In today's fast-paced world, timely and accurate data is vital for making informed decisions. For non-profit organizations, access to real-time data can significantly enhance strategic planning, operational efficiency, and financial management. Accounting software plays a crucial role in facilitating access to such data. Here's why real-time data through accounting software is so important for non-profits.
Non-profit organizations often operate under resource constraints, making time a valuable commodity. Consequently, any tool that helps save time is invaluable. Accounting software, if used effectively, can significantly streamline financial management processes and free up resources for mission-focused work. Here's how:
Choosing the right accounting software vendor for your non-profit organization is a critical decision. The right vendor can provide a solution that simplifies financial management, increases transparency, and ultimately, supports your mission. To help guide you through this process, here are some key considerations to keep in mind.
The Accounting Standards Codification (ASC) Topic 960, Plan Accounting, governs the financial reporting standards for employee benefit plans, including defined benefit pension plans. Specifically, ASC 960-20 focuses on the measurement of defined benefit pension plan obligations and the related actuarial assumptions. In this article, we will discuss the actuarial assumptions used in the valuation of a defined benefit pension plan's obligations, the importance of these assumptions, and the journal entries involved in the accounting process.
In the course of conducting business, companies may encounter situations where the tax treatment of certain items is uncertain. ASC 740-10, Income Taxes - Overall, provides guidance on accounting for uncertain tax positions in a company's financial statements. This article explains uncertain tax positions transactions under ASC 740-10, along with illustrative journal entries.