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 countless times. In reality, there are greater benefits …
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Oftentimes people will use the words accounting and accountancy interchangeably. However, the meaning are distinct and different. Accountancy is the profession and accounting is the methods by which accountants measure, track and report on financial information so that resource allocation decisions can be made by, well, whoever the decision makers are. For a small business …
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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. One of the more commonly claimed …
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It might seem obvious, but in managing a business, it’s important to understand how the business makes a profit ad how to track the critical numbers of your business. A company needs a good business model and a good profit model. In order to have a full grasp on what the number in your business …
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Financial reporting will be different depending on the type of company structure you have in place. A public corporation is a business whose securities are traded on the public stock exchanges, such as the New York Stock Exchange and Nasdaq. A private company is held solely by its owners and is not traded publicly. When …
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Have you ever heard of a forensic accountant? Many people will be familiar with forensic scientists, with the popularity of TV programs like CSI and other police related programs. But many will not be familiar with forensic accountants. Weather you have heard about this particular strain of accounting or not, it is a growing disciple. …
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Your accountant plays a very important role in your business. 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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Accountants and auditors help to ensure that the Nation’s firms are run efficiently, its public records kept accurately, and its taxes paid properly and on time. They perform these vital functions by offering an increasingly wide array of business and accounting services, including public, management, and government accounting, as well as internal auditing, to their …
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Building a financial cushion for your business is never easy. Experts say that businesses should have anywhere from six to nine months worth of income safely stored away in the bank. If you’re a business grossing €250,000 per month, the mere thought of saving over €1.5 million euro in a savings account will either have …
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Accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic function: “facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties.” As an example, …
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