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AI Bookkeeping: The Future of Accounting for Finance Professional

Bycalebho

In 2020, the global revenue for the artificial intelligence (AI) market for software, hardware, and services segments grew to 281.4 billion U.S. dollars. The AI market is expected to grow to 327.5 billion U.S. dollars. Just as AI is slated to touch every sector, accounting is a function that is already leveraged by sector. Hence,…

Allowance for impairment of trade receivables

Allowance for impairment of trade receivables

Bycalebho

What is Allowance for impairment of trade receivables? The allowance for impairment of trade receivables estimates the percentage of accounts receivable that are expected to be uncollectible. The percentage estimated is usually based on historical credit loss experience An allowance for impairment of trade receivables is considered a “contra asset,” because it reduces the amount…