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Guide to Management Accounting

Managerial accounting, in contrast to financial accounting, is not bound by accounting standards and regulations and is used only to support internal management decisions. Financial accounting, on the other hand, serves to inform the business’s external stakeholders and must comply with accounting regulations, including GAAP. The functions of managerial accounting encompass the sourcing, analyzing, and […]

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What is Account Reconciliation? Definition and Process

I know you’d rather be selling your products or providing services to your clients than being stuck in the office doing account reconciliations. This one doesn’t have to be a comparative trial balance, because you’re only interested in checking the new balances after all your journal entries have been completed. Adding the two columns, the […]

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