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Whatever your responsibilities are in your business or organization, you need accounting skills to perform at your best. If you are in sales, you learn your product’s features and how to show them to buyers. Those features include the cost or value proposition and how it affects your customers’ buying decisions.

Marketing managers study how to find and appeal to a product’s target groups. Working up price points can mean some detailed cost analysis. Production managers learn how to plan workflow to control costs. Senior managers use financial statements to speak to those outside about their business’s prospects. Whatever your management level, you need to Read the rest of this entry »

More and more small businesses are cropping up. Unlike the multi-million dollar companies, not everyone can hire professional payroll personnel. On paper accounting is headed to extinction and now-a-days small businesses require accounting payroll software solutions that help them save time and money simultaneously.

Business accounting software solution checklist: Read the rest of this entry »

Small Business Record-keeping involves maintaining accurate accounts and evidence of all of your business’ transactions. You should always keep records in your business because it allows you to have a general idea of how your business is doing. For example, you might determine what products are being sold the most, which ones are not selling well, and how much profit you are making per sale. In addition, records will provide you with the data needed to prepare financial statements and tax returns for your business. Read the rest of this entry »

There are two types of costs “direct” and “indirect.”  Direct costs are also called “variable costs” and refer to costs that are a direct result of producing, delivering, or returning your product/service.  Examples of direct costs are materials and labor needed to produce/deliver the product that only occur once you sell the product, transactions costs like visa commissions, sometimes shipping charges, etc. Read the rest of this entry »

When my daughter asked me if I would be interested in helping her in her online business I jumped right on it.  What a way to make some money.  Then I thought okay, that’s great, but how would I get that money. She told me about PayPal.

She showed me the way to the site. At first I thought there was no way I could do this.  It was easy to understand and simple to set up. I didn’t feel the least bit unsure about starting my account. Read the rest of this entry »

Whether or not you’re an accounting professional, everyone should understand the basics of assets and liabilities.  Understanding the difference between these two financial accounts can mean all the difference between becoming wealthy or becoming poor.  The purpose of this article is to explain the difference between these two accounts and to provide some basic accounting knowledge that can teach even the most dim-witted person how to understand finances. Read the rest of this entry »

Adpoting proper accounting record keeping is a must for any business. Using good accounting practice make the overall management of the business very easy and also help in complying with regulatory authorities. Accounting is based on certain basic rules and principles. Adopting these rigid rules and principles make accounting practice consistent for all business transactions. There are seven major books of accounts. They are as follows : Read the rest of this entry »

Most people may think that bookkeeping and accounting are just one and the same; although the two terms may be closely associated with each other, bookkeeping is still different from accounting. By definition, bookkeeping is the recording of a business’s transactions into the accounts contained in the general ledger. Usually, it is associated with the accounting tasks before the trial balance is prepared. Bookkeeping is but a function, a part of accounting’s big whole. Accounting, on the other hand, encompasses many different functions covering the business’s financial affairs. The reports prepared by accountants are actually based from, in part of, the bookkeepers’ work. Accountants prepare reports based, in part, on the work of bookkeepers. –>

Long ago, the standard image of an accountant was a hunched and be-spectacled older man sitting in the dark with stacks and stacks of paper. That image could not be more outdated! Now, an accountant is a savvy business professional who contributes substantially to a company’s bottom line. Becoming an accountant is a smart choice—you will be in high demand and have a long and successful career. Read the rest of this entry »

Are you considering firing your current accountant in favor of a new one? If so, you’re probably not sure if you’re overreacting or if you have just cause. The following warning signs will help you decide if it is time for you to change accountants:

Your accountant does not return your phone calls in a timely manner, if at all.

The bottom line here is you have hired your accountant to work for you. If he/she is not returning your telephone calls, or waits until you’ve left several messages before calling you back, take this seriously. A few incidents here and there are not something to worry about, as your accountant likely has many other clients and may not be in the office for days at a time. However, if not returning phone calls are the normal state of affairs, you will want to set up an appointment to discuss your concerns. Read the rest of this entry »