Auditors are an important part of the accounting sector. An auditor is a person who performs a job that is related closely to an accountant. The job of an auditor is to personally review and do a follow up of the financial credibility of a particular company. The methods for the job can be rather straightforward and simple, although it can be somewhat time consuming.
A financial auditor needs to evaluate and analyze financial records and make financial reports. Internal audit jobs require reviewing of the financial records of a company and this includes receipts, taxes as well as purchase orders. Auditors scrutinize the financial statements of a company to ensure that all the statements as well as information is accurate and is compliant with the federal laws. The internal Auditors work with the records of the business that employs them, while a tax or independent Auditor works with more than a single individual or company. Added to that, you need to furnish the right credentials required for the job. A financial auditor checks the financial information of an organization and reviews the information for any inaccuracies that might be present. These may be in the form of an error, fraud or discrepancy that you are supposed to check.
Requirements
Academic: You need to meet the educational requirements of becoming a financial auditor with an advanced degree in accounting from a reputed or widely recognized institution. Next, you need to get a certification and once that is done, decide on the area of interest.
If you want to go for an auditor's job, make sure you are good at mathematics and accounts in high school. This helps you sharpen your math skills when you are pursuing higher studies and a financial degree. A business qualification with the highlight being on finance is a boon for an aspiring auditor. The option for a lot of students is to decide between choosing a bachelor's degree, if not a Master's that adds additional authority and significance to their qualification.
After completing your graduation at a well known or credited college or university, you need to be a major in accounting or a related field. Even after the qualification, if a financial auditor finds a job, getting a certification is necessary in the field. Generally, this is something that takes a couple of years, and the field of certification includes internal auditor, certified government auditing professional as well as financial services auditor. The designation depends on the kind of career you are interested in.
A financial auditor needs to be competent with a sound educational background focused on the fields of mathematics and accounting. A number of certification opportunities are also available for the Auditors. You are required to have good knowledge in accounts and credit as well as have good analytical skills.
Training: Internal audit jobs can be bettered with training; so it is advisable to go for a training or internship program if you get a chance. Look for employment opportunities in your local newspaper in the accounting firms in our neighborhood or government agencies. Auditors can also apply for a clerk's position if no internal audit vacancies are available. This makes you familiar with numbers which is crucial for an auditor's job.
Prior experience: Auditors can work for a couple of years as an internal auditor. This is required if you want a certification of the Certified Internal Auditor agency. Ordering the official transcripts from your college is also beneficial as a part of the applying procedure.
Employment Outlook
Career prospects (globally): There is a lot of scope for auditors who can find good openings with a viable qualification from a recognized institution. As the careers can be pretty varied in nature, you can expect a lot of opportunities compliant with your field of interest or choice.
Salaries: The standard median for a financial auditor in the US is $72,000 and more if you have years of experience.
A financial auditor is likely to work for a company and audit the books of the organization. Internal auditors may also work for a private firm and can be even hired for conducting an independent review of the books as well as records of the organization or company in question. The job of the auditors involves the overseeing of the books and records of the financial or government organization and approval of the budgets for the requirements of the local government.
Source: http://www.accountingcrossing.com/
Showing posts with label Accounting. Show all posts
Showing posts with label Accounting. Show all posts
Thursday, August 27, 2009
Friday, June 26, 2009
Bookkeeping Software or Services?
Every business is required to keep bookkeeping records to produce at the end of the year (Calendar or Financial) a set of accounts to show the business expenses, sales income and the net profit for tax purposes. New businesses in particular, self employed businesses have a choice in how the financial accounts are prepared and produced. Many of these businesses for financial reasons tend to either keep a manual record of financial transactions or purchase an off the shelf software program from their local retailer and then on their own develop a charter of accounts and complete the data entry.
There are several advantages and disadvantages to whichever course of action a small business may take to produce the financial. But, at the end of the day, the condition of financial accounts and the financial control that are put in place will dictate how well or badly the business is performing compared to the success in the business environment. The underlying necessity is that if the business does not take a decision on its financial accounting then at the very least it must accumulate documents of prime significance such as sales invoices, purchase invoices and possibly bank records during the financial year and assemble these into some sort of order after the end of the financial year for tax purposes. Failing to keep financial records often results in a succession of administrative burdens and often also leads to financial penalties if taxation
deadlines are not met.
If the small business owner chooses not to go down the route of using bookkeeping software or outsourcing the financial function to a bookkeeper or accountant then manual financial records must be kept. Producing an income and expenditure account for the business using the prime financial documents of business is not rocket science and most businessmen capable of running and managing a business have the skills required to producing the bookkeeping records. The major disadvantage of a small business keeping manual records is that documents get lost which may result in profits and taxes being over declared, fines and penalties through inaccuracies and often when accounting is produced in this way it is done at the end of the financial year purely for tax purposes rather than as an essential tool of the business and that reduces financial control within the business during the financial year to a minimum and often zero.
If a manual bookkeeping system is adopted then disciplined recording of the financial information on a regular basis should be enforced and regarded as an essential function and not an administrative burden. The main purpose of regular accounts being to both see and understand the financial position of the business and take positive action as required at the earliest opportunity to achieve a satisfactory financial result.
Other alternatives include utilizing bookkeeping software which is effectively often a manual system in itself but within definite parameters to produce the essential information. Using bookkeeping software has many advantages. First of all any small business that has purchased bookkeeping software is more likely to keep regular up to date accounts than one that has not. And secondly the bookkeeping software is likely to provide a fixed set of disciplines and produce the type of records a small business requires for both the preparation of regular financial statements and the end of year tax returns. Another major advantage of bookkeeping software is that records tend to be less likely to be lost or mislaid; the packages can be backed up as required but essential financial performance can be improved by greater financial control. All businesses work towards producing a satisfactory bottom line and only by producing regular financial statements can the business obtain the earliest information to achieve that satisfactory performance.
Bookkeeping software comes in many different formats from simple spreadsheets to more complex data based accounting software. For a small business the bookkeeping software of choice is often a simple system requiring limited accounting knowledge but must also be a package that produces the desired end result. The worst bookkeeping software is a complex program requiring prior accounting knowledge that the small business either does not fully understand, cannot be bothered or does not have the time to learn and having tried the system then abandons it. Such a process just causes frustration and time to start again with a different solution. Bookkeeping software in effect automates the manual keeping of financial records. To get the most benefit from a bookkeeping software package each small business should prepare regular financial records to enhance and improve financial control, take financial decisions and achieve the desired bottom line result.
Bookkeeping can be outsourced to an accountant or bookkeeper and there advantages in doing so. The financial records are generally maintained in good order and regular financial reports produced. If the small business has a volume of paperwork that becomes a burden to process and keep on top of then a bookkeeper is the best solution. Employing a bookkeeper becomes essential when the paperwork burden reaches a stage when it distracts the small business owner from getting on with the main task of operating the business. A bookkeeper has to be paid and that cost should be viewed as the cost not of producing the financial records but as the amount to be paid to release the time of the small business owner and also to produce the financial statements on which action can be taken to improve profitability.
In conclusion each small business should evaluate their options and time commitment. A manual bookkeeping system may suffice but the business may be better served using bookkeeping software & services to increase financial control and performance.
15 years of Fortune 1000 Consulting in IT and Business Process Outsourcing.
Source: http://www.articlesbase.com/
There are several advantages and disadvantages to whichever course of action a small business may take to produce the financial. But, at the end of the day, the condition of financial accounts and the financial control that are put in place will dictate how well or badly the business is performing compared to the success in the business environment. The underlying necessity is that if the business does not take a decision on its financial accounting then at the very least it must accumulate documents of prime significance such as sales invoices, purchase invoices and possibly bank records during the financial year and assemble these into some sort of order after the end of the financial year for tax purposes. Failing to keep financial records often results in a succession of administrative burdens and often also leads to financial penalties if taxation
deadlines are not met.
If the small business owner chooses not to go down the route of using bookkeeping software or outsourcing the financial function to a bookkeeper or accountant then manual financial records must be kept. Producing an income and expenditure account for the business using the prime financial documents of business is not rocket science and most businessmen capable of running and managing a business have the skills required to producing the bookkeeping records. The major disadvantage of a small business keeping manual records is that documents get lost which may result in profits and taxes being over declared, fines and penalties through inaccuracies and often when accounting is produced in this way it is done at the end of the financial year purely for tax purposes rather than as an essential tool of the business and that reduces financial control within the business during the financial year to a minimum and often zero.
If a manual bookkeeping system is adopted then disciplined recording of the financial information on a regular basis should be enforced and regarded as an essential function and not an administrative burden. The main purpose of regular accounts being to both see and understand the financial position of the business and take positive action as required at the earliest opportunity to achieve a satisfactory financial result.
Other alternatives include utilizing bookkeeping software which is effectively often a manual system in itself but within definite parameters to produce the essential information. Using bookkeeping software has many advantages. First of all any small business that has purchased bookkeeping software is more likely to keep regular up to date accounts than one that has not. And secondly the bookkeeping software is likely to provide a fixed set of disciplines and produce the type of records a small business requires for both the preparation of regular financial statements and the end of year tax returns. Another major advantage of bookkeeping software is that records tend to be less likely to be lost or mislaid; the packages can be backed up as required but essential financial performance can be improved by greater financial control. All businesses work towards producing a satisfactory bottom line and only by producing regular financial statements can the business obtain the earliest information to achieve that satisfactory performance.
Bookkeeping software comes in many different formats from simple spreadsheets to more complex data based accounting software. For a small business the bookkeeping software of choice is often a simple system requiring limited accounting knowledge but must also be a package that produces the desired end result. The worst bookkeeping software is a complex program requiring prior accounting knowledge that the small business either does not fully understand, cannot be bothered or does not have the time to learn and having tried the system then abandons it. Such a process just causes frustration and time to start again with a different solution. Bookkeeping software in effect automates the manual keeping of financial records. To get the most benefit from a bookkeeping software package each small business should prepare regular financial records to enhance and improve financial control, take financial decisions and achieve the desired bottom line result.
Bookkeeping can be outsourced to an accountant or bookkeeper and there advantages in doing so. The financial records are generally maintained in good order and regular financial reports produced. If the small business has a volume of paperwork that becomes a burden to process and keep on top of then a bookkeeper is the best solution. Employing a bookkeeper becomes essential when the paperwork burden reaches a stage when it distracts the small business owner from getting on with the main task of operating the business. A bookkeeper has to be paid and that cost should be viewed as the cost not of producing the financial records but as the amount to be paid to release the time of the small business owner and also to produce the financial statements on which action can be taken to improve profitability.
In conclusion each small business should evaluate their options and time commitment. A manual bookkeeping system may suffice but the business may be better served using bookkeeping software & services to increase financial control and performance.
15 years of Fortune 1000 Consulting in IT and Business Process Outsourcing.
Source: http://www.articlesbase.com/
Friday, May 29, 2009
Financial Analysis
Financial Analysis involves the analysis of the company’s financial statements in an attempt to formulate a strategic decision. Outsourcing of financial Services is a wise move as it helps in streamlining and simplifying the operational processes. In addition to this, it reduces the cost, minimizes the complexity and maximizes the revenue.
ITMatchOnline possess an efficient Financial Analyst who has earned a professional qualification: Chartered Financial Analyst designation (CFA) in the United States of America. They have basic analytical skills, and great numerical skills. In addition to this, they are well-versed in communication skill which facilitates them to make a complex concepts clear to the management or clients.
Our Financial Analyst who has earned a professional qualification: Chartered Financial Analyst designation (CFA) in the United States of America. They have basic analytical skills, and great numerical skills. In addition to this, they are well-versed in communication skill which facilitates them to make a complex concepts clear to the management or clients.
For an accurate financial analysis, our financial analyst will go through your company’s financial statements thoroughly to gain a better insight of the firm’s prospect & business trends and than on the basis of their deep analysis, they will provide you with the financial recommendations that will help you in making a conscious decision regarding your business' financial matters.
We encompasses: state of the art infrastructure, technological capability, and a competent group of professionals to meet your financial requirements efficiently, timely, and cost effectively. Our members will make you available with the below given services in the area of financial analysis:
Source : http://www.itmatchonline.com/
ITMatchOnline possess an efficient Financial Analyst who has earned a professional qualification: Chartered Financial Analyst designation (CFA) in the United States of America. They have basic analytical skills, and great numerical skills. In addition to this, they are well-versed in communication skill which facilitates them to make a complex concepts clear to the management or clients.
Our Financial Analyst who has earned a professional qualification: Chartered Financial Analyst designation (CFA) in the United States of America. They have basic analytical skills, and great numerical skills. In addition to this, they are well-versed in communication skill which facilitates them to make a complex concepts clear to the management or clients.
For an accurate financial analysis, our financial analyst will go through your company’s financial statements thoroughly to gain a better insight of the firm’s prospect & business trends and than on the basis of their deep analysis, they will provide you with the financial recommendations that will help you in making a conscious decision regarding your business' financial matters.
We encompasses: state of the art infrastructure, technological capability, and a competent group of professionals to meet your financial requirements efficiently, timely, and cost effectively. Our members will make you available with the below given services in the area of financial analysis:
- Due-Diligence.
- Cost of Capital.
- Corporate Valuation.
- Capital Structure and Firm Value.
- Financial Estimates and Projections.
- Financial Planning and Forecasting.
- Valuation and Comparable Modeling.
- Long Term Investment Models (NPV).
- Equity Research and Equity Valuation.
- Fundamental and Quantitative Research.
- Back Testing and Historical Model Update.
- Investor Reporting and Universe Screening.
- Assessing the Tax Burden Project Cash Flows.
- Investment Research and Fixed Income Analytics.
- Security Analysis, Stock Market Analysis and Financial Ratio Analysis Company, Sector and Industry Research and Analysis.
- Credit Management, Financial Risk Management, Working Capital Management, Cash & Liquidity Management, and Portfolio Analysis & Management.
Source : http://www.itmatchonline.com/
Thursday, March 12, 2009
What Should You Expect From Your Accounting Services?
It can be difficult for a business to give up control of important functions such as accounting services to an outside agency. Although the argument in favor of outsourcing may look good on paper, there is always the worry that some inept or even dishonest bookkeeper could damage the business.
Once a company has made the decision to contract outsourced bookkeeping services, the decision of which company to work with is more than a matter of throwing a dart at Yellow Pages listings. Finding the right accounting services organization will make all the difference.
What Service Does the Company Offer?
Avoid companies that are just starting out. Although as a business owner you might be sympathetic to the struggling startup, do you really want to deal with getting your books back if their business should fail? Stick with businesses that already have a proven track record of success.
Today's accounting services are all computerized. Even if keep all your financial records written on cocktail napkins and the backs of envelopes, your bookkeeper should be using an accounting software package. They should offer online account services including 24/7 access to your books through a secure internet connection.
Ensure that your books will be handled by the same person all the time and not just whoever is available at the moment. You will build a relationship with this bookkeeper over time and want to have someone who can focus on your business.
Interview Your Future Bookkeeper:
Don't be afraid to quiz your bookkeeper on experience and education. There are a few people out there who offer bookkeeping services and yet don't know an asset account from a cash flow statement.
Continuing education is as important as past experience. It may seem as though fundamental accounting skills haven't changed much, but new skills and technology are surfacing all the time. You want your bookkeeper to maintain skills and knowledge, perhaps even finding new ways to help maintain your company's financial records.
Will the bookkeeper be available during normal business hours? The surge in telecommuting has given rise to bookkeepers who are trying to do their jobs in between personal commitments. While that may work in some fields, accounting services personnel need to be available to their clients during standard hours.
Ask how you will be communicating with each other. Telephone, email, instant messaging, and online project management tools are all common methods. You should also find out what kind of reports you can receive and when to expect them.
If possible, find someone who has specific experience with your industry. Although each industry uses the same financial basics, details such as industry jargon or best industry practices may confuse someone who has experience with other industries. If you can't find someone with specific industry experience, find someone who is willing to learn.
Author is a freelance copywriter. For more additional information on Controller Services, visit http://www.OSIBusinessServices.com.
Source : http://www.morethanarticles.com/
Once a company has made the decision to contract outsourced bookkeeping services, the decision of which company to work with is more than a matter of throwing a dart at Yellow Pages listings. Finding the right accounting services organization will make all the difference.
What Service Does the Company Offer?
Avoid companies that are just starting out. Although as a business owner you might be sympathetic to the struggling startup, do you really want to deal with getting your books back if their business should fail? Stick with businesses that already have a proven track record of success.
Today's accounting services are all computerized. Even if keep all your financial records written on cocktail napkins and the backs of envelopes, your bookkeeper should be using an accounting software package. They should offer online account services including 24/7 access to your books through a secure internet connection.
Ensure that your books will be handled by the same person all the time and not just whoever is available at the moment. You will build a relationship with this bookkeeper over time and want to have someone who can focus on your business.
Interview Your Future Bookkeeper:
Don't be afraid to quiz your bookkeeper on experience and education. There are a few people out there who offer bookkeeping services and yet don't know an asset account from a cash flow statement.
Continuing education is as important as past experience. It may seem as though fundamental accounting skills haven't changed much, but new skills and technology are surfacing all the time. You want your bookkeeper to maintain skills and knowledge, perhaps even finding new ways to help maintain your company's financial records.
Will the bookkeeper be available during normal business hours? The surge in telecommuting has given rise to bookkeepers who are trying to do their jobs in between personal commitments. While that may work in some fields, accounting services personnel need to be available to their clients during standard hours.
Ask how you will be communicating with each other. Telephone, email, instant messaging, and online project management tools are all common methods. You should also find out what kind of reports you can receive and when to expect them.
If possible, find someone who has specific experience with your industry. Although each industry uses the same financial basics, details such as industry jargon or best industry practices may confuse someone who has experience with other industries. If you can't find someone with specific industry experience, find someone who is willing to learn.
Author is a freelance copywriter. For more additional information on Controller Services, visit http://www.OSIBusinessServices.com.
Source : http://www.morethanarticles.com/
Tuesday, January 13, 2009
Free Accounting Software Tips
Most of the free accounting software are not high end accounting software, but simple, easy to use accounting software. These free software cater to the needs of home users or small business houses. Basically they focus primarily on the management of simple accounting. In fact with a free accounting software you can easily perform the tasks performed by a paid accounting software.
All these lead us to the question whether you should try free accounting software or for that matter download it for permanent use. More importantly- what you should look for and where you should look for free accounting software? Here are some tips.
It has been recently seen that a growing number of companies are developing and providing free accounting software for promoting their products and other marketing campaigns. Keep your eyes open to take advantage of such opportunities.
As there are free products, there are scams also. There are some not so honest sites which advertise that they are providing free accounting software for you to download. You simply need to fill up a registration form, state your personal information and blurt out your credit card number. Take guard against such sites. In fact, a legitimate free site would not ask for such information from you.
It is always better to go for a trail version, when you are considering to download a free accounting software. It is a great way to see whether it meets all your accounting needs or not. The best thing is that you do not have to commit anything. If you think, it is not great for your business, simply discard it and go for another demo version until you find the right one.
From all the above talk, you can safely assume that you can have the best accounting software with great features for free. Different functionalities are added to the existing free download-able software by varying manufacturers. Just browse through the different versions as to find out the perfect accounting software compatible with your business.
You can find free accounting software; which are intuitive, easy to use and robust. It is also possible that you can easily download without any complications. Free Accounting Software support also can be downloaded free from the net with free accounting software.
So using free accounting software is quite easy as well as practical today.
About The Author, Ashish Jain
The author writes about a number of different topics. For more information on accounting software visit http://www.managemyaccounting.com/accounting-software-competition/
All these lead us to the question whether you should try free accounting software or for that matter download it for permanent use. More importantly- what you should look for and where you should look for free accounting software? Here are some tips.
It has been recently seen that a growing number of companies are developing and providing free accounting software for promoting their products and other marketing campaigns. Keep your eyes open to take advantage of such opportunities.
As there are free products, there are scams also. There are some not so honest sites which advertise that they are providing free accounting software for you to download. You simply need to fill up a registration form, state your personal information and blurt out your credit card number. Take guard against such sites. In fact, a legitimate free site would not ask for such information from you.
It is always better to go for a trail version, when you are considering to download a free accounting software. It is a great way to see whether it meets all your accounting needs or not. The best thing is that you do not have to commit anything. If you think, it is not great for your business, simply discard it and go for another demo version until you find the right one.
From all the above talk, you can safely assume that you can have the best accounting software with great features for free. Different functionalities are added to the existing free download-able software by varying manufacturers. Just browse through the different versions as to find out the perfect accounting software compatible with your business.
You can find free accounting software; which are intuitive, easy to use and robust. It is also possible that you can easily download without any complications. Free Accounting Software support also can be downloaded free from the net with free accounting software.
So using free accounting software is quite easy as well as practical today.
About The Author, Ashish Jain
The author writes about a number of different topics. For more information on accounting software visit http://www.managemyaccounting.com/accounting-software-competition/
Friday, December 26, 2008
No accountability? Then no more bailouts
Through the blind generosity of Congress and the Bush administration, some of the nation's largest banks have been bestowed with billions of dollars from taxpayers. So is it too much to ask banks for an accounting of how such largesse is being used?
Yes, says an Associated Press survey of 21 banks that received at least $1 billion in federal money.
The AP reports that not a single bank would provide specific answers. What's worse is that they don't have to. There is no process to compel the banks to disclose how they're spending the money.
A congressional oversight panel can't get the administration or Treasury Department officials to explain what it's doing or its strategy in giving out the nearly $350 billion released so far for the program.
Read More Article...
Yes, says an Associated Press survey of 21 banks that received at least $1 billion in federal money.
The AP reports that not a single bank would provide specific answers. What's worse is that they don't have to. There is no process to compel the banks to disclose how they're spending the money.
A congressional oversight panel can't get the administration or Treasury Department officials to explain what it's doing or its strategy in giving out the nearly $350 billion released so far for the program.
Read More Article...
Monday, August 4, 2008
SBDC hosts seminar called 'Basics of Bookkeeping'
The ASU Small Business Development Center is holding a seminar, "The Basics of Bookkeeping." The seminar will be from 6 p.m. to 8:30 p.m. Tuesday, Aug. 12, in Conference Room 100 of the Rassman Building on the ASU campus. Cost is $10 per person.
The seminar will focus on the importance of adequate record-keeping for business survival and will explore the two main uses of financial data, the nine requirements of a record-keeping system, and a detailed explanation of the basic steps in the accounting cycle.
Read More Article...
The seminar will focus on the importance of adequate record-keeping for business survival and will explore the two main uses of financial data, the nine requirements of a record-keeping system, and a detailed explanation of the basic steps in the accounting cycle.
Read More Article...
Wednesday, July 30, 2008
Why we need symmetrical rules on accounting
Sir, The main problem with the constructive proposal by Jean-François Lepetit, Etienne Boris and Didier Marteau on "how to arrive at fair value during a crisis" (Comment, July 29) is that it is still "pro-cyclical". Offering accounting forbearance to banks when asset prices plummet, but not in the boom when roaring prices contribute to excessive lending, will strengthen the incentives for excess that lead to crises in the first place.
If adjustments to mark-to-market accounting are justified on the downside, they need to be done on the upside. To avoid succumbing to political pressure, the accounting regulator would need symmetrical rules to determine when to adjust mark-to-market accounting.
Read More Article...
If adjustments to mark-to-market accounting are justified on the downside, they need to be done on the upside. To avoid succumbing to political pressure, the accounting regulator would need symmetrical rules to determine when to adjust mark-to-market accounting.
Read More Article...
Thursday, July 10, 2008
UK accounting and finance professionals shortage less pronounced than rest of world
The UK is the only major economy not to have experienced an increase in the shortage of skilled accounting and finance professionals, a new survey has found.
However, 43 per cent of hiring managers in Britain are still finding it difficult to recruit experienced staff in this field, according to the Robert Half Global Financial Employment Monitor.
Online Recruitment reports that this is down from 53 per cent last year.
Of the 20 countries surveyed, an average of 56 per cent of employers admitted to struggling to find qualified professionals. In addition, 58 per cent raised concerns about retention of staff.
Read More Article...
However, 43 per cent of hiring managers in Britain are still finding it difficult to recruit experienced staff in this field, according to the Robert Half Global Financial Employment Monitor.
Online Recruitment reports that this is down from 53 per cent last year.
Of the 20 countries surveyed, an average of 56 per cent of employers admitted to struggling to find qualified professionals. In addition, 58 per cent raised concerns about retention of staff.
Read More Article...
Wednesday, July 2, 2008
No New Accounting Rules for Three Years?
Accounting rulemakers are starting to talk about a moratorium on new accounting rules. But the proposal comes with one giant catch: you have to adopt IFRS first.
Although the Securities and Exchange Commission has yet to suggest a date by which U.S. companies might be required to adopt International Financial Reporting Standards, the actual mechanics of such a massive switch are beginning to dominate accounting discussions. IFRS adoption was a recurring theme at a recent public forum held by the Financial Accounting Standards Board — and with that discussion came mention of a surprising idea.
"If we set a date for adopting [IFRS], we need a minimum of a year, if not two years, of no new accounting systems," said FASB member George Batavick. "Companies need a break."
Batavick, who said he is a "strong believer in moratoriums before and after" a future switch to IFRS, discussed the concept in response to a question from the audience at a mid-year update webcast. He also said there should be "at least a one-year quiet period" during which no interpretive guidance would be issued.
Read More Article...
Although the Securities and Exchange Commission has yet to suggest a date by which U.S. companies might be required to adopt International Financial Reporting Standards, the actual mechanics of such a massive switch are beginning to dominate accounting discussions. IFRS adoption was a recurring theme at a recent public forum held by the Financial Accounting Standards Board — and with that discussion came mention of a surprising idea.
"If we set a date for adopting [IFRS], we need a minimum of a year, if not two years, of no new accounting systems," said FASB member George Batavick. "Companies need a break."
Batavick, who said he is a "strong believer in moratoriums before and after" a future switch to IFRS, discussed the concept in response to a question from the audience at a mid-year update webcast. He also said there should be "at least a one-year quiet period" during which no interpretive guidance would be issued.
Read More Article...
Monday, June 23, 2008
Accountability or accounting?
When Nicolas Sarkozy’s government spokesperson announced that each minister’s performance would be assessed according to criteria set by a private auditing firm, he probably did not expect to elicit a fierce response. But he should have
When Nicolas Sarkozy’s government spokesperson announced that each minister’s performance would be assessed according to criteria set by a private auditing firm, he probably did not expect to elicit a fierce response. But he should have. The opposition quickly attacked the move as a “dangerous gimmick” and a “smokescreen.” One pundit asked, “Will the time soon come when ministers are hired by head-hunters?” And a young MP declared that “France cannot be managed like a bolt factory.”
But what is so absurd about establishing standards by which to assess the fulfilment of Sarkozy’s campaign promises? As soon as they were appointed in June 2007, Sarkozy’s ministers were given a clear set of objectives in the form of a letter of intent. Isn’t it normal to create some means of holding ministers accountable?
A culture of “results” has become central to economic modernisation in France, so shouldn’t the same be true of French governments, with their entrenched inclination toward passivity and aloofness? And the issue of setting measurable standards for government operations is not confined to France. British Prime Minister Gordon Brown has made such quantifiable goals a hallmark of his leadership ever since he was Chancellor of the Exchequer.
Read More Article...
When Nicolas Sarkozy’s government spokesperson announced that each minister’s performance would be assessed according to criteria set by a private auditing firm, he probably did not expect to elicit a fierce response. But he should have. The opposition quickly attacked the move as a “dangerous gimmick” and a “smokescreen.” One pundit asked, “Will the time soon come when ministers are hired by head-hunters?” And a young MP declared that “France cannot be managed like a bolt factory.”
But what is so absurd about establishing standards by which to assess the fulfilment of Sarkozy’s campaign promises? As soon as they were appointed in June 2007, Sarkozy’s ministers were given a clear set of objectives in the form of a letter of intent. Isn’t it normal to create some means of holding ministers accountable?
A culture of “results” has become central to economic modernisation in France, so shouldn’t the same be true of French governments, with their entrenched inclination toward passivity and aloofness? And the issue of setting measurable standards for government operations is not confined to France. British Prime Minister Gordon Brown has made such quantifiable goals a hallmark of his leadership ever since he was Chancellor of the Exchequer.
Read More Article...
Accountability or accounting?
When Nicolas Sarkozy’s government spokesperson announced that each minister’s performance would be assessed according to criteria set by a private auditing firm, he probably did not expect to elicit a fierce response. But he should have
When Nicolas Sarkozy’s government spokesperson announced that each minister’s performance would be assessed according to criteria set by a private auditing firm, he probably did not expect to elicit a fierce response. But he should have. The opposition quickly attacked the move as a “dangerous gimmick” and a “smokescreen.” One pundit asked, “Will the time soon come when ministers are hired by head-hunters?” And a young MP declared that “France cannot be managed like a bolt factory.”
But what is so absurd about establishing standards by which to assess the fulfilment of Sarkozy’s campaign promises? As soon as they were appointed in June 2007, Sarkozy’s ministers were given a clear set of objectives in the form of a letter of intent. Isn’t it normal to create some means of holding ministers accountable?
A culture of “results” has become central to economic modernisation in France, so shouldn’t the same be true of French governments, with their entrenched inclination toward passivity and aloofness? And the issue of setting measurable standards for government operations is not confined to France. British Prime Minister Gordon Brown has made such quantifiable goals a hallmark of his leadership ever since he was Chancellor of the Exchequer.
Read More Article...
When Nicolas Sarkozy’s government spokesperson announced that each minister’s performance would be assessed according to criteria set by a private auditing firm, he probably did not expect to elicit a fierce response. But he should have. The opposition quickly attacked the move as a “dangerous gimmick” and a “smokescreen.” One pundit asked, “Will the time soon come when ministers are hired by head-hunters?” And a young MP declared that “France cannot be managed like a bolt factory.”
But what is so absurd about establishing standards by which to assess the fulfilment of Sarkozy’s campaign promises? As soon as they were appointed in June 2007, Sarkozy’s ministers were given a clear set of objectives in the form of a letter of intent. Isn’t it normal to create some means of holding ministers accountable?
A culture of “results” has become central to economic modernisation in France, so shouldn’t the same be true of French governments, with their entrenched inclination toward passivity and aloofness? And the issue of setting measurable standards for government operations is not confined to France. British Prime Minister Gordon Brown has made such quantifiable goals a hallmark of his leadership ever since he was Chancellor of the Exchequer.
Read More Article...
Thursday, June 12, 2008
Understanding Accounting Vocabulary
When you learn something new like accounting concepts and terms, it helps to create links between what you know and what you are trying to learn. In some ways, it is like learning a second language and decoding the new word is part of the learning process. For example, trying to translate the Spanish word necesario you might brainstorm with necessary - and you would be right. How about blanco? Blanco is like blank which is like white. So, blanco is Spanish for the color white.
Try to make some logical connections about the accounting vocabulary. Take the word - accounting - and think about it. Really, the accounting system is a basic counting of what goes on in your business.
Let's move on to transactions. Transactions are the business activities, or actions, that build day by day and become your expenses and income. Try to think about the term - transactions. Actions are business activities, and trans means across or thru. These are the basic building blocks of an accounting system. Transactions are to accounting like what raw materials are to a factory, or gasoline is to your engine - the transactions are real and how your accounting system handles them impacts your business.
You must keep a record of your transactions to know how much money your business earned and how much money your business spent. Sounds obvious, right? Ask your bookkeeper or accountant how obvious some transactions are. It can get tricky quickly if you are not clear about what happened in the transaction and how you want it recorded.
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you then assemble the chair using a pneumatic nail gun, sand paper, stain and varnish. The next day you deliver the chair to a customer in a neighboring town. You hand the customer a sales slip and they then write you a check. That, too, is a transaction. It is easy to see the transactions when money is spent or received. Did you, however, see the other transactions?
The stain and varnish, nail gun use and chair parts were also part of the transaction. What about the gasoline and truck used to deliver the chair? Did you have any left over nails or did you use them all? Maybe there is a little life left in the sand paper but it is not new anymore, is it? If we do not account for those costs we are missing a piece of the picture-an important piece-that could affect how much money you have at the end of the year.
In all your business activities, try to think in terms of transactions because once you can identify what transactions occur in your business, you will be able to organize them into a meaningful manner. Right now, take a minute to list what transactions occur in your business each day, week and year. Always thinking in terms of transactions might seem miserly, but it is important to be cost-conscious and honest with yourself about all your transactions. Your success in business depends upon it.
Some transactions are initiated by customers and suppliers. Other transactions can take place inside your business or back office. The bookkeeping department creates transactions when they adjust your books for year-end considerations like machinery depreciation or inventory shrinkage.
What is depreciation? Let's say you bought a brand new car, a 2006 Professor Now Coupe, and you spend $27,500 on this new car. Next year the car has some dings on the doors, wear on the tires, stains on the seats and 20,000 miles on the engine. You know your car is not worth $27,500 anymore. This means your car has lost value or depreciated.
When it comes to business owned equipment, you can deduct this lost value as a business expense. Sure, you did not spend cash on the lost value but with depreciation, this is a transaction your bookkeeper or accountant will force through at the end of the year. On your taxes, it helps you by increasing your expenses like all other cash transactions. Of course, the other side of depreciation means your equipment is not worth as much anymore.
In order for you to get a really clear picture of how your business is operating, you need to be diligent and thoughtful about what your real expenses are. Depreciation is a real expense even though it is not a cash transaction.
Learning to see transactions for what they are takes practice and contemplation. Transactions affect so many areas of your business that you must analyze the daily details so you can piece together the big picture.
ProfessorNow.com offers free educational courses in an easy to follow format in various subjects. To view a free online course covering the subject of this article, please visit ProfessorNow.com.
Try to make some logical connections about the accounting vocabulary. Take the word - accounting - and think about it. Really, the accounting system is a basic counting of what goes on in your business.
Let's move on to transactions. Transactions are the business activities, or actions, that build day by day and become your expenses and income. Try to think about the term - transactions. Actions are business activities, and trans means across or thru. These are the basic building blocks of an accounting system. Transactions are to accounting like what raw materials are to a factory, or gasoline is to your engine - the transactions are real and how your accounting system handles them impacts your business.
You must keep a record of your transactions to know how much money your business earned and how much money your business spent. Sounds obvious, right? Ask your bookkeeper or accountant how obvious some transactions are. It can get tricky quickly if you are not clear about what happened in the transaction and how you want it recorded.
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you then assemble the chair using a pneumatic nail gun, sand paper, stain and varnish. The next day you deliver the chair to a customer in a neighboring town. You hand the customer a sales slip and they then write you a check. That, too, is a transaction. It is easy to see the transactions when money is spent or received. Did you, however, see the other transactions?
The stain and varnish, nail gun use and chair parts were also part of the transaction. What about the gasoline and truck used to deliver the chair? Did you have any left over nails or did you use them all? Maybe there is a little life left in the sand paper but it is not new anymore, is it? If we do not account for those costs we are missing a piece of the picture-an important piece-that could affect how much money you have at the end of the year.
In all your business activities, try to think in terms of transactions because once you can identify what transactions occur in your business, you will be able to organize them into a meaningful manner. Right now, take a minute to list what transactions occur in your business each day, week and year. Always thinking in terms of transactions might seem miserly, but it is important to be cost-conscious and honest with yourself about all your transactions. Your success in business depends upon it.
Some transactions are initiated by customers and suppliers. Other transactions can take place inside your business or back office. The bookkeeping department creates transactions when they adjust your books for year-end considerations like machinery depreciation or inventory shrinkage.
What is depreciation? Let's say you bought a brand new car, a 2006 Professor Now Coupe, and you spend $27,500 on this new car. Next year the car has some dings on the doors, wear on the tires, stains on the seats and 20,000 miles on the engine. You know your car is not worth $27,500 anymore. This means your car has lost value or depreciated.
When it comes to business owned equipment, you can deduct this lost value as a business expense. Sure, you did not spend cash on the lost value but with depreciation, this is a transaction your bookkeeper or accountant will force through at the end of the year. On your taxes, it helps you by increasing your expenses like all other cash transactions. Of course, the other side of depreciation means your equipment is not worth as much anymore.
In order for you to get a really clear picture of how your business is operating, you need to be diligent and thoughtful about what your real expenses are. Depreciation is a real expense even though it is not a cash transaction.
Learning to see transactions for what they are takes practice and contemplation. Transactions affect so many areas of your business that you must analyze the daily details so you can piece together the big picture.
Source : http://www.articles2k.com
ProfessorNow.com offers free educational courses in an easy to follow format in various subjects. To view a free online course covering the subject of this article, please visit ProfessorNow.com.
Understanding Accounting Vocabulary
When you learn something new like accounting concepts and terms, it helps to create links between what you know and what you are trying to learn. In some ways, it is like learning a second language and decoding the new word is part of the learning process. For example, trying to translate the Spanish word necesario you might brainstorm with necessary - and you would be right. How about blanco? Blanco is like blank which is like white. So, blanco is Spanish for the color white.
Try to make some logical connections about the accounting vocabulary. Take the word - accounting - and think about it. Really, the accounting system is a basic counting of what goes on in your business.
Let's move on to transactions. Transactions are the business activities, or actions, that build day by day and become your expenses and income. Try to think about the term - transactions. Actions are business activities, and trans means across or thru. These are the basic building blocks of an accounting system. Transactions are to accounting like what raw materials are to a factory, or gasoline is to your engine - the transactions are real and how your accounting system handles them impacts your business.
You must keep a record of your transactions to know how much money your business earned and how much money your business spent. Sounds obvious, right? Ask your bookkeeper or accountant how obvious some transactions are. It can get tricky quickly if you are not clear about what happened in the transaction and how you want it recorded.
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you then assemble the chair using a pneumatic nail gun, sand paper, stain and varnish. The next day you deliver the chair to a customer in a neighboring town. You hand the customer a sales slip and they then write you a check. That, too, is a transaction. It is easy to see the transactions when money is spent or received. Did you, however, see the other transactions?
The stain and varnish, nail gun use and chair parts were also part of the transaction. What about the gasoline and truck used to deliver the chair? Did you have any left over nails or did you use them all? Maybe there is a little life left in the sand paper but it is not new anymore, is it? If we do not account for those costs we are missing a piece of the picture-an important piece-that could affect how much money you have at the end of the year.
In all your business activities, try to think in terms of transactions because once you can identify what transactions occur in your business, you will be able to organize them into a meaningful manner. Right now, take a minute to list what transactions occur in your business each day, week and year. Always thinking in terms of transactions might seem miserly, but it is important to be cost-conscious and honest with yourself about all your transactions. Your success in business depends upon it.
Some transactions are initiated by customers and suppliers. Other transactions can take place inside your business or back office. The bookkeeping department creates transactions when they adjust your books for year-end considerations like machinery depreciation or inventory shrinkage.
What is depreciation? Let's say you bought a brand new car, a 2006 Professor Now Coupe, and you spend $27,500 on this new car. Next year the car has some dings on the doors, wear on the tires, stains on the seats and 20,000 miles on the engine. You know your car is not worth $27,500 anymore. This means your car has lost value or depreciated.
When it comes to business owned equipment, you can deduct this lost value as a business expense. Sure, you did not spend cash on the lost value but with depreciation, this is a transaction your bookkeeper or accountant will force through at the end of the year. On your taxes, it helps you by increasing your expenses like all other cash transactions. Of course, the other side of depreciation means your equipment is not worth as much anymore.
In order for you to get a really clear picture of how your business is operating, you need to be diligent and thoughtful about what your real expenses are. Depreciation is a real expense even though it is not a cash transaction.
Learning to see transactions for what they are takes practice and contemplation. Transactions affect so many areas of your business that you must analyze the daily details so you can piece together the big picture.
ProfessorNow.com offers free educational courses in an easy to follow format in various subjects. To view a free online course covering the subject of this article, please visit ProfessorNow.com.
Try to make some logical connections about the accounting vocabulary. Take the word - accounting - and think about it. Really, the accounting system is a basic counting of what goes on in your business.
Let's move on to transactions. Transactions are the business activities, or actions, that build day by day and become your expenses and income. Try to think about the term - transactions. Actions are business activities, and trans means across or thru. These are the basic building blocks of an accounting system. Transactions are to accounting like what raw materials are to a factory, or gasoline is to your engine - the transactions are real and how your accounting system handles them impacts your business.
You must keep a record of your transactions to know how much money your business earned and how much money your business spent. Sounds obvious, right? Ask your bookkeeper or accountant how obvious some transactions are. It can get tricky quickly if you are not clear about what happened in the transaction and how you want it recorded.
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you then assemble the chair using a pneumatic nail gun, sand paper, stain and varnish. The next day you deliver the chair to a customer in a neighboring town. You hand the customer a sales slip and they then write you a check. That, too, is a transaction. It is easy to see the transactions when money is spent or received. Did you, however, see the other transactions?
The stain and varnish, nail gun use and chair parts were also part of the transaction. What about the gasoline and truck used to deliver the chair? Did you have any left over nails or did you use them all? Maybe there is a little life left in the sand paper but it is not new anymore, is it? If we do not account for those costs we are missing a piece of the picture-an important piece-that could affect how much money you have at the end of the year.
In all your business activities, try to think in terms of transactions because once you can identify what transactions occur in your business, you will be able to organize them into a meaningful manner. Right now, take a minute to list what transactions occur in your business each day, week and year. Always thinking in terms of transactions might seem miserly, but it is important to be cost-conscious and honest with yourself about all your transactions. Your success in business depends upon it.
Some transactions are initiated by customers and suppliers. Other transactions can take place inside your business or back office. The bookkeeping department creates transactions when they adjust your books for year-end considerations like machinery depreciation or inventory shrinkage.
What is depreciation? Let's say you bought a brand new car, a 2006 Professor Now Coupe, and you spend $27,500 on this new car. Next year the car has some dings on the doors, wear on the tires, stains on the seats and 20,000 miles on the engine. You know your car is not worth $27,500 anymore. This means your car has lost value or depreciated.
When it comes to business owned equipment, you can deduct this lost value as a business expense. Sure, you did not spend cash on the lost value but with depreciation, this is a transaction your bookkeeper or accountant will force through at the end of the year. On your taxes, it helps you by increasing your expenses like all other cash transactions. Of course, the other side of depreciation means your equipment is not worth as much anymore.
In order for you to get a really clear picture of how your business is operating, you need to be diligent and thoughtful about what your real expenses are. Depreciation is a real expense even though it is not a cash transaction.
Learning to see transactions for what they are takes practice and contemplation. Transactions affect so many areas of your business that you must analyze the daily details so you can piece together the big picture.
Source : http://www.articles2k.com
ProfessorNow.com offers free educational courses in an easy to follow format in various subjects. To view a free online course covering the subject of this article, please visit ProfessorNow.com.
Wednesday, March 26, 2008
'Tax Freedom Day' comes early this year
New Yorkers will celebrate Tax Freedom Day earlier this year--on May 5, according to the Tax Foundation's annual calculation.
That's five days earlier than last year -- because of the checks the federal government is doling as an economic stimulus package.
But nationally, Tax Freedom Day is April 23. Only two other states celebrate Tax Freedom Day later--New Jersey, on May 7, and Connecticut, on May 8. Alaska gets to pop the cork the earliest, March 29.
The day is defined as a milestone when taxpayers start working for themselves instead of various levels of government. The calculation measures every tax dollar collected by Uncle Sam, the states, cities and counties and the Tax Foundation, a research and public education organization in Washington, D.C., compares it to data dating back to circa 1900.
For example, five major categories of tax dominate the tax burden: Individual income taxes, both federal and state, require 42 days' work. Payroll taxes take another 28 days, state and local sales and excise taxes take 16 days, corporate income taxes take 13 days, and property taxes take away 12 days.
New Yorkers will work 125 days paying taxes this year.
That's five days earlier than last year -- because of the checks the federal government is doling as an economic stimulus package.
But nationally, Tax Freedom Day is April 23. Only two other states celebrate Tax Freedom Day later--New Jersey, on May 7, and Connecticut, on May 8. Alaska gets to pop the cork the earliest, March 29.
The day is defined as a milestone when taxpayers start working for themselves instead of various levels of government. The calculation measures every tax dollar collected by Uncle Sam, the states, cities and counties and the Tax Foundation, a research and public education organization in Washington, D.C., compares it to data dating back to circa 1900.
For example, five major categories of tax dominate the tax burden: Individual income taxes, both federal and state, require 42 days' work. Payroll taxes take another 28 days, state and local sales and excise taxes take 16 days, corporate income taxes take 13 days, and property taxes take away 12 days.
New Yorkers will work 125 days paying taxes this year.
Source : http://www.bizjournals.com/
Friday, November 16, 2007
Bookkeeping help is the profit-center of your company
Usually, bookkeeping is considered as the most time and effort consuming task of every organization. The primary objective of bookkeeping section in any organization is to help the management in making maximum revenue after tax payment. Unless this section makes its complete contribution to that objective, the profit can never be justified. In every industry, bookkeeping department works to help the management for smooth operation of organizational tasks. A single sensible and qualified bookkeeping professional can maximize the profit of the organization as he knows how to utilize the working capital to the greatest possible advantage. Normally, most of the organizations employ best possible human and capital racecourses to handle the bookkeeping tasks but in case the organization is having problems with bookkeeping section, they can go for outsourcing to get bookkeeping help.
The elements entering in to the basic organizational structure are many and varied. The only common denominator is money and its flow thus there should be someone to monitor each and every transaction. Bookkeeping help translates the operating results in terms of money so that the organization may get an enlightened vision to make highly profitable strategies. It is true that bookkeeping task must take into account the separateness of each individual entry and should categorize and record transactions according to their class. Bookkeeping help provider must know how to distinguish between various pillars of organization i.e. member of board of directors, shareholders, debenture holders, managers, CEO and last but not the least- clients and consumers. In many respects, bookkeeping department is comparable to profit-center of an organization that is liable to draw diverse situations in favor of company. Reliable and accurate bookkeeping help can truly be the profit-center of any company.
The extent to which bookkeeping help can benefit the business is infinite. Bookkeeping service provide that you hire has its own specialist who are efficient enough to change the overall impact of your balance sheet. As per the nature and requirement of the business or institution, bookkeeping service provider firm’s experts put their effort to make over your business in to a renowned name of corporate world. No doubt, that every business would like to be the headline of leading business magazines, newspapers or T.V. channel and only high revenues and top position can make it possible. Wise chosen bookkeeping help providers strive to take your business on pinnacle so that the annual report of your company may get first lead in every business magazine or newspaper.
Bookkeeping help is there just to lighten you burden and not to increase the operational cost. Keeping the record of each day to day, weekly and monthly transaction is not possible without appropriate staff. As everyone cannot afford to pay high salary of bookkeeping staff, hiring bookkeeping help is the best option. Cost of these hired bookkeeping professional will be definitely very low in comparison to salaries of employed staff. Though journals and ledgers do not affect your business but it is good to be accurate with every transaction if you are really willing to get exact idea about the position of your business.
Alvis Brazma gives advice to business owners about how to manage their business efficiently without any hassles. To know more about Accounting outsourcing services,Small Business Accounting,Bookkeeping help, Accounting Outsourcing,Bookkeeping help visit this leading internet source: www.impacctusa.com
Source : http://www.articlealley.com
The elements entering in to the basic organizational structure are many and varied. The only common denominator is money and its flow thus there should be someone to monitor each and every transaction. Bookkeeping help translates the operating results in terms of money so that the organization may get an enlightened vision to make highly profitable strategies. It is true that bookkeeping task must take into account the separateness of each individual entry and should categorize and record transactions according to their class. Bookkeeping help provider must know how to distinguish between various pillars of organization i.e. member of board of directors, shareholders, debenture holders, managers, CEO and last but not the least- clients and consumers. In many respects, bookkeeping department is comparable to profit-center of an organization that is liable to draw diverse situations in favor of company. Reliable and accurate bookkeeping help can truly be the profit-center of any company.
The extent to which bookkeeping help can benefit the business is infinite. Bookkeeping service provide that you hire has its own specialist who are efficient enough to change the overall impact of your balance sheet. As per the nature and requirement of the business or institution, bookkeeping service provider firm’s experts put their effort to make over your business in to a renowned name of corporate world. No doubt, that every business would like to be the headline of leading business magazines, newspapers or T.V. channel and only high revenues and top position can make it possible. Wise chosen bookkeeping help providers strive to take your business on pinnacle so that the annual report of your company may get first lead in every business magazine or newspaper.
Bookkeeping help is there just to lighten you burden and not to increase the operational cost. Keeping the record of each day to day, weekly and monthly transaction is not possible without appropriate staff. As everyone cannot afford to pay high salary of bookkeeping staff, hiring bookkeeping help is the best option. Cost of these hired bookkeeping professional will be definitely very low in comparison to salaries of employed staff. Though journals and ledgers do not affect your business but it is good to be accurate with every transaction if you are really willing to get exact idea about the position of your business.
Alvis Brazma gives advice to business owners about how to manage their business efficiently without any hassles. To know more about Accounting outsourcing services,Small Business Accounting,Bookkeeping help, Accounting Outsourcing,Bookkeeping help visit this leading internet source: www.impacctusa.com
Source : http://www.articlealley.com
Tuesday, September 25, 2007
ACCOUNTING ADVICE: Are service sales taxes the answer?
Years ago a presidential candidate proposed a national sales tax and the elimination of the income tax. He was practically laughed out of the running and eventually withdrew from the campaign. Today, however, sales taxes are being brought up again on more of a state by state issue.
I have read much about and was reminded of in a recent professional issue update conducted by the INCPAS is the possibility of a sales tax placed on services.
Read More Article...
I have read much about and was reminded of in a recent professional issue update conducted by the INCPAS is the possibility of a sales tax placed on services.
Read More Article...
Sunday, September 16, 2007
Get a better way for maximum utilization of resources with bookkeeping outsourcing
Outsourcing has become an integral part of many businesses and residual are planning to adapt it. As the popularity graph of outsourcing services is elevating, business owners are outsourcing most of their important but tedious tasks. Bookkeeping is also one of such tedious tasks that require perfection and accuracy as a slight error in entries can cause a big problem. Though business owners pay high attention to bookkeeping tasks and they tally each and every entry carefully but every time it is not possible for business owners to give proper time to check all entries thoroughly. In such circumstances risk of accruing mistake may increase and the whole organization can get affected by this. Outsourcing services help businesses in conquering such problems by offering businesses bookkeeping outsourcing facility.
Bookkeeping outsourcing is all about utilizing human resources from outside the company to take care of day to day and monthly bookkeeping records. The task of bookkeeping that the company used to perform itself with its accounting professionals becomes very easy after outsourcing. That hired bookkeeping outsourcing firm or professional performs every bookkeeping task of that company and also prepares a report on monthly or weekly basis. Bookkeeping outsourcing services involve day to day transaction, record keeping, account maintenance and tax assessment. Not only this, if you are a new business owner and want advice regarding financial activities you can also get best advice from these professionals.
The only purpose of bookkeeping outsourcing services is to benefit businesses. Whether it is daily record keeping or annual financial statement preparation, an outsourcing firm accomplishes very task carefully. In this outsourcing process client organization and service provider go through in a contractual agreement process regarding quantity of work and charges. That agreement makes everything clear to both parties so that any hurdle may not come in the way of smooth processing of bookkeeping tasks. By this you can be rest assured that nothing is going to affect your bookkeeping procedure. The biggest advantage of bookkeeping outsourcing that it is very cost effective and helps in reducing the overhead of your accounting staff salary. Some companies fail to earn estimated profit as they secure a big part of their budget on salaries of accounting professionals which leads to an annoying profit and loss account as the profit is very less in comparison to overheads. If you are worried about the high charges of bookkeeping professionals or firms then stop pestering because there are many service providers that offer reliable and cost effective bookkeeping services. Bookkeeping outsourcing is an excellent way to keep an eye on all accounting activities. It not only offers business owners reliable accounting solution but also gives businesses an ample scope to grow. The decision of outsourcing bookkeeping activities can be prolific if made only after proper research. It is better to take help of internet to make a sensible decision as you find a wide variety of service providers there from which you can select the most suitable option for you.
About the Author
Michelle Barkley is a CPA who advises people on tax preparation and tax calculation.She specializes in Bookkeeping outsourcing,Tax return preparation,back office outsourcing and Outsourced Accounting.To know more about Accounting outsourcing services and to use the services visit http://www.ifrworld.com/
Bookkeeping outsourcing is all about utilizing human resources from outside the company to take care of day to day and monthly bookkeeping records. The task of bookkeeping that the company used to perform itself with its accounting professionals becomes very easy after outsourcing. That hired bookkeeping outsourcing firm or professional performs every bookkeeping task of that company and also prepares a report on monthly or weekly basis. Bookkeeping outsourcing services involve day to day transaction, record keeping, account maintenance and tax assessment. Not only this, if you are a new business owner and want advice regarding financial activities you can also get best advice from these professionals.
The only purpose of bookkeeping outsourcing services is to benefit businesses. Whether it is daily record keeping or annual financial statement preparation, an outsourcing firm accomplishes very task carefully. In this outsourcing process client organization and service provider go through in a contractual agreement process regarding quantity of work and charges. That agreement makes everything clear to both parties so that any hurdle may not come in the way of smooth processing of bookkeeping tasks. By this you can be rest assured that nothing is going to affect your bookkeeping procedure. The biggest advantage of bookkeeping outsourcing that it is very cost effective and helps in reducing the overhead of your accounting staff salary. Some companies fail to earn estimated profit as they secure a big part of their budget on salaries of accounting professionals which leads to an annoying profit and loss account as the profit is very less in comparison to overheads. If you are worried about the high charges of bookkeeping professionals or firms then stop pestering because there are many service providers that offer reliable and cost effective bookkeeping services. Bookkeeping outsourcing is an excellent way to keep an eye on all accounting activities. It not only offers business owners reliable accounting solution but also gives businesses an ample scope to grow. The decision of outsourcing bookkeeping activities can be prolific if made only after proper research. It is better to take help of internet to make a sensible decision as you find a wide variety of service providers there from which you can select the most suitable option for you.
About the Author
Michelle Barkley is a CPA who advises people on tax preparation and tax calculation.She specializes in Bookkeeping outsourcing,Tax return preparation,back office outsourcing and Outsourced Accounting.To know more about Accounting outsourcing services and to use the services visit http://www.ifrworld.com/
Source: http://www.goarticles.com/
Monday, September 10, 2007
Accounting Firm Launches $2,500 Makeover Contest
Mid-Atlantic-area accounting firm Aronson & Company has announced a $2,500 student-to-professional makeover contest, open to college accounting and finance majors entering the job market.
The "Show Us Your Future" video submission contest requires entrants to submit a three-minute video that creatively demonstrates where they see themselves after graduation. The video entries will be posted on YouTube.com and streamed to the contest Web site, www.showusyourfuture.com, where people can watch all of the videos, rate them and add comments.
Read More Article...
The "Show Us Your Future" video submission contest requires entrants to submit a three-minute video that creatively demonstrates where they see themselves after graduation. The video entries will be posted on YouTube.com and streamed to the contest Web site, www.showusyourfuture.com, where people can watch all of the videos, rate them and add comments.
Read More Article...
Friday, August 31, 2007
Telecommuting Idea – Bookkeeping
If you have experience in accounting or have worked as a bookkeeper before, bookkeeping can be a great way to work from home. Small businesses are continuously looking for ways to outsource some of their workload and most of them do not need a full-time in-house bookkeeper. You can approach several businesses in your area and offer to keep their books.
Of course there are some tools you need. You should have some of the basic accounting software like quicken and quick books. If the company you work for uses a different piece of software, they may purchase a copy for you to use at home, or make one of their current licenses available to you. In the beginning I suggest you focus on companies that use software you are already familiar with since you will be working from home and don’t have the opportunity to ask a colleague across your desk for help.
Read More Article...
Of course there are some tools you need. You should have some of the basic accounting software like quicken and quick books. If the company you work for uses a different piece of software, they may purchase a copy for you to use at home, or make one of their current licenses available to you. In the beginning I suggest you focus on companies that use software you are already familiar with since you will be working from home and don’t have the opportunity to ask a colleague across your desk for help.
Read More Article...
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