Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

Astonishing advances in technology and communications have enabled companies to operate in an increasingly global marketplace. As a result, conventional business operating models have been re-evaluated as organisations seek to improve performance, productivity and shareholder value.

Traditional wisdom about retaining finance and accounting functions within an organisation’s own ‘gene pool’ has been challenged. Although these functions were once viewed as part of the core skills set organisations retained, there is a growing awareness that outsourcing could deliver cost savings, without compromising quality or security. Read the rest of this entry »

Dave Packard Chairmen of Hewlett-Packard said “Tell me how a person is measured and I’ll tell you how they will perform.”

Business Metrics are tailored performance measures that promote the strategic goals and objectives of the organiza­tion.

The spectrum of business measurements spans a wide variety of management methods. Traditional financial measures, such as Work in Process (WIP) and piece rates, are rapidly being replaced by time based measures, like Raw and In-Process (RIP) and rate based planning. Read the rest of this entry »

These days’ small business owners have a choice of many quality accounting software programs with numerous undeniable benefits. Accounting software allows a business owner to become more efficient. They are set up so you don’t have to know double entry bookkeeping; and they can produce valuable reports to track your profit and expenses.

While accounting software has many benefits, they still don’t fulfill the needs of the majority of small business owners. I have worked with many small business owners who have spent the entire year tracking their books with their accounting software only to find at the end of the year that is was all wrong. Or worse yet, they had been paying a part-time bookkeeper to do it for them only to learn that the term “bookkeeper” is loosely defined. Tears have been shed, and rightly so. Read the rest of this entry »

What is the main feature of a successful business? It brings in a steady flow of revenue. Without a steady flow of money your business will stall and ultimately sink into debt and hard times as you live from payment to payment. However, learning to manage the receivables is not too difficult. All that it requires is a little patience and some amount of effort.

What are receivables? They are the bills that are sent out to debtors. This expected payment from customers and clients will be the bread and butter of your business as you will most likely rely on the proper payment of bills to finance any expansion plans or just to pay the plethora of bills that you will face. Thus, managing your receivables efficiently is of crucial importance. Read the rest of this entry »

Businesses generally make extensive use of spreadsheets both in accounting and all other business fields. Being a numerically based system of analyzing information spreadsheets are used throughout every accounting function as the technique presents an ideal basis to maintain accuracy and automate the collection of financial information.

Every small business needs to keep records of sales invoices and income received and purchase invoices in respect of expenses. It is not sufficient for accounting and taxation purposes for these receipts and payments to be left in the office or the back of a van in a carrier bag.  At some stage these prime bookkeeping documents need to be processed. Read the rest of this entry »

On July 30th 2002, President Bush signed and approved the Sarbanes Oxley act. Thereafter, this act has turned over the processes of the financial reporting. This article aims to make you acquainted with the policies of the Sarbanes Oxley act. In this article, you will find a Sarbanes Oxley overview.

With the implementation of this act, the Congress is now able to make certain changes to the financial reporting process in corporate world. The major changes include certification by the officers and real-time disclosure of information. This act strives to make the policies and the business of the public companies transparent and to increase the independence of the companies as well as the issuers. Read the rest of this entry »

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

All limited companies are required to produce a statement of assets and liabilities and maintain a system of financial control and invariably need to adopt a system of double entry bookkeeping usually using an accounting software package. Read the rest of this entry »

Double entry bookkeeping stretches back centuries perhaps even as early as the 12th century and is now accepted worldwide as the accounting standard to be employed by all companies in recording the financial accounting records. The first written explanation of the accounting system was reportedly by a Venetian mathematician Luca Pacioli towards the end of the 15th century. Read the rest of this entry »

Running a successful business is no longer a child’s play. Through ages, it has been seen that many people start off with a new business only to shut it down later. This happens only because the proprietor of the business fails to manage the business efficiently and therefore, misses his or her hold on the business. Managing a business is not a cakewalk. One has t be highly conscious of all the things that are going on in his business. In fact, he or she needs to look through all the sections of his or her business and especially, through the accounts or the bookkeeping department. This is one of the most important and trusted departments of any organization, irrespective of its size. It is a known fact, that the bookkeeping department of an organization can make or break the organization. Therefore, one really needs to be careful and one has to have tremendous finesse to work in the accountancy department of a firm. However, at times getting the bookkeeping work done from in-house employees becomes problematic and in such situations, the best thing that a proprietor can do is to outsource the same services from any bookkeeping firm that has its operations in NYC. Read the rest of this entry »

Did you know that around 50% of small business owners don’t use saccounting software to process their accounting information?  Many resort to the excel spreadsheet to keep track of money coming in and money going out.  These small business owners would rather get on with their core business than worry about the administration tasks associated with accounting, even with a software package, because it seems like such a waste of time. Read the rest of this entry »