What is an Accounting ERP System?
Accounting ERP (Enterprise Resource Planning) systems are software solutions that assist firms in managing financial data by offering a centralised platform for accounting, inventory management, sales, and purchasing. Accounting ERP systems provide a single source of truth for financial data, allowing businesses to make better decisions about their operations. In today’s commercial world, organisations must […]
What is a Fictitious Asset in Accounting?
When checking the financial statements of a company or solving an accounting problem you might have come across a term fictitious asset. The term “fictitious asset” is often used interchangeably with “deferred charges.” A deferred charge is an expense that has been paid in advance and will be recognized as an expense over time. For […]