Archive for the "Bookkeeping" Category

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Improving and Moving Past Tax Debt

Becoming entrapped in tax debt is not just something that happens to those who are in poverty or trying to meet their needs. This problem has the propensity to happen to anyone in any circumstance. There are a number of people who, by the time taxes roll around, are unable to make their necessary payments [...]

Understanding The Principle Of Double Entry System – A Must For Every Bookkeeper

To be able to understand accounting and its branch – bookkeeping – is sometimes confusing. Without a crash course, one would find it difficult to start the procedure of bookkeeping for your small business. This is because of the many technical words used. One of these is the so-called “Double Entry Bookkeeping System”. The method [...]

Tax Accountant Toronto – Minimize Corporate Income Taxes in Canada

If you have a corporation, you’re probably concerned about how to minimize corporate income taxes. To address this important issue, I have asked a tax accountant in Toronto named Allan Madan of Madan Chartered Accountant Inc to assist. In the following interview with Allan Madan, he discusses and enlightens us on some ways corporations can [...]

Corporate Tax – A Legal Obligation Of A Company To The State

A company accountant is held responsible for the proper payment of taxes due the State. This makes the function of this accountable officer very crucial and vital. Any mistake in the payment of corporate tax will redound to the business – severe penalty may be imposed on any erring company. Corporate taxation is also known [...]

Looking At Different Options With Accounting Software

Accounting software has many different types of capabilities. There are a lot of different options to look at and consider. Some are simple and easy to use and others may be more complex. Your needs may dictate what type to look at. Home Use These packages are very good for things like balancing your checkbook [...]

Learn Basic Accounting Terms – Accounting Terminology For Beginners

Different fields of study make use of certain terms that are not easily understood by others. If you’re an accounting student or a professional accountant, you know the different terms used in accounting. One very popular term is profit & loss. So, do you know what the term means? To start with, you have to [...]

Why Accountants Are More Ethical Than You’d Think

As a practising auditor for a large global accounting firm, I have plenty of experience upon which to base this article. In my line work, the number of businesses I have worked within has to be a number in the mid 30′s. And I’m going to make a statement that would go completely against the [...]

Understanding The Concept Of Income Statement, Revenue and Income

The information on how a business becomes successful is measured through its income statement. This part of the financial statement shows the increase or decrease of owner’s equity during a given period. It also indicates the specific factors responsible for the change. This is also called Profit And Loss Statement because it reflects the amount [...]

Franchises – What Are They?

Several years before, if one wanted to start his own business, his natural course of action would be to do it on his own, depending largely on his business instincts, limited know-how, and observation of the market. The advent of franchising, however, brought a big change in business. Many have since become rich because of [...]

Understanding The Implications Of Accounts Payable

Accounts payable is found in the credit side of a company’s balance sheet statement. It represents short – term liabilities. Differentiated from mortgage payables, accounts payable is a debt to be paid in no more than one year. So, every account payable item is liquidated in less than one year. Mortgage payable on the other [...]

The Uses And Importance of Balance Sheet, Income Statement And Cash Flows

To a business owner, the most important documents he wants to lay his eyes on are the financial statements. These documents are reports – on the performance and the result of business operations. This measures the profitability of the company as well as the gains in investment. This report, otherwise, called financial statements comprise of [...]

Understanding What Is In The Balance Sheet Of A Business Enterprise

Sometimes, a business owner would be in a quandary as to what a balance sheet means. To a business proprietor, his main concern is whether or not the firm is having profit or incurring losses. The balance sheet is left to be less of a concern. So – what is the use of a balance [...]

The Role Of A Bookkeeper In Any Business Enterprise

Bookkeeping should never be equated to accounting because bookkeeping is merely a part of accounting. When accounting became computerized, there were apprehensions about the role of the bookkeepers. Will they be purged out and be taken over by machines? Unfortunately not, despite the introduction of computers, manual entry to the machine has to be undertaken. [...]

Accounting Outsourcing Services for the Small Business

There are none who work harder, longer hours and juggle so many tasks at once than small business owners. Unlike large corporate counterparts who can specialize in one area of the business such as marketing, sales, customer service, shipping, etc. while others handle other necessary tasks, the small business owner typically has to do or [...]

The Role Of An Accounts Receivable Staff

Accounts receivable from the accounting scenario has a deep meaning and complicated undertaking. Accounts receivable is an asset of the business so the collections of these will be greatly affecting the company’s cash flow. Despite the era of computer technology, the accounts receivable staff still is needed in the company. Although the job is easier [...]

Accountants Can Unveil Fraudulent Transactions In Business

Business success and failure can easily be gauged – through the financial statements. These accounting documents have to be prepared regularly, as much as possible – daily. The financial statements will reflect the performance of the business. Office staff or bookkeepers do the entries to the company’s books of accounts. But it may be unknown [...]

Start A Business Corporation With A Business Accountant

To start a business requires expertise and herculean efforts. It is not only enough capital investments. Starting a business does not mean you can have a corporate enterprise by just having millions of funds. There are basic steps to follow before a business start up – steps that will ensure the prosperity of the undertaking. [...]

Tax Consultants For Individual And Corporate Tax Payers

The role of accountants does not cease on the preparation of financial documents. They also perform the task of making sure the company complies with all government taxation rules. Accountants are tax consultants. Tax-handling can be divided into two – the individual and the corporate. We are aware that the assets and liabilities of an [...]

Bookkeeping for Beginners

Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, and payments by an individual or organization. Bookkeeping, commonly referred to as keeping the books, is the process of keeping full, accurate, up-to-date business records. Proper bookkeeping can help businesses effectively manage cash flow, stay abreast of profits and losses, and develop plans [...]

The Role of Accountants In Any Business Establishment

The role of accountants in any business enterprise is indeed magnanimous. A business can determine all of its financial standing through the documents that the accountants prepare. Since financial position is very vital to the profitability of any firm, then the choice of the company accountants is crucial decision for management. Accounting is corollary to [...]