Wednesday, 31 May 2017

7 Qualities your Accountant Should have

An accountant is important for your business as you need to maintain the book of accounts to get a true and fair view of the status of your business. A professional accountant requires a high degree of precision and level-headedness. Also, if any figure is misplaced or wrongly entered, it can affect your decision making. Therefore, hiring a wrong accountant will have a negative impact on your business. So, if you want to hire an accountant, then here are a few qualities of a good accountant you should look for.

1) Knowledge about Latest Tax Laws

It is important for an accountant to stay updated with any change in the tax laws as well as any industry’s generally accepted accounting policies. An accountant should have specialized knowledge about tax returns and policies.

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Thursday, 25 May 2017

Why is Financial Accounting Important for your Business

There are multiple transactions that take place during the year therefore, it is important to have a record of those transactions. Financial accounting helps internal and external stakeholders make better business decisions. Without financial accounting, decision-making can have a negative impact on the company’s performance. Here’s why the importance of financial accounting cannot be neglected.

Maintaining Financial Transactions

Every business needs to keep a record of the transactions it makes irrespective of its volume. Accounting uses a double entry system which means there are always two accounting entries for a transaction. A double entry system records both sides of a transaction which have two equal and opposite effects in at least two different accounts.

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Thursday, 18 May 2017

5 Steps To Create Your Balance Sheet

Have you started a new business? Or, are you considering starting your own business? When you begin your business, there are multiple things that you need to take into account. One of the most important things is to create a balance sheet for your business organization. The balance sheet is important to show the financial transactions taking place throughout the year and thus, it is used as a mechanism to analyze the financial position of the organization. But, you may be wondering how to make a balance sheet. Here are some steps to help you create your balance sheet.

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Thursday, 11 May 2017

Create More Time by Outsourcing your Accounting

Time and money are the two main constraints that business owners face. Most small and large business owners tend to micromanage everything, and as a result, fail to focus on key tasks vital for business growth. Technological advancement has changed the way businesses operate. Today, you can outsource several business functions in order to reduce costs and focus on generating more profits. One such function that has benefited from the change is accounting and bookkeeping. While they are essential business elements, accounting and bookkeeping are highly time-consuming. Outsourcing your accounting can be beneficial in many ways. Here are a few reasons why you should outsource your accounting.

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Thursday, 4 May 2017

Why your Business needs to Maintain Financial Statements?

Accounting for business financial statements is a common function of all businesses. But ever wondered why your business needs financial statements? Whatever the type of your business, you need to be aware of its financial status on a regular basis. Apart from this, as a business owner, you need to comply with certain regulations and provide financial information as required by statutory and taxation authorities. These vital tasks can be obliged to by maintaining business financial statements. Financial statements allow you to analyze company status, make vital decisions, and oblige to requirements by taxing authorities. Hence, there are several reasons to maintain business financial statements. Here are a few.

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