Accounts receivable (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivables are listed on the balance sheet as a current asset. AR is any amount of money owed by customers for purchases made on credit.
In accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent. This is done by making sure the balances match at the end of a particular accounting period.
The aged debt report lists a detailed account of which customers (debtors) owe your company money, how much they owe your company, and when they are supposed to complete payment.
An audit is the independent assessment of, and expression of opinion on, financial statements of a company.
Relating to the company EFM – A finance professional who is part of EFM and is authorised to trade using the EFM name.
A document that specifies the comparative rights of Limited liability Company Shareholders.
A document required by Law showing accounting information for Limited Liability Companies.
A process used to pro-rate the cost of a specific type of asset (usually intangible fixed assets) to the asset’s life. (See depreciation)
The cost of running a business.