"The application of audit procedures to less than 100% of items within a population of audit relevance such that all sampling units have a chance of selection in order to provide the auditor with a reasonable basis on which to draw conclusions about the entire population." Analytical procedures are useful for assessing several assertions at [...]

As per this principle, there are at least two accounts involved when a particular transaction takes place. Further, the Duality Principle is expressed in terms of the below accounting equation. This means you first need to record a business transaction in your Journal. Remember, you need to record each of them in Journal in the [...]

Do you have any questions about outsourcing invoicing or our software? Another plus of outsourcing is that you know you’re working with a company or individual who is an expert in these matters. They can essentially take over everything immediately without much learning curve. This improves efficiency and gives you peace of mind that your [...]

Your accountant will know where to find information about the relevant jurisdictions you operate in and keep your system always accurate. If you can find an accountant certified in multiple jurisdictions, even better. With the help of advanced financial modeling tools, your accountant can determine where your profit centers are and relieve financial pressure points [...]

The accrual method recognizes revenue and expenses on the day the transaction takes place, regardless of whether or not it’s been received or paid. This method is more commonly used as it more accurately depicts the performance of a business over time. Many businesses operate out of a cash account – or a business bank [...]