Is Outsourced Accounting Right For Your Business?

There are many reasons why accounting is being outsourced more commonly by different types of businesses and organizations. Some may think that using outsourced accounting services is a bad idea because of less control and more costs, but that is a myth that has been proven wrong countlessly. In reality, there are greater benefits by …

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How Best To Prepare For A Tax Audit

There is no reason to be afraid of an audit if you have been ethical and truthful in your accounting methods. However, it is best to be prepared for an audit to make sure that it runs smoothly. Different types of audits require different preparation methods. If a business is brought up for an audit, …

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Understanding Accounting Principles

Accounting has been defined as having one basic function: “facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data. 2) communicating the results of this process to interested parties. As an example, a company’s accountants periodically measure the profit and loss for a month, a quarter …

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Getting A Good Accountant For Your Business

As business becomes more and more global, and complexities continue to emerge, certain fields have gained prominence in today’s career market. One of these is accounting. Accounting is a very conceptual career or task, more a question of information handling than any hands-on approach to product development. However, as trends change, accounting is becoming a …

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What Is Accounting Fraud?

Accounting fraud is a deliberate and improper manipulation of the recording of sales revenue and/or expenses in order to make a company’s profit performance appear better than it actually is. Some things that companies do that can constitute fraud are: Not listing prepaid expenses or other incidental assets. Not showing certain classifications of current assets …

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Types Of Business Costs Defined

Direct costs are those costs that can be directly attributed to a product or product line, or to one source of sales revenue, or one business unit or operation of the business. An example of a direct cost would be the cost of tires on a new automobile. Indirect costs are very different and can’t …

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Common Mistakes When Hiring a Tax Accountant

Having your accounts done well is a crucial aspect of your business, as this will ensure that you can stay on top of your finances, avoid charges and fines, and even improve your cash flow so that you are better able to plan for your business success. Nevertheless, accounting is a skill that does not …

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Outsourced Accounting – How Different is it From In-House Accounting?

Let’s first understand the importance of accounting before we delve into the specifics of the choices that any business has. Whenever anyone ventures out to start any business, there are three common reasons: a) Make profits b) Grow to a global level c) Give back to society by way of employment & revenue by way …

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6 Accounting Tips Smaller Firms Can Use That Big Companies Do

Big companies are typically much better at managing their finances than are small businesses. They have expert accountants, bookkeepers and financial people on staff and they hire talented audit firms. Here are 6 “tricks” small businesses can adopt and use to upgrade the management of their financial system and get the results of a big …

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9 Simple Finance Tips For New Entrepreneurs

We talk a lot about managing cash flow if you start a new business, but less about managing your own finances while you do that! How do you keep your personal finances (and cash flow) organized? 1. Keep ‘Em Separate It is essential that you keep your personal finances and business finances completely separate. Do …

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