In the accounting world, there are sets of rules that are followed to make sure business is ran smoothly and orderly. In the United States accounts follow a set of rules known as GAAP (Generally Accepted Accounting Principles). It is known as being a rule based system. However, a larger population of the world follows… Continue reading Differences Between GAAP and IFRS
Cash flow management and accountability are important aspects of operations for any business. With accurate recordings of transactions coupled with proper assessment and processing, business owners can have a firm foundation from which they can make decisions and plan their business’ growth. Recording and understanding the basic financial needs of any business such as sales,… Continue reading Accountant Vs Bookkeeper – Understanding the Difference
Globalization plays a huge role in the world of accounting. It is a very significant topic because as globalization becomes more and more important, it changes which accounting principles one would use when certain situations arise. There are two sets of accounting principles: the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards… Continue reading Globalization in Accounting
An acknowledgement of payment receipt is a business document of verification that serves as a formal acceptance of the payment that is usually made by the customer, tenant of client. Generally it is a documented verification that goods have been received or services that have been provided. The acknowledgement is determined by the recipient’s signature… Continue reading Acknowledgement Of Payment Receipt
When you run a business, there’s probably no use of context like “Enough-for-me” or “This-Is-Effective”, as with time the actual need for business changes. Even over a very small span of time, the necessity of having more enhanced support comes in the notice. QuickBooks, one of the most versatile accounting & financial software, also supports… Continue reading QuickBooks Add-Ons: Significant Way To Enhance Your Business Reach
I can’t remember the last time I heard someone talk about how amazing an accountant can be. I mean, why not? After all with years of experience behind them an accountant can help to effortlessly manage the finances of a business, finances which in return can help cement a business’ continued success and growth. From… Continue reading Can My Business Manage Without An Accountant?
Several people around us have far-reaching dreams of owning a business of their own. Simply dreaming about a large business isn’t sufficient as it involves several aspects that need to be taken care of. Finances, coordinating with clients, production, employees, services, etc. are all that makes up a business. Business owners are often expected to… Continue reading The 4 Benefits of Online Invoicing for Businesses
GST has eliminated all the other taxes and the developer’s profit margins can also be improved thanks to the benefit of being able to claim input tax credit. Developers will also find the GST regime quite simpler to work with, with the benefit of input tax credit being an added advantage. Purchasing property is one… Continue reading What Impact Has GST Brought About On The Realty Sector?
Businesses of all size prepare a budget so that they can assess the past performance as well as the present conditions so that optimal way ahead can be ascertained. In the budget, the organization makes its assessment of the revenues that are to come and ascertains the expenses that can be made so that its… Continue reading Budget Made Easy With Accounting Apps
Having your accounts done well is a crucial aspect of your business, as this will ensure that you can stay on top of your finances, avoid charges and fines, and even improve your cash flow so that you are better able to plan for your business success. Nevertheless, accounting is a skill that does not… Continue reading Common Mistakes When Hiring a Tax Accountant