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Accounting and Tax Guide: Accounting Basics


Main Advantages Of Hiring Accountants For Businesses

Every single business owner will tell you that it is hard to deal with all related to the company. So many different things are necessary to make the company a true success. As time passes and you grow, there is a pretty good possibility you will need to hire an accountant to help. This is because of various advantages that are gained. In most cases this is required by law but even when it is not, you want to take this option into account. The reasons why... [Continue Reading]

Three Things to Do as a Release During or After an Incredibly Long Work Week

Depending on who you ask, a good majority of folks today would tell you they do not love their jobs; it’s very rare and unique if someone loves what they do for work. Add on top of your current job, some extra stressful things throughout the week, and you’ve got yourself a dark situation. Don’t get too down however, There are several outlets you can use to alleviate some of the pressure and recenter your focus on finishing your current... [Continue Reading]

Filling Your Company’s Accountancy Needs

Most entrepreneurs have a do-it-yourself approach in handling their business. As long as they can give adequate attention to it and they have the necessary competencies to get it done, they want to make sure that they have full control of just about every detail in their company. However, there are times when getting professional help is the best way to go. One such aspect that’s best left to the professionals is accounting. There are distinct... [Continue Reading]

Benefits Of Hiring An Accountant For Your Business

Many businesses make the mistake of not hiring an accountant to deal with their finances and accounting needs. This tends to be because having an accountant is seen as being a luxury, something that only larger businesses should have. However, that isn’t the case. Accountants can be beneficial for businesses of all sizes. From giant corporations to one man business startups, accountants are incredibly useful. There are so many benefits of hiring an... [Continue Reading]

5 Helpful Accounting Tips for Startups

When you have a start-up business, you want to make sure that you do all that you can in order to make sure that your company offers a great product, provides impeccable customer service and perhaps, most importantly, earns a profit. Especially since according to many reports, nearly half of all new businesses close their doors within the first five years of opening them. Well, when it comes to keeping your finances in order, one of the main things that... [Continue Reading]

5 Helpful Accounting Tips for Startups

When you have a start-up business, you want to make sure that you do all that you can in order to make sure that your company offers a great product, provides impeccable customer service and perhaps, most importantly, earns a profit. Especially since according to many reports, nearly half of all new businesses close their doors within the first five years of opening them. Well, when it comes to keeping your finances in order, one of the main things that... [Continue Reading]

5 Ways to Streamline Payroll Management for Your Business

If you’re someone who happens to run your own business, then you already know that it comes with a lot of demands. You have to make sure that you provide great products and/or services. You have to keep your website and social media accounts updated. You have to do all that you can to keep your customers satisfied. If you have a staff, you have to provide them with what they need in order to be productive. And, you also have to make sure that your... [Continue Reading]

5 Small Business Accounting Tips to Prepare for a Financial Audit

You don’t need to have your masters in accounting to know when your small business is about to be hit with an audit. When it comes down to it, the IRS will surely let you know when they are about to storm your offices and invade your books. It can be an invasive experience, but it can really help if you are prepared. Preparing for a financial audit is a little bit like preparing your business for a potential financial tsunami. If you don’t want... [Continue Reading]

5 Signs Your Business Needs a CPA

Unless you hold a degree in accounting, it is very unlikely that you have the same skillset and knowledge as a certified public accountant (CPA). And while you may be able to get by for a while running the finances and keeping the books for your small business, especially with practically foolproof modern tools like QuickBooks on your side, the truth is that you have other tasks to occupy your time when it comes to keeping your business afloat, and you... [Continue Reading]

Benefits of completing an ACCA accreditation

Many accountants can be forgiven for thinking that the extra effort to completing the ACCA accreditation is just too much after years and years of study. However, by gaining the extra qualification students are presented with extra opportunities for future development. Below are some benefits which getting the extra qualification can have. Intrinsic learning The accreditation goes into more detail on areas that will affect working life. At university,... [Continue Reading]

The benefits of a theatrical approach to management training

Drama has provided a form of entertainment across many different cultures and time periods, but it's also frequently used for much more. The theatre turns a spotlight on the human condition and many practitioners have used this spotlight to educate and inform as well as to entertain. Plato was philosophising and educating through drama as far back as the 4th Century BC, while a Saxon nun named Hrosvitha wrote plays to educate her largely illiterate... [Continue Reading]

5 Benefits of Cloud Accounting Systems

As technology continues to evolve, so do the ways entrepreneurs harness it to streamline their business practices. The emergence of the internet as a primary form of modern communication now allows even the smallest business to tap into a nearly limitless pool of potential clients. Mobile technology gives companies the ability to manage daily tasks from the road at any time of the day or night. And cloud computing fills in the gaps for remote productivity,... [Continue Reading]

5 Inspirational Quotes for Accountants

Tax time came and went, but those poor accountants do have it pretty rough. Not only do you have to crunch numbers all day, but your career has the reputation of being one of the most boring jobs in all of history. You know this isn’t true, but that won’t stop people from thinking it or saying it. However, accountants have fascinating careers and if you think about it for a moment: why wouldn’t someone crunch numbers if they weren’t... [Continue Reading]

What qualifications do I need to become an accountant?

Accountancy is a profession which appeals to a huge number of people who are proficient with numbers.  While the demand for good accountants remains high, it is important that those keen to enter the profession make themselves aware of the steps which will be necessary on their journey to employment. Beginning with the qualifications obtained from college and university, the road to becoming an accountant is one which will be made far easier with a... [Continue Reading]

How to Find a Reputable CPA for Your Business

Whether you’re running a home-based business online, you manage a small business complete with staff and a brick-and-mortar location, or your operation has grown to become a highly successful and lucrative corporation, you may eventually find yourself in need of the professional accounting services that can be provided by a certified public accountant (CPA). Unfortunately, you first have to undergo the tedious task of securing a reputable and... [Continue Reading]

Why an Insolvency Practitioner is Vital

There are many different ways to deal with problem debts. Debt management plans, bankruptcy and IVAs are all possibilities. The method that’s right for you will depend on your own circumstances and the amount you owe to your creditors; there’s no one-size-fits-all solution. For many clients, IVAs offer the best balance: a chance to repay as much debt as possible without being trapped in an endless spiral of interest and fees. But there are... [Continue Reading]

What Are Auditors?

Accountants and auditors help to ensure that the Nation's firms are run efficiently, its public records kept accurately, and its taxes paid properly and on time. They perform these vital functions by offering an increasingly wide array of business and accounting services, including public, management, and government accounting, as well as internal auditing, to their clients. Beyond carrying out the fundamental tasks of the occupation-preparing, analyzing,... [Continue Reading]

What Are Assets and Liabilities

Making a profit in a business is derived from several different areas. It can get a little complicated because just as in our personal lives, business is run on credit as well. Many businesses sell their products to their customers on credit. Accountants use an asset account called accounts receivable to record the total amount owed to the business by its customers who haven't paid the balance in full yet. Much of the time, a business hasn't collected its... [Continue Reading]

Understanding Balance sheet

A balance sheet is a quick picture of the financial condition of a business at a specific period in time. The activities of a business fall into two separate groups that are reported by an accountant. They are profit-making activities, which includes sales and expenses. This can also be referred to as operating activities. There are also financing and investing activities that include securing money from debt and equity sources of capital, returning... [Continue Reading]

Optimizing Your Cash Flow With Proper Accounts Receivable Management

Businesses miss on growth opportunities and even close their doors every day, not because they aren’t profitable enough, but because they are strangled by poor cash flow. The problem is that while their profit and loss statement shows success, their bank account cries poor. Excessive money tied up in delinquent receivables, bad checks, and bad debt write-offs, rob businesses of valuable cash flow, handcuffing their ability to grow or even stay in... [Continue Reading]