This helps identify the boundaries and critical elements of a process without losing sight of the big picture. In the Improve phase, the DMADV project begins to diverge substantially. New processes are designed, which does involve some solutions testing (as in DMAIC), but also mapping workflow principles and actively building new infrastructures. Six Sigma teams […]

More specifically, the seller (i.e. the company) is the party with the unmet obligation instead of the buyer (i.e. the customer that already issued the cash payment). Initially, the total amount of cash proceeds received is not allowed to be recorded as revenue, despite the cash being in the possession of the company. Suppose a […]

Dollar-value LIFO involves this approach with all figures in dollar amounts, as opposed to in inventory units. It gives an alternate perspective on the balance sheet than other accounting methods, for example, first-in-first-out (FIFO). If they decide to adopt Dollar Value LIFO, they would need to track the changing prices of each item in their […]

In essence, we are updating the capital balance and resetting all temporary account balances. An accounting period is any duration of time that’s covered by financial statements. It can be a calendar year for one business while another business might use a fiscal quarter. Automating repetitive tasks is one of the easiest ways to speed […]

Without a framework and sometimes with out adequate analysis, the CAP relied on the members’ collective expertise for agreement on member-instructed solutions. These documents highlighted accounting rules and practices used by the American Institute of Certified Public Accountants from 1953 to 1959. Access to the American Institute of Certified Public Accountants (AICPA) copyrighted requirements, as […]

This ensures that the income statement provides a more accurate representation of the company’s profitability. After recording transactions in the general journal, the next step in the accounting cycle is to post them to your company’s general ledger. The general ledger is a collection of individual accounts that shows the changes in each account caused […]

If the DCF value exceeds the initial investment cost, the project is considered profitable. While DCF focuses on intrinsic value, it does not always account for prevailing market conditions. An asset may be undervalued according to its DCF valuation but still struggle in the market due to macroeconomic factors, competitive pressures, or investor sentiment. The […]

This cloud-based solution has a base of user interface (UI) customizations, custom workflows, search tools and collaboration features. The next function layer How Construction Bookkeeping Services Can Streamline Your Projects is the Procore analytics feature that works with the specialized app marketplace filled with third-party solutions that integrate with Procore. These reports help identify potential […]