room for improvement. Companies get paid faster when customers can have transparent access to their account, view invoice statuses, and easily make online payments. Organizations that still rely on manual …

In the event that something doesn’t match, you should follow a couple of different steps. First, there are some obvious reasons why there might be discrepancies in your account. If you’ve written a check to a vendor and reduced your account balance in your internal systems accordingly, your bank might …

Tax credits directly reduce the amount of tax you owe, dollar for dollar. A tax credit valued at $1,000, for instance, lowers your tax bill by $1,000. Our partners cannot pay us to guarantee favorable reviews of their products or services. Figures entered into « Your Annual Income (Salary) » should be …

While more complex than variable costing, absorption costing gives managers and investors a clearer view of product profitability. The main advantage of absorption costing is that it complies with generally accepted accounting principles (GAAP), which are required by the Internal Revenue Service (IRS). Furthermore, it takes into account all of …

Budgeting is an important part of every business whether it’s for-profit or not. Since churches don’t bring in as much revenue as other businesses, budgeting can be even more crucial. It’s not just about keeping the lights on (which your congregants will appreciate). All of the above software would be …