The difference between forensic accounting and auditing lies in how the engagement is performed. Forensic accountants look for the existence of fraud in a business and can go as far as spotting other criminal behaviors committed by the owners or employees. Meanwhile, auditors focus more on your business’s compliance with accounting principles, such as United…
Versus
Furlough vs Layoff: A Guide for Small Businesses
A business has some options when the need to downsize arises—the most common being furloughs and layoffs. A furlough is a mandatory temporary leave of absence for your employees. A layoff is a permanent termination of their contract with you. Too many small businesses use these terms interchangeably, but it is important to understand the…
Freshsales vs Salesforce: Which Is Better for You?
Freshsales and Salesforce are popular customer relationship management (CRM) software platforms that serve businesses with excellent lead management, analytics, and workflow automation features. Freshsales stands out for free-forever plans, which offer phone, chat, and email communication with contacts. Salesforce, however, is better for tailoring the CRM to an organization’s needs through system customization and integrations….
Sage 100 Contractor vs QuickBooks: Compare Features & Pricing
QuickBooks Online offers many features for businesses across different industries while Sage 100 Contractor is tailor-made for general, service, and other contractors that need specialized functionality, such as unitary billing, equipment tracking, and project scheduling. QuickBooks Online might be enough for very small contractors that need to track activity by class and location. Sage 100…
Pipedrive vs Zoho CRM: Which CRM Is Best for Small Businesses
Pipedrive and Zoho CRM are customer relationship management (CRM) systems that let small businesses manage sales operations with excellent pipeline and lead management features. However, Pipedrive stands out for its easy-to-use sales tools and intuitive interface, while Zoho CRM has multipurpose functionality to manage sales, marketing, inventory, and customer support, all in one place. When…
Cash-basis vs Accrual-basis Accounting Methods & When To Use Each
The option of whether to use the accrual or cash basis of accounting largely depends on what the accounting numbers will be used for as well as the cost and difficulty to produce accrual-basis numbers. Cash-basis accounting is often used for income tax reporting while accrual-basis is usually better for financial statements. The difference between…
When To Capitalize vs Expense Payments Made
Capitalized payments create an asset on your balance sheet, while expensed payments reduce the net income on your income statement. In general, payments to purchase or repair fixed assets should be capitalized if the amount is material and the asset will generate a benefit to the company over multiple years. In practice, capitalizing vs expensing…
Perpetual vs Periodic Inventory Systems: Differences and Which Is Best
Businesses can choose to use either a perpetual period periodic inventory system to calculate their cost of goods sold (COGS). A periodic inventory system calculates the COGS following a physical inventory count at period-end, whereas a perpetual inventory system calculates the COGS after each sale. Most businesses would love to have updated inventory and COGS…