Category: Bookkeeping

The software should allow businesses to set custom matching rules, such as two-way, three-way, or four-way matching, based on their specific requirements. Custom rules help optimize accuracy and ensure compliance with internal financial controls. Machine learning algorithms continuously refine these validation rules based on historical data, improving accuracy over time. By setting up these rules… Continue reading What Is Three-Way Matching? Accounts Payable Guide

According to a 2005 Deloitte Consulting survey, a quarter of the companies which had outsourced tasks reversed their strategy. Step-in rights allow the client or a nominated third party the right to step-in and intervene, in particular to directly operate the outsourced services or to appoint a new operator. Although many countries have participated in… Continue reading What is Outsourcing and How Does it Work?

The balance sheet shows your company’s assets, liabilities, and equity at specific points in time. Key indicators include equipment values, accounts receivable aging, and current asset levels relative to operational needs. This level of expense tracking improves bidding accuracy and identifies cost reduction opportunities across your specific business needs. Do Landscaping Companies Really Need A… Continue reading Efficient Bookkeeping Solutions for Landscaping Businesses by LCK

The most common depreciation method is the straight-line method, which is used in the example above. The cost available for depreciation is equally allocated over the asset’s life span. As the depreciation expense is constant for each period, the depreciated cost decreases at a constant rate under the straight-line depreciation method. Depreciation is a monetary… Continue reading What is Depreciation? Formula, Journal Entry & Methods