BING Director of Finance Transformation

Cover Story

Author: Michael Shultz, Director of Finance Transformation

How to Cure Your Journal Entry Process Pains

How many journal entries do you complete each month? How much time do you spend on line item adjustments for bank statements? And how much frustration do you experience while hunting through mountains of spreadsheets because of one incorrectly entered...

How to Modernize Your Journal Entry Process

A manual approach to journal entries is messy. Workflow bottlenecks are created with rushed approvals because managers have no time for review, and sign-offs often take place after journal entries are posted. And how many immaterial entries are held up...

What Is A Journal Entry?

Each business transaction begins with a journal entry that is recorded for accounting purposes. The entry is then posted to the general ledger. A properly documented journal entry consists of the following: Correct date Amount(s) that will be debited Amount...

What Is Cost Allocation?

Cost allocation is the distribution of one cost across multiple entities, business units, or cost centers. An example is when health insurance premiums are paid by the main corporate office but allocated to different branches or departments. When cost allocations...