Similar to "tech debt", accounting debt is incurred when accounting departments take shortcuts either at the start of a companies life or during a busy period. These shortcuts then have to be "paid off" (i.e. corrected) by that same department or a third party at a later date. This phrase was coined by accountant Matthew R Williams, ACA in New York City on 23-Jun-22.
We could simply transfer the money now and sort out the loan agreements at a later date. We have to be conscious though that this would be adding to the departments existing accounting debt.
by Rob717 June 23, 2022
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An Accounting firm offers the following services to SME;
Tax
Accounting
Assurance services
Bookkeeping
Payroll
Tax
Accounting
Assurance services
Bookkeeping
Payroll
by AccountansFinder October 18, 2022
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by Hayesy2801 May 6, 2024
Get the Accountant mug.The polite corporate euphemism for “we’re broke, but let’s pretend we’re still solvent.” Refers to the mystical stage of cash-flow crisis where “Accounts Payable” becomes “Accounts Prayable,” as in, pray the suppliers don’t notice, pray the bank transfers clear, pray payroll hits.
When your CFO puts a charitable donation box outside his office, you know your company’s officially in Accounts Prayable mode.
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J. Paul Getty famously "went over da books" himself, despite his immense wealth, so if you'd asked him who was "mindin' da monetary" --- I mean, I mean --- "monastery" --- he'd likely wave a hand towards his own face and say, "Here's yer accountantnance right here!"
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