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Mar 10, 2010
For most people, the deadline to file your income tax return is April 30th of every year. Doing your taxes is a time-consuming process, so many opt to hire a chartered accountant.
Mar 10, 2010
If you have any recurring transactions you may want to use the memorized transaction feature in QuickBooks. This feature will not only save you time but could also serve as a reminder to you for repetitive transactions. Here is how it works.
Mar 10, 2010
Many small or family owned businesses have probably come to realize keeping up with the financial aspects of the business can be challenging. It can be more than a full time job for someone that has not been trained to perform all of the financial record keeping, payroll, bank deposits, inventory, and the like. It is hard to focus on growing your business when a good bit of time is spent keeping an eye on and tracking the money. That where bookkeeping services are valuable.
Mar 10, 2010
These days, you don't have the time you need to do anything - and the problem gets worse if you have a company to run. In trying to get everything finished, you just aren't able to give it proper attention, and you might not like the way things turn out. Worst of all is when you have to worry about taxes - and this is why you might consider bookkeeping outsourcing.
Mar 10, 2010
The transformation from GAAP to IFRS seems as though it is never going to happen. What are the variables involved in the transformation? Should IFRS be put into place immediately or should we allow time to sort out the bumps?
Mar 9, 2010
Any small business needs to do accounting work. I don't care if you're the ice cream man, or if you own a huge corporation that employs 500 people. You're going to find that you're either going to want to outsource your accounting, or maybe you're going to want to do it on your own.
Mar 9, 2010
There are times in everyone's lives when they wish they made a different decision. If you're paying out far too much in taxes or your investments are falling far short of expectations, then perhaps you made the wrong choice for your accountant!
Mar 9, 2010
As a business owner, I know how important it is to have accounting packages. If I didn't have the software that I have today, I would find that it's fairly hard to manage my finances on a day by day basis. A common question that I see among many business forums is, "What is the best small business software package?
Mar 9, 2010
Management accounting and financial accounting comprise the two main branches of accounting in general. To those unfamiliar with accounting, such a distinction may seem gratuitous. However, the distinctions accounting are not merely nominal.
Mar 9, 2010
For innovation to succeed, how much money should you assign to an innovation effort? The obvious answer is that it should be as big as possible.
Mar 9, 2010
Factoring is the selling of accounts receivables, or invoices, to a third party (factor) for cash. A valuable option for companies with changing cash needs, factoring gives companies immediate cash to manage operations more efficiently, and to help grow their business.
Mar 8, 2010
While accounting is primarily concerned with recording, analysing and summarising transactions, management accounting adds another dimension to accounting- as a management facilitator. Management accounting aids management activities- particularly planning, control and decision-making.
Mar 8, 2010
Sometimes the terms "cost accounting" and "management accounting" are used interchangeably. This is generally acceptable because the two concepts are interrelated; one is a subset of the other.
Mar 8, 2010
I hear much confusion over the phrase many hear from their banker: "We have written your note off!" "Yahoo!" we hear borrowers exclaim in joy, but why I ask? Perhaps you are unaware of the meaning behind this phrase as it does not help you all that much.
Mar 8, 2010
In accounting, costs can be classified in a number of ways. A very important cost classification involves separating costs according to how they respond to changes in activity level. Fixed costs (FC) and variable costs (VC) represent the dichotomy in this classification.
Mar 8, 2010
The need for good accounting information is not separable from an organisation's purpose or objectives. Since organisations are purposeful, it is natural that members of the organisation want to ensure that they are meeting stated objectives. It does not matter whether the organisation is a commercial/ non-profit organisation, government agency or non-governmental organisation (NGO). Good accounting information is necessary to help any organisation properly fulfil its purpose.
Mar 8, 2010
Accrual accounting refers to the preparation of financial statements according to when an entity earns or incurs revenue or expenses respectively. International Accounting Standard 1 (IAS 1) states that an element of the financial statement (equity, expenses, liabilities, assets and revenue) should be recognised when it conforms to certain criteria and definitions outlined in the accounting framework.
Mar 8, 2010
Invoice factoring companies don't require their clients to pledge collateral other than their accounts receivable. Because of this, it is critical for the factor to feel extremely confident that they will be "paid back" by the customer of the client. Progress billings, which are typically present in construction relationships, are usually not compatible with accounts receivable factoring.
Mar 6, 2010
In accounting, overheads refer to indirect costs that are charged to production and other functions or departments. Indirect costs are those that are not fully attributable to a product, service or department. They apply to materials, wages/labour and expenses. As such, it follows that there are indirect materials, indirect wages and indirect expenses for different functions departments that relate to those categories.
Mar 6, 2010
The business entity concept holds that a business is a separate entity from its owner or owners, whatever the legal position of the enterprise may be. A business could take several forms, i.e. partnership, sole trader or corporation. These types of business have a certain legal status. For example, sole traders do not have a separate legal status, whereas a corporation has a separate legal status from the owner. That makes the corporation a separate legal entity.
Mar 6, 2010
The consistency concept-or consistency of presentation-in financial accounting, is one of four fundamental assumptions of IAS 1 (International Accounting Standard 1), along with going concern, accruals and fair presentation. Consistency holds that accounting methods used in one accounting period should be the same as methods used for events/transactions, which are materially similar, in other periods. Naturally, there are unique circumstances in which entities can change methods and not follow the consistency concept, although there must be good reason for this.
Mar 6, 2010
Linear regression analysis is a useful technique in business mathematics, among other spheres. In accounting-specifically cost and management accounting-it allows accountants to project costs given a range of values over specific cost periods. It is far superior to techniques such as expected values, scatter graphs and the high-low method in projecting costs and separating the fixed and variable components of semi-variable costs.
Mar 6, 2010
Inventory management requires classification and determination of inventory costs and measurement of stock levels. In maintaining adequate levels of inventory, it is necessary to order the right amount of inventory at the right time to maximize the benefits of holding inventory against its costs. As such, the Economic Order Quantity (EOQ) determines the "order quantity that minimizes inventory costs."
Mar 6, 2010
The business equation (BE) in accounting is a concept that is separate from the accounting equation, although the two have a link between them. The business equation is...
Mar 6, 2010
The accruals or matching concept holds that revenue or expenditure should be matched to the period in which they are realized-not as the cash is received or paid. It is called the "matching convention" because "revenue earned must be matched against the expenditure incurred in earning it."
Mar 6, 2010
Within accounting, it is common knowledge that different methods of arriving at a result or outcome exist. Asset valuation, which is critical in financial accounting, is not always straightforward. Asset values change yearly, due to depreciation and appreciation, and the nature of assets (current versus non-current) make asset valuation methods significant.
Mar 5, 2010
One of the characteristics of good accounting information is that it should be sufficiently accurate, relevant and reliable. Materiality seeks to ensure that accuracy is established by designating financial data as material or immaterial based on the users of financial reports. Therefore, materiality refers to accounting information and its users; it is also inherently subjective.
Mar 5, 2010
A cost centre (CC) is a unit, location or department where cost data is collected. The purpose of the cost centre is to collect, analyze and ascertain costs in its immediate context. Cost centres usually have cost units-units or equipment for which costs are determinable or attributable. Overheads and direct costs constitute the cost structure of a CC. Since many activities in an organisation involve costs, a cost centre is a fundamental aspect, especially as profit and investment centres can be cost centres.
Mar 5, 2010
It is hard to find out how your business is doing without having a fine and clear financial picture regarding your business. With the advent of modernization, different tools and services are made available through the virtual world of internet. This also includes the online bookkeeping services offered by specialist companies.
Mar 5, 2010
Inventory classification in accounting is an aspect of the treatment of material costs. It forms the basis of inventory control, which involves ordering, purchasing, receiving, storing, issuing and monitoring inventory. The first step in controlling inventory is classifying it.
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