1. What are operating expenses? 2. Operating expenses vs. capital expenditures 3. Types of operating expenses Cost of goods sold (COGS) Selling, general, and administrative expenses (SG&A) Depreciation and amortization Research and development (R&D) Notable...
General Accounting Articles
Overpaid Rent: 5 Ways that Businesses Overpay Rent and Don’t Know It
1. Paying invoices with incorrect payment due amounts Present value calculator 2. Annual escalations 3. Not realizing a monthly payment is not required 4. Missing renewal notice deadlines 5. Common area maintenance overpayments 6. Related articlesIndustry statistics...
FASAB Overview (Federal Accounting Standards Advisory Board)
1. What is FASAB? 2. Who reports under FASAB? 3. What is US GAAP? FASB explained GASB explained SEC explained 4. Summary 5. Related articlesWhat is FASAB? The Federal Accounting Standards Advisory Board, or FASAB, is the body that regulates generally accepted...
The Emergence of AI in Accounting for Manufacturers
By Andrew Larson, CTO at FinQuery Artificial Intelligence (AI) is revolutionizing operational efficiency in virtually every sector. Manufacturing companies in particular are leveraging AI to improve the precision and speed of their financial operations. In the realm...
Bonds Payable: Understanding the Basics of Accounting for Bonds
1. What are bonds payable? Interest in bonds Discount vs. premium Issuance costs 2. Bonds payable accounting Amortization of the discount or premium 3. Summary 4. Related articlesWhen an organization requires additional funds, a common action is to borrow money from a...
Adjustments and Reclasses in Accounting: Understanding the Basics
Adjustments are made at the close of an accounting period to rectify errors, record unaccounted income or expenses, and maintain the integrity of financial records to prepare comprehensive financial statements. This ensures financial data accurately reflects the...
Materiality, Immateriality, and Material Misstatements in Accounting Explained
What is materiality in accounting? Materiality is the accounting concept that the more significant missing or incorrect information is to an entity, the larger impact the error or omission may have on the decision-making of users of the affected financial statements....
The Impact of AI in Accounting: Embracing the Future of Finance
In an era defined by technological advancements, the landscape of accounting is undergoing a profound transformation - and just in the nick of time. The media is flooded with warnings about the lack of accountants. As businesses seek to optimize their financial...
Optimize NetSuite ERP Software with Integrations
Let’s face it, when it comes to operating a business, there are a lot of reports, documents, and data to keep track of. To ensure scalability and success, executives have to stay on the ball and in control of profitability and revenue. For NetSuite users, it’s become...
What Nonprofits Need to Know About ASC 842
ASC 842 at a glance ASC 842 is the new FASB lease accounting standard. It governs how entities record the financial impact of their lease agreements. The biggest change is the standard now requires all public and private entities reporting under US GAAP to record most...
Helping Your Accounting Team Succeed on NetSuite
Guest post article by Anchor GroupNetSuite, in its simplest form, is an accounting software. Every NetSuite implementation is different, and switching over to NetSuite ERP can affect every area of an organization, from manufacturing to warehouse operations, CRM, sales...
How to Keep Your Accounting Team Happy in 2023
According to a recent article from the Wall Street Journal, over 300,000 U.S. accountants and auditors have left their jobs in the past two years. The number of college students coming into the field isn’t enough to fill the missing positions. January is a tough time...
The Accountants Gift Guide – Tech Wishlist
LeaseQuery recently asked over 200 accountants what technology they need to gain efficiencies and optimize workflow. Our Annual Accountants Survey: Top Challenges & Tech Wishlist provides insights into the ways the accounting industry views and uses technology....
Debt Accounting under ASC 470 and GASB 34: Overview, Loans/Notes Payable, and Bonds Payable
1. Introduction to debt accounting 2. Financial statement recognition Initial measurement and recognition Short-term vs. long-term classification Subsequent measurement and amortization 3. Types of debt Secured vs unsecured debt Notes payable and loans payable Bonds...
Goodwill in Accounting Overview: Definition, How to Calculate It, and More
What is goodwill? Goodwill is an intangible asset resulting from the purchase of an entity for more than its fair market value. The concept of goodwill is used when an entity is acquiring another entity. It is recorded when the buying price is more than the sum of the...
Accounting Trends in 2022: The Top Digital Trends Affecting Accounting
Historically accounting has been a business function slow to adapt to changes and trends. Many of us did not expect to see a fully remote work environment in the accounting industry in our lifetime. However, recent technological advances are making an impact on every...
GASB Explained: Government Accounting Standards, New GASB Standards, and a Full List of Statements
1. GASB explained 2. What types of organizations report under GASB? 3. Government accounting standards 4. New GASB standards GASB 87: Lease accounting GASB 94: Accounting for public-private and public-public partnership arrangements GASB 96: Accounting for...
Excel Accounting Functions, Practices, Tips, and Tricks
1. Excel accounting formulas and functions Common functions for accountants 2. Excel accounting practices Our favorite Excel shortcuts Understand the Excel accounting number format 3. Free Excel accounting templates 4. Excel and accounting software 5. Bringing it...
Managing Remote Employees in Accounting Successfully
This article was written in collaboration with LeaseQuery’s partner in easing the burden of lease accounting and closing the books efficiently, FloQast. Whether it’s ensuring compliance, completing an audit or closing the books at month’s end, tight deadlines are all...
Accounting Year-End Checklist: How to Prepare for Year-End Closing
Many people think that Q1 is the busiest time of the year for accountants. They assume that because it’s tax season, accountants are only stressed between January and April. While it's true that accountants are extremely busy during the first quarter, they're also...
How to Choose the Right Accounting Software for Your Business
For accountants at mid-sized and small companies, buying software isn’t a regular occurrence. Companies don’t invest as heavily in accounting as they do in marketing and IT. And when they do, the focus is often short-sighted – software is purchased to meet an...
Accounting Department Best Practices
Turnover, major projects, and organizational changes can make it difficult for teams to work together effectively, despite all of your best efforts. Every now and then, it’s worthwhile to do a gut check on how well your team is functioning. The more you operate as a...
Efficiency in Accounting: Improve Productivity with These 6 Tips
Time – no matter what you do, it seems like there’s never enough of it. Fortunately, there are small things that you can do to make the most of your time and improve the efficiency of your accounting department. Here are six of our best pointers to help accountants...
4 Ways to Improve Financial Reporting Quality and Processes
To say that financial reporting regulations have changed in the past 20 years would be an understatement. We’ve seen significant recommendations made by The Securities and Exchange Commission (SEC), the introduction of The International Financial Reporting Standard...