eBill Explained: A Comprehensive Guide to Digital Billing

This will facilitate international transactions and reduce trade barriers, especially in regions where bureaucracy and lack of transparency have historically been problematic. The future of eBilling is shaping up as a dynamic field, where automation, artificial intelligence (AI), and globalization will play crucial roles. These networks provide a common framework that facilitates the communication and […]

5 3 Accounting for Contingencies Principles of Financial Accounting 2

Gain contingencies exist when there is a future possibility of acquisition of an asset or reduction of a liability. Typical gain contingencies include tax loss carryforwards, probable favorable outcome in pending litigation, and possible refunds from the government in tax disputes. Unlike loss contingencies, gain contingencies should not be accrued as doing so would result […]

Common size analysis: Common Size Balance Sheet: Key Ratios and Interpretations

Vertical analysis consists of the study of a single financial statement in which each item is expressed as a percentage of a significant total. Vertical analysis is especially helpful in analyzing income statement data such as the percentage of cost of goods sold to sales. Where horizontal analysis looked at one account at a time, […]

Net 30 and Other Invoice Payment Terms

Reliable customers who consistently pay on time are ideal candidates for Net 30 terms. On the other hand, extending these terms to customers with a history of late payments can increase your financial risk. If you operate under tight profit margins or in an industry that requires swift payment, net terms won’t be right for […]

7 Best Farm Accounting Software Picks for 2025

Severe weather, such as draughts, floods, or tornados, is outside of your control but has a profound impact on the outcome of the business.Record all weather events which caused unexpected changes to your farm. The IRS allows postponing reporting grain from additional animal sales if you can prove the sale was related to the weather. […]

Net Income NI Definition, Importance, Formula, and Example

The same principles hold for biweekly, semi-monthly and monthly paychecks. You also may receive reimbursements for time off due to vacations, holidays, sick pays and other reasons. The paycheck sums all your wages to report the gross income for the period. The remaining money, or net pay, are used by an employee to pay general […]