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...
Saturday, October 2
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...
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...
Friday, October 1
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...
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...
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...
Thursday, September 30
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,...
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...
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....
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...
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...
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...
Wednesday, September 29
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...
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...
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...
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...
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...
Tuesday, September 28
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...
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,...
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