The role of spend analytics in the next normal

Spend analysis in strategic sourcing helps to analyze a company’s expenditure and identify areas of improvement for better cost control. Maverick spend is a form of unjustified spend where an employee purchases goods or services outside of the set company policy. Such expenses are generally part of the tail spend of the company and are overlooked […]

Understanding Liabilities: Types, Importance, and Examples

Accrued Expenses are liabilities that arise when a company incurs expenses but hasn’t yet made the corresponding payment. These expenses include items like salaries, taxes, utilities, and interest. Assets and liabilities are key factors to making smarter decisions with your corporate finances and are often showcased in the balance sheet and other financial statements. Accounting […]

Understanding a Nonprofit Statement of Activities

Nonprofit organizations rely heavily on financial reports to make informed decisions about their operations. Within both levels, information is given indicating the income and expenses of the nonprofit. Income sources can consist of things like grants, donations, and investment statement of activites income. Nonprofit statement of activities The Statement of Activities is essential for donors, […]

Mythbusters for Nonprofit Budgets and Policies Beck & Company

By exploring how to create your own, you’ll be able to manage your financials easily and stay focused on your daily operations. Choosing the right nonprofit accounting software will streamline how your organization understands itself. Things like utility, bills, office supplies, and software subscriptions may seem minor on their own, but when combined they can […]

Accounts Payable Journal Entry: Types and Examples

Contrarily, an increase would mean purchasing on cash terms or with a short account payable cycle. The Accounts Payable Journal Entries reflect the amount that must be paid to the company’s debtors for goods and services purchased. Every time a payment is made, this account is debited and is shown on the income statement under […]

Does your nonprofit need to have an independent audit?

This Nonprofit Audit Guide will help you understand what independent audits are, and help you prepare your nonprofit for an audit. For nonprofits, audited financial statements demonstrate proper management of donor and grantmaker contributions. Regardless of the sector, audited financial statements play a vital role in fostering trust, enhancing financial management, and supporting informed decision-making. EdgeYouCare’s […]