Under IFRS, the legal form is irrelevant and only depends on when cash flows are received. Consequently, the theoretical framework and principles of the IFRS leave more room for interpretation and may often require lengthy disclosures on financial statements. On the other hand, the consistent and intuitive principles of IFRS are more logically sound and […]
On the other hand, the cost principle will always provide an asset’s value in a single figure. When something is easier, the service surrounding it will cost less money to perform. In Canada, to be GAAP compliant, the cost principle must be used. This means that the historical cost principle must be used to maintain […]
Passport has offices across North America (New York City office), Europe (Paris Office) and Asia Pacific (Singapore office). Abdo has received the 2025 Best of Accounting award by ClearlyRated based on client feedback. Abdo has been recognized as a 2025 Regional Leader in the accounting industry by Accounting Today. We believe in bringing together a […]
It is essential for a company’s management team to carefully design an internal control structure that addresses the risks to the organization without burdening it with unnecessary costs and effort. Overall, internal controls provide a structured approach to managing data, improving efficiency, and maintaining compliance with regulations, ultimately safeguarding the company’s interests. To take your […]
The provider doesn’t know the exact problem, so they might spend wasted time searching for the cause. Therefore, they price the job taking into account the worst possible case. However, the company owner knows that the freelance bookkeeper will pull out all the stops to find the problem and fix it, so must live with […]
After clean up and set up, you’ll have one less thing to worry about each month. We’ll take care of the tedious bookkeeping work, and you’ll get that time back to focus on your business. Every transaction is accurately recorded, reconciled, and categorized to align with our best practices. This regular maintenance keeps your records […]
Generally speaking, bookkeepers help collect and organize data and may have certain certifications to do so for your business. On the other hand, accountants are generally equipped with an accounting degree and may even be state-certified CPAs. You can expect most bookkeepers to maintain the general ledger and accounts while the accountant is there to […]
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In this final section, let’s recap the main takeaways and discuss how mastering financial management can pave the way for success in today’s dynamic business landscape. Furthermore, leveraging technology and automation tools can streamline financial processes and improve efficiency. From cloud-based accounting software to automated payroll systems, businesses have access to a wide range of […]
Even if you’re not using cryptocurrency, blockchain accounting can involve US dollars and other assets. Plus, understanding the basics of blockchain will help you follow future updates and be more prepared. Then when the time comes that blockchain technology directly impacts your business, you’ll be ready. Blockchain in accounting will help accountancy firms and accounting […]