While accountants and businesses scramble to put together a plan for converting their financial accounting systems and statements from Canadian Generally Accepted Accounting Principles (GAAP) to the new International Financial Reporting Standards (IFRS), the good news is that IFRS shouldn't impact your personal tax situation -- at least not directly. IFRS is basically a set of accounting rules and principles designed to provide guidance to accountants and others to prepare financial statements. "There are not that many direct implications for individuals since individuals don't have personal financial statements with respect to themselves," said Stan Maj, a tax partner in the financial services group at Ernst and Young LLP in Toronto. However, IFRS might have an impact on public companies that will have to begin following International Accounting Standard 12 (IAS 12) on Income Taxes for fiscal periods beginning Jan. 1, 2011.
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Friday, September 25, 2009
Thursday, September 24, 2009
Bookkeeping Software: No Business Should Be Without It
Accurate and efficient bookkeeping and accounting procedures are a must for any modern businesses. Every business can realize immediate benefits when adopting one of the attractively priced bookkeeping software packages.
Bookkeeping software can be tailored by the business owner or employee to serve literally any size of business. When you install a leading bookkeeping software package as part of your business you’ll be getting a whole set of management tools. Use your personal computer to perform many of the tedious, everyday tasks associated with your business. Tracking customers, performing inventory audits, billing, accounts payable and receivable and payroll are just a few of the routine tasks you can leave to this software. Tax time looming on the horizon again? Your accurately maintained records will make the ordeal a lot more tolerable.
Bookkeeping software is no longer bulky and difficult to learn. Newer systems are very user friendly. Even large businesses can be fully transitioned to your desktop computer or laptop in a surprisingly short time. The time saved in entering, updating and retrieving essential business data that a computerized bookkeeping system brings to the table will drastically reduce the return on investment (ROI) time for the software purchase.
All of the leading and highly rated software packages provide extensive training manuals and setup guides. Strong phone, email and other support is an important element to look for when choosing bookkeeping software. Special versions of bookkeeping software are available for other computer platforms such as the MacIntosh. The free, open source Linux system also gets attention from software vendors.
A business needs to avoid making any hasty bookkeeping software decisions until basic bookkeeping/accounting methods that best suit their operation are decided. Start your purchasing process by looking at your current, day-to-day, financial operations. Perhaps your company is weak in addressing customer tracking. That aspect of your software search should rise to the top. The priorities of your business need to be put in order before making a software decision.
An Internet search for “bookkeeping software†yields a dizzying array of possibilities. At the top there will be multiple links to well-known names as Quickbooks, Peachtree and Microsoft Money. All are first rate packages, but a business doesn’t necessarily need to limit their search to these monsters of the bookkeeping market. Be careful not to be blinded by all the attention the most popular software vendors get, also consider solutions from companies like Pastel Accounting Software, Sage Bookkeeping Software, Timberline Accounting Software, Accpac Accounting Software, and Lawson Accounting Software. For more information and reviews on the specific companies, Google the vendor names.
About the Author
Fred Jackson owns and operates http://www.book-keeping-guide.com accpac accounting software
Bookkeeping software can be tailored by the business owner or employee to serve literally any size of business. When you install a leading bookkeeping software package as part of your business you’ll be getting a whole set of management tools. Use your personal computer to perform many of the tedious, everyday tasks associated with your business. Tracking customers, performing inventory audits, billing, accounts payable and receivable and payroll are just a few of the routine tasks you can leave to this software. Tax time looming on the horizon again? Your accurately maintained records will make the ordeal a lot more tolerable.
Bookkeeping software is no longer bulky and difficult to learn. Newer systems are very user friendly. Even large businesses can be fully transitioned to your desktop computer or laptop in a surprisingly short time. The time saved in entering, updating and retrieving essential business data that a computerized bookkeeping system brings to the table will drastically reduce the return on investment (ROI) time for the software purchase.
All of the leading and highly rated software packages provide extensive training manuals and setup guides. Strong phone, email and other support is an important element to look for when choosing bookkeeping software. Special versions of bookkeeping software are available for other computer platforms such as the MacIntosh. The free, open source Linux system also gets attention from software vendors.
A business needs to avoid making any hasty bookkeeping software decisions until basic bookkeeping/accounting methods that best suit their operation are decided. Start your purchasing process by looking at your current, day-to-day, financial operations. Perhaps your company is weak in addressing customer tracking. That aspect of your software search should rise to the top. The priorities of your business need to be put in order before making a software decision.
An Internet search for “bookkeeping software†yields a dizzying array of possibilities. At the top there will be multiple links to well-known names as Quickbooks, Peachtree and Microsoft Money. All are first rate packages, but a business doesn’t necessarily need to limit their search to these monsters of the bookkeeping market. Be careful not to be blinded by all the attention the most popular software vendors get, also consider solutions from companies like Pastel Accounting Software, Sage Bookkeeping Software, Timberline Accounting Software, Accpac Accounting Software, and Lawson Accounting Software. For more information and reviews on the specific companies, Google the vendor names.
About the Author
Fred Jackson owns and operates http://www.book-keeping-guide.com accpac accounting software
Friday, September 18, 2009
7 Accounting Tips for Beginning Businesses
We have the smartest and the most clever accountant in the world. So we asked him to write an article about starting a business and the accounting setup needed. Here's what he wrote, it's solid advice from an accountant that saves us tons of money.
1. KISS. Keep it simple starting out. The simplest form of entity for running your first business is called a sole proprietorship. This form of ownership requires NO special communication or filings to the Internal Revenue Service until you start paying employees.
2. As a sole proprietor you are the owner/entity which might require only to acquire an occupational license if your county or municipality mandates one. As the owner, you are also liable to remit all state or city tax collections on retail or wholesale sales your business collects. Service businesses and most cross state sales are exempt from state tax collections.
3. If you are concerned about personal liability as a sole proprietorship then do the cheapest and simplest thing which is to buy a personal liability umbrella policy. The best way to avoid liability is to learn your trade well and keep accurate records on Less Accounting .
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1. KISS. Keep it simple starting out. The simplest form of entity for running your first business is called a sole proprietorship. This form of ownership requires NO special communication or filings to the Internal Revenue Service until you start paying employees.
2. As a sole proprietor you are the owner/entity which might require only to acquire an occupational license if your county or municipality mandates one. As the owner, you are also liable to remit all state or city tax collections on retail or wholesale sales your business collects. Service businesses and most cross state sales are exempt from state tax collections.
3. If you are concerned about personal liability as a sole proprietorship then do the cheapest and simplest thing which is to buy a personal liability umbrella policy. The best way to avoid liability is to learn your trade well and keep accurate records on Less Accounting .
Read More Article...
Thursday, September 17, 2009
Accounting rule change could favour Apple and iPod touch owners
The body responsible for setting US accounting standards is considering a rule change that would allow Apple to report higher earnings during periods of growth. It could also see an end to charging for iPod touch software updates.
Apple's insistence on charging iPod touch owners for software updates that iPhone users get for free has long been a cause of irritation.
The company takes the position that the relevant accounting rules say giving away updates that deliver significant new functionality is incompatible with recognising the revenue from the sale upfront.
(But what about this: if anything delivers significant new functionality to an iPod touch, it's Remote - an application from Apple that turns it into a remote control for iTunes or Apple TV. But Remote is free, whether it is for the iPhone or an iPod touch. Figure that one out!)
Since Apple doesn't want to defer the recognition of that revenue as it makes its financial results look worse, it charges for iPod touch updates. Another example of this rule coming into play occurred when Apple released a software update to enable 802.11n wireless networking on certain Macs that had been advertised as offering 11g Wi-Fi but which actually contained an 11n-capable chip.
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Apple's insistence on charging iPod touch owners for software updates that iPhone users get for free has long been a cause of irritation.
The company takes the position that the relevant accounting rules say giving away updates that deliver significant new functionality is incompatible with recognising the revenue from the sale upfront.
(But what about this: if anything delivers significant new functionality to an iPod touch, it's Remote - an application from Apple that turns it into a remote control for iTunes or Apple TV. But Remote is free, whether it is for the iPhone or an iPod touch. Figure that one out!)
Since Apple doesn't want to defer the recognition of that revenue as it makes its financial results look worse, it charges for iPod touch updates. Another example of this rule coming into play occurred when Apple released a software update to enable 802.11n wireless networking on certain Macs that had been advertised as offering 11g Wi-Fi but which actually contained an 11n-capable chip.
Read More Article...
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