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Accounting and Tax Guide: Accounting Basics


What's the Difference Between a Certified Financial Planner and a Personal Financial Planner?

If you need to manage your money, you will usually seek a professional's help. A certified financial planner and a personal financial planner or financial advisor are both specialized in managing the consumer's money. There are numerous financial professionals, starting from accountants and insurance agents to brokers, financial planners, and investment advisors. Each and every planner is a kind of advisor, but every advisor is not considered a planner.... ❯❯❯

What Is the Difference Between an Operational CFO and a Strategic CFO?

Strategic CFOs and operational CFOs can both be valuable additions to your company. But while both positions occupy many of the same responsibilities, there are some key differences you should be aware of when deciding which one fits your company best.  Operational CFOs typically aid your company in the procedural and operational aspects of your finances. They examine what methods are working for the business and the methods that are failing.... ❯❯❯

5 Great Accounting Tips for Lawyers

Accounting, as intimidating as it may be, can be of huge importance to a law firm's success. It's essential in ensuring that your financial statements are accurate and up-to-date, but also in assessing the financial well-being of your firm. However, legal accounting comes with many challenges that can make your life a nightmare if not handled properly. Luckily, we’ve got you covered with these 5 great accounting tips for lawyers. Check them out! ... ❯❯❯

Top 5 Accounting Tips for Your Medical Practice

Every business needs a sturdy management system to run smoothly, and medical facilities are no exception. But, managing a medical facility is not a walk in the park for professionals trained to treat people. There are many demands that come along. First, you may need to hire a physician contract lawyer to ensure you’re compliant with the law and then you’ll need a proper accounting system to stay in business. How do you overcome accounting... ❯❯❯

Everything You Need to be Aware of About E-Commerce Accounting

Trying to do your own accounting is a task that gets complicated very fast. If you've ever tried doing it, you'll be aware that e-commerce accounting has its challenges. Now it is important to hire an accounting firm that specializes in e-Commerce and will help you minimize your tax bill. Undoubtedly eCommerce has a long cash flow cycle when compared to other industries. It is because the flow of inventory and cash is indirect to both the customer and the... ❯❯❯

How Human Resources Departments Deal with Drug Taking

Drug taking is a problem that companies have to deal with every day. Indiana employee drug testing laws are also something for firms to think about, especially if you are based in this area. Some companies choose to drug test all of their employees, while others take a more lenient approach. There are pros and cons to both methods, and it ultimately comes down to the company's preference. Deterrent Drug testing is an effective way to deter employees... ❯❯❯

4 Business Strategies You Probably Haven't Thought About In 2022

All know that when the covid-19 pandemic hit the world it affected everything very badly especially it rocked the business sector and the industries were also affected. So this means that the last two years were very disturbing but now as we have moved on to 2022 businesses are also preparing themselves for different growth opportunities.  This year is considered a strong year for businesses because we can expand our partnerships,  grow our... ❯❯❯

Detecting & Preventing Accounts Payable Fraud – Explained

Businesses run on finances that accumulate to a large number of transactions, and there comes the accounting department's responsibility to organize, reconcile, and manage complete records of each transaction. Narrowing down the duties, vendor and supplier payments are handled by the accounts payable department, which usually remains vulnerable to the risk of theft, to be precise – accounts payable fraud. Since this type of fraud can be committed by... ❯❯❯

Orlando King’s Accounting Tips For Entrepreneurs

According to statistics, about half of all companies will close in their first five years of operation and one of the most common reasons for closure is mismanagement of funds and running out of money. After running several businesses in Atlanta, Orlando King learned that instead of malicious scams or extremely low sales, it is the minor accounting errors that come with the passage of time that usually leads to a financial crisis. Most business owners... ❯❯❯

What should you know before offering client accounting services?

If you are a bookkeeper or an accountant, serving your clients can be a little more complicated than just providing them with financial services.  In fact, it is pretty common for small business owners to ask their accountants and bookkeepers about the possibility of outsourcing their accounting tasks to a virtual assistant. It is where things get a little tricky. Here's what you should know before offering client accounting services. What are... ❯❯❯

5 Secret Things to Improve Offshore Accounting

In today's business world, outsourcing has taken a prominent role, whether it be IT or accounting. These days' business organizations are relying on outsourcing for multiple services for reasons which we will be talking about further in this article. Now, if we talk about accounting firms in the last few years, they have included a new word in terms of outsourcing, which is offshoring.  First of we will talk about the factors that offshoring firms... ❯❯❯

Can You Do a Consumer Proposal Twice?

Debt is a scary thing, and overcoming debt once is tough enough. However, the scary thing about debt is that once you become debt-free after filing a consumer proposal, there's no guarantee that you'll be out of debt forever. It's actually fairly common for someone to become debt-free by filing a consumer proposal and then find themselves drowning in financial troubles again down the road. There's no shame in falling into debt again. What's important is... ❯❯❯

World Class Customer Service Training

A company, business, or organization is made up of several arms or functional areas that work together to achieve an overarching goal. Without these arms, it would be difficult for these establishments to run smoothly and profitably. A few of these arms include finance, marketing, human resources, IT, research and development, sales, and customer service. There are some of these functional areas that are often only found in larger corporations and... ❯❯❯

Seven Benefits of Taking Your CPE Courses Online

Continuing Professional Education (CPE) is part of a professional’s continuing learning that is self-motivated persistence in acquiring added skills and knowledge which in turn opens avenues for growth. For CPAs and professionals related to accounting, tax, audit, finance or similar areas, CPE is a requirement designed to maintain their competency and skill sets as professional service providers. Following years of evolution, over the time the... ❯❯❯

How Can Tax, Accounting and Financial Professionals Help and When Should You Hire

Our finances can be a constant concern. We might worry about selling our stocks or we are waiting for our dividend yield. Since the late nineteenth century, tax, accounting, and financial professions have been involved in helping individuals with their financial needs. A tax accountant is qualified to provide advice on taxes. An accounting professional can help you meet your bookkeeping needs. Whether you are starting a business or simply looking for ways... ❯❯❯

How to Find the Most Advanced Forensic Accountant for Divorce in Los Angeles

If you have been to Los Angeles, you will understand that it is really "The City of Angels." It is a city in Southern California and is popularly known as the United States television and film industry hub.  There are many studios like Paramount Pictures, Warner Brothers, Universal Pictures, etc., near its iconic and world-famous HOLLYWOOD sign. It is also the home of great nightlife. But amidst all these, it is also known for its high divorce... ❯❯❯

How To Choose Outsourced Accounting Services

Put your business on the path to success by finding the right outsourced accounting services for your company! Deciding on an accounting firm to handle your business’s financial affairs can make or break your company. So, you need to take a calculated approach to the selection process to ensure a beneficial working relationship. Before you even start contacting accounting teams, you should assess your company’s current needs, think about what... ❯❯❯

Why Accounting Is Necessary For Your Business

While discussing a business, how can we neglect the importance of accounting! Before exploring why accounting is necessary for your business and why you need a chartered accountant, let’s talk about the basics of accounting. Meanwhile, if you’re in a hurry to grab an accountant, we (Accotax) have a team of certified Chartered Accountants in London. What is Accounting: Accounting is a systematic process of recording and analyzing the... ❯❯❯

4 Reasons Your Accounts Won’t Reconcile

When it’s time to close out the books for the month and prep your financial statements, reconciliations are a big part of the process. Really, “a big part” is a massive understatement. Account reconciliations ensure that every transaction has been recorded free of errors. Without it, any errors in your books would carry over onto your financial statements and end-of-month reports. What is account reconciliation? Simply put, it’s... ❯❯❯

Annual reviews during the Covid-19 pandemic

Annual reviews of your accounts are always important, but it’s particularly advisable to have these carried out during the pandemic so you can see how much Covid-19 has affected your business. A reputable and dependable accountancy firm can support you with not only general book-keeping and other duties but can also conduct an annual review of your business to help you prepare your final accounts. Assess your pandemic performance Most businesses... ❯❯❯