What Are Prepaid Expenses? A prepaid expense is a future expense (such as a good or service) paid in advance of receiving it. Prepaid expenses are recognized during the period in which they occur and carried on the balance sheet...
This article originally appeared in SAP Digitalist. In my last two blogs, we’ve looked at the importance of accurate account reconciliations, best practices, and why training is key. In this one, we’ll wrap up how to modernize your account reconciliations by tackling the biggest...
This article originally appeared in SAP Digitalist. The first post in this series focused on the importance of account reconciliation for detecting fraud and balance-sheet accuracy. Doing it right requires the proper training. Many organizations train new employees on how to...
Recently named one of the world’s 50 most innovative companies by Fast Company media, Utah-based Vivint Smart Home is a leading provider of intelligent home technologies. Vivint sells home-security, energy management, home automation and other solutions to more than a...
This article originally appeared in SAP Digitalist. By now, you probably know that Continuous Accounting is a transformative concept that enables teams to use technology and process transformation to change how accounting is done. As work is distributed throughout the month, there’s...
This article originally appeared in SAP Digitalist. Globalization and new regulations like BEPS have raised the profile of intercompany accounting in recent years. With the rapid growth in the number of entities and subsidiaries from growth and acquisitions, efficiently reconciling...
A suspense account is an account in the general ledger that is used to temporarily store transactions that require further analysis before a permanent assignment in the records can be made. The use of a suspense account allows time to...
Recurring journal entries are associated with particular expenses or transactions that are repeated every accounting period. They are typically done to record items like accruals, depreciation, amortization, and allocations. If the accounts involved and the amounts of the entry are...
Balance Sheet Integrity refers to the maintenance and validation of account balances on a company’s balance sheet in their financial statements. During the financial close period, accounting staff is tasked with verifying the accuracy or integrity of all account balances...
As many midsize and enterprise-level businesses continue to grow at a rapid pace, handling the financial close process can become a tremendous hassle. Accountants typically perform these close tasks manually, using Excel spreadsheets and other systems not designed for the...
“The auditors love it. They don’t have to ask for anything, and they don’t have to wait for anything,” says Christine Harms, controller for the Arizona Cardinals Football Club/Rojo Hospitality Group. The Cardinals, founded in 1898, are the nation’s oldest...
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