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Accounting and Tax Guide: Accounting Basics (Page 2)


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

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

How To Choose Outsourced Accounting ServicesPut 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 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

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

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... ❯❯❯