Financial Operations Hub

A treasury management system (TMS) helps to automate the back office of a company’s business obligations and financial operations. This typically involves enterprise software that automates manual and repetitive financial transactions.

In accrual accounting, expenses and revenue are documented as soon as they happen. In cash basis accounting, nothing is documented until cash is exchanged.
The difference between cash and accrual accounting lies in the timing. When are sales and purchases being recorded in a bank account?

This article defines an audit trail. We describe the purpose and importance of audit trail and provide audit trail examples. The primary focus is on the beneficial use of real-time software audit logs in financial and business applications.

Cash control is cash management and internal control over cash. Controlling cash receipts and cash disbursements reduces erroneous payments, theft, and fraud. Internal control includes corporate governance, company policies, segregation of duties, authorized approvals for purchases, designated signature authority with limits, payments reconciliation, and bank account reconciliation.

The financial close process is a recurring system in which an accounting team verifies and adjusts account balances at the end of a designated period and before the accounting cycle closes. It starts with documenting the journal entry for each transaction and ends with preparing data for the next period.

Accrual accounting is a GAAP method of accounting to record revenue when earned and expenses when incurred (not paid), summarizing results in accrual basis financial statements. Accrual based accounting uses the matching principle to record revenues and related expenses in the same accounting period. Record accrued liabilities or related assets simultaneously with double-entry bookkeeping.