Intercompany reconciliation is specific to companies with multiple subsidiaries under the same parent group. It's a crucial step in the intercompany accounting process and for preparing a consolidated statement for financial reporting. Intercompany accounting is significantly more complicated than standard accounting since it requires balancing multiple ledgers, tracking internal/external transactions, forex conversion, performing intercompany eliminations…

In the rapidly evolving business landscape, the efficiency of Accounts Payable (AP) processes is no longer just a back-office concern but a strategic imperative. The complexity and resource-intensive nature of traditional AP work is becoming unsustainable, particularly in the face of growing demands for speed and accuracy. Accounts Payable (AP) automation is the use of…

Month-end close is a widely accepted accounting standard that is aimed at keeping an accurate set of financial records and detecting errors/fraud. It involves recording, reviewing, and reconciling records at the end of every month. Month-end reconciliation is the most important part of the month-end close process. It’s a crucial step to ensure that you…

QuickBooks is one of the most widely used apps for bookkeeping, and it offers a convenient way to reconcile credit cards without needing external tools.  In this article, we guide you through the credit card reconciliation process in QuickBooks, addressing common issues and providing useful tips to streamline the procedure. In the top help…

Learning to reconcile with QuickBooks Online is a starting step for using QuickBooks to manage books. QuickBooks is a handy tool to help you reconcile your accounts without using any external tools.  In this article, we walk through the reconciliation process in QuickBooks, address common issues, and provide useful tips. Search for “Reconcile” in…

Our free Bank reconciliation template provides a simple way to reconcile your cashbook with your bank statement. Hit the download button and follow our guide to learn more. <Not final link> Example of our Excel bank reconciliation template: How to do bank reconciliation? Bank Reconciliation is the process of matching the company’s cashbooks…

Our free Bank reconciliation template provides a simple way to reconcile your cashbook with your bank statement. Hit the download button and follow our guide to learn more. <Not final link> Example of our Excel credit card reconciliation template: How to do credit card reconciliation? Credit card reconciliation is the process of matching credit…

Years ago, suppliers and buyers lined up at auction houses to wheel and deal, negotiating in person to find the best product at the best price (for both parties). It goes without saying that the Internet killed the auction house for everyday B2B solicitation, but the model remained. Though negotiations were digitized and distant, most…

People buy insurance policies with the hope that in the event of an unfortunate loss or damage to the insured assets, their deprivation will be suitably compensated by the insurance provider at the earliest. Once loss or damage occurs, the compensation payment process is initiated by sending the First Notice of Loss (FNOL). The…

If you run a daycare, you’ll probably end up going through a lot of baby wipes. Critical in caring for babies and young toddlers, baby wipes need to be replenished regularly, ensuring that your daycare center always has some on hand. If baby wipes run out, the babies will receive sub-standard care and staff members…