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Accounting and Tax Guide (Page 14)

Tips on Book Keeping and Reporting on the Club Financial Affairs

Annually a report must be presented to the members on the clubs money affairs and financial position. The form of the report presented will depend on the size of the club and the volume of its activities. In the case of a club with a few members, and of which all transactions are for cash, a statement of receipts and payments will be sufficient, but in the case of a big club an income and expenditure statement and also a balance sheet are desirable. The... ❯❯❯

Sample Company File in QuickBooks - Valuable Tool for Self-Study

Have you ever wondered what would happen in your QuickBooks file if you performed certain operations, but were too afraid to try? Did you know that you can experiment with your ideas, and not make a mess in your QuickBooks file? When you installed your QuickBooks file, you also installed Sample Company files. Intuit designed these so that you could experiment with any idea or concept you have, and not take a chance messing up your own file. Best Way to... ❯❯❯

Standard Cost Accounting in Determining the Estimate Versus Actual

Cost accounting in manufacturing answers the simple question: “Am I making money on this job, and if not then why not?”. Cost accounting is a bridge between financial and management accounting and is a technique used to address the demands of both. It is a systematic application that takes all events in the supply chain and translates them into financial values for analyses by various people both inside and outside the company operations. The most... ❯❯❯

Accounting Positions

When most people think of accounting, what comes to mind is usually basic information that's not particularly interesting or beneficial. But there's a lot more to accounting than just the basics. Computers have changed the way accountants and auditors do their job. Accountants can use special software packages to do transactions in basic formats for financial records. Using software they can organize data in financial analysis. This greatly reduces the... ❯❯❯

You Have QuickBooks - Now What?

You have either started a new business, decided to get your financial information in order for your existing business or your tax preparer has announced that he/she won’t do your tax return anymore if you bring in one more year’s receipts in a shoebox or plastic bag. So on the recommendation of friends, business associates, accountant, or other professional in the know you have purchased QuickBooks. And if you are like most people you have installed it... ❯❯❯

How to Choose the Right Computer Training for Accountants

The old image of the accountant might be best illustrated by Bob Cratchit sitting on his stool in the money changing firm of Ebeneezer Scrooge. He sits in front of his massive ledger book painstakingly entering figures with a stubby pencil. This does not reflect the current profession of Accounting. While the principles of Accounting might have remained much the same, the computer has revolutionized the way that these principles are applied. Computer... ❯❯❯

What is Owner's Draw in QuickBooks? How Does Owner's Draw Work?

What is Owner's Draw in QuickBooks? How Does Owner's Draw Work? If you are a sole-proprietor, you may have wondered about the Owner’s Draw account and how it works. I’ll try to explain it in a way that makes sense to people who use QuickBooks. Owner’s Equity, Owner’s Investment, and Owner’s Draw - Defined If you open the Chart of Accounts in QuickBooks, scroll down to the Equity accounts – normally about half way down. You may see one or more of these names: Owner’s Equity,... ❯❯❯

Cost Benefit Analysis-Whether You Should Outsource Your Bookkeeping To Professional Book Keeper

What is a role of a bookkeeper in your organisation: BOOKKEEPERS keep complete, up-to-date, and accurate records of accounts and financial arrangements. Bookkeepers verify and enter information into journals and ledgers or into a computer. They periodically balance the books and compile reports and financial statements. Bookkeepers also receive, record, bank and pay out cash. They balance checkbooks with monthly bank statements. They may calculate employee... ❯❯❯

What Is A Good Bookkeeper Worth?

I am often asked what is a reasonable fee to charge my clients. And on the opposite side of the coin – what should I expect to pay for a bookkeeper? A bookkeeper who is honest, trustworthy, reliable and knowledgeable is worth their weight in gold. You might find a good honest hard working person, but if they don’t have the knowledge and experience that you need then you only have part of the solution you are looking for. For bookkeepers check with... ❯❯❯

Generally Accepted Accounting Principals - A Primer

Accountants are the keepers of the standards. They are the ones who make sure that when we look at a financial statement, we can be reasonably that it was built using sound accounting practices and that it is comparable to other audited financial statements for other companies. That sounds like a daunting task, but never fear. The accounting professional is in business to help you through all this. The accounting profession is self-regulated. They decide... ❯❯❯

Do You Hate Bookkeeping?

If you hate bookkeeping, you are not on your own. For most small business owners 'bookkeeping' is a major pain; a real chore. If you have to choose between selling your products and services or keeping your books in order - the books lose every time? But it would be good to : know your cash position and know the bank balance before the statement arrives Have reports and guidance on your profitability? You want to be able to explain where your figures... ❯❯❯

Forensic Accounting - Be a Financial Detective

Forensic accounting is one of the newly identified types of accounting jobs available. A forensic accountant is either an internal or external auditor who is brought in to investigate a case of fraud, bankruptcy or other legal conflict. He or she audits the situation and comes to a conclusion regarding the wrong doings and amount of loss involved. The auditor composes a report, which is often used as evidence in a court case. The forensic accountant may... ❯❯❯

EXCEL Tutorial - How to Construct a Compounding Interest Financial Calculator

You can construct an almost infinite variety of calculators right within your MS EXCEL spreadsheet application. Here is how you can construct your own 10-year compounding interest financial calculator that would help you to see, for example, how much your $100 will grow at x percent of interest a year, on a year by year basis. 1) Launch a clean worksheet in Excel. 2) Reserve the cell A1 for your principal dollar amount. Think of this as your... ❯❯❯

Accounting Outsourcing Services Can Increase Your Profit Margin

Accounting outsourcing services plays an important role in the world of finance and accounting. Today there is intense competition in the market and so to survive in the business you need some good strategies. Business owners are under tremendous pressure to cut costs of their finance and accounting department and so to increase the productivity, improving profitability and creating strategic value to it. Today there is enough demand in the market for the... ❯❯❯