Opening Up a Bank Account

Opening up a bank account primarily depends upon a customer's choice where he or she can open a current account or may be student account. Savings and Money market accounts are next to follow; however, on a long-term basis Certificate of Deposits are the best deal.

What type of bank account one needs to open? How one can open a bank account? The answer relies upon how an individual chalks out his plans to use the respective bank account. Opening up of a bank account solely depends what kind of account a person needs. If someone wants to assemble up all the savings and there is no consideration of using the money in the near future than the Certificate of Deposits are the best option to go for.

If someone needs his money at hand then saving and checking accounts are the best options. In Opening a regular cheque account, one will not incur any interest, where a person has to write several cheques for instance payment of bills etc. fees are likely in these accounts however, there is no limitations on withdrawals from such a bank account. It's better to go for Interest checking accounts which will pay you interest as well and you have no limitations of withdrawal. Yet the factor of fees and writing cheques all the time do come. These are most common types of bank accounts also known as Current Account. A current account or cheque account is usually that type of account the by and large comes with a cash-card which can be used for the withdrawal of money ATMs up to a maximum limit on daily basis. Different banks have different charges if a person uses one bank's ATM machine to draw money from another bank's account. As said earlier, a current account plays an important part as it allows a customer to set up a mode of regular payments, usually known as a Direct Debit. The tuition fees, rent and other accommodation fees like hostel fees are paid as Direct Debits. Besides that, phone and mobile bill payment are debited directly from the current account.

If someone needs to keep a lot of money in an account, which is not used regularly than saving account is the next best option to go for. In this type of account one receive a better return from the bank where the accessibility of the funds from the saving account is not that convenient as with that of the current account so one should be clear enough in his mind before opening a saving account as to what is the modus operandi. A customer will not be able to formulate a Direct Debit from a savings account.

But if an individual does not write many cheques and stick on two or three cheques every month then opening a money market account would be a better deal than cheque accounts. Money market accounts generally pay a higher rate of return than other bank accounts, but minimum balance conditions are usually on the higher side as well.

Away from the normal bank accounts, some bank accounts are especially created for the convenience of the customers. For instance, a student account is the most common account seen now days. Student accounts can be without a doubt is a top priority if someone is a university or college student. There are clusters of banks, which offer student accounts, which have all the characteristics of a normal current account; however, they come with various terms and conditions. In today's world, most of the students have easy access to the internet, so they can manage their funds very conveniently on a real time basis. Mostly in UK, banks provides a basic overdraft facility, however, with student accounts this can differ significantly.

No matter what kind of bank account you are using, it is important to check out as what are the charges and conditions to avoid any problems as these things can bring financial comfort into financial hardship.

Humaira

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Merchant Account Hold - What it Is, Why It's Done & How to Avoid It

An extremely important but seldom talked about topic regarding credit card processing is that of merchant account holds. One of the most financially devastating things that can happen to a business is for a processing bank to freeze its merchant account. If this happens to your merchant account, you won't be able to access the account and your funds from open authorizations will be held without deposit for an undisclosed period of time. This means that you can't accept new credit card transactions and the income from recently processed transactions will not be deposited for days, weeks or longer.

Merchant account holds are behind many of the horror stories that you may have read about online or heard from friends. Merchants are often portrayed as the victim in these stories, but there are two sides to every coin. In this article I'll discuss why processing banks hold merchant accounts, how you can avoid having this happen to you and what you can do if a hold is put on your account.

Suspected fraud is often the basis for a merchant service provider putting a hold on a merchant account. In a typical situation providers are the second line of defense against credit card fraud behind the merchant. In an atypical situation where someone opens a merchant account with the intention of using it to defraud cardholders, providers become the first line of defense against fraud.

Merchant processing fraud is a big problem that merchant service providers are obligated to take action against. Providers continually monitor all of their business clients for signs that a merchant account is being abused. If indications of fraudulent activity are detected, the offending merchant account will be held until an investigation can be conducted to determine what triggered the alarm. Such investigations result in the release of the merchant account hold or the termination of the offending account.

If an investigation ends with the termination of a merchant account, additional actions may follow depending on the reason for the account closure. In the case of deliberate misuse or fraud, the offending merchant may be added to the terminated merchant file (TMF), face fines or even have criminal charges brought against them. These fraud detection systems serve a vital purpose in the fight against fraud but they're not perfect.

Sometimes innocent merchants have their accounts flagged and held; the affects of which can prove devastating.

There are two basic reasons that cause a merchant service provider to apply a hold on a merchant account. I'll list them here and then discuss each in detail in the paragraphs that follow. The first reason is breaking terms agreed upon in the merchant service agreement. The second is suspicious processing behavior.

To open a merchant account a business must sign a merchant service agreement. This agreement outlines the rules, fees, and limitations in respect to processing volume and average ticket size for the merchant account. If a business breaks any of the provisions in their merchant service agreement, the processing bank can hold or even terminate their account. In the case of an account being held, it will be unusable for as long as it takes the processing bank to investigate the breach of the agreement and make a ruling on whether or not to reinstate or terminate the account.

The following is a list of common reasons why businesses are found in violation of their merchant service agreement. Study these reasons so you can avoid making the same mistakes yourself and having your merchant account held.

Excessive chargebacks - Chargebacks are taken very seriously by processing banks, and excessive chargebacks are a leading cause of merchant account holds and closures. A common misconception regarding chargebacks is that if they're won they don't count against you. That is simply not the case. Win or lose, a chargeback is a chargeback, and too many will lead to your merchant account being held, closed or worse.
The best defense against chargebacks starts with a good offense. Be proactive in stopping chargebacks before they occur and develop a chargeback prevention plan for your business.


Processing in excess of declared processing volume and average ticket - When you apply for a merchant account, you have to declare your business's average monthly processing volume as well as your average ticket. Many people forget about these numbers when they begin processing, but rest assured that processing banks don't. These two figures are far more than a formality. Processing in excess of your declared volume or average ticket can lead to your account being held or terminated.


Using a merchant account to accept payment for undisclosed goods or services - Merchant accounts aren't a free pass to accept credit card payments for whatever you're selling on a particular day. When you applied for your merchant account, you would have had to provide a basic description of the goods or services that you're selling. Using the account to accept payment for anything outside of this description would leave you in violation of you agreement and open to recourse by the processing bank.


Using a merchant account to accept payment for other businesses - Merchant accounts are issued to individuals or businesses for use by that party only. Using the account to accept payment for another person or business is strictly forbidden. Once discovered, this behavior will almost certainly lead to the account being terminated.




Suspicious processing behavior is another leading cause of merchant account holds. Holds for this reason are especially tough because they typically applied by the processing bank without notice to the merchant. Merchant usually realizes that their account has been held when they try to charge a credit card or when they stop seeing deposits from credit cards sales on their checking account ledger. Preventing holds due to suspicious processing activity means avoiding behavior that will trigger a processor's fraud alert. Being aware of a few general guidelines while you're processing transactions will help you to accomplish this.


Contact your processing bank's risk department, not your sales representative, prior running unusually large transactions.
Attempting to process a single large transaction beyond what is normal for your account will almost certainly lead to a hold.



Keep your processing bank informed on changes in your business that will affect your processing behavior.
For example, if a bait shop that has been selling only small bait and tackle items for years begins to sell deep sea fishing equipment, their average ticket that has been $15 may spike to $500 or more overnight. This drastic change may lead to their processing bank holding their merchant account until the reason for the ticket increase can be investigated.
Notifying your processing bank of changes in your processing behavior will allow them to adjust the ticket and volume figures for your account before there's an issue.


Don't process excessive card-not-present transactions with a card-present account.
Aside from the expense of mid and non-qualified surcharges that you would incur, keying-in too many transactions on a merchant account that was set up for mostly swiped transactions will lead to a fraud alert. If you're business has a decent amount of card-present and card-not-present transactions, opening multiple merchant accounts will help to avoid any fraud alerts and it will save you on processing expenses.

If your account does end up getting held by your processing bank, there's not too much that you can do except let the process run its course and focus on damage control. The process will need to conduct their investigation and this will take time. In extreme cases where the cause of the hold is not deliberate and a substantial amount of funds are being held, seeking legal council from an attorney that specializes in bankcard law would be an advisable step.

More information about a merchant account hold is available at MerchantCouncil to help you find the best merchant account

READ MORE - Merchant Account Hold - What it Is, Why It's Done & How to Avoid It

How to Ensure Low Cost Accountancy Fees

Many small and medium business organizations do not employ cost accountants. Start-up companies can never afford even to employ a receptionist - let alone an accountant. However, every company has to prepare a balance sheet and a profit and loss statement at the end of a financial year, irrespective of their size or profit margin. All companies need to pay taxes, file tax returns, pay salaries, bonuses to employees, and dividends to shareholders. Only a professional and qualified accountant will be able to carry out the background accounting work required for these tasks.

The accountants are good at number crunching and can save some amount in taxes for the organization. However, not many people seem to compare the money saved on taxes with the amount paid to the accountant's service. Under normal circumstances, a small organization or a start-up cannot afford a high profile accountant. Most such companies look for auditing firms that charge low cost accountancy fees. However, since their resources are limited, rarely will they find a competent and reliable accountant who charges a reasonable fee.

The following are some tips for all organizations that search for accountants who charge low cost accountancy fees.

Search Locally

One might have heard of famous accountants. They are reliable, but will perhaps cost a fortune. Moreover, star accountants may not turn up for working in small firms. They usually send junior accountants for such jobs.

Therefore, for small and medium firms, it is better to hire a not-so-famous accountant, with whom they are comfortable. The accounting procedure of these firms is often not very complex and may not require an accounting stalwart. Therefore, small and medium business owners may search for local accountants who may not charge a fortune, but do the accounting job just as effectively.

The Internet Option

The problem with qualified and competent local accountants who charge low cost accountancy fees is their visibility. They cannot afford innovative marketing and advertisement campaigns. It will be extremely difficult for a person to spot local accountants even if they live close by.

The emergence of the internet has created many new opportunities. Since accounting is a computer-friendly and software-compatible job, the number of accounting firms on the internet is increasing. You can search the internet for auditing websites that charge low cost accountancy fees. However, make sure that you speak with the accountant in person or through telephone before sending them the job.

Find An Accountant On The Internet

Most accounting websites are set up by top accounting and auditing firms. So, what if one wants to find local accountants on the internet? There are websites that act as a platform between buyers and sellers of accounting service. Qualified accountants can register on these websites. A firm that requires accountants posts its requirements in these websites. The registered accountants can bid for the particular job. The owners of the firm can then evaluate the bidders and select a suitable accountant.

This is a cost-effective and hassle-free way to select a competent accountant. For registering in these websites, an accountant should be a member of Association of Chartered Certified Accountant (ACCA). This requirement ensures that only serious and qualified accountants bid for the jobs.

For more information about how to save money on your business accounts and low cost accountancy fees, please visit http://www.getmeanaccountant.com and learn more.

READ MORE - How to Ensure Low Cost Accountancy Fees

Lack of a Definition Renders Accountability Meaningless

Accountability is one of those principles of business that is an important foundation of organizational culture but is easily shrugged off as a buzz-word. Ask someone in your organization to define accountability, and you may hear any number of answers, from "I don't know" to "following the rules." You might even see some eyes roll.

Accountability is rarely explicitly defined, whether for the organization as a whole, or for the departments and teams that work within them. While a well-designed performance management system may hint at the underlying accountability philosophy, rarely does an organization define the daily act of accountability, even for its leadership team for whom it is most important.

What is accountability? A quick search at Dictionary.com reveals the following definition: "ac·count·a·bil·i·ty [uh-koun-tuh-bil-i-tee]: the state of being accountable, liable, or answerable." Certainly, it is an obvious answer to the question, but it does not shed much light on what it means for people in organizations to be accountable.

Intuitively, everyone has a sense of what accountability means to them. A warehouse clerk is accountable for accurate parts inventory every month. A human resources director is accountable for ensuring the company heeds employment laws. A CEO is accountable for business results. For each of these examples, the word "accountable" could be replaced by "responsible." Each person is responsible for achieving a result.

Yet, accountability means more than responsibility. There is a sense that other people are involved. The same CEO is accountable to shareholders. The warehouse clerk is accountable to his manager. The human resources director is accountable to the employees. Accountability requires that someone has a stake in whether or not the desired result is achieved.

In fact, the person who is responsible for the result also must have a stake in achieving the outcome. There must be a consequence - positive or negative - based on whether or not the outcome is achieved.

The basic definition of accountability, then is: Accountability is a promise to yourself and others to deliver specific, defined results, with consequences.

The process for assigning accountability asks four questions. Answer the questions within the following guidelines.

Accountable for what?

Accountability starts with an outcome, a result that needs to be accomplished. It is important to distinguish between responsibility for activities and accountability for results. Micro-managers define the activities that are expected and then hold employees responsible for performing those activities. However, accountability for results requires room for judgment and decision-making. Someone can't be accountable for an end result if someone else tells him what to do and how to do it. Ultimately, it is the end result that forms the expectation upon which accountability is based.

Who is accountable?

Next, assign who holds the responsibility for the result. Ultimately, accountability is not shared. A manager who has taken on responsibility for a result may delegate that responsibility to an employee, however the manager does not give up the accountability for that result, nor does she truly share the accountability with that employee, since they are accountable to different people.

Accountable to whom?

Everyone is accountable first to himself. The result must be achieved within the scope of one's own personal values, ethics and abilities. Identify the party or parties who have a stake in the outcome. If there is more than one stakeholder, determine if the expected outcomes are the same. If the expectations are different, then an agreement should be made between the stakeholders on how those outcomes are related.

What are the consequences?

Accountability is meaningless without consequences, positive or negative. The concept of holding someone accountable comes in here. If someone accomplishes the results they promised to achieve, then he should be recognized for that. If someone misses his target, then he should at best not receive the recognition, and at worst he should be penalized. It is important to define the consequence up front.

Accountability is not conditional. Accepting unconditional responsibility means there are no excuses and no one to blame, even if events are beyond one's control. Also, accountability for results means activities are not enough. It is not enough to execute activities perfectly if the desired outcome is not achieved. If people receive the expected reward for trying hard, then accountability will not work. If the organization wants to reward risk-taking or trying hard, then it should be done outside of the original accountability agreement.

How accountability is assigned and followed up in your organization defines how results-oriented your organization is. Explicitly defining accountability and setting clear guidelines for holding people accountable can go a long way toward achieving results.

About the Author
Heather Stagl is founder of Enclaria, LLC. Her mission is to equip individuals to lead organizational change.
Find additional resources, including templates, assessments, articles and fresh ideas on implementing change at http://www.enclaria.com

READ MORE - Lack of a Definition Renders Accountability Meaningless

QuickBooks Tip - Modifying & Working With Your QuickBooks Chart of Accounts

Setting up or modifying an existing Chart of Accounts is not an overwhelming task in QuickBooks.

If you are new to QuickBooks, when you create your company file (File menu -> New Company), the EasyStep Interview provides you with a "wizard", industry specific templates, and example accounts are even suggested. If you need a starting point, grab your tax return or financial statement compiled by your CPA, and enter the "headings" you find there, turning summary accounts from the financial statements into subaccounts in QuickBooks.

If you have already started using QuickBooks you can easily add, edit, or merge accounts in your Chart of Accounts for your business with a matter of a few clicks of your mouse by selecting the Lists menu -> Chart of Accounts OR Company menu -> Chart of Accounts.

By creating a more organized and efficient general ledger, you will not only save on accounting fees and tax preparation but you will improve your in-house reporting as well.

Always BACKUP your company's QuickBooks file before making ANY changes (File menu -> Save Copy or Backup) - just in case, you wish to reverse the process.

To add an account, click the Account button at the bottom of the Chart of Accounts list and choose New. QuickBooks prompts you to choose what type of account you want to create - Income, Expense, Fixed Asset, Bank, Loan, Credit Card, Equity, Accounts Receivable, Other Current Asset, Other Asset, Accounts Payable, Other Current Liability, Long Term Liability, Cost of Goods Sold, Other Income, or Other Expense. As you select an account type to create, QuickBooks even includes a suggestion box on the right-hand side of the window, listing common accounts under each account type.

To edit an account name or type, right click on the account that you wish to work with and choose Edit Account, and simply type in the new name or select a different account type.

Merge accounts, if you have duplicate names. Edit the duplicate, and in Account Name, enter the name of the account you wish to keep; all of the information in the previously separate accounts become merged into the one remaining account. As a precaution, before merging accounts, it would be prudent to make a copy of your QuickBooks file in the event that you discovered later that a merge was inappropriate.

Subaccounts are a critical feature of structuring your Chart of Accounts and ultimately your reports in QuickBooks. For example, on a tax return, rather than report separate totals for electricity, natural gas, and water, it is more efficient to combine their amounts under a heading, "utilities". It is also true for the various kinds of insurance, professional services, taxes, etc. By grouping such related items in QuickBooks, its reports appear more organized and readable, especially since QuickBooks provides subtotals for each grouping.

Creating a subaccount is easy in QuickBooks. Go to the Lists menu -> Chart of Accounts OR Company menu -> Chart of Accounts, highlight the account that you want to turn into a subaccount, click the Account button -> choose Edit Account, click "Subaccount of" and select its parent account.

Note - Accounts may be added to or deleted from the chart of accounts at any time, but it cannot be deleted once a transaction has been posted to it. Consequently, ensure the chart of accounts is complete and unnecessary ones have been deleted or merged with others before recording any transactions.

Account Numbers:

You are allowed up to 7 digits for an account number in QuickBooks; a minimum of 5 is recommended if you require numerous accounts and subaccounts. Unfortunately, QuickBooks preconfigured their numbering system using 4 digit - which is rather limiting. I often use, and recommend, a 5-digit numbering system for construction companies:

10000 - 19999: Assets 10000 - 14999: Current Assets

10000 - 10999: Cash
11000 - 11999: Receivables
12000 - 12999: Inventory
13000 - 14999: Other Current Assets

15000 - 19999: Noncurrent Assets

15000 - 15999 - Fixed Assets
16000 - 19999 - Other Assets

20000 - 29999: Liabilities 20000 - 25999: Current Liabilities

20000 - 20499 - Accounts Payable
20500 - 20999 - Credit Cards
21000 - 25999 - Other Current Liabilities
21000 - 21999 - Accrued Expenses
22000 - 22999 - Payroll Liabilities
23000 - 23999 - Debt, Current Portion
24000 - 24999 - Capitalized Leases, Current Portion
25000 - 25999 - Other

26000 - 29999: Noncurrent Liabilities

26000 - 26999 - Debt, Noncurrent Portion
27000 - 27999 - Capitalized Leases, Noncurrent Portion
28000 - 29999 - Other

30000 - 39999: Equity

30000 - 30999 - Capital Stock
39000 - 39999 - Retained Earnings

Revenue: 40000 - 49999 50000 - 59999: Cost of Goods Sold

50000 - 50999 - Materials
51000 - 51999 - Labor
52000 - 52999 - Subcontractors
53000 - 53999 - Equipment
54000 - 59999 - Other Direct Costs

60000 - 89999: Expenses

60000 - 69999 - Selling Expenses
70000 - 89999 - General and Administrative Expenses

90000 - 99999: Other Income (Expenses)

Of course, there could be an endless variety of items under all of the above categories particularly under Expenses: Selling as well as General and Administrative. If there were an insufficient number of accounts required under Selling, you may omit the distinction and lump all under Expenses. If you apply overhead to your jobs reported in Cost of Goods Sold later than posting, you may even wish to add an Overhead grouping under Expenses for those amounts to be allocated to jobs. I find this especially convenient and timesaving, alleviating a frantic search through a mass of expense accounts containing thousands of transactions.

Nancy Smyth is a Certified QuickBooks ProAdvisor and Intuit Gold Developer specializing in offering QuickBooks users an easy and efficient means of complying with Federal and State Prevailing Wage Laws and generate certified payroll reports from QuickBooks data. For additional information on Certified Payroll Solution - which integrates with QuickBooks, visit http://www.sunburstsoftwaresolutions.com.

READ MORE - QuickBooks Tip - Modifying & Working With Your QuickBooks Chart of Accounts

Contra Accounts, Normal Balances, and Rules of Accounting - 3 Workhorses of Bookkeeping

While the general public and business people are familiar with the general accounts that appear in the financial statements, many owners, executives, and other non-accounting personnel often ignore the lesser known accounts that are called Contra Accounts.

Contra Accounts are accounts that are matched or paired to a related account and subtracted from it. These bookkeeping accounts are included in the company's chart of accounts. Often they might just be called ledger accounts or gl accounts.

If we see in a balance sheet:

Equipment ....................................$120,000

Less:Accumulated depreciation........... 20,000..... 100,000

Accumulated depreciation is the 'contra account,' and 'Equipment,' the related account.

The following are the contra accounts that frequently appear in the balance sheet:

Accumulated depreciation............................ contra-asset

Accumulated depletion................................ contra-asset

Drawing.................................................... contra-capital

Allowance for doubtful accounts................... contra-asset

Discount on bonds payable...........................contra-liability

The following are the contra accounts that frequently appear in the income statement:

Sales returns and allowances...................... contra-revenue

Sales discounts.......................................... contra-revenue

Purchase returns and allowances................. contra-cost

Purchase discounts..................................... contra-cost

All accounts have what is known as a 'Normal Balance.' The normal balance of an account corresponds to the side in which the account is increased. To fully understand this concept, let's have a refresher of the rules of accounting:

Rule of Accounting 1, for assets: increases in assets are recorded by debits to the asset accounts. Decreases in assets are recorded by credits to the assets accounts.

Rule of Accounting 2, for liabilities: increases in liabilities are recorded by credits to the liability accounts. Decreases in liabilities are recorded by debits to the liability accounts.

Rule of Accounting 3, for owner's equity: increases in owner's equity are recorded by credits to the owner's equity accounts. Decreases in owner's equity are recorded by debits to the owner's equity accounts.

According to the above rules, assets are increased by debits; liabilities and owner's equity by credits. It follows then that the normal balance of all assets is debit, and for liabilities and owner's equity accounts the normal balance is credit.

Now, in the case of the contra accounts, they will have a normal balance that is the opposite of their related account. If we focus on the above example where we show Equipment $120,000. We can now say that the normal balance of Accumulated depreciation is credit (the opposite of the related account Equipment).

We are now prepared to give a full definition: A contra account is an account that is matched or paired to a related account and subtracted from it. Therefore, its normal balance is the opposite of the related account.

M. Guerrero
Retired Investment Banker, Corporate Controller, graduate of Columbia University, and Vietnam Vet (1967-1968).

By the way, my personal site contains many articles on accounting, writing, and other interesting subjects.
http://writingtolive.com

READ MORE - Contra Accounts, Normal Balances, and Rules of Accounting - 3 Workhorses of Bookkeeping

Advice For Accounting Students Considering Changing Majors

So you want to be an accountant. Or, perhaps you were told when coming out of high school that accounting is a good, safe field to get into. Maybe you just thought accounting is the way to go if you want to make good money. Or, as most of us can probably attest to, you simply did not know what to major in when embarking on your college education, and accounting just seemed like an easy choice. As you struggle through the onslaught of coursework that includes Cost Accounting, Financial Accounting, Auditing, and the nightmare known as Federal Taxation, it is very easy to find yourself wondering if it is really worth it. Before you go submitting that petition to change your major to the registrar, here are some things to consider when deciding whether or not it really is worth it.

One of the most attractive benefits of the accounting field is that there a tremendous amount of directions you can go. Whether you want to work for a private company in the accounting department, work for a non-profit institution or the government, or maybe even open your own public accounting firm, accounting is one of the few fields that offers such flexibility, and it is more than just filing tax returns.

For starters, management accounting and public accounting are two very different branches of the same field. Public accounting, as most of us are probably familiar, involves the accounting services aimed to generally serve, as the name implies, the public. Preparing and auditing financial statements of clients, who may include large publicly traded companies, which are in turn used by stockholders and investors, again the public, to make investment decisions is a responsibility of the public accountant. Smaller public accounting firms may focus primarily on small business, such as partnerships or sole proprietorships, whereas the renowned Big 4 public accounting firms generally serve the largest publicly traded corporations. Auditing and tax accounting are merely components of public accounting. Management accounting, on the other hand, is an excellent field for people who enjoy the many challenges of problem solving, as management accountants are actively involved in the decision making processes of a firm due to their knowledge of the company's internal accounting structure. It is necessary to carefully consider managerial accounting information when making decisions involving budgets and capital investments, hence the importance of the management accountant.

If public accounting sounds like something that may be of interest to you upon completion of your degree, then you almost certainly will have to obtain Certified Public Accountant certification by passing the infamous CPA exam. Certified Management Accountant designation also exists for those interested in management accounting which, similar to CPA certification, requires passing a universal exam. So, not only do you have to complete a relentless series of college coursework in accounting, but you must also study for and pass an exam in order to obtain certification, which still begs the question, is all this really worth it?

Now that two examples of differing accounting career paths have been provided, you should consider what being an accountant is really like. Maybe you would enjoy working in an office, as almost all accountants do, or working a typical forty hour work week, which is generally the norm for most accountants. Working long hours can also potentially come with the territory, particularly during tax season, in addition to frequent travel if you are employed by a large firm with many branches in multiple regions. Some accountants, however, may also work from home, so there is even a bit of flexibility when it comes to the work environment of an accounting professional. Perhaps even more favorable for the accounting student is the fact that the demand for competent accounting professionals across the board is projected to grow within the next decade according to the Bureau of Labor Statistics, due, in part, to the implementation of stricter accounting standards brought on by the numerous documented cases of fraudulent conduct and unethical accounting practices of companies such as Enron.

If you are still wondering if this is all really worth the hard work, perhaps a brief description of the salaries of accounting professionals may interest you. It is estimated that accountants with a bachelor's degree can expect to earn an average salary of approximately $40,000, starting out, again according to the Bureau of Labor Statistics. Salaries can be expected to increase significantly with experience and subsequent professional licenses, such as the CPA or CMA, as well as with graduate degrees. Some of the top accounting professionals earn six figure salaries. It can certainly be said that, while not outlandishly high, accounting salaries are pretty good.

Some important things to consider if you are interested in a possible accounting career have been provided. If you still think that accounting simply is not for you, then that trip to the registrar may just be inevitable.

READ MORE - Advice For Accounting Students Considering Changing Majors

About GAAP

While many businesses assume that accountants are bound by generally accepted accounting practices and that these are inviolate, nothing could be further from the truth. Everything is subject to interpretation, and GAAP is no different. For one thing, GAAP themselves permit alternative accounting methods to be used for certain expenses and for revenue in certain specialized types of businesses. For another, GAAP methods require that decisions be made about the timing for recording revenue and expenses, or they require that key factors be quantified. Deciding on the timing of revenue and expenses and putting definite values on these factors require judgments, estimates and interpretations.

The mission of GAAP over the years has been to standardize accounting methods in order to bring about uniformity across all businesses. But alternative methods are still permitted for certain basic business expenses. No tests are required to determine whether one method is more preferable than another. A business is free to select whichever method it wants. But it must choose which cost of good sold expense method to use and which depreciation expense method to use.

For other expenses and for sales revenue, one general accounting method has been established; there are no alternative methods. However, a business has a fair amount of latitude in actually implementing the methods. One business applies the accounting methods in a conservative manner, and another business applies the methods in a more liberal manner. The end result is more diversity between businesses in their profit measure and financial statements than one might expect, considering that GAAP have been evolving since 1930.

The pronouncement on GAAP prepared by the Financial Accounting Standards Board (FASB) is now more than 1000 pages long. And that doesn't even include the rules and regulations issued by the federal regulatory agency that jurisdiction over the financial reporting and accounting methods of publicly owned businesses - the Securities and Exchange Commission (SEC).

READ MORE - About GAAP

Start-Up Accounting

Start-ups are an integral part of a vibrant economy. They contribute significantly (disproportionate to their size) towards new idea creation, new technology and exciting products and services. Since Start-ups work in an environment of low resources and limited funding (generally), all their focus is geared towards the core activities of a business. This could be either sales or marketing or research and development.

Support functions like accounting, IT, and HR are usually make-shift arrangements or ignored completely. However accounting is one function that can be ignored at one's own peril. Good Accounting is the means to a greater end- informed decision making and better controls. Information gleaned from a good set of books can give valuable insights into- how assets can be utilized, how sales can be analyzed and how expenses can be managed and inventory be streamlined better.

For example, an accounting system of an equipment manufacturing company that generates revenue trends for different income streams can lead to useful insights like service revenues are growing faster(though on a smaller base). Similarly, it can probably also show that service revenues are far more profitable than product sales. Hence the company can work towards selling more service contracts (and subsidize the equipment sales). Accounting system can give you more information that just how much money your firm makes!

Given the importance of accounting systems in decision making, its' important that an entrepreneur always works towards establishing better accounting systems in his/her company , right from the early days.

I have listed below the five guidelines for start-up accounting:

1. Buy for the near-future rather than the present

Choose an accounting package that can not only meet your immediate needs but also handle the expected growth in near future. I have seen many companies use a basic version of accounting software, only to spend much more money doing a tedious migration to a larger software after some-time.

Thumb-rule- buy a accounting software which is one version higher than the version that just meets your current needs.

2. See your accounting costs as an investment, not as an expense

Most start-ups use a semi-qualified internal member or an over-worked part-time bookkeeper to keep their books. The perceived simplicity of popular accounting software further owners use semi-qualified bookkeeping help. These strategies can back-fire frequently and substantially! I have handled many such assignments where the expenses are all messed up and entered in hundreds of different accounts, assets are booked as expenses and owner's personal expenses are mixed with business expenses. The effort and costs of this post-mortem correction is substantially greater then the time taken to create a new set of books.

A good set of books from the initial days goes a long way towards managing things when the big growth happens. They also help a start-up keep tab of its most precious asset- its cash-flows!!

The increased popularity of outsourcing accounting provides start-ups with a cost-effective and valuable tool to have their cake and eat it too-great accounting at an economical price.

3. Spend time with your accountant to chart out a good accounting system

Areas include creating a structured chart of accounts, establishing important internal sales, purchase, disbursements and expense reimbursement procedures. Setting up a chart of accounts is a very important accounting activity for a start-up. Poorly created chart of accounts with insufficient/duplicate/multiple expense accounts create a big head-ache (and a costly accounting prescription to fix it).

Plan out the revenue items and accounts, expense items and accounts(and sub accounts), and handling of credit card and merchant account transactions clearly. It helps to create a check-list and ask a lot of questions. For e.g. do you need to track freight along with cost of goods sold(a direct cost) or as a general expense(indirect cost), do you want to book rep commissions under sales or as expenses, do you want to track sub-contractor expense separately or under direct costs. You may have to go through a few iterations before you arrive at a good fit.

4. Don't do yesterday's accounting the day after!

Many start-ups handle accounting on a rewind/flash-back mode. They realize a few weeks/month before the tax-deadline that their books are only a set of papers and bank statements that have not been touched for quite some-time. This results in a last minute dash to book everything and somehow create a set of financials for the tax-preparer to work on. This hurried processing can result in costly omissions and errors. For e.g. expenses are hurriedly dumped in some general accounts with little memo/additional information keyed in. Many of these expenses could be tax-deductible but your tax-preparer wouldn't know till he sees them!!. He is very likely to miss them in the maze of the general/dumping grounds(accounts).

5. Establish reporting signage in your business highway

Reports are like a dashboard in a car. They can serve multiple purposes. A Cash-flow report like a fuel gauge indicates when cash is running out, income statement like the speedometer tells us whether there is momentum in the business and balance sheet is like an odometer tells us the complete story so far!.. So have a good dashboard and look at it regularly as you drive along the business highway.

Priyankar Baid is an experienced accountant who has consulted small businesses in US, Cananda and UK over the last few years. He also runs a firm http://outsourcinghubindia.com specializing in online accounting. He helps businesses set-up accounting systems, clean-up existing books and implement outsourcing agreements. His firm specializes in providing accounting and reporting services to small medium businesses in North America.

READ MORE - Start-Up Accounting

Balance sheet

A balance sheet is a quick picture of the financial condition of a business at a specific period in time. The activities of a business fall into two separate groups that are reported by an accountant. They are profit-making activities, which includes sales and expenses. This can also be referred to as operating activities. There are also financing and investing activities that include securing money from debt and equity sources of capital, returning capital to these sources, making distributions from profit to the owners, making investments in assets and eventually disposing of the assets.

Profit making activities are reported in the income statement; financing and investing activities are found in the statement of cash flows. In other words, two different financial statements are prepared for the two different types of transactions. The statement of cash flows also reports the cash increase or decrease from profit during the year as opposed to the amount of profit that is reported in the income statement.

The balance sheet is different from the income and cash flow statements which report, as it says, income of cash and outgoing cash. The balance sheet represents the balances, or amounts, or a company's assets, liabilities and owners' equity at an instant in time. The word balance has different meanings at different times. As it's used in the term balance sheet, it refers to the balance of the two opposite sides of a business, total assets on one side and total liabilities on the other. However, the balance of an account, such as the asset, liability, revenue and expense accounts, refers to the amount in the account after recording increases and decreases in the account, just like the balance in your checking account. Accountants can prepare a balance sheet any time that a manager requests it. But they're generally prepared at the end of each month, quarter and year. It's always prepared at the close of business on the last day of the profit period.

READ MORE - Balance sheet

43 What's the difference between private and public company reporting

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 the shareholders of a private business receive the periodical financial reports, they are entitled to assume that the company's financial statements and footnotes are prepared in accordance with GAAP. Otherwise the president of chief officer of the business should clearly warn the shareholders that GAAP have not been followed in one or more respects. The content of a private business's annual financial report is often minimal. It includes the three primary financial statements - the balance sheet, income statement and statement of cash flows. There's generally no letter from the chief executive, no photographs, no charts.

In contrast, the annual report of a publicly traded company has more bells and whistles to it. There are also more requirements for reporting. These include the management discussion and analysis (MD&A) section that presents the top managers' interpretation and analysis of the business's profit performance and other important financial developments over the year.

Another section required for public companies is the earnings per share (EPS). This is the only ratio that a public business is required to report, although most public companies report a few others as well. A three-year comparative income statement is also required.

Many publicly owned businesses make their required filings with the SEC, but they present very different annual financial reports to their stockholders. A large number of public companies include only condensed financial information rather than comprehensive financial statements. They will generally refer the reader to a more detailed SEC financial report for more specifics.

READ MORE - 43 What's the difference between private and public company reporting

The Fundamentals of an Offset Account

An offset account is a clever account because it link's savings and a loan, normally a mortgage, and uses the savings account to offset the loan. The savings account balance stands in as the figure to be offset from the total outstanding mortgage. The interest earned on the savings is calculated on a daily (some have monthly) basis, thus ensuring optimum utilisation of even a minimal savings balance. In this schema, therefore funds if lying unused is automatically directed to offset the mortgage payments, while if required are readily available. Moreover, various offset mortgages enable the flexibility of underpayments, overpayment and payment breaks and thus the liberty to clear the loan early, sometimes without incurring early repayment charges.

The outlined details can be understood with a simple numeric illustration. If the total mortgage value is £ 150,000 and the balance in the savings account on a particular date is £ 20,000, the loan interest will be calculated on the balance amount i.e. £ 130,000. Thus with the offset account settings in place, every pound you save, assumes an augmented value. It is important that you have enough savings to properly offset against the loan because with some offset accounts, the interest rate is set at a higher level. In few deals, the charges tend to fluctuate with the BoE (Bank of England) base rate. With the positives in the forefront, the effort is certainly worthwhile, especially for those who tend to save and maintain positive balances in the savings account.

Offset Account Variations

The above stated details of an offset account are usually referred to as the 100% offset facility. A variation of this is the partial offset account deal. Herein, instead of the difference between loan and savings, the difference is between the interest earnt with a savings account and the interest levied on a home loan/mortgage which is used for offsetting. I.e. the interest is reduced by the difference. As apparent, the benefits of a partial offset account are gravely diminished in this account type.

Another option in this category is a family offset account. This mortgage type links the savings accounts of family and friends with the borrower's loan account, thus generating additional benefit.

In addition to the stated two, there are a number of possible customised variations. For instance, some lenders might offer enhanced flexibility, while other lenders could extend lower charges. It is therefore suggested to extensively shop and analyse all the possible offers before selecting any offset account.

Advantages of an Offset Account

The offset account perfectly utilises every spare penny, as the savings are optimally used to considerably lower the mortgage interest charges. Moreover, because the savings are used in lowering the mortgage total, no tax is levied on them.

Suitability of an Offset Account

An offset account is an intelligent selection, provided you can save and thus maintain a decent balance in the linked savings account. To finally decide upon the suitability aspect of having an offset account, try creating a hypothetical account, wherein you could compare the two deals. One section should refer to any other mortgage deal i.e. a fixed or flexible, which you would compare against the offset account and the other section should take offset account schema into calculation. Input approximate figures with the average savings for the last 6-8 months to assist the analysis. If carefully drafted, this should help achieve a clearer picture and thus confirm appropriateness of an offset account. Additional advice can also be obtained from professional brokers and mortgage consultants as they have concise mortgage market understanding, and are well equipped to assist your decision in whether or not an offset account is suitable.

Alex Rose wrote the Article 'Offset Account Fundamentals' and recommends you visit http://www.offsetmortgagecentre.co.uk/offset-account.html for further information on offset account providers.

READ MORE - The Fundamentals of an Offset Account

Small Business - Is The Accounting Profession Ripping Them Off?

My 16 year-old daughter said, "Gee Dad! You look just like an accountant"

And she wasn't being complimentary.

Accountants are perceived to be boring, stodgy and conservative.

Over the years we've been the butt of many jokes. I've heard them all.

Why did the accountant cross the road? Because he looked up the file and that's what they did last year! Ha Ha!

What do accountants use as a contraceptive? Their personality! Ha Ha!"

Why do accountants become accountants? They don't have the charisma to be undertakers! Ha Ha!

What do they call an accountant at the bottom of the sea? A bloody good start! Ha Ha!

I think I am the exception.

That's why I've begun to call myself a business strategist and counselor. "You're still an accountant," says teenage daughter.

I am still an accountant and I'm still as passionate about it as the day I started. Because accountants have an impact on people's lives. The advice we give changes people's businesses which in turn changes their lives. I'm excited in my role of accountant.

Accounting is not stodgy. Accounting is exciting. Accounting is cool! My ambition is to become the "cool dude of accounting". (do they still say "dude", do they still say "cool". Remember that song: When I say, "cool, man, cool, I don't mean cool, man, cool, I mean you leave me cold, Jack")

We were throwing some ideas around with some of our clients as we do from time to time, looking for that unique benefit that our firm gives to our clients. That unique something that distinguishes us from other accounting practices.

One said, "You have helped me to improve my business. Not only am I making more profits and have more to spend, but I also have more time to spend away from the business. The more time I spend at home with my family the happier my life is. And the happier I am the happier my wife and children seem to be.

When my wife is happy all sorts of good things happen - even our sex life improves. That's it! You can advertise that using Kelvyn Peters CPA and Associates improves your sex life"

I don't think so!

Sorry, we haven't accepted his idea. You're completely on your own in that department, but we can help you improve your business and consequently your life. And your goal might not be extra profit but extra time for living! We know we can because we are doing it for others.

We repeat ourselves so often because the truth is the truth and there is only a limited number of ways to tell it. You've heard this before. If you are spending every waking moment in a hassle about your business, there must be a better way. There is!

Accountants have been ripping off their clients for years

In 1973 I attended a workshop for accountants at the Finance Management Research Center then headed by Dr Keith Cleland. The workshop was intended to drag participants into the 20th century.

"Accountants have been ripping off their clients for years", he told us. The 25 participants were shocked. These represented vibrant accounting firms from all around Australia, both large firms and small. They were at the cutting edge of the industry. Otherwise they would not have been at this kind of workshop.

To a person they resented that comment and one fellow wanted to punch him on the nose. (It wasn't me, but I would have held his coat).

By the week's end we discovered how we were charging high fees for things that our clients couldn't understand, couldn't use and didn't need. At the same time we were neglecting the information that they did need to increase their profits and safeguard their businesses.

20 Years Later what's Changed?

I attended a week long seminar hosted by CPA Australia in 1993 which was to train us in "client based accounting".

Dr Cleland presented the initial module. He did not openly criticize accountants this time, after all, it was the CPA's hosting it, but he gave almost the same speech (same jokes, too) as he had 20 years before.

"These things aren't taught in Universities", he said, "so the accounting profession has mostly ignored them. They have let small business down but things are changing".

Know-it-all, Kelvyn Peters had to jump to his feet and say that the doctor had said exactly the same thing 20 years ago. Where were the signs of change? Universities were still not teaching accountants how to help their clients.

"This seminar with CPA Australia and the suggestion they might make client based accounting a speciality is a good sign", he replied.

10 Years Later...

Nothing has changed. Our hopes have withered on the vine and small business must look elsewhere for help.

Recently I was called in to assist an ailing restaurant. We were happy to work with their existing accountant. We'd rather do the fun stuff and let the accountant do the boring tax returns and compliance work.

In this case the client insisted we take over the whole of the accounting function.

The accountant was most unhappy. "They are difficult clients", he said, "I have kept the fee lower than it should be and I have done extra to help them".

Indeed, he had! The financial statements were beautiful to behold with colored graphs and key ratios compared against industry average. (most accountants still don't do that.

I had advised that both wages costs and cost of foodstuffs were too high. Our focus was to form tactics to reduce them.

"But I had already told them that", said the Accountant, "what do they need you for?'

I told him that the client knew the kitchen wages were too high and what he wanted was for someone to show them how to reduce the wages in the kitchen.

"I can't do that", he said, "I'm an accountant". I would have to camp down there in the restaurant to see what's going on. And they wouldn't pay the fee".

Yes they would. They were going to pay me.

Most accountants see their role as being the provider of financial statements, cash-flow projections and tax returns, and there's the rub.

Each of these is a tool not an end in itself. It's like giving the client a hammer and saw and telling him to go build a house. He needs more than the tools, he needs to be shown how to use them.

Of course the client will complain about fees whatever the level if all he receives are not useful to him.

Accountants generally are flat out preparing financial statements and tax returns. Meeting dead-lines. They haven't the time to 'smell the roses'. Anything that doesn't help meet a dead-line has to wait until later. Often its too late.

I may still look like an accountant, even the cool dude of accounting, but there is nothing I like more than talking with a business owner about his business. There's nothing a business owner likes more than discussing his business and planning to make more money. It's great fun and he loves to pay me for it.

Mostly, small business owners know what their problems are. And mostly they know the way to solve them.

It's just that they need a little help to implement the changes necessary. Quite often their business only needs a bit of fine-tuning and at http://www.profitstrategies4business.com you'll find Kelvyn Peters and Associates. They'll give you the help you need.

Kelvyn is one of Australia's longest serving Tax Agents. Kelvyn was registered in February 1962. He is a director of Restaurant Catering Qld Inc the peak employer representative in Queensland, and has advised the hospitality industry for many years. His speciality is moving in to rescue ailing restaurants.

Kelvyn Peters CPA (The cool dude of accounting) has spent over 20 years experimenting and researching methods to help small business in meaningful ways that are affordable.

Kelvyn and his associates have perfected it with their local clients now they are going global: http://www.profitstrategies4business.com

READ MORE - Small Business - Is The Accounting Profession Ripping Them Off?

Why CPA Accountant Marketing Programs Fail

After developing five accounting firms from 1984 to 1994, I spent the next fifteen years assisting over 2,000 accountants develop and improve their accounting firms as a Practice Development Consultant. This experience showed that many accountants had implemented many marketing programs that fail.

The primary reason most accounting marketing programs fail is because the accountant attempts to treat his or her services as a commodity. Unfortunately, this often leads to very low response and low quality of clientele. There are volumes of accountants who have tried very expensive marketing programs offered by many companies lured by difficult-to-enforce guarantees experiencing disastrous financial consequences. The majority of these marketing failures centralize on the programs using commodity-marketing techniques.

The accounting industry is not commodity driven; it is driven by trust and loyalty. Trust has to be established. It cannot be sold. Accordingly, if an accountant attempts to sell his or her accounting services as a commodity or product, he or she will fail.

The first step for an accounting services marketing program should be to identify a business that is seeking the services of a CPA or Accountant. If a business is pleased with its current CPA or accountant and is not seeking the services of a new CPA or Accountant, that business is not going to change accountants. Any attempt of an accountant using a marketing program to sever that relationship by aggressive selling techniques will only diminish the business's perception of the accountant and his or her firm. The wise accountant will never pull a businessperson away from his or her existing accountant if that person is satisfied with the accountant or CPA. Acknowledge the situation as a good one for both the business and the CPA Accountant. Never attempt severing that which is good for the business, neither the CPA Accountant nor the Accounting Industry.

Having acknowledged that a CPA Accountant's marketing program should have the capacity to identify a business seeking the services of a new CPA Accountant, the second step the accountants marketing program should produce is to have the business seeking a new CPA Accountant to become interested in you and your accounting firm. If your marketing program has a business seeking a new CPA Accountant becoming interested in you, the new client meeting will be much like meeting with referred prospective clients. They will be openly interested in you. You won't feel yourself in the position of having to sell them into using you or your firm. Remember, the accounting industry is based on trust. The key for your success in your marketing program is its ability to provide you the opportunity to establish trust and demonstrate how you can help the prospective client.

Once you have a business in need of accounting services interested in you, the third step your accounting services marketing program should perform is showing you how to demonstrate your ability to help your prospective client in your presentation. Too many accounting marketing programs fail because they are predicated on the CPA Accountant performing sales presentations to new prospective clients. Businesses are not interested in being sold accounting services. Businesses are interested in how the CPA Accountant can help them and their business. The CPA Accountant should provide the examples of how they can help and apply those examples to his or her business. It is important he or she understands and sees the value you are providing. Most businesses do not understand the value a CPA accountant provides. If your accountant-marketing program centralizes your presentations about you and your firm, it is the wrong marketing program; the program must centralize your presentation around the prospective client and your ability to help him or her.

Finally, the fourth step your accountant's marketing program should provide you is techniques to price your services in relationship to the value you demonstrated in your presentation. Your objective is not to discount your firm's services to entice a new client to come on board, but to price your service as a good value in relationship to the value you are providing. For example, if a prospective client could choose to spend $1,000 to have a CPA or Accountant prepare his or her business tax return, he or she or may not choose to do so. However, if that same CPA or accountant showed the prospective client tax-saving strategies that will save him or her save $5,000 per year in taxes, the client will definitely choose to have that CPA Accountant prepare his or her taxes for $1,000. He or she will perceive using that CPA or Accountant of great value. Observe in the example, the primary factor of why the prospective client decided to come on board was not the absolute cost of the service but the value received in relationship to that cost.

In summary, there are four steps an accountant's marketing program should employ. It should:

1) identify a business seeking a new CPA or Accountant,

2) generate an interest in that business in using you or your firm,

3) show you how to demonstrate value in your new client presentation, and

4) price your firm's services in relationship to your value.

If your accountant's marketing program fails to employ any of the four basic steps or attempts to market accounting services as a commodity, it is recommended that you abandon the implementation of that program. You will avoid frustration and possible financial disasters. Remember, the key to a successful CPA Accountant's marketing program is never sales oriented. It is placing you and your firm in contact with a business that has a need and is interested in you or your firm fulfilling that need.

www.accountantsmarketing.com

Frank E. Salman

READ MORE - Why CPA Accountant Marketing Programs Fail

The Accountability/Alignment Process: Three Steps to an Accountable Organization

The Accountability/Alignment Process: Three Steps to an Accountable Organization

Generating genuine accountability and functional alignment into your workplace cannot be left to vague ambitions and abstract statements. Well designed processes must be embedded into the heart of an organization to ensure that each employee's goals and expectations are clearly defined and that the resources to bring about specific measurable results are in place.

In our recent book, Aligned Like a Laser, we outline an effective three step process for ensuring managers and employees are mutually accountable and that the entire organization is aligned toward specific goals.

The Accountability/Alignment process has three fundamental steps:

(1) Accountability

(2) Alignment

(3) and Achievement

These steps shape the essential foundation for the practice of accountability and workplace alignment.

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Step 1: Accountability

Accountability is articulated through a document called an Accountability Agreement. This document forms a context for success by making each individual's contribution visible within the organization. It is a brief - 2 to 3 page - overview of the outcomes that an individual is promising to deliver which also outlines the support and resources that he or she needs from others in order to achieve these results.

Seven Elements of an Accountability Agreement:

(1) Business Focus Statement

(2) Operational Accountabilities

(3) Leadership Accountabilities

(4) Support Requirements

(5) Goals

(6) Sustainment Plan

(7) Positive Consequences

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Step 2: Alignment

Alignment requires a constructive business dialogue focused on end results. After completing Accountability Agreements, a workgroup negotiates responsibilities and forms an understanding of each member's contribution to the team.

The alignment process involves resolving gaps and overlaps in the team's accountabilities, and it ensures that each member agrees to provide the critical support needed to fulfil the team's purpose.

Alignment clarifies the practice of accountability; it focuses energy and eliminates distractions across the entire organization. It also provides a renewed sense of confidence and interdependence based on a publicly declared promise to deliver business results.

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Step 3: Achievement

The Accountability/Alignment process brings immediate results, but lasting achievement is gained through maintaining the discipline fostered by the process.

There are several ways to ensure that Accountability/Alignment brings long term achievement.

Keep Accountability Agreements Visible

Post progress reports in prominent locations.

Provide a forum for people to comment on progress.

Put Accountability Agreements Online

A company's intranet can provide easy access to all Accountability Agreements.

Or, use our Align Online tool. Visit http://www.alignonline.com for more information.

Model Accountability

Leaders must set an example and share Accountability Agreements widely.

Also, references should be made to Accountability Agreements in reports and presentations.

Synchronize the Process

Link accountability to related processes such as goal setting and performance management.

Use accountability to prevent duplication of effort.

Ensure Business Results

Accountability is not about shifting blame; it embraces a process of mutual support and learning to ensure that goals are achieved.

Accountability Agreements can be modified according to past lessons and to better adhere to new circumstances.

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The Accountable Workplace

The alignment process legitimizes raising difficult conversations, creates a positive context for resolving disagreements, and builds an environment of mutual support. Improving an organization can be a gamble, yet successful organizational effectiveness initiatives have proven to be invaluable relative to the time invested. The Accountability/Alignment process can revitalize a workplace, focus attention on shared goals, and sustain a new way of working across an organization.

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Shaun Murphy, Ph.D. and Bruce Klatt, M.A. are senior partners in Murphy Klatt Consulting and authors of Aligned Like a Laser (2004) and Accountability: Getting a Grip on Results (1997). They are internationally recognized experts in the field of Organizational Effectiveness whose books have sold over 100,000 copies internationally. For more information please go to http://www.murphyklatt.com or try their online Accountability Alignment tool at http://www.alignonline.com.

READ MORE - The Accountability/Alignment Process: Three Steps to an Accountable Organization

Why Hire A CPA (Certified Public Accountant)?

A certified public accountant (CPA) is a professional individual who works on their own or is a part of an accounting firm. A certified public accountant (CPA) is generally in charge of monitoring and keeping track of the financial records of an individual or business. Each year millions of Americans wonder if they should hire an certified public accountant (CPA). Why hire a CPA is a question that many individuals ask themselves.

There are many individuals and business owners who are not organized. Being unorganized can make it virtually impossible for an individual or business owner to accurately keep track of all of their finances. This is why many individuals make the decision to hire a certified public accountant (CPA). Another reason why many individuals or business owners may hire a certified public accountant (CPA) is because they do not have enough time to keep track of financial records on their own. Another reason is because the majority of certified public accountants (CPAs) are trained and experienced professionals.

To become a certified public accountant (CPA) individuals need to meet certain requirements that are imposed by the American Institute of Certified Public Accountants (AICPA). These qualifications typically include around one hundred and fifty college hours that are applied towards an accounting program. A certified public accountant (CPA) also is required to pass a CPA exam that is developed by the American Institute of Certified Public Accountants (AICPA). There are some states that require an individual be certified or have a particular amount of work experience before operating an accounting business; however, not all states have these requirements. With all of the training and experience that a certified public account must have it is evident that they are more experienced in the flied of accounting. Although it is not guaranteed a certified public accountant (CPA) is likely to produce better results than a traditional accountant.

A large number of individuals hire the services of an accountant all year round to make sure that their finances are in order. Although most accountants are hired on a long-term basis there are accountants that are only hired to professionally prepare tax returns. When being trained in the area of accounting a certified public accountant (CPA) also learns how to complete multiple federal and state tax returns. Why hire a CPA to do your taxes? The answer is because many certified public accountants know how to get their clients the maximize number of tax deductions and they also how know to accurately organize receipts and other document verifications for those tax deductions.

When hiring a certified public account (CPA) many individuals or business owners are encouraged to determine the amount of experience or qualifications that an accountant has. When searching for a certified public accountant many individuals and business owners prefer to work with a local accountant. Many individuals feel that working with an local accountant is easier should something unexpected arise; however, there are many accountants that work for a successful accounting firm or operate their own personal accounting business nationwide. Each individual or business owner will have to make their own decision as to which type of certified personal accountant (CPA) they wish to hire.

Why hire a CPA? The answer is simple because it is an easy to way to have your financial records in order or your tax returns professionally completed. The majority of certified public accountants guarantee their work; therefore, there really isn't any reason why a certified public accountant (CPA) should not be hired. Instead of spending hours reviewing and sorting through your finances you should pick up your local phone or use the internet to at least schedule a consultation appointment with a certified public accountant (CPA) to see if hiring one is right for you and your situation.

About The Author
Gray Rollins is a featured writer for the http://TaxHelpDirectory.com. To learn more about CPAs, visit http://www.taxhelpdirectory.com/cpa/ and to learn more about tax preparation, visit http://www.taxhelpdirectory.com/taxpreparation/.

READ MORE - Why Hire A CPA (Certified Public Accountant)?

Why Choose a Career in Accounting?

One of the biggest key benefits that you can obtain form accounting is the experience you can gain from working in the accounting field. With accounting, you learn how businesses work and operate in a ever evolving field. This is very important experience that you can gain, that will not only help you in the field of accounting, but this experience will also help you know how to organize and run your own business. It is a fact that many successful business people in the world today, were at one time involved in the field of accounting. The knowledge they gained form accounting helped them build their own professional establishment. Even if you eventually leave a career in accounting to pursue a career somewhere else, your experiences from accounting will still become useful and beneficial.

The skills required in accounting are not high except in two areas being, analytical and computer skills. When compared to many of the different professional careers out there, almost any skill requires you to have some type of attention to detail as well as computer technology skills. However, accounting differs from the rest in other areas. In accounting you do not have to socialize with many people, you work in a self pressure environment only, and you do not need a high amount of initiative. This separates accounting from many other different professions, making accounting a much easier career to develop the necessary skills to become an accountant. The best feature of a career in accounting, is that anyone can learn to become an accountant. There are no specific skills or talents that cannot be learned and developed in the field of accounting.

The other major benefit of a career in accounting is the great pay. In fact, in your first year of accounting you can make as much as fifty-five thousand dollars a year. Within ten years or less of your career in accounting, you should be making over six figures. This can be obtained quicker by furthering your degree in accounting which you can reach as high as an MBA. There are many careers that take much longer to receive accreditation for that do not allow you to earn that type of income so quickly. Along with all the other benefits of accounting, it is no surprise that accounting is a very popular field that many people are working to get into.

You can see for yourself that accounting has many professional and career benefits that are appealing to anyone. From being able to work in a professional setting either for a large corporation, the government or yourself, accounting offers some key features and benefits that cnanot be found in other professional careers.

For more information on the accounting field please visit http://www.bytelan.com/indexaccounting.php

John Tahan is a webmaster, computer expert and musician,

If you would like to increase your income by learning how to monetize the internet , please visit the site at

http://bytelan.com/makemoneyonlineprogramsreviews.htm

READ MORE - Why Choose a Career in Accounting?

The Right Current Account For You

A current account is the most common type of financial product: Most people have one. If you're like the majority of account owners, you didn't give much thought to what you want from a current account before signing up for one, which means your current account may be unsuitable for your needs. For example, if you frequently go overdrawn, you don't want an account with expensive overdraft charges, or if your account is usually in credit you don't want one with a poor rate of interest on balances.

The good news is that if you're not happy with your account - for whatever reason - it is easier than ever to switch. The Internet has opened up competition in the current account market with scores of new providers offering attractive products. And new rules mean that banks have to co-operate within days rather than weeks if you express a desire to move an account. In this chapter we show you how to make sure you find the best current account for your particular needs.

What is a current account?

In a nutshell, it is a bank account with a financial institution that provides personal finance related services. It will enable you to make payments to other people or institutions as well as provide you with somewhere to deposit your earning or income. There are also bank accounts for small businesses offering similar services.

How Current Accounts Work

Unless you are happy to deal in cash all the time, you need a current account, which is where your wages are usually paid by your employer so that you can pay bills, your rent or mortgage, and withdraw cash for everyday spending. Banks, building societies, and even supermarkets offer these.

Most people have their salary, state benefits, and tax credits (where applicable) paid into their current account. You can arrange to pay your bills, mortgage, rent, and so on directly from your account through one of two methods:

1) A standing order is an instruction you give your bank to pay a fixed amount, usually each month, to a particular person or supplier. The amount can be changed only if you give instructions to your bank.

2) A direct debit is an instruction to pay a particular person or supplier an amount that can fluctuate. The person or supplier informs your bank how much it is taking out of your account that particular month (after informing you).

Most current accounts come with a cash card so you can withdraw money from automated teller machines (ATMs). This card usually doubles up as a debit card so you can pay for goods in shops with the money debited from your account - usually the next day. Most current accounts also offer a cheque book. If you are over 18 you can also apply for an overdraft.

Noting interest and taxes

The interest you receive on the balance in your current account is subject to income tax and usually paid monthly. Interest on some accounts is calculated annually.

If you don't have a job or are on a low income, you don't have to pay tax on the interest you earn. However, you need to inform your bank or building society of your circumstances by filling out form R85, which is available from your current account provider or local tax office.

Considering safety first

If you aren't happy with the service you've received from your bank or building society, complain first to the institution concerned. If the problem isn't rectified, contact the Financial Ombudsman Service, which was set up to settle disputes between customers and financial firms, on 0845 080 1800.

The main risk to your money is the rate of inflation, which indicates how much the cost of living is going up. So when the rate of inflation is higher than the interest you are earning on your account, you are losing money in real terms. For example, if inflation is at 2 per cent and you are earning 0.1 per cent interest on your current account, you are losing money.

This is why it is worth comparing current accounts [http://www.seek4finance.co.uk/banking/current-accounts] for the best rate of interest and ensuring you don't keep huge sums of money sitting in your current account. Move it to a savings account paying a better rate of interest instead.

Here, on our website, you will find accurate information on credit cards, plus loans, insurance and mortgage deals for efficient personal finance management.

READ MORE - The Right Current Account For You

User Account Control on Windows Vista - How to Make it Really Smart?

Trojans, spyware, viruses are the categories of applications that threaten PC security. New trojans, viruses, spyware are being developed every single day. The only trustworthy way to fight with all these threats is to produce a new security system. Drastic security system is the only adequate measure that should be taken. Malware have to be prevented, because that's the only sort of reliable protection nowadays.

Let's face the facts, our computers need to be guarded by something more reliable than simple anti virus systems. The main idea of the modern security systems should be not fighting but preventing infections and malware on user's system. Menaces like rootkits and privacy breakers are wide-spread problems today and they should encounter the software that can fight with them. Modern anti virus and anti spyware must not only fight with the viruses and spyware that have reached your computer already. Present days, the security system should be not a "cure", but a "vaccination" for PC.

Without any doubt, the in principle new security system has been needed for a long time already. The main aim of the UAC system is not to fight with malware but to prevent such programs silently installing on your computer. Produced by Microsoft, UAC was called for making computers safe. Harmful activity prevention is the only way to keep your system from crashes. The idea of User Account Control is great: it is useful and up-to-date.

To be honest, User Account Control was created to prevent system damages while anti viruses fighting with malicious entries in the system. User Account Control, which is more popular under the abbreviation of UAC, is a special security feature that was first presented in Windows Vista by Microsoft. UAC improves computer security by limiting the privileges of a standard user until the administrator authorizes increased privilege level. User Account Control is a substabtially new security system that contains several security subsystems. User Account Control is also a system that should have allowed users to save their time and nerves by switching between administrator and non-administrator without spending time on switching between users.

Microsoft Windows User Account Control scans your system essentials and doesn't allow any changes without administrator permission. UAC asks user about every software application whether its' processes should be allowed or not. Besides, User Account Control trusts its Administrator and can not determine by itself if the program is malicious or not. This new security system has given so many promises but now it's just a disappointment for lots of tired users. As long as User Account Control can not remember user's choice it would be almost useless.

The most annoying problem is that UAC can't remember user's choice, so it is needed to click "Continue" over and over again for the most popular applications to be allowed. Unfortunately, some minuses of the User Account Control system spoil all the pluses. Besides, there is an opinion that User Account Control slows down some applications. There are some obvious problems that every User Account Control user faces, such as vexing endless warning messages. The most irritating problem is that standard User Account Control is too verbose.

As a matter of fact, there are several ways to disable User Account Control system. To uncheck User Account Control simply run Regedit, find the appropriate registry key and give it a value of 0. Turning off User Account Control with the help of Regedit is another way to interrupt irksome warnings happening. Pay attention, that using MSCONFIG utility is easy only for experienced users, so don't try to disable User Account Control with MSCONFIG help if you're not an advanced user. It is easy to uncheck User Account Control if you'd like to.

To disable User Account Control with the help of Control Panel simply open it and uncheck "Use User Account Control (UAC) to help protect your computer" in its security settings. Don't even think of turning UAC off or paying no attention to it if you're a common user without any other security system. Disabling User Account Control negates all the advantages of having such menace prevention system in your system. And what is more, switching off UAC leads to Security Center popup, telling you that User Account Control is disabled. Switching off UAC would turn your system into undefended target for different sorts of malware.

Switching off the UAC is not a good idea even if you have an anti virus and an anti spyware. Furthermore, disabling User Account Control leaves you without any support in setting up your system and that could lead to serious damages. Forget of numerous alerts and clicking with the security system that is smart enough to remember your choice. Stay defended and calm at the same time with Smart User Account Control!Smart UAC is the right alternative for those users who really want to keep their systems clear from viruses, spyware, malware and other malicious programs. Don't turn your UAC off because you can simply replace with Smart User Account Control!Why be annoyed and disappointed with one securing if you can use another?You can make your Windows safe and guarded with a smart defence.

Replacing UAC will be the most reliable decision you'd have to make in using User Account Control. The way to protect you is here - it is Smart User Account Control. Smart User Account Control will determine automatically, if the certain action can be allowed or not. Smart UAC will never piss you off with endless alerts because it remembers your choice! The clever application allows you to create and edit security rules to make its usage most comfortable. By scanning your system in milliseconds Smart UAC can protect you from more than 400 000 malicious entries which are now in its database.

Smart User Account Control provides an effective and, what is not less important, "clever" protection for your operating system. No nervous strain any more - by following rules that you will create. Not matter if you do not use Windows Vista because Smart User Account Control can protect not only Vista operating system but also Windows XP and Windows 2003 Server.

READ MORE - User Account Control on Windows Vista - How to Make it Really Smart?