A Complete Guide to Accounting Automation Process in 2024

Financial automated accounting systems have commonalities across industries and geographies. Key tasks such as maintaining books, creating financial reports, and collecting A/R are critical for the finance and accounting teams. However, since the processes are complex, the accounting team may face challenges like invoice mismatch, transactional error, or slow transactional updates. Time efficiency and resource […]

Forms 940, 941, 944 and 1040 Sch H Employment Taxes Internal Revenue Service

This blogpost only scratched the surface on IRS Form 941. There’s even more to know about the form, reporting schedules, corrections, and other forms and taxes that must reconcile with Form 941. Investing in a payroll resource guide can be an excellent way to keep up to date with all the changes and adjustments. Note […]

Kyle Larson qualifies fifth for Indy 500 debut, then flies to NASCAR All-Star Race and finishes 4th

Marcum provides auditing, accounting and financial reporting services to a broad spectrum of governmental entities. We are certified and experienced in many of the major accounting software systems that small businesses & larger enterprises use. We’ll ensure your financial & transactional data is correctly entered and organized within your accounting system. We create in-depth, accurate, […]

What Are Net Purchases In Accounting Business?

At the year-end, ABC Co. reported its net purchases in the notes as below. By understanding the components of net purchases, companies can calculate them. The others reduce this amount to reach the amount of net purchase. Calculating net purchases is a relatively straightforward process. To begin, figure out the total amount spent on purchases […]

Closing Entries as Part of the Accounting Cycle

This meticulous approach helps in maintaining the integrity of the financial data and lays a solid foundation for the subsequent steps in the closing process. Closing entries are journal entries made at the end of an accounting period, that transfer temporary account balances into a permanent account. The second entry requires expense accounts close to […]