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Accounting and Tax Guide: Accounting Basics (Page 2)


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... ❯❯❯

Fraud on the Rise with Fake B2B Invoices

With the rise in B2B invoice scams, where fake invoices are being sent to companies, appearing as if they are coming from their suppliers, businesses are worried about security issues. Fraudsters may even inform a business that one of its suppliers has changed its banking information, directing the company managers or owners to transfer the funds to that new bank account. Governments across countries are warning companies who deal in B2B payment... ❯❯❯

6 Key Benefits Of Accountants For Business Owners

With a growing economy, it's no surprise that many business owners have started looking for new ways to save on their accounting costs. Accounting is a vital facet of every business, and a business owner’s inability to manage this aspect can become the reason why their businesses will become short-lived. Fortunately, this is where accounting professionals come in to help. There are a number of benefits to hiring accountants. These professionals... ❯❯❯

Why does a startup need to hire an accountant?

For a new business owner, accountancy can seem like a simple process where one simply fills up some tax documents and adds a few numbers. But if you try it once, you will get to know the complexity of it all! Accountancy has never been easy, or straightforward in the history of human civilization. Accountancy has become even more specialized than ever before. Only a certified accountant is reliable to handle the financial complexities that can confound a... ❯❯❯

What Services Does A Chartered Accountant Offer?

Accountancy is a field that sees many fluctuations and updates that keeps changing according to the passage of time and the need for the time full stop these changes in the accounting field take place on a global level that is why there are many responsibilities on the shoulders of a chartered accountant. The field of Chartered Accountancy is not just about auditing and taxation anymore.  Now it involves many other services that add great value to a... ❯❯❯

How do you increase Sales in an Accounting firm?

Sales! The scariest word in an Accountant’s dictionary. Are you content with the 5-10% increase every year through word of mouth? Why not try and implement some professional sales techniques to try and improve revenue grow. As one of the directors at Archimedia Accounts In Nottingham it become almost an obsession of mine to figure out what are the best ways for an accountancy practice to generate new business. I decided to throw myself into it 100%... ❯❯❯

The Critical Importance of an Accurate Balance Sheet

Balance Sheet is also known as Statement of Financial Position as it shows the financial status of the business as of a given point in time. Whether the business is a sole proprietorship, a partnership or a corporation, it is critical that balance sheet is accurately prepared. It is a compulsory part of the Financial Statements as it shows what your company owns as well as what it owes. Therefore, it is also important that accountants or business-owner... ❯❯❯

Personality Tests for Employment: What You Need to Know

Pre-employment assessments are commonly used in the recruiting and hiring process for many companies and corporations. Berke is a company that specializes in pre-employment assessments that measure problem solving and personality traits that are specific to the needs of your business. Berke is able to send a report regarding the assessment results immediately after a candidate finishes their assessment. The report that Berke provides is simple to... ❯❯❯

When to Hire an Accountant

When running a business, it can be hard to know when to reach out and add extra help to your team, whether that’s employees or just external service providers. With the wealth of accounting software today, it can be just as hard to know when to hire someone to help you manage the financial side of the business. Accountants primarily can help you to establish the legal structure of your business, provide experienced advice around accessing finance as... ❯❯❯

How Much Should You Be Paying for Your Accounting?

Financial management is not something that should break the bank. However, it can be tough to figure out whether your accounting costs make sense or not. Even for companies of comparable sizes that fall under the same industry, their accounting costs can differ greatly.  In 2015, SCORE (a non-profit business organization) estimated that the yearly accounting expenses for small businesses hover around $1,000. About 23% of small businesses spend less... ❯❯❯

ABLE Accounts - What Are the Advantages of an ABLE Account?

Families that have children with special needs face innumerable challenges regarding their education/vocational training, therapy, skilling, safety, physical and emotional health. Added to this, one of the worries that continues to haunt them throughout their life is how the person with a disability will cope in the future. Persons with disabilities face additional costs for care, mobility, transportation, nutrition, etc. The US Government has taken... ❯❯❯

7 major Provocations While Filing GSTR-9: Know the Whole Process Here

GSTR-9 signifies Goods and Services Tax Return filing that a registered taxpayer has to submit every year, irrespective of their annual turnover. It primarily consists of information on taxes paid; Input Tax Credit earned and availed, details of inward and outward supplies, claimed refunds and demands as per the GSTR 9 format. GST Returns – 9 carries all the income and expenditure details for that particular financial year, combining returns like... ❯❯❯

Should I go to study ACCA or get a simple accounting degree?

Owing to the ever-expanding global economy, there is a high demand for accountants and a large number of students are hoping to make a successful career in accounting. Accounting certifications include ACCA, AAT, CIMA, CA, out of which ACCA is considered the most prestigious certification. If you are also planning to pursue a career in the field of accounting, but confused between ACCA and a simple accounting degree, this article is useful for you. ... ❯❯❯

Benefits and Drawbacks of Outsourcing Accounting Services

Proper accounting is an essential component of every well-run business. Accounting can be a complicated process, depending on the nature of your business. Taking care of your accounting can be too burdensome, and seeking professional help for the same is usually the best course. To hire an in-house accountant or to outsource your work to an independent accountant is a choice that needs deliberation. Take a look at the factors that should be considered... ❯❯❯

3 Essential Resume Hacks Every Accountant Should Know

When a candidate applies for a job, what do you think is the average amount of time a recruiter takes to review their resume? Would you believe it’s just 7.4 seconds? And that’s improved 23% since 2012! That doesn’t give you much time to make an impression, so you better make sure it’s a good one. Here are three essential tips for making sure your resume stands out when you apply for that next accounting job. Make It Relevant If... ❯❯❯

How to Find Temporary Staffing For Employee Absenteeism

While everyone is looking forward to scheduled vacation time away from work, it is difficult for employers to manage unplanned days off when employees call out or simply don't show up for work. Absenteeism is the intentional or usual absence from work of an employee. While employers expect workers to miss a certain amount of working days each year, the situation of excessive absences is common and affects both staff and the economic bottom line... ❯❯❯

How Hiring An Expert Can Help Your Business During Year End Closing

There is always a steady flow of work in the accounting department. However, there are times throughout the year that are especially busy, such as the fiscal year-end. The financial year-end is in clear sight and, for many companies, the end of the year process starts in December to ensure that the deadlines are met and that the books are in order for the auditors by April. As the workload increases, businesses often look to recruiters to assist in... ❯❯❯

Hiring a Payroll Professional For your Small Business

Payroll isn't as simple as just paying your staff. Management of payroll includes several different steps and responsibility. Each part of the payroll process needs you to take certain activity or make decisions that affect how your staff are paid and ensure that your company is compliant with any applicable government regulations. As a small business owner, you are accustomed to juggling various roles. That is how you got your business up and running... ❯❯❯

5 Ways To Reduce Stress From Your Accounting Staff During Busy Season

The world of accounting and finance holds multiple sources of stress, from year-end and regulatory reporting changes to new business demands. While stress can be good at times, driving staff cohesion and even productivity, when stress level becomes too intense and sustained, employees can suffer — and potentially, burn out. There is no better time than Health Awareness Week for employers and managers to consider how to alleviate stress in the... ❯❯❯

Why Is Employee Feedback Important?

Employees expect to know the status of their performance, and they want to keep updated about it. Surveys show that 60 percent of respondents said that they would like to hear feedback from their managers regularly. However, only 30 percent said that they are engaged in their jobs or have received feedback from their superior. When it comes to employees, it is best when you engage them with your Leadership. Motivate them by providing feedback that can... ❯❯❯