Pak Accounting: 12/09/09

Wednesday, December 9, 2009

Do I Need An Accountant Or Accounting Software? By Carolyn Clayton

Accounting is the process of collecting, summarizing and analyzing the financial data of your business. Every business needs do keep on top of their accounts to ensure proper management of revenues and expenses. Failure to do so could cause your business to fail.

There are two ways of keeping accounts for your business, one is enlist the help of an accountant and the other is to buy some accounting software and manage the accounts yourself.
Lots of people are worried about accounts and tax and would rather pay for an accountant to do all the work for them, however this might suit some people but not everyone. With hiring an accountant this will be quite costly and the cost will depend on the size of your business and the amount of financial data it generate. If you are just starting up a business you could collect all of the information and hire an accountant once a year. Most accountants work on an hourly basis so depending on how long it take them to work out your accounts will depend on how much you have to pay them. If you keep all receipts and invoices in date order this could keep your accountant fees to a minimum.

Another option is to invest in good accounting software. You do not need to have any knowledge about accounting as most good software is very easy to use with simple steps that anyone can follow. More and more business are using accounting software as the price of an Accountant can be quite steep whereas accounting software is a one of payment. There are lots of different types of accounting software for small and larger business and for lots of different types of businesses. Some accounting software can work for all size businesses with modules that you can add as your business grows and your accounting needs grow.

Some of the many benefits of having accounting software are:

Saves time

Saves money

100% Accuracy

Up to date accounts always available

Quick access to information

They are just a few of the reason why accounting software is best option for any business. Accounting software will make your business management much better, much more efficient and easier. You will be able to access the up to date data with a simple click of the mouse giving you the competitive edge that all business need to have in this day and age.

Choosing the right software is a very critical. You should always do your research before you buy any accounting software. With the internet it is not a problem as you can find reviews, websites and talk to users of software to find the best one for your particular business. I would talk to many different users and read many different reviews and then weigh up the benefits of each. Once you have chosen the right one then your business can grow and expand without any worries about finances. The software will free you time up so you can get on with your job
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Explanation Of Important Accounting Terms, Accounting Cycle And Responsibilities Of An Accountant

Assets

An asset may be defined as anything of use to future operations of the enterprise and belonging to the enterprise. For example, building, land, machinery, cash, debtors (amount due from customers) goodwill etc.

Equity

In broad sense the term equity refers to total claims against the enterprise. It is further divided into two categories:

(1) Owners claim-capital and (2) Outsiders' claim-liability (3) Liability: Amounts owed by the enterprise to the outsiders i.e. to all others except the owner. For example, trade creditors, bank overdraft etc. (4) Capital: The excess of assets over liabilities of the enterprise. It is the difference between the total assets and the total liabilities of the enterprise. For example, if on a particular date the assets of the business amount to $ 1,00,000 and liabilities to $ 30,000 then the capital on the date would be $ 70,000. It is also known as net worth.

Revenue

It is the monetary value of the products or services sold to the customers during the period. It results from sales, services and sources like interest, dividend and commission, etc.

Expenses/ Costs

Expenditure incurred by the enterprise to earn revenue is termed as expenses or costs. Distinction between expense and asset is that the benefit of the former is consumed by the business in present whereas in latter case benefit will be available for future activities of the business. Examples of expenses are raw materials consumed, salaries etc. .

Loss

The term is used to convey, at least, two different meanings. First it refers to the result of the business for a period when expense exceed the revenue. For example, if sales are $ 10,000 and expenses are $ 11,000 the loss will be $ 1,000. Second- It describes those efforts which fail to earn revenue. For example-un saleable stock, loss due to fire, theft, accident etc.

Proprietor/ Owner

The person who invests his money or money's worth and bears the risk of the business.

Drawings

Money or value of goods belonging to business used by the proprietor for his personal use. Goods Includes all merchandise commodities which are purchased by the business for selling.

Trade Debtor

Person who owes money to the business. It happens when goods are sold on credit.

Trade Creditor

Person to whom the business owe money. It happens when goods or materials are purchased by the business on credit.

Transaction

Any exchange (dealing) of goods or services, for cash or on credit by the business with any other business.

Events

There are the occasions which cause changes in the value due to time element. Outsiders are not directly concerned. For example, interest accrued, depreciation in the value of assets etc.

Entry

The record of a transaction or event in the books of accounts is known as entry.

Entity

All elements of financial statements are in relation to a particular entity which may be business enterprise, an educational or charitable organization, a government unit, a natural person or the like. An entity may comprise two or more affiliated entities and may not necessarily correspond, with 'legal entity'. Thus, the accounting information is recorded, compiled and presented with reference to identifiable entity. The term 'other entity' refers to a subsidiary company that is a part of the same entity as its parent company in consolidated financial statements but is an 'other entity' in the separate financial statements of its parent.

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Accounting Courses Online - Are They Worth It?

Taking an accounting course online can be helpful to anyone that is managing money, whether at home or at work. Getting an online accounting degree can increase your chances for employment in many different market sectors. There are several different accounting schools that you can choose from to get your online accounting degree at your leisure and in your spare time.

Many CPAs have used the Internet to start their careers while working at other jobs during the week. They employ the use of accredited universities that offer courses from entry-level programs all the way to doctorate level and also CPA courses. One can choose from several areas. You can choose the path to become a public accountant, an accountant that deals with forensics, working in the government sector, or opting to become a financial advisor.

When pursuing an accounting course online you may want to be sure that the course you are taking will also have technical offerings especially if you are seeking to establish yourself within a larger corporate setting. Most of these companies have major software packages for which it is necessary to have at least some familiarity to be seriously considered for candidacy.

One of the major benefits of taking an accounting course online is your ability to work in the field while you are taking the course. Even if you have a staff accountant position in a small firm while you are earning your degree, this puts you far ahead of graduates from colleges and universities who have had no on the job experience.

Usually these graduates will do unpaid or meagerly paid internships before they can land the kind of position that will be waiting for someone that has been working in the field and has proven knowledge application while attending accounting school. This kind of individual with both strong education and work experience is much preferred.

There are strong projections for the field of accounting in the next decade. There are so many openings and so many types of positions including, but not limited to titles such as Financial Analyst, Accounting Manager, Tax Accountant, Tax Manager, Project Accountant, Investment Accountant, Fund Accounting Analyst, Internal Audit Manager and Procurement Manager. The list goes on and on. Pursuing your accounting degree online can open many doors while giving you the flexibility to seamlessly maintain your current job and your family life.

Accounting Software For Your Business - 5 Great Tips to Choose the Right Accounting Software

A good accounting program can be an asset to your business. Accounting software can automate process and track key areas like payroll, sales, expenses, accounts receivables, tax, etc. With a good accounting program, you can save a lot of time and have more time to work on what you do best. It can also help you save cost as it eliminates the need to assign a specific staff to do it.

Today, you can find many accounting programs in the market. So how do you choose the right software for your business? In this article, let me share with you 5 tips to choose the right accounting software for your business:

1. Find out exactly what you need. For most business owners, basic accounting software is enough. Basic accounting software can perform functions of accounts payable & receivables, cash functions and general ledger. Software with more complicated functions will cost you more. So make sure you spend some time to consider the needs of your business before you purchase any software.

2. Find out how the software can improve your business performance. Before you purchase any software, you should identify how much will you save in accounting and staff cost. Once you have identified the numbers, get the software that fits the bill.

3. Find out whether the software supplier provides onsite training for you or your staff. If not, they should have some tutorials or courses online for reference. It is important to have some materials for you to reference because you will waste a lot of time figuring out on your own.

4. Can you upgrade the software when needed? This is an important question that you need to ask the software supplier. As your business grows, you definitely need more advanced features. So if any case you need an upgrade, can you do it? You will not want to change a new program as it will cost you more money.

5. Ask for a trial-test. Play with the software for a limited time and get to know the full functionality before you buy it.

Accounting software is a powerful tool to your business and I strongly believe that it will be an asset for you. A good program can save you time, money and reduce margin of errors. So spend some time to do a research on either Google or your local directory to look for accounting software suppliers. Shortlist a few companies and talk to them. Compare the features and price before you make the decision.

Accounting Interview Questions

Accounting interviews are one of the most critical interviews in the world, simply due to the reason that like a doctor, an accountant knows everything about the client. A number of tough questions are asked in accounting interviews. You need to prepare yourself well if you are looking to go for an accounting interview. The questions will vary according to the level of accounting position. You will get a wide variety of questions.

So, if you are looking to appear for an accounting job interview then given below are some sample interview questions and their suitable answers that can really help you a great deal:

1. Why do you want to be an accountant?
You can say that accounting offers a respected professional qualification which can lead on to a wide range of opportunities in the business. It is a rapid changing profession so they are looking for individuals with initiative who can manage change properly.

2. Which accounting applications are you familiar with?
Discuss about all the applications you have worked with. Just focus on how you implemented the application and how they meet your exact business requirements. Display your knowledge in all kinds of accounting applications that you are aware of.

3. What are the qualities you have to be a good accountant?
I have excellent interpersonal skills. I am also very determined and disciplined. I have an ability to work in team and I also have strong analytical skills. I am very well in handling all types of work pressures.

4. Describe any accounting process that you have developed?
Describe how you have analyzed or developed any work processes in accounting. You can even mention that how you maintained work outputs.

5. What according to you is the biggest challenge that the accounting industry is facing?
Due to the changing market, accounting professionals have to provide more management and consulting services, in addition to financial management. They simply have to assume a greater advisory role and develop more complex accounting systems.

6. How many invoices do you handle on a monthly basis?
Just show your understanding about the invoice verification process. Go through each step in detail and mention all the details required. Also explain the importance of each step.

Show them your professionalism by answering properly and confidently. Make sure you prepare yourself well before appearing for the accounting job interview. Don't forget to read this article once.

Advantages to Online Accounting Schools

The Internet has no doubt made our life quite simple and easy in each and every way. Even when it comes to pursuing a degree or a course you can very easily do it online. Today, one of the easiest ways to make you successful is following an accounting career. What is more relaxing than earning your accounting degree online? Now, you do not have to go out of your house and attend your college regularly but you can pursue your accounting degrees without making any alterations in your daily schedule.

All the people who do not want to attend full or part time college have the advantages of online accounting schools at their rescue. With the rise in the number of online accounting colleges and schools, it is important that you ensure what kind of accounting degree you are looking for. Today, the demand of professionals in the accounting field has risen. So, why not use the advantages that are being provided by the online accounting schools?

Before you start thinking about pursuing your degree as an accountant via an online course, you must also know what online accounting school advantages are. Lets have a look at these advantages to online accounting schools.

The very first benefit is that you can continue to live your life exactly the way you're living it at present and still can earn an online accounting degree.

You do not have to attend a college regularly rather you will receive all the notes and books at your home.

You just need to appear for exams online and do not have to mug up all the things in a month but you will get plenty of time to understand the subject and the course material. You can appear for an exam when you are completely prepared.

You do not have to miss your office or important meetings for your online exam but can choose an examination date on a day whenever you are free.

Apart from having great comfort and ease while pursuing your accounting degree, you will also expand your career opportunities and will have many new job options.

For all those people who are already working and have a job, you can use the accounting degrees to increase your qualification and knowledge so that you can grow in your career quickly.

After completing your online degree you will receive your certificate that will be approved by CPA (depending upon the kind of college you choose).

Once you earn your online degree you can apply for accounting jobs and look forward to get paid generously.

There are so many pluses to attending accounting school online you will definitely not have a second thought about it. But before you pay your fees and take your admission to an online course, just ensure that the college or the accounting school that you choose is accredited and approved.

Diploma Programs in Accounting

If you want to make a career in the field of accounting, then a Diploma in Accounting program can certainly help you begin. You can gain an entry in the field of accounting and even pursue other accounting diploma degrees to chart your career growth in this exciting field.

As an Accountant you will perform a variety of tasks within an organization. You will be involved in the preparation of bills, vouchers, keeping journal entries, maintaining a record of accounts payables and account receivables, and also keeping accurate records of the different clients and vendors of your company.

With a Diploma in Accounting, you will gain an in-depth understanding of complex topics such as financial accounting, financial management, capital cost, capital structure, investment valuation, capital budgeting, dividend policy, mergers and acquisitions, consolidation, planning and control, working capital management, long term sources of funds, short term and intermediate financing, flexible budgets, variance analysis, financial analysis, cost management and statistical analysis to name a few. You will be involved in conducting internal audits of your company's accounts, and provide audit reports while adhering to different audit standards, procedures and methods.

Your Diploma in Accounting program will therefore include subjects such as Management Accounting, Auditing, Financial Accounting, Financial Analysis, International Finance, Forensic Accounting, and Managerial Finance. The accounting diploma degree course generally lasts for about 2 years. You will also benefit from having basic working knowledge of computers since most organizations use computers to maintain their accounts and such other financial transaction records. With your knowledge of computers, you will also be able to post transactions onto in-house journals and databases.

After completing the Diploma in Accounting program, you will be able to begin working in entry level positions as Accounts Receivable Clerks, Accounts Payable Clerks, and as Bookkeepers in small business organization. After completing the Diploma in Accounting program, you can start out with an annual salary of approximately $28,000.

Of course, if you want to increase your career prospects further, you will have to go on and take a Bachelors and subsequently a Masters Degree in Accounting. With these qualifications, added by a Certified Public Accountant certification, you will be able to even launch your career as a CPA and start your own independent consultancy practice.

Thus, a Diploma in Accounting program will prepare you for a career in the field of accounting and help you take the first step towards launching a career as an Accountant.

Small Business Accounting - No Outsourcing Required

A small business will generally mean an organization that is managed by a few people with a small number of employees. The number of employees is usually under hundred. Small businesses are very beneficial in nature because they run on lower costs and are easy to maintain. They are also relatively easy to maintain and can adapt to the changes occurring in the market faster. Therefore, the element of risk is relatively lower. Moreover, over the years, small business ventures have earned a lot of credibility for themselves and now are seen as the answer to many complexities of big bulky businesses.

Accounting is one of the most major processes in any business. It is the act of recording, verifying and reporting all the assets and liabilities of a company. It is of great use to decision-makers because it helps them take steps in order to reduce their costs and increase profit. Accounting is also a proof of a company's goodwill and is referred to by auditors monitoring the financial dealings of a company. Small business accounting can be maintained and regulated in varied ways. If there is the need to divert all intellectual resources to other processes, then the business of accounting can be outsourced to companies that specifically deal with it. Again, accountants can be hired to look after the department of accounting. Accounting software makers like Quick Books and Famous Software also offer small business accounting software, which effectively reduces the cost of maintaining an accountant in the company.

Many are of the opinion that it can be handled within the company itself and there is no need to outsource it. For this purpose, the market offers books like Streetwise Small Business Start-Up, which is primarily a book of guidelines on how to manage the accounts of a small business. Also many business specific websites are on offer on the Internet, which provide essential tools for successfully running a particular venture.

When going about the business of small business accounting, it should be kept in mind that things like the method of accounting (cash flow or accrual), business records, issues of tax, internal control, employee benefit policy and financial assistance should be kept on the mind. Moreover, because it can be handled with the organisation itself, it is important to know the basics of things like the balance sheet, the income statement, cash flow control and accounting software.

Small business accounting might require less effort than the mammoth task of managing the accounts of a big company, but it is in no way less important and it should not be dealt with a callous attitude. If there any problem with the accounts of a company, then it will invariably run into trouble. Because any business runs on capital and if that is fudged then it cannot work smoothly. This is true especially for small businesses because financial credibility is of importance to them. A transparent and cohesive system of accounting will earn them respect.

Small Business Accounting - Ensuring Smooth Business Processes

It is important for businessmen to discern the status of their business at any point of the time. They should be aware of how much profit their present business strategy is reaping and what all losses are incurring upon the company. This will ensure the success of business or longer time. Whether a business is at large scale or at small, in both the cases accounting plays a crucial role in calculating the total profit and loss of the company every business year. Small business accounting is one of the easiest ways of availing cheap and reliable accounting services.

Financial processes of small business firms are as important as that of large one. Small businesses too have to undergo the tedious and cumbersome task of accounting on the day to day basis. They can settle the accounting task with ease by hiring professional assistance from small business accounting firms.

Small business accounting involves three prominent steps to strengthen financial front

1. Profit & Loss Statement
2. Balance Sheet
3. Cash Flow Statement

First step, profit and loss statement ensures the accessibility of the previous records. It also helps in knowing how much business is done in the specified duration. This step will ensure the scale of business progress i.e. business is running successfully or not.

Second step, Balance sheet maintenance is one of the most crucial part of the record maintenance. It illustrates how much business has earned and what all assets have been acquired during a specific interval of time. This statement is the testimony of the liabilities over the business too so it is essential to keep daily record of balance sheet. It should be updated on the daily basis without any error.

The third most important requirement of small business accounting is the cash flow statement. This statement depicts the status of future cash balance that will be retained after completing all the payments and liabilities. This is required for the assessment of the capital investment in future. It is made keeping in view the upcoming capital investment and business expenditures.

Two main methods re employed in working out of the small business accounting process:

1. Cash Basis Method
2. Accrual Method

Cash basis method is too easy to comprehend and implement so most of the firms running small businesses employ this method. In this method payments made are referred to as expenses and cash receipts are considered as the income gained. In cash basis procedure daily transactions are recorded in the accounts book. Even if cash paid is yet not cleared then too it is added in the records and when cleared received is added to it.

In Accrual method, the procedure is little complicated as it involves key facets of the small business accounting including pay roll taxation, tax liabilities, income tax, quarterly returns, internal financial flow, individual business transactions, and maintaining daily records.

You can easily get access to outsourcing firms that deals in the services of accounting, small business accounting, SEO, SEO NYC, bookkeeping, and search engine marketing in New York City via Internet directories.

Document Management & Work Flow in an Outsourced Accounting Process

A well defined and structured approach should be involved for making the outsourcing accounting process work. This article describes the document management and work flow in an accounting outsourcing process.

Document Management

Accounting outsourcing normally is done in two ways, namely working on the back up files of the accounting package or through remote access of data and the accounting file.

In the first process i.e., working on the back up files, the source documents and the back-up copy of the accounting package are uploaded by the client on to the service provider's server. The service provider then downloads the documents and post quality check and review; a back-up of the updated accounting file is uploaded back. The client then downloads the file and restores the file at their end.

The management of source-documents is done at two levels-

1) Folder and file management at server level

A well defined and layered folder and file structure should be followed for storing all the data. At least two copies of data are always maintained in a uniform way. The documents are grouped according to their transaction type- bank statements, accounts payable, accounts receivable etc. They are then searchable based on relevant key fields. For e.g. vendor invoice is indexed using invoice date, invoice amount, vendor name and invoice/reference number.

2) Tagging of the scanned/faxed documents to the specific transaction in the accounting file. This is done only for processes where the accounting software is accessed remotely. It is done by using specialized add-ons (like SourceLink) to software like QuickBooks.

In the second process i.e. remote access of the data and the accounting file, no accounting files are transferred. The source documents may be stored at Client/ASP's server or at the service provider's server. The service provider logs into the client server and accesses the software application (accounting package) running on the server and enters the data present in the source documents. The service provider has access to only the predefined areas of the accounting file.

A digital filing structure and document management structures stated above can be followed for the management of source documents.

Work-flow Management

An effective work-flow management should be implemented through a comprehensive multi-pronged approach. The starting point is the delivery team-structure which is the foundation of an effective service delivery platform. An effective team structure comprises of a manager, team-leaders and team-members (process associates). The scheduling and allocation of work within the team is done through discussions between the manager and team leaders. The team typically handles a specific set of clients/ a single large client. The onshore staff can communicate directly with the team leaders and of-course the delivery manager. The associate in turn performs the work for a specific set of end-clients and reports to the team leader.

Also, a well defined and clear segregation of clients and work responsibilities makes the work-flow management easier. The standard operating procedure (SOP) for the outsourced processes would also cover work-flow practices.

The work (task) allocation procedure (in remote access version) followed is-

• The US end contact point sends the email to the specific team-leader handling the client, with the list of instructions/clarifications.
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Basic Church Accounting - Single Entry Or Double Entry Bookkeeping?

Basic church accounting is knowledge every financial staff member in your church should have in deciding which accounting system to use.

Most small churches rely on volunteers, some of which have little or no accounting experience...just obedient hearts to help their church in any way they can.

My advice to these wonderful people is to research, research, and research some more; especially church staff here in the United States that have to follow the guidelines of the IRS in order to keep their tax exempt status.

So here is some basic church accounting concepts to help you better understand your church's bookkeeping.

The very basic definition of accounting is the documentation of a transaction.
There are two basic accounting practices: single entry bookkeeping and double or dual entry bookkeeping.

Single entry bookkeeping is an accounting practice that can be employed by small organizations where a profit and loss statement or balance sheet is not required for financial control or tax purposes.

Double entry bookkeeping is an accounting technique to record the financial transactions of an organization where every transaction is entered twice, equal and opposite transactions. Double entry is required for all organizations that must produce both a profit and loss account and a balance sheet.

Double Entry Bookkeeping:

Understanding of debits and credits is the foundation of understanding accounting systems. Because every business transaction affects at least two accounts, each transaction is recorded using a double entry system of debits and credits.

In accounting, accounts are set up to look like a "T" and are actually called T accounts, very imaginative huh? In this "T" account, amounts entered on the debit side (left hand side) are called debits and amounts on the credit side (right-hand side) are called credits. "To debit" means to make an entity in the left-hand side of an account' and "To credit"' means to make an entry in the right-hand side of an account.

Important point! The words debit and credit have no other meaning in accounting. Most people think a debit and credit as a positive or a negative. They are not either.

Basic points for double entry bookkeeping:

A debit or credit will either increase or decrease the account balance...depending on what type of account you are working with.
For every increase in one account, there is an opposite (and equal) decrease in another. That's what keeps the entry in balance.

Remember...debits always go on the left and credits on the right.

Single Entry Bookkeeping:

There are advantages and disadvantages of using a single entry bookkeeping system.

The main advantage is the simplicity. It involves the simplest form of keeping records of financial transactions. Essentially the organization makes two lists, one of income received and one of expenses incurred. This is beneficial for organizations with volunteers with virtually zero accounting or bookkeeping knowledge.
It is essentially like a check register. You credit (right side) your increases and debit (left side) your expenses...all the while keeping a running daily balance. I know this is opposite of your checking account, so think of it as a mirror image of your checking account. I could go into detail here how come it is opposite but I would probably confuse you even more than I already have. Just know that your checking account is opposite because it is a liability account for your bank.
The main disadvantage of single entry bookkeeping is the absence of financial control due to limited detailed records of asset and liability accounts.

It is also easier to make errors with. With double entry bookkeeping everything must balance.

Whether you use a double entry or single entry accounting, understanding basic church accounting concepts are knowledge anyone doing the bookkeeping for your church should have.

What is Fund Accounting and Why Should Churches and Nonprofits Utilize This Form of Accounting?

Nonprofit and church accounting is unique because most churches and nonprofits use fund accounting.

"Fund Accounting "is an accounting method that groups assets and liabilities according to the specific purpose for which they are to be used. It helps to keep restricted (special) and unrestricted (general) funds separate.

You should utilize this method of accounting because:

With fund accounting, accountability is measured instead of profitability. (Financial reports are directed toward contributors, church members, or the church/nonprofit's governing body, who are more concerned with having adequate fund balances to carry on services provided rather than seeking a profit on investments as investors do).
In fund accounting, funds are set up to provide reporting of expenditures for designated purposes.
You must be able to produce reports that can detail expenditures and revenues for these multiple funds.

Profit oriented businesses only have one set of self-balancing accounts or general ledger. However, churches and nonprofits can have more than one general ledger depending on their need.

For example...you may have one general ledger account titled "General Fund" which all unrestricted funds pass through. Then you may have several more general ledger accounts titled "Missions", "Building Fund", "Vacation Bible School", etc. which restricted funds pass through. These are funds that are set aside for a specific purpose.

An example of this would be if your church sponsors a church camp every year and pays the preparation costs beforehand. Donations from parents during the church camp recapture the up-front cost and maybe a little bit more. Without fund accounting, the church would simply see the expense of the church camp out of the general fund, and the church camp specific donations would be accumulated with other donations. The church would not be able to document the net cost of the church camp.

Treasurers or finance administrators may think that the best way to handle restricted funds is to open a separate checking account for each fund. This approach multiplies paperwork and makes determination of a balance sheet much more difficult.

All funds can be placed in one bank account as long as the accounting system clearly documents net assets and liabilities in each fund apart from operational cash flow. Also...you must be able to produce reports that summarize the financial activities of the church or nonprofit with all of your funds.

You can set your church or nonprofit accounting up on paper, in spreadsheets, or through a church or fund accounting software. No matter how you choose to set it up. It is very important that your financial administrators understand the underlying concepts of fund accounting and accurate financial statement preparation

Want to learn more about fund accounting?

3 Business Accounting Principles That Make Or Break You

Business accounting is the art of analyzing the financial position and operating results of a business from a study of its sales, purchases, overhead, etc. In other words, each department of a business gathers the results of their processes to understand how the company is doing financially and how to improve those figures.

Contrary to popular belief, accounting in business is not a science, but an art-form. It is not always black and white, adding and subtracting. There are decisions to be made according to preferences of the business operations. Relevance and Reliability are the 2 main reasons why accounting is so important for decision makers of a business.

Relevance in accounting pertains to how useful a bit of information is to a company. The potential uses will depend on the type of company and each company may be looking to learn something different. Accounting information that is relevant has a predictive value that helps the business make sound predictions about the future direction of the market and their company. The information can give valuable feedback as well by confirming theories and examining why events took place.

Timeliness is an aspect of relevance, which deals with having information available to decision makers when that information still has significance to sway the decision. Reliability is determined by how verifiable and accurate the accounting measurement is in the business. The neutrality of information also plays a role in how useful accounting figures are for determining reliability.

Verifiability is a type of double checking the accuracy of calculations. Multiple people or groups will use the same method of calculation and agree that the measurement originally taken is correct. Accuracy is known when all the numbers check out. Accuracy is high when each part of an equation confirms that the answer is correct and it represents the company's resources.

Neutrality means not worrying about the outcome of the calculations, but concentrating on the information being reliable and relevant. Comparability, which includes consistency, is the third quality that interacts with relevance and reliability to contribute to the usefulness of business accounting as well.

Comparability looks at the similarities and differences of two different companies, markets, or time periods. Information about a particular enterprise is very useful when compared with similar information about other enterprises. It can also be useful to one business for comparison of different time periods. Comparability between enterprises and consistency in the application of methods over time increases the informational value of comparisons of economic opportunities.

Studying these business accounting principles and qualities can prove to be very valuable for an enterprise. But an extensive study is required to effectively use these principles.

Because of the importance and the intricacy of these operations, most businesses do not want to take the time to learn these calculations themselves. This is when it is wise for a company to invest in accounting software.

At the end of the day business accounting can greatly assist owners to make decisions. If the business accounting is done well, the results of decisions are more profitable. But, if it is done poorly, making decisions from that information may ruin the company.

Accounting Degrees Online PhD in Accounting

As an accomplished professional you strive to put your acquired knowledge into the area of conducting research in an array of accounting issues. You have worked hard and devoted your career to being the best in your field. If up until now time constraints have held you back from reaching your goal of higher education in the financial world you can still earn a PhD in accounting. It really is as easy as taking some time right now to research the many accredited universities that offer PhD degrees in Accounting.

Learn how to apply your basic knowledge of economics, finance, decision theory and statistical inference to an array of accounting issues. As an Online student in a PhD Accounting program of study will enter the exciting realm of interdisciplinary training that will develop your skills in conducting both analytical and empirical research. You have already worked hard to achieve respect and success in the world of finance, take the next step that will lead you into an elite group of world-renowned professionals.

As an Online PhD Accounting student you understand the mathematical concepts of calculus, linear algebra, analysis, probability, optimization and statistics. You will put yourself in the position of being able to share your insights and knowledge as a speaker at world symposiums as well as contributing your opinions to globally recognized financial magazines. Perhaps one of your ambitions has been to impart your love and knowledge of finance to aspiring students as a professor. Take control of your career by investing in an educational opportunity that will provide you with endless possibilities that will last a lifetime.

It takes less time than you might imagine to research the many accredited universities that offer PhD Accounting Programs Online. Relaxing in the privacy of your own home with a morning cup of coffee is all it takes to enroll in the Online PhD Accounting program that best suits your needs. These programs of study are designed to allow you to fit study times into your life that are most convenient for you.

As the global market and economy expands corporations are increasingly searching for that elite group of Accounting professionals who understand the language of empirical and analytical research and the relation between accounting information and capital market behavior. In order to stay in top ranking positions successful companies worldwide are in need of an elite group of people who understand the effect of accounting disclosures on the capital market and the role of analysis as information intermediaries. Become an expert in analytical and empirical structure of incentive systems and monitoring systems under conditions of information asymmetry.

Outsourcing Accounting Services

Outsourcing accounting services is very famous and acceptable practice. As a business owner, you know that one of the most important aspects of running a successful business is managing your accounting records well. All successful business owners understand the significance of a proper accounting system and that's why they ensure to employ the most efficient accounting team in their organization. Taking the help of accounting outsourcing services from firms that have a strong accounting background to support the financial issues of your firm is indeed a great thing to do.

The process of accounting outsourcing is very simple and it can save your lots of time. Here in India, there are many accounting outsourcing companies that provides accounting outsourcing services to various businesses. The size and the nature of the business do not matter to the organization from whom you would be taking the help for your accountancy department, but you must be careful while choosing a particular firm. Since there are many firms in the market, you need to be careful and selective while banking upon a particular firm. This is mainly because the nature and the kind of each business vary from the other. Therefore, it is important to hire the services of a firm who understands the nature of your business and whose people can take your business to the right place.

Outsourcing accounting services would range from accounting reconciliation, accounts receivable and payable accounting, payroll administration, inventory reconciliation, budgeting. The company would usually hire another company to do some or all of these things. By doing so, it gives the responsibility of measuring, communicating and interpreting the company's finances to another company. This has proven to be cost effective to most companies. In effect, they will be hiring fewer employees and they would not have to maintain a lot of office equipment and supplies. They also acquire the expertise the company offering the outsourcing accounting services.

However, before getting associated with any accounting outsourcing firm, you have to do a recent market research. For this purpose, you can use the medium of internet, where all leading outsourcing firms are available with their websites. These websites display each and every detail about their firm and work mechanism. Secondly, you can also refer to the good business consultancies that are actively associated with all competent and reliable vendors. This kind of research will allow you to come up with an intelligent choice, so that you can avoid all problematic issues of misuse of information or identity threat.

Accounting Help - A Boon For Business Empires

If you run a firm of your own you must have been through the difficult maze of maintaining the accounts. The accounting work is very complicated yet is very crucial; therefore you can not afford to be careless about it. Since the whole process can be really taxing, it could be very helpful, if you sought some accounting help for completing the accounting work, it can take off a lot of burden of your shoulders.

There are various professional organizations that provide efficient and affordable accounting help. These organizations hire trained professionals who are very good at maintaining the accounts and other related data. These professionals help to complete the bookkeeping and accounting tasks on time as well as tracking the related data.

The organizations providing accounting help also tend to assist in processing the non-operational information which is absolutely necessary for any business. The professionals at these organizations ensure the proper preparation of data sheets. They maintain the accounting data sought by the managers of a firm as well as shareholders. They also prepare the data to be presented to the creditors, the banks and the government, that can be easily shared between them. The professionals working in these organizations help to form the right organizational structure of the accounts department. The information related to your firm's accounts is kept securely and confidentially. Also you are given a privilege to monitor the information on a periodic basis. These organizations also install the latest software in your firm's premises that can help you to monitor your accounting records.

Taking Accounting help from these organizations has many benefits. It helps to reduce the large manpower. It also minimizes the loss of time and efforts needed to maintain accounts sheets as well as other crucial data. Also if an error occurs due to lack of time, the professionals help by covering it properly and completely. The professionals working in these organizations use wonderful accounting software that helps to finish the projects timely and easily. The professionals working for these organizations will update your financial records on a regular basis. This will help you to know about your company's status in the market from time to time.

You do not have to worry about the fee as it is easily affordable. Usually such organizations will demand a minimal amount for their services. The fee is much less than the monetary losses which otherwise you have to incur on hiring an extra in-house staff.

There are so many organizations to choose from. A simple search on the internet can help you come across a large number of companies. These companies will offer you a variety of deals to help you with your accounting tasks. Once you will choose the right company for your tasks, the accounting help provided by that company will help to ease out the complex process of accounting. It will help you gain a complete control over your non-operational services.

Accounting Outsourcing - Easy to Maintain Your Accounting Records

Is your accounts department not delivering the desired output? Or you have plans to expand your business? Well then try for accounting services... Most of you would have heard about it but still would be unsure, what it is all about? Some might have plans to hire a company delivering competent accounting services but don't know how this service could be beneficial to you?

Well, it is not easy to get skilled and trained manpower. And when deadlines are hovering around you and there is lot other work left then there is the need of expert. So to get the task done by reliable professionals, it is necessary to hire them. Recruiting a team of professionals can be quite expensive, so to cut down the cost you can hire a company for doing the business of accounting outsourcing... For their services they charge comparatively low amount. Once the task comes in their hand, they keep track of all the accounts related issue and help in giving complete financial solutions. Some of the features of good financial accounting outsourcing services are:

* If you have plans to expand your services then with the help of this service you can easily concentrate on other important things for your business.
* Further, now you no need to worry to keep a track of all employees and records.
* For the complicated data now you don't have to spend much time. With the help of accounting outsourcing one automatically and quickly get accurate reports. The process is much faster as the work is done by the professionals.
* As the accounting process is done timely and efficiently, you can make quick decision.

Depending on the size of business, the accounting outsourcing service providers give customizable solutions. For example, for small and medium size units they may include features like:

* Comprehensive details account receipts and payments
* Well planned budget process
* Cash flow statement
* Provide techniques on cash management
* Full proof data security
* Financial reporting statements
* List of inventory reconciliation
* Payroll administration

After seeing the various benefits and features you would be thinking what if "I have a big business"? Not to worry at all. These days there are number of firms offering competent accounting outsourcing services regardless of the size, status and nature. They ensure that your business is not at all affected and runs smoothly without any hassle. Their services would increase and would not be restricted to payroll tax, accruals, verification of accounting data, etc. It would sound to be a great option to all. But starters would be thinking what if I need help?

Here you go... for them various accounting outsourcing firms, provide guidance on accounting protocol and according to ones requirement render prompt solutions. This includes developing complete financial accounting software as well.

Seeing the growth in the industry and increasing demand for accounting outsourcing, there are new companies and service providers coming up in the global market. Some of the countries, where one can easily find an accounting outsourcing provider include developing countries like India.

The Role of Accounting Company Scorecard in a Firm's Success

Metrics, scorecards, and key performance indicators are widely used by business organizations to help them see how far they have gone in terms of implementation of plans and achievement of goals. In the same manner, an accounting company scorecard is a beneficial tool that accounting firms can use to help them function more efficiently.

Accounting is a very important aspect in any business operation. It involves the measurement and provision of accurate financial information to managers, investors, tax authorities, and other stakeholders to help them make decisions about how they should allocate the resources of a company, organization, or public agency. Due to the nature of the accounting function, accounting firms provide critical support to their clientele. Among the most common financial services accounting firms offer are estate planning, accounting, taxation and investment, and retirement planning. Because what they offer are professional services, it is imperative for accounting firms to identify all factors and issues that would significantly impact their profitability and their reputation. Moreover, to increase their efficiency, management of accounting firms should always be ahead of everyone else when it comes to innovating and updating their knowledge and technology. In addition, there is a need for these companies to invest on their employees or workforce, as these people hold the key towards building lasting relationships with clients.

At present, accountants continue to do the traditional functions that are delegated to them. However, it is widely noted that there has been a tremendous change in the role that they play. Aside from recording and updating financial records and documents, they are now usually included when managers of business organizations formulate long-term plans. In short, they now become organizational strategic partners. Because of this new position that they play as members of a management team, there is an added pressure for them to foster improvement in all aspects of their operations. The Balanced Scorecard is a management system that would prove to be very useful for them. Developed by Robert Kaplan and David Norton, this scorecard approach will help accounting firms assess their performance using not only financial measures but also non-financial metrics. In fact, this performance measurement system advocates that there should be a balance between strategies implemented and four perspectives of business operation namely; financial, customer, business processes, and learning and growth.

Metrics that are commonly categorized under the financial perspective include return on capital, economic value of assets, and operating income. Common examples of customer perspective metrics, meanwhile, include customer satisfaction, market share, and customer retention. Business process perspective metrics also include cost and quality of procurement, production, and fulfillment of orders. Lastly, metrics for learning and growth perspective may include employee retention and employee satisfaction.

While the metrics previously mentioned may not exactly be the metrics that accounting firms find most relevant, they give the idea that the Balanced Scorecard approach is a more effective performance evaluation system. After carefully deliberating and identifying key indicators of success in their organizations, they can integrate all these metrics as they develop an accounting company scorecard.

Accounting Firm NYC - Your Accounting Tasks Are Made Simpler and Easier to Manage

The term 'accounting' is described as a process where calculations are done on a timely basis. Combinations of perfect concepts are sought here and business organizations are always in need of professional expertise to carry out these. In the accounting process, one has to take care of a number of details like the preparation of financial statements, balance sheets and the like. It is for the sake of understanding and clarity that professional assistance in these matters is sought by the financial advisors of the companies worldwide. Accounting firm in NYC is apt for these tasks as they design customized solutions for each company as they believe that the needs of each company are unique. Organizations which are yet to gain a foothold in the markets and even the established ones seek the help of the accounting firms in NYC, which help in taking their business to new heights.

Client satisfaction and time management are important aspects, which define the values of accounting firm NYC. The standards of their work are unparalleled, as they utilize latest software for computing and other related tasks. Online services are used for the purpose of sharing valuable data with the customers as this helps them in knowing the progress of their work. The plans are superb where every project detail is taken care of and solutions for various financial problems are sought out. A wider range of advice is provided to the client companies to tackle their major problems and this is done after properly analyzing their objectives. Some of the specific services offered by accounting firm in NYC are strategic planning and cash flow management, reviewing the operational performance for improvement of certain areas which might have been overlooked etc.

Working with every type of business organization has provided a vast expertise to accounting firm in NYC. This has sharpened their resolve to address your specific financial requirements and tax practices. Consultation comes easily to accounting experts in New York firms where these services are provided to the client companies. To meet the challenges of a growing business, consultation is very important as this helps to clear many cobwebs which can prove costly in future. The services of an accountant in New York are unmatchable by any yardstick and the personnel working in the firm are well trained to handle any project with excellence. As the tax season is the most demanding one for the accounting firms, outsourcing is sought out. The professional touch, which is imparted to these tasks helps meet all the requirements and expectations of client companies.

For the growth of an organization it is very important that the accounting department is in perfect shape. A regular check on the statements and reports helps to build the trust levels between the outsourcing firms and the client companies. The reports are repeatedly checked for the presence of errors, if any, so that remedial measures are sought out on a timely basis. The accounting outsourcing firm assists an upcoming organization in filling up of the journal entries, creation of the profit and loss statements and the balance sheet. Accounting firm in NYC is dream come true for most of the financial advisers as they are leaders in the accounting arena. The introduction of specialized software in this accounting firm is the reason behind the success of many an organization.

Accounting Outsourcing - A New Trend in Accounting

It's a competitive world out there. So it is quite important to grab every opportunity to cut cost to be more productive and to be more efficient. Fortunately for companies today, it is now possible to outsource back office functions. Accounting outsourcing companies provide solutions that will not only save companies money but will make them do business more efficiently as well. If they go for accounting outsourcing, they will be able to do what they do best instead.

Since cost is one of their foremost concerns, it would be important to take note that outsourcing accounting will save them up to as much as 50%. Accounting outsourcing is cheaper than retaining an in-house accountant or a whole accounting department. Savings start from the fact that they will not need to hire more staff to the company. Training accounting staff will not be needed as well.

By hiring an accounting outsourcing company, they gain access to experienced and knowledgeable accountants. They will do the work for company while its managers and executives concentrate on building on the company core competencies. Whether the company is in distribution, sales or manufacturing, outsourcing companies will be able to give them more time for developing products, services and processes as they relieve the company from accounting responsibilities. The company will be able to concentrate on managing the business and making decisions rather than managing the accounting staff.

Accounting outsourcing will also afford the company savings on capital investment. Investment on office equipment and office space will be zero but they will have an up to date books and reports.
Companies offering these services have well-trained accountants so companies are assured that reports and the whole accounting is done in accordance with regulations and best practices. They are assured that they are well-kept and up to date. More importantly, they can be sure that special reports will be delivered as demanded.

Many companies have high ethics and integrity so companies can be assured that reporting will be done on time. Deadlines will always be met and accountants would always welcome questions and interaction with their clients. Accountants are groomed to serve the clients so companies are assured of good customer service as well. Unlike typical accountants, accounting outsourcing assures every company of an easier and a smoother working relationship.

Most software interfaces are quite easy to work with. Using it with ease will give managers and executives more time to do more managerial and other important tasks. One thing you will like about accounting outsourcing is that services can be customized according to the company's needs. Books will be maintained and transactions will be made visible in real time. They will even route transactions for approval to managers if that's what the company needs. This way companies can be more productive and they will be more efficient since they will be serving their customers better.

In the end, a simple transfer of work will mean a lot of benefits to the company. The company's time and money will be well spent and they will gain competitive advantage as well.

Think Big With Small Business Accounting

It is often noticed that many small business organizations overlook the requirement of an efficient accounting team. They concentrate on each and every aspect of their organization such as production, marketing and generating new business alliances but neglect the significance of accounts management. This mostly happens because they fail to understand the basic concept that accounting is the fundamental element of any business formulation and hence, it must be executed with sincere efforts and appropriate mechanism. Hence, it would not be incorrect to estimate the fact that small business accounting is equally important as any other sector of the business organization.

The most common reason for accounting mismanagement in small business firms is limited resources of monetary funds. Due to the low profile character, many business oriented companies cannot afford to recruit heavy accounting team of experts that can maintain the entire section of accounting and can resolve their financial issues. Hence, to beat this incompetent behavior of small business houses, the intelligent finance advisor's has offered the solution of outsourcing. Through small business accounting outsourcing, the business owners can actually have the greater scope of growth and prospects. It not only avails them with an affordable alternative but also gives them the opportunity of getting their accounts managed with the most professional and advanced strategy. For a more reasonable option, the owner can also take the assistance of an individual who has gained expertize in handling small business accounting.

However, selecting a competent small business accounting outsourcing firm is quite a task. It is advisable that the owner should conduct a well planned research before getting associated with any vendor. For the wiser accomplishment of this purpose, you can utilize the source of Internet. Many online services and consultancies offer substantial information about the various vendors offering the facility of small business accounting. On other hand, you can also seek assistance from friends and other business alliances that are already taking the benefits of such facilities. If you are conducting this research through the medium of online services then make an attempt to shortlist your preferred vendors. After this, you can compare your requirements with the facilities of these outsourcing firms are delivering. This sort of analysis will help you in drawing a better comparison.

These small business accounting firms are well recruited with highly qualified accountants. These accountants are trained to perform every task of the company, right from the task of lodging daily entries, creating monthly financial reports to the management of accounts. Moreover, if you come across a financial issue, they also come up with suitable suggestions and alternatives to resolve the issues. These outsourcing firms usually work on the basis of contracts. You can hire their assistance according to your project requirements. Economically also, this facility is much more beneficial as the owner is not required to pay extra amount in the form of allowances and bonuses. Therefore, do not wait any more and immediately get associated with a competent accounting outsourcing firm, so that you achieve your goals.

Accounting Outsourcing - Maintain Records In A Cost Effective Manner

Any business firm has the responsibility to maintain accounts in order to run the business smoothly. But it is important to hire only professionals who are experts in handling various aspects of this field. There is a responsibility on the firm to maintain the books of accounts and dealing from financial tasks to the estimation of profit. Whether the business is operating on a small or big scale, it has to maintain the books of accounts so has to have a clear financial position of the business at the end of the year. Special care needs to be taken while handling the books of accounts. These books of accounts have to be maintained for estimation of taxes to be paid by the business firm and also for future reference. Accounting outsourcing is the best and most convenient way to take care of maintaining book keeping records.

It is a crucial aspect with any job that one needs to be a perfectionist in his field. Working towards the profits of the clients whom they are serving is an important aspect of the work done by an accounting outsourcing firm. Any incorrect entry in the accounts can lead to false results. Thus, the estimation of financial growth of the company can go wrong. It is only through the records which are maintained by accounting outsourcing firm that one comes to know about whether the company is earning profits or is incurring losses. Data entry, treasury, tax computation, general ledger, back office services, spread sheet and several other accounting tasks are handled by the accounting outsourcing firm in an efficient manner. The professionals at accounting outsourcing firm are updated with every aspect of changing accounting norms.

It has been seen that in-house employees prove more expensive to the company as they have to be given high salaries and also allowances like medical allowances, house allowances etc. But in case of hiring the services of an accounting outsourcing firm saves not only the cost but also helps the company to save its precious time. The company can reap benefits by spending more time in gaining expertise in other areas which need more attention. Accounting outsourcing firm helps in saving the money which can in turn be utilized in investing other growth plans. The company can take full care of production, sales and marketing division as the burden of maintaining accounts is surpassed to an accounting outsourcing firm.

Accounting outsourcing helps in achieving the goal of excellence through minimal cost. Now, no one has to worry about any accounts related issues of the firm. One needs to take resort to this unbeatable service. It is a sincere and fast way to accomplish the goals by hiring accounting outsourcing services. Not only quality but also quantity provided by these firms can be tracked. There is saving of not only resources but also manpower requirement by using the accounting outsourcing services. It shares the workload in a simple yet efficient manner. With booming accounting outsourcing services, one can have his share of cake also and avail the gains.

The Significance Of Small Business Accounting

Every business irrespective to its size, has its own set of strategies and requirements, following which they walk on the path of progress. But there one thing that is common with all kinds and sizes of business houses is the accounting. All organizations must posses a well planned accounting department for the better execution of their work ideology. However, it is an evident problem with the small business organization that they mostly fail to produce an efficient accounting department. This is mainly due to improper guidance and mismanagement. They concentrate more on the affairs related marketing and product development and forget the fact that the root of any business profit is its accounting resources. Improper maintenance of the financial statistics in any organization stands as a major hindrance in its development and growth. Therefore, small business accounting is as important as making profit for a company.

Accounting is a method to keep a hold on the performance of your business. Through analyzing your financial strategy, accounting data and transaction, you can easily predict the prospects for your company. Any inappropriate expense or loss can also be managed by periodical revision of the accounts. Secondly small business accounting is a great source of help for handling all the tax returns. Accounting is basically a conglomeration of all financial and economic dealings of a company. It includes everything from maintaining the record of a transaction to creating the annual financial reports. As a matter of fact, past a decade, many small business oriented firms have now understood the importance of a proficient accounting source, on the account for a wider exposure and awareness. Several small business accounting assistance including software and outsourcing services have greatly blessed the world of business through their presence.

Small business houses usually are low profile companies that cannot afford to recruit heavy account workforce. The small business accounting software is very popular as they are easily approachable and very cost effective. These softwares are specially designed according to the requirements of small business. They can create reports, perform calculations, store data and manage all your accounting details in the most planned way. Assistance comes from the individual professionals and outsourcing firms. Many CPAs work on the basis of contracts for several small firms. However, ensure that you hire competent and efficient accountants otherwise you may lose a lot on your money and time.

No business organization can afford to get inattentive or messy with the management of their financial records that are finally responsible for declaring the profit and loss of the company. One minor mistake in the account and the entire calculation will end up with a wrong result. Therefore to avoid such sort of mistakes, small business accounting is an absolute remedy. In addition to all these benefits, one can also avail the greater opportunities of financial solutions and aid whenever required. So now you have an easy way to create your daily report of the routine transactions and the client can get the detailed version of the entire account processing through online file transfers.

Free Small Business Accounting Software - Review Of The Best Two Packages

Accounting software for small business has advanced considerably over the last 10 years, to the point where most of the standard packages you buy off the shelf are comprehensive enough to cover most small businesses accounting needs. The cost has also come down significantly.

Free accounting software for small business

In order to attract new small businesses as they start up, a number of software providers offer free accounting software packages. I will look at the largest two in the free category, Microsoft's Accounting Express 2007 and QuickBooks Simple Start.

Features of Accounting Express 2007

Microsoft's free small business accounting software package is Accounting Express 2007. It is Microsoft's way of cracking into the small business accounting market, which has been dominated by QuickBooks and MYOB.

With the Microsoft accounting package, you can raise quotes for customers, prepare computerized invoices, and track them to see how they are progressing, or follow up. You can process receipts and payments and complete the bank reconciliation. Reports can be easily generated, and you can print off up to 22 different types of customizable reports. Naturally, the software is integrated with Microsoft Office Word, Excel and Outlook. This is a great advantage if you want to do further analysis on a spreadsheet.

Upgrades

If your small business grows out of this accounting software, you can upgrade to Office Accounting Professional (currently $149). The data is easy to import. Extra features include multiple users being able to access the system at once, inventory management, an integrated fixed assess register, and integration with Microsoft Point of Sale retail, just to name a few.

Features of QuickBooks Simple Start.

QuickBooks accounting software for small business allows you to keep track of sales, receipts and expenses. The package allows you to raise quotes and invoices, which can be customized for your own needs. The software is user friendly. To select the function you want, just click on the icons representing each activity on a dashboard.

The software allows you to keep up to date for tax related income and expenses, and print off relevant reports. You also get technical support for the first 30 days, and I found the on line help to be great.

Upgrades

As your small business grows, you can upgrade you accounting software to keep track of employee expenses and for inventory management with QuickBooks Pro, or Premier.

Accounting Outsourcing In India Can Take Your Company Places

We need to do some duties whether we like it or not and when it is a question of the growth of our business, we better not take any risks. Accounting is one such aspect of business that needs to be handled with extreme care and caution as the very backbone of the company depends on it. Each and every financial transaction can change the final profit and loss of the business. Hence all transactions whether on cash or credit need to be accounted for by the accounting division. Most businesses, whether big or small, hire competent professionals to handle the important divisions of a company like finance, marketing, human resource and administration. However, at times it pays to outsource your accounting work in order to maintain accurate accounts and a smooth flow. Accounting outsourcing in India has therefore gained much popularity among organizations for multiple advantages offered to the business.

Accounting outsourcing in India works out to the advantage of both the client and the vendor. The accounting professionals in India are well qualified and competent to handle the financial records and data of any company and they can efficiently operate the latest accounting softwares available in the market today. So you could also insist that the accounting outsourcing in India is done by the vendor using the same software that you were previously using in your company to maintain a regular flow in the records. Each and every cash and credit expense and income can be properly tracked and accounted for through such minute and accurate accounting procedures such as those adopted by an outsourced accounting firm.

Another major aspect of getting your accounting outsourcing in India is the dollars that you can save as salary. The in-house accounts division of a company would definitely require a higher salary to be paid to the employees. However, the vendor in India who will handle your accounts through his team of professional will charge much less in comparison and keep accurate accounting records for your company so this works out to be a much more financially viable situation for you and your business. The team of accountants working for the outsourcing vendor is well qualified to do such work and is competent enough to collect, compile and maintain financial data and also provide their analysis of the financial standing of your business if you so require.

Accounting outsourcing in India is a boon for businesses around the globe. As the accounts are maintained and updated on a daily basis, the decision makers of the company can get access to instant records and data whenever the need arises. The financial records of a company are the best way to know where you stand in the market and ready records are a good way to achieve this objective, Also, during the time of filing your returns and even while paying the taxes, it is much easier if you have all accounting records in place. So give your business the competitive edge by getting your accounts maintained accurately and efficiently through accounting outsourcing.

Pak Accounting