Accounting

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Accounting Tagged Articles

Manage your credit control - improve your cash flow

Improving cash flow is not just brought about by increasing income, which is usually achieved through sales and marketing. Neither is it brought about just by cutting back on expenditure. This article does not aim to address those issues. Instead, it will outline some simple, easy to apply accounting procedures. If followed, these have proved to be successful in speeding up the payment of outstanding customer debt and steadily improving the overall health of the bank balance.

Tips for Business Financial Accounting Management
There are seven important tips that can help in the management of the business financial accounts. The portion of accounting management that plays an important role in overall business growth and development.

Your Piggy Bank in the Clouds
Learn how Cloud Computing can keep your infrastructure and labor costs down while staying ahead of the technology curve.

It's Time - To talk to your accountant !
The article discusses how business owners and financial managers can use their accountant as a resource

An Accounting Overview for Non-Accountants
Whether you are a small business owner or a CEO of a multinational corporation, at the end of the month, quarter or a fiscal year, you have dealt with accounting records and financial statements. This article is for non-accountants, who try to understand what is accounting all about and how one can use it to make better business decisions.

Bookkeeping: Do you Pay From Invoice Or Statement
A common bookkeeping mistake made by many small business owners is to pay an invoice twice. When cash flow is tight, you want to do everything you can to ensure that you are not paying invoices twice - and one way of doing that is never to pay from a statement.

Starting Up Your Own Small Business?
Accounting and tax issues to consider when starting up a new small business.

US and International Financial Regulations
In this article we will look at accounting standards; discuss original purpose of their creation and consider the future of the financial regulation in general. We will get familiar with some of the major concepts of US financial accounting and its integration process into the global system of rules.

The Importance of Cash Flow
What is the cash flow statement and why is it required by GAAP? This article will give you an idea behind the cash flow statement and the basic principals used to create it. It will show the difference between the accrual and the cash methods of accounting for business transactions. Importance of cash flow

Management, Can You Help Me Here?

In business, you want a clear picture of what is going on. Let's just take it step by step and look at a business. Hospitality and lodging properties have as many challenges as any other business. Most see the show from the audience, not seeing the work backstage. Monitoring lodging assets requires skill, knowledge and some artistry. Let's take a close look at management services. What are your needs, right now, for interim and extended on-site management? You may want to look at the franchise and management company relationships and determine what is in the best interest of the business you are in. Establish financial monitoring and contols, maintain accounting and cash control. This is your lifeline.

Defining and Understanding the Corporation and Its Accounting
Understanding the structure changes and advantages of converting your proprietorship to a corporation is an important step. That knowledge will help you to make the best choices. Find out how your liability, business ownership and remuneration can change once you’ve become a corporation. Take your business to the nest level.

3 Key Reasons A Business Needs To Keep Books
What are the main reasons a business needs to keep books? If I were to have to narrow it down in level of importance, I would Have to say the 3 key reasons for bookkeeping are:

Business strategy is to save resources - Outsource Accounting Function

Ideally accounting department is always a back office functioning department let it me in house or offshore. Building an in house accounting department could results in huge capital expenditure. A few of key investment drivers are space, equipments, manpower, time and technology. And same resources can be diverted to achieve the organizational goals and objectives, that is, allowing companies to focus on their core business - and save money.

Outsource Accounting
Maintaining the accounts and capital expenditures is quite a tedious task for many companies. Bookkeeping is concerned with handling the financial records, business revenue, profits and losses incurred by the company and providing you financial reports. Accounting outsourcing services deals with outsourcing bookkeeping and other accounting related works

Why Accounting Outsourcing
Maintaining the accounts and capital expenditures is quite a tedious task for many companies. Bookkeeping is concerned with handling the financial records, business revenue, profits and losses incurred by the company and providing you financial reports. Accounting outsourcing services deals with outsourcing bookkeeping and other accounting related works

Exploring the Ins and Outs of Double Entry Accounting
Leave intimidation behind by understanding how debits, credits, general journals and general ledgers work. Learn how to post an entry, record adjusting and closing entries and prepare a trial balance. These simple and important aspects of double entry accounting will give you more confidence when dealing with the financial aspects of your business.

Cut Your Website Costs With New Point and Click Web Design Technology
More and more website owners are shaking off expensive website design and maintenance costs using a new technology called "CMS" or "Content Management System".

Lesson #5: Do Not Trade In Just Because the Chips are Low
“You’ve got to start with your gut, with something you are really passionate about, for a good reason,” says Schwab. “You won’t get there by sitting in a closet and thinking, ‘Boy I know the world must want this.’”

Starting over with customer service
I've been writing a lot about this topic lately and thinking about it more. I have a radical proposal for you, but it takes a few paragraphs, so I hope you'll bear with me.

Life time value, now there’s a number I love
I’m a marketing guy, so, like many marketing guys, I’m not so much a numbers person. I know I should be, but, there you have it.

Assessing your company's financial position
If you're not so clued up about the accounting and financial side of your business, you may not realise how an in-depth financial analysis can benefit your company. Learn how to get the most out of your financial information.

Tax Documents you must Maintain

What a great year this year has been for the tax payers in the US. Perhaps this may have been the best year for tax payers to get tax refund in recent history. We shall wait for the official figures from the US treasury, but from what we have seen at K&M Accounting and Tax Services in Charlotte, this year has been a bonanza of huge tax refunds for our clients. Now that the tax returns have been filed, what to do with all the paperwork and documents? This may be a good time to clean out the growing pile of tax and financial papers that clutters your home and office. Here's a list of what you need to keep

What's Twitter and Will it Help Me Grow My Accounting Firm?
Everybody knows about the strange new force called "on line social networking", but what is it exactly? Will it help you grow your CPA, accounting or tax firm? This article looks at Twitter and reveals it's use as a sales tool.

Your Website: Use Google Ads to Market Your CPA Practice
Learn to acquire new clients your firm by publicizing your CPA website using Google "PPC", or "Pay-Per-Click" advertising.

Dress Up That Accounting Website with Photos
Learn how to use images and graphics on your CPA website that will not only appeal to your visitors, but also help your website earn a better position in the search results for your critical keywords.

Finding the Best CPA Website Design for Your Practice
A website designer shows us how to buy the best site for your accounting firm and exposes the traps that site design firms use to entice customers into paying higher rates or buying inferior sites.

A Smartphone and a CPA Walk Into a Bar... and That Ain't No Joke!
The smartphone is no toy, and it's no joke. It's a powerful marketing tool that can help you markedly improve your firm's productivity.

The CPAs' Fundamental Principles of Marketing
Learn the basics of marketing your firm. Veteran firm owners will find some helpful information, but this article is actually intended for new firms.

7th of the 10 Kurlan Sales Management Functions
There isn't a person in the company who must work more on developing relationships than an individual in a sales management role, whether it be a line level sales manager or the World Wide VP of Sales. But developing a relationship does not mean that one should become friends.

Warren Buffett Owner Principle #5

In this principle, we are concerned mainly with the significance of numbers of running a business. Which ones are relevant? ROI,EBITDA, Earnings, Sales? The Consolidated Earnings statement is one that every incorporated and publicly traded company must render annually. The Number One goal to keep in mind is the earnings of each of the major businesses of Berkshire Hathaway. Also closely observe the industry and the business environment in which the business is functioning. Keep in mind that Berkshire Hathaway is a holding company model with little or no debt and huge cash reserves.

Financial and Cost Statements in Cost Accounting
An indispensable part of any system of accounting is programmed of periodical statements and reports to inform management of the current financial position of the business and of the progress made by, and the costs incurred for, each process, department and division.

Report presentations to provide clarification of your financial position
Don't depend on quickly generated reports to accurately describe your financial position.

Tips for Starting a New SEO Business

What I want to talk about is something that is even more important that than just possessing the genuine SEO skills or which types of actions you will take in your optimization work. Let's discuss just a little bit about building a brand new business based on a few ideas that will set you aside from ALL your competition. The SEO marketplace is loaded with people who all say they know SEO and can optimize Web pages. So for your new business, are you going to just become one more of them. You don't want to be lost in the crowd.

Tips for Selecting Software for your Small Business
Every business needs software in order to run efficiently, effectively, and productively (accounting, marketing, communication, etc.). Software technologies can be a great enabler and level the playing field for small businesses, but with so many technologies available how do you know that the ones you select for your business will be supported, remain relevant, and be around as long as you are?

Losing Clients: Two Types of Women Entrepreneurs, Two Types of Responses

As today’s economy continues to take its toll on small businesses everywhere, losing clients can be more damaging than ever. A new study reveals that different types of women entrepreneurs have different approaches to running a business and dealing with everyday business challenges. This article details how two different types of women entrepreneurs are likely to respond to the loss of a client – along with insights for building business resilience and moving ahead.

'Why it pays to reward your customers'
Over the last 10 years, I have learned many lessons managing my own companies and consulting to my clients and by far the single most vital lesson is ensuring that customers stay happy. In this article I share my thoughts about this essential topic.

Design on a Shoestring
As a marketing professional you will be not surprised to read that I am, well at least partially, obsessed with design. Yes, I like to have things looking right and in place. However, does ‘looking good’ make a real difference to bottom line results? When I started the Next Marketing business I was convinced first hand.

Budgeting Made Simple for the Small Business Entrepreneur
An article of 665 words offering tips on creating a budget and the important role finances play in your small business

Got the right people in place
Getting the right skill sets and behaviors in the right spot is not always easy, yet it will make or break that new hire!

Tha Approval Trap Solution
If the approval trap is major stressor number 1 what can we do about it. Oliver shows us exactly what. READ ON

Stressing Over QuickBooks? 10 Steps to Better Manage Your Bookkeeping Records
10 steps to alleviate the stress and burden of bookkeeping by organizing and simplifying the processes involved.

How To Engage Employees With Technology Based Change
It’s prudent for any organisation to know that employees understand and embrace the reason behind the changes in technology. Here’s how.

Prevent Embezzlement – A Check List for Establishing Internal Controls
While there is no foolproof system of accounting or internal control that will absolutely prevent employee dishonesty losses, an environment can be created where employee pilfering is discouraged. The following steps detail ways to create this environment.

Online Business Success: Advisory Board Primer (Part I)
Would you like to have industry leaders give you FREE business advice on a regular basis? Read this article and learn all about the power of advisory boards.

Buying a Franchise, Due Diligence
Buying a franchise is a major investment. Buyers should carefully consider various aspects of the offering before making the purchase. Here are some suggestions.

DON'T BECOME AN ENRON: Make Truth and Ethics Your Road to Success

So much has been written about Enron since the company imploded, and that will probably be so for years to come. But this essay isn’t about Enron. Rather, this essay is about your organization. Because the simple truth is, you too could grow up to be like Enron. The seeds might already be planted to make it so. Learn how to recognize and avoid Enronism and make truth and ethics your road to success.

Is Your Home an Asset?
Veteran Financial Planner discusses your home as an investment and asset.

Jim Collins Fortune Interview Translated for the Sales Force
Jim Collins was interviewed in the February 2 issue of Fortune. He was asked this question: "Right now, it seems as if people are panicking - or are paralyzed about decisions."

Buying a Franchise vs. Starting a Business ©
During economic downturns, many employees get laid off from their jobs. They are then faced with the question of what they do next. They may file for unemployment benefits and look for another job. Others may consider buying a franchise or starting their own business. This article discusses the advantages and disadvantages of buying a franchise versus starting a business from scratch.

Does your system tells how much you should buy?
Retailing is a delicate balance between merchandise and cash. It’s a high stakes balancing act: commit money early to large quantities of merchandise, and possibly end up with too much; or, commit less up front, saving cash for later, and take the risk of not being able to get the goods when you need them.

Factors to Consider When Selecting a Point of Sale System

One of the most critical and possibly frightening purchases a retailer will ever have to make is a point of sale system. It is a critical purchase because it will force the retailer to reexamine their business policies, procedures and plans for the future. It is a frightening purchase because few retailers have experience in selecting a point of sale system and with such a large investment required they will have to live with their decision, be it good or bad, for quite some time. This document lists the essential items that retailers should consider in their POS buying decision.

Do Cheap Bookkeepers Save Money?

As with any service today, there's always potential clients surfing the internet to find the cheapest bookkeeper. The short answer is that the cheapest bookkeeper is probably one who is straight out of college and has got a piece of paper to say that they can do bookkeeping. The cheapest bookkeeper may have recently completed a MYOB, Quickbooks or other accounting software course. But are they ready to start their own bookkeeping business, and more importantly would you feel comfortable exposing all your financial to their level of inexperience?

The “Difficulties” of Obtaining an Accounting Education While Running a Business
If you are interested in trying to enhance your accounting skills (or go further and obtain a college degree) while starting or running your own business at the same time, you are not alone. Believe it or not, the average age of college students today is 27. Many adults are going back to school years after what is considered the “traditional” age for attending college.

HR Departments: Making Structure Make Sense
Human Resource departments are not being optimized because of the way they tend to be structured. Usually “HR” refers to things like benefits, payroll, hiring, firing, training, reviews, compensation and the like. But we in corporate America missed the opportunity to better organize Human Resources when it moved away from its roots in “Personnel.” But not to worry. It's not too late.

Steps to prepare income and expenditure account
In the absence of the trial balance, the income and expenditure account will be prepared on the basis of the receipts and payments account. The steps are as follows:

Non Profit Organization Accounting

Its aim may not be profit-making, yet it cannot avoid account keeping. It must maintain proper accounts of its receipts, payments, incomes and expenses, because those who have donated money to such institution must know that their money is being used properly and fruitfully. So, profit or no profit accounting is a must. Its sole object is to do good to the society or members through welfare activities. Such institutions are clubs, societies, schools, colleges, hospitals and libraries etc.

Adjustments of Final Accounts
The object of preparing final accounts is to find out the profits earned or losses suffered during a particular accounting period and to present the true picture of final position of the firm. While drawing the final accounts we have taken only those items of income and expenditure that are both earned and received and incurred and paid respectively.

Accounting for Dummies - Part 1
This article is aimed at those who have never attempted any kind of accounting before and need it 'simple' and in plain language.

Websites, domains and UK tax
UK tax and accounting rules are very sketchy in the area of domain names and website costs. This article gives you insight into how to get the tax deduction for your costs.

Understanding the Bottom Line

What’s there to understand? The bottom line is the last line on the Profit & Loss (P&L) statement and it is either a profit or a loss. That’s all you need to know, isn’t it? Yes, it is important to know whether you are making a profit or losing money, but understanding how financial statements work is knowing the nature of each account and how it fits into the scheme of things. This article provides a broader understanding of the bottom line.

Working With Accounts Receivable
A brief explanation of the mechanics of how the accounting of an accounts receivable systems works.

The Accounting Model: Accounting's Rosetta Stone
A brief but clear explanation of how debits and credits work.

The Art of Recreating Yourself
Whatever business each of us finds ourselves operating everyday, we got there for one reason or another. It can be a business we truly have a passion for, or in some cases one we thought we would, turning out that we didn’t. Or perhaps there are aspects of the business where our passion lies and other parts that we avoid creating a big disconnect for us in the entire business.

Productivity through Chocolate Reflections

So there I sat, staring at the candy and trying not to open the first one. (My will power diminishes after eating one.) Of course, I gave in and ate my first one. I was surprised to see that on the inside of every wrapper are little messages. It is like a chocolate fortune cookie! With every one I opened, I found another productivity thought. "Get Your Feet Massaged" Now doesn't that sound wonderful? Chocolate and a massage! But there is a productivity thought here. So many of us work and work and never take time out to recharge. That is what this message is telling us.

Use Noncompete Agreements To Help Protect Your Business From
Renegade former employees riding the free enterprise wave is one reason noncompete agreements are gaining in popularity among employers who hope to use them to help protect their business from competitive threats launched by former employees. Many employers are now demanding that key employees sign noncompetes as a stipulation of employment.

How To Handle Customer Billing Snafus
Seriously, whether the client owes you the money or not is a moot point. Yes, you made an accounting mistake, but if the client agreed to pay you a certain amount each month in exchange for certain services rendered, and you have been under-billing that client for delivering those certain services, the client owes you the money, period.

Starting a free online business
There are many options available to start an online business for little to no cost; all you have to do is a little research.

THE SEVEN DEADLY SINS OF PROFESSIONAL SERVICES MARKETING AND HOW TO AVOID THEM

By John Doerr The science and art of professional services marketing have come a long way in the last few years. It is no longer impossible to find examples of marketing efforts planned well, executed well, and measured well. Yet, in spite of these great strides, I continue to see the same marketing sins committed over and over again to the detriment of the firms and the people steering the marketing ship. What’s frustrating about these sins is that they are all made by intelligent people who have the good sense and ability to avoid them.

Is Buying into a Franchise right for you
Going into business by yourself can be a risky venture which is why buying into a proven franchise is often more successful and an easier option. This article explains the benefits of a franchise over going it alone in your own business.

Dealing with Employee Terminations
Make sure you set a time table for the departure of your employee. Allowing someone to linger who is unhappy and who produces poor work will continue to be detrimental.

Data Entry Workers In Demand
One would think doing online data entry work would be a simple job that almost anyone could do. Many data entry workers in demand are skilled typists, however others may seek these positions as well. If you have experience as a secretary or in accounting, you may have what it takes to work in data entry.

Ya Gotta Have a Plan
EVERY business must know who their best customers are. EVERY business must have a marketing plan, a budget, and an R&D team. EVERY business needs a business plan that is current and reviewed often.

Rule #1: Increase Your Profits Measure your Results
This is the first rule in a series of articles by Brad Sugars on “21 Ways to Increase the Power and Profit of Your Advertising – without Spending an Extra Cent.” Learn about the crucial process of testing and measuring your advertising in order to maximize results.

The Importance of Counting
“I’ve just always been math-challenged,” my client Barbara moaned. “The words ‘Balance Sheet’ and ‘Income Statement’ scare me! I don’t know how or where to start doing the accounting for my business.”..

Work from Home Job Search
Okay, you've finally had it at your 9-5 job. Your boss isn't seeing eye-to-eye with you lately, they're pushing you to do more than you can reasonably do in eight hours, and you're tired of having to put up with the whole mess. You're ready to start working for yourself, but how do you conduct a work from home job search?

Do Your Financials Need Therapy? Try Purpose!

Can you imagine your financial statements lying on a therapist's couch, seeking for advise on how to gain greater strength to face the market? They may appear perplexed and bewildered, not understanding why the numbers are so anemic or even what they mean. Many small businesses experience this. From my experience, a large portion of business owners have poor financial management. Did they make a profit? Then nothing more needs to be examined. If no, head scratching begins. The financial statements contain a wealth of information for managing the business. They must be closely scrutinized for the business to be successful. Not only that, but financial management includes so much more: sound practices, planning, markets analysis, objectives, and cash flow analysis.

Impress your bank manager! How to read your profit & loss account report

If you are relatively new to the business arena, you’re probably not too good at reading financial statements. But for someone who is planning to start a small business, it is crucial to learn how to read financial statements and understand what they mean. Today, we are going to discuss one type of financial statement called the profit and loss statement. A profit and loss statement is a summary of your income and expenses over a certain period of time, usually a quarter or a year. The profit and loss statement is important because it helps you to understand the profitability or financial condition of your company over that certain period of time.

What is ERP?
What is ERP? The truth is, you are probably using some kind of ERP for your business. But you may not know all the capabilities of an ERP, and the ways it can help grow your business.

Why Your Company Needs an ERP System
You may be familiar with an ERP system, but you may not know exactly how it will help your business. This article discusses the two main problems companies face without an ERP system, and how a company benefits by having one in place.

Find A Business Opportunity Right For You!
The key to running a lucrative company is finding the business opportunity that’s right for you.

Audits: Always Be Prepared
Don't ever assume you won't be audited. It can happen to anyone and you need to be prepared. What many people overlook is that you will need much more than your receipts to be properly prepared for an audit. We have provided a list of items you should keep in mind at all times in case you are later audited:

How To Use Assessment Centers To Your Business Advantage
What is an assessment center? Who needs them anyway - and more to the point, what's the value in using them for a business owner. Here's some ideas...

Entrepreneurs Business Brokers and success
A few important issues to consider when looking for a Business Broker to help you buy or sell a business.

Timely Financial Reporting

Timely financial information and interpretation of results can help companies determine who are their most profitable customers and which customers continuously make payments late. This can give a company a warning about an imminent cashflow crisis and allow the company to put credit or collections policies in place so the customers make payments sooner. Compare it to having your teeth cleaned every six months or waiting a year or so before going to the dentist. It’s a lot harder to correct problems once time has gone by and many problems get worse with time. Preventative maintenance allows issues to be addressed in a timely manner and a plan established to turn things around.

FINANCIAL LEADERSHIP - THE DIFFERENCE BETWEEN SURVIVAL AND INSOLVENCY FOR NONPROFITS

Hull House faced a number of external challenges in recent years, but the primary reason it was forced to close its doors was internally based –a lack of financial leadership. This longstanding organization employed over 300 people, had a peak operating budget of $40M and was overseen by a board of directors comprising numerous pillars of the business community, yet it was still unable to survive. This tragedy could have been thwarted if the board demanded more financial leadership.

You're Not Alone
Many people feel that their issues are theirs alone, and that there's no one who understands what they're going through. The reality is that almost everyone shares a similar story, and this article addresses that fact.

5.2 Is it factor accumulation or total factor productivity that drives growth in Africa?: Economic Report on Africa 2007

To investigate the link between growth and diversification, it was important to first quantify the contribution of TFP to economic growth. This section analyses the sources of growth for African countries using the standard growth accounting method, making it possible to disaggregate the shares of growth contributed by TFP, capital and labour. Growth in output is the sum of the growth in capital, labour and TFP. Capital accumulation is an essential element in the growth process, as it enlarges the economy’s capacity to produce. Increases in labour or labour force have traditionally been considered a positive factor in stimulating economic growth.

5.2 Growth, productivity and diversification: Economic Report on Africa 2007
There is abundant literature that suggests that there is a two-way relationship between exports and growth. However, an important aspect of this evidence is that it is not just the level of exports that leads to growth but also the level of diversified exports or products.

Off the Books and Underground

Some years ago while taking a walking tour in downtown Los Angeles, the tour guide waved his hand at a commercial strip on Broadway and said something that stayed in my mind. “More cash changes hands every Saturday on this street than in Beverly Hills” was his observation. Notice he said cash and not higher gross sales. There is an unmeasured segment of the small business community that seems to be growing, especially in urban areas. It is a world where cash is not just King, but the entire royal court! Politicians and regulators need to absorb the lessons coming from the off-the-books economy.

Chart of Accounts Best Practices
Often the simplest and most basic things within an organization are overlooked. It is time to get back to basics! The most basic of outputs from an accounting department is the chart of accounts, and this article looks at best practices to improve operating efficiencies.

Find the Best Tricks for Correcting Wrong Directions in Accounting When Working for Yourself
Everyone knows that accounting is a very complex domain that can literally cause a series of issues especially if the accountant does not know how to complete specific tasks. Even more important than this is the fact that every single accounting-related decision that an accountant makes has some very important consequences.

Balance Sheet and Profit and Loss Account
While introducing the subject of accounting to the readers previously it was stated that one of the main objectives of financial accounting is to provide information about the profits earned or loss suffered by the business during a particular period.

Home Accounting has Many Uses
Home accounting is used for many different functions. Individuals and businesses alike, utilize home accounting to track and report on financial figures.

3 Important Questions to Ask Your Bookkeeper Today
Problems may be brewing in your accounting system, and you won't even know it. These questions will help get a dialogue going and some insight on how things stand with your important accounting tasks.

Business Financial Accounting Services - From Soup to Dessert
An accounting firmness can be obtained by practicing a number of services. Considering accounting as a major growth factor in the business, several services have been stated in order to improve it.

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