Most people probably think of bookkeeping and accounting as the same thing, but bookkeeping is really one function of accounting, while accounting encompasses many functions involved in managing the financial affairs of a business. Accountants prepare reports based, in part, on the work of bookkeepers. Bookkeepers perform all manner of record-keeping tasks. Some of them …
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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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Tax planning is very important if you want to make sure that your income tax return is filed quickly, effectively, accurately, and painlessly. Through careful tax planning, you can have everything you need to file your income tax return at your fingertips whenever you are ready to file. Tax planning is also helpful in the …
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If you have a checking account, of course you balance it periodically to account for any differences between what’s in your statement and what you wrote down for checks and deposits. Many people do it once a month when their statement is mailed to them, but with the advent of online banking, you can do …
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Your accountant plays a very important role in your life. This is why it is important to maintain a good business relationship with your accountant. Here are some things you can do to maintain a proper business relationship with your accountant and how to obtain the best service form your accountant. Make sure that your …
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It’s obvious financial statement have a lot of numbers in them and at first glance it can seem unwieldy to read and understand. One way to interpret a financial report is to compute ratios, which means, divide a particular number in the financial report by another. Financial statement ratios are also useful because they enable …
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Offices and companies have various activities everyday and that includes accounting. Whether the company is private or government-owned, it still makes use of accounting. Companies, offices, and various organizations or institutions cannot operate successfully without an accounting staff. However, having an accounting staff can get very expensive and so most companies resort to auditing services …
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Independent CPA auditors are like referees in the financial reporting arena. The CPA comes in, does an audit of the business’s accounting system and methods and gives a report that is attached to the company’s financial statements. Publicly owned businesses are required to have their annual financial reports audited by independent CPA firms and any …
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Income tax time can be a dreadful season if you are not aware of all of the income tax breaks you can get through income tax deductions. It is important to understand what is tax deductible so that you can get as large of a tax refund as possible. Probably the most well known income …
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Measuring profits or net income is the most important thing accountants do. The second most important task is measuring costs. Costs are extremely important to running a business and managing them effectively can make a substantial difference in a company’s bottom line. Any business that sells products needs to know its product costs and depending …
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