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Business Transformation Outsourcing (BTO) offers a fast track to achieving operational excellence. . . #BusinessTransformation #business #hubdigit

Start Your Digital Transformation with HubDigit! #DigitalTransformation #hubdigit

𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐲: Provides services (e.g., consulting, healthcare, education). Earns revenue by charging for services. No inventory, focuses on service efficiency and customer satisfaction. 𝐌𝐞𝐫𝐜𝐡𝐚𝐧𝐝𝐢𝐬𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐲: Buys and sells physical products (e.g., retail stores, wholesalers). Earns revenue from selling goods purchased from suppliers. Holds inventory, focusing on inventory turnover and pricing strategies. #servicecompany #merchandisingcompany #hubdigit #accounting

𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗱𝗲𝗰𝗶𝘀𝗶𝗼𝗻𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝗮𝘀𝗲 𝘀𝗼𝗹𝗲𝗹𝘆 𝗼𝗻 𝘁𝗵𝗲 𝗮𝗻𝗻𝘂𝗮𝗹 𝗿𝗲𝗽𝗼𝗿𝘁. 𝗦𝘁𝗮𝘆𝗶𝗻𝗴 𝘂𝗽𝗱𝗮𝘁𝗲𝗱 𝗼𝗻 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗻𝗲𝘄𝘀! #hubdigit #finance #financialnews

𝟐𝟎𝟐𝟒 𝐝𝐚𝐭𝐚 𝐚𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 #hubdigit

When closing the books, companies differentiate between temporary and permanent accounts. Temporary accounts, like income statement accounts and owner’s drawings, only apply to the current accounting period and are closed at the period's end. Permanent accounts, including all balance sheet accounts and the owner’s capital, carry forward to future periods. Understanding this distinction ensures accurate financial reporting and a smooth transition into the next accounting cycle. . . . #accounting #hubdigit

𝗧𝗵𝗲 𝘁𝘄𝗼 𝗺𝗮𝗶𝗻 𝗮𝘀𝘀𝘂𝗺𝗽𝘁𝗶𝗼𝗻𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 𝗠𝗼𝗻𝗲𝘁𝗮𝗿𝘆 𝗨𝗻𝗶𝘁 𝗔𝘀𝘀𝘂𝗺𝗽𝘁𝗶𝗼𝗻 & 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗘𝗻𝘁𝗶𝘁𝘆 𝗔𝘀𝘀𝘂𝗺𝗽𝘁𝗶𝗼𝗻 . . #monetaryunit #monetaryunitassumption #economic #accountingprocess #hubdigit

Champaign-based Busey Bank and CrossFirst Bank of Kansas are set to merge in a $916.8 million all-stock deal, creating a powerful banking entity across 10 states. The combined institution will boast 77 locations, $20 billion in assets, $17 billion in deposits, and $15 billion in loans. Busey Bank will also expand into six new states, including Texas, Colorado, and Arizona, gaining access to major markets like Dallas, Denver, and Phoenix, and positioning itself for significant commercial growth. The merger is expected to be finalised in early 2025. . . . #mergerandacquisition #merger2025 #hubdigit #accounting

Financial calculators simplify complex financial calculations, such as loan payments, budgeting, and investment analysis. They help individuals and businesses make informed financial decisions by quickly calculating interest rates, future values, and more, ensuring accuracy and efficiency in managing finances. . . #finances #financialcalculators #loans #payments #hubdigit

The Financial Accounting Standards Board (FASB) provides specific criteria to determine if a lease should be classified as a finance lease. This classification occurs when the lessee effectively gains control of the underlying asset, meaning they have the rights and benefits that would normally come with ownership. Here’s a closer look at the FASB’s lease classification tests: Ownership Transfer: If the lease transfers ownership of the asset to the lessee by the end of the lease term, it’s classified as a finance lease. This criterion indicates that the lessee will own the asset outright once the lease ends. Purchase Option: If the lease gives the lessee the option to purchase the asset at a price, they are reasonably certain to exercise, it also qualifies as a finance lease. This option is usually offered at a favorable price. Lease Term Length: If the lease term covers most of the asset’s remaining economic life, it’s likely a finance lease. This implies that the lessee will use the asset for the majority of its useful life. Present Value of Payments: When the sum of the present value of the lease payments and any guaranteed residual value adds up to substantially all of the asset’s fair value, it points toward a finance lease. This means the lessee’s payments nearly equal the asset’s value. Specialized Asset: If the asset is highly specialized and expected to have no alternative use to the lessor at the end of the lease, it’s classified as a finance lease. This often applies to assets tailored specifically for the lessee. If any of these criteria are met, the lease is a finance lease; otherwise, it’s classified as an operating lease. This classification impacts how leases are reported on financial statements, with finance leases generally treated as capital assets. #FASB #accountingstandards #financelease #hubdigit