Understanding How Variances Vary

Variance analysis is found by determining the difference between what was budgeted and what actually occurred. Additionally, when variances are added together, we get a better picture of how well a company is measuring its performance against expected metrics. It’s also important to be mindful that each metric is measured to determine what the actual … Continue reading “Understanding How Variances Vary”

Common Financial Reporting Mistakes and How to Correct Them

With accounting fraud and financial reporting mistakes creating a lack of confidence, understanding how financial reporting mistakes occur and are detected is an important topic. According to the Association for Federal Enterprise Risk Management and the U.S. Securities and Exchange Commission, the first nine months of 2018 saw 8.8 percent more accounting fraud enforcement action … Continue reading “Common Financial Reporting Mistakes and How to Correct Them”

How to Reduce Common Payroll Errors

According to the Internal Revenue Service (IRS) and the National Federation of Independent Businesses (NFIB), almost one-third of companies see penalties due to payroll issues. Understanding a few examples, according to the NFIB, of how companies can better comply and avoid penalties is essential to smoother operations. Underpayment of Estimated Tax by Corporations Penalty As … Continue reading “How to Reduce Common Payroll Errors”

How Businesses Can Identify and Increase Efficiency with Managerial Accounting

Managerial accounting is a form of internal reporting that helps business owners and others involved in the organization’s decision making. It looks at individual processes and products to see how they are functioning via practical data points. This is done in hopes of applying data analysis to improve the business’ operational efficiency. It is important … Continue reading “How Businesses Can Identify and Increase Efficiency with Managerial Accounting”