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According to Wikipedia, accounts payable can be explained as money owed by a firm to its suppliers which is shown as a liability its balance sheet. A firm may order and collect goods or services before settling the bills, and this indicates that the firm is buying the merchandise on credit or account. A creditor … Read moreIntroduction to Accounts Payable

Most entrepreneurs in Malaysia suppose that their accounting professionals can offer both accounting services and financial planning or the other way round (Also see The Relationship Between Accounting and Economics). Nevertheless, even though the two jobs complement one another quite much, they are totally different, and neither professional is able to complete the other’s job … Read moreHow an Accountant and a Financial Planner Differ from Each Other

Introduction to An Accounts Payable Aging Report An accounts payable ageing report is a report which records all unsettled supplier transactions and uncleared debit memos according to their dates (Also see Introduction to Accounts Payable). The executive or payable department would be able to identify which supplier invoices are overdue or due for payment by … Read moreWays to Manage Accounts Payable Aging Reports

Managing a firm is not an easy job. Besides hiring an accounting firm in Johor Bahru to help with the tasks related to accounting in your firm (Also see Common Myths About Accounting Profession), attracting and keeping talents can be a tougher job. A set of rules that works for all firms to cater to … Read moreHow to Attract and Keep the Right Talent

When you think of freelancing, the most thrilling aspects are undoubtedly enjoying flexible working hours, having the right to manage problems in the way you like, as well as developing your client base on your own. Meanwhile, watching and handling your books is perhaps the only thing you do not find it interesting being a … Read moreReasons for Freelancers to Keep Track of Their Bookkeeping Records

Balance sheet, or referred to as position statement, reveals the company’s financial position on a particular date. It shows that all the ownership, i.e. owings and assets, and the company’s liabilities.  Profit & loss account, also called the income statement, discloses the revenue and expenses made by the company in a fiscal year. The balance … Read moreWhat is the Difference Between Balance Sheet and Profit & Loss Account?