Accounting

Running a small business involves juggling various financial aspects, and understanding the essentials is key to success. One fundamental tool that every small business owner should be familiar with is the Chart of Accounts (COA). In this guide, we’ll break down what a Chart of Accounts is, and its importance, and provide practical examples tailored… Continue reading Demystifying the Chart of Accounts: A Small Business Owner’s Guide with Examples

In recent years, stablecoins have emerged as a new way for businesses to make global payments. A stablecoin is a type of cryptocurrency that is pegged to a stable asset, such as the US dollar or gold, in order to reduce price volatility. This makes stablecoins an attractive option for businesses that want to make… Continue reading Stablecoins for B2B payments

Promissory notes may also be called an IOU, loan agreement, or simply a promissory note. It is a legal loan document that says the borrower promises to repay the lender a certain amount of money within a certain period. Such a document is legally enforceable and creates a legal obligation to repay the loan. When… Continue reading What is a Promissory note?

When you receive a letter from the IRS requesting a tax audit, your first reaction may be complete panic, especially if you have a sloppy accounting system. Once you have determined that you have the correct letter from the IRS, remind yourself what an audit is and what it is not. An IRS audit is… Continue reading What Happens If You Get Audited And You Don’t Have Receipts?

FIFO stands for “First In, First Out.” It is a method of inventory valuation that assumes that the first items that are added to inventory are the first ones sold. Under the FIFO method, the cost of goods sold is determined by using the cost of the oldest units in inventory first. This means that… Continue reading What is FIFO?

As a CFO, you are responsible for managing the financial risks faced by your company. One of the key risks that you must manage is currency risk, which is the risk that changes in exchange rates will have an adverse impact on your company’s financial performance. Currency risk can arise from a variety of sources,… Continue reading What is Currency Hedging?

GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) are two sets of accounting standards that are used to guide the preparation of financial statements. While both sets of standards aim to ensure the transparency and reliability of financial reporting, there are some key differences between GAAP and IFRS. One of the main… Continue reading Difference between GAAP and IFRS

The application of GAAP (Generally Accepted Accounting Principles) to cryptocurrency can be challenging, as cryptocurrency is a relatively new and rapidly evolving asset class. However, it is possible to apply GAAP principles to cryptocurrency transactions, and it is important for companies to do so in order to ensure the transparency and reliability of their financial… Continue reading GAAP and Crypto

There are several considerations that companies must take into account when accounting for expenses in their foreign subsidiaries. These include the following: Local accounting standards Each country has its own set of accounting standards that must be followed when preparing financial statements. It is important for companies to understand and comply with these standards in… Continue reading How to Account For Expenses In a Foreign Subsidiary