Aug
30
Birmingham accountant
Filed Under Business | Comments Off
accountant.09 asked:
It matters not which business you are employed by at sometime you will become involved with the accounts department It is in the main thought of as the section that operates the business by mailing out invoices and likewise paying the incoming bills. They do lots more than that, though. Unless you are running your own business and acting as your own accountant, you would not realize how profitable - or not - your business is without some form of accounting.
So this is the question, what happens in the accounts department on a daily situation? Maybe the most important matter as far as the employees are interested in is managing the payroll. Every individual on the payroll has to have accurate data records kept of their salaries, taxes and dates of payment. Other undertakings are to make deductions including personal ones, such as for retirement, holidays, sick pay or medical benefits. It’s a crucial function and and cause some enterprises to choose to outsource their payroll section. Precise records of all payments whether made by cheque or BACS and to whom they were directed and upon what date are prepared are maintained by Accounts. Accounting sections also keep tabs on purchase orders placed for stock, such as wares that will be sold to customers or clients. Another vital job is to keep track of assets including the company housing and its equipment.
The total money received by the business from its clients and customers is managed and registered by the accounts section. Accounts have to ensure that the cash is paid out precisely and banked in the proper bank accounts. Accounts also apportion the company money; they determine how much money is put away to pay staff salaries, and determine how much money is called for to pay the company’s invoices when these obligations are fulfilled they can then report on how much net profit is forthcoming for investment funds.
Every business concern and each individual is required to have some type of accounting organization in their lives to prevent finances running out of control. A commercial enterprise can be in big problems if they don’t know what they’ve spent, or not knowing if they can expect a net profit or a loss from their business concern. Staying on top of the finances, no matter if it is your own bank account or a gigantic business empire is a vital regular day to day procedure.
Remember that some budgeting is more effective than none. Budgeting renders fundamental advantages, like understanding the profit dynamics and the financial structure of the business. It also helps in planning for alterations in the the next financial quarter. Budgeting forces a business manager to center on the areas that need to be improved to increase profit. An effective organisation profit and loss study provides the principal framework for budgeting profit. In business it is always a masterful idea to plan for the forthcoming year. If you only at least enter the figures in your profit report study for sales volume, sales costs, product prices and other disbursements and determine how your projected profit looks for the forthcoming year.
DANTE
It matters not which business you are employed by at sometime you will become involved with the accounts department It is in the main thought of as the section that operates the business by mailing out invoices and likewise paying the incoming bills. They do lots more than that, though. Unless you are running your own business and acting as your own accountant, you would not realize how profitable - or not - your business is without some form of accounting.
So this is the question, what happens in the accounts department on a daily situation? Maybe the most important matter as far as the employees are interested in is managing the payroll. Every individual on the payroll has to have accurate data records kept of their salaries, taxes and dates of payment. Other undertakings are to make deductions including personal ones, such as for retirement, holidays, sick pay or medical benefits. It’s a crucial function and and cause some enterprises to choose to outsource their payroll section. Precise records of all payments whether made by cheque or BACS and to whom they were directed and upon what date are prepared are maintained by Accounts. Accounting sections also keep tabs on purchase orders placed for stock, such as wares that will be sold to customers or clients. Another vital job is to keep track of assets including the company housing and its equipment.
____________________________________________________________________
The total money received by the business from its clients and customers is managed and registered by the accounts section. Accounts have to ensure that the cash is paid out precisely and banked in the proper bank accounts. Accounts also apportion the company money; they determine how much money is put away to pay staff salaries, and determine how much money is called for to pay the company’s invoices when these obligations are fulfilled they can then report on how much net profit is forthcoming for investment funds.
Every business concern and each individual is required to have some type of accounting organization in their lives to prevent finances running out of control. A commercial enterprise can be in big problems if they don’t know what they’ve spent, or not knowing if they can expect a net profit or a loss from their business concern. Staying on top of the finances, no matter if it is your own bank account or a gigantic business empire is a vital regular day to day procedure.
Remember that some budgeting is more effective than none. Budgeting renders fundamental advantages, like understanding the profit dynamics and the financial structure of the business. It also helps in planning for alterations in the the next financial quarter. Budgeting forces a business manager to center on the areas that need to be improved to increase profit. An effective organisation profit and loss study provides the principal framework for budgeting profit. In business it is always a masterful idea to plan for the forthcoming year. If you only at least enter the figures in your profit report study for sales volume, sales costs, product prices and other disbursements and determine how your projected profit looks for the forthcoming year.
DANTE
Aug
27
CPA president on financial crisis
Filed Under News | Comments Off
scmp888 asked:
www.scmp.com In today’s White Collar video, Enoch Yiu talks to Richard Petty, a professor at the Macquarie Graduate School of Management in Sydney and the president of CPA Australia. He talks about his ambitious plans to expand CPA Australia in Hong Kong and China. He also shares his views on a number of issues on what Hong Kong should do to enhance its transparency.
BRADFORD
Aug
26
How accounting works
Filed Under Help Is On The Way | Comments Off
Dawood Mamedoff asked:
This article is for beginners of accounting profession who just started their long way and already struggling to understand the basics. The starting point of almost any accounting course is an explanation of the double-entry bookkeeping system which then stands as a core of any further studies. If you did not clearly understand how it works in the beginning the effect of further education will be zero.
I’ll try to illustrate the basics of accounting in the simplest possible way, avoiding in the beginning the use of such confusing terms like assets, liabilities, debits and credits, etc.
Let’s start:
Assume we have some Company X, which was established a year ago and now we are at the year-end, trying to draft accounts of Company.
All we can guess from the ‘accounting’ word itself, that it is a bunch of accounts. Great! That would be a starting point for us. Let’s put down some accounts on a paper (if you’re reading this article on your PC, it’s advised to do the below manipulations in Excel spreadsheet):
Account A
Account B
Account C
Account D
Account E
Account F
Account G
Account H
Account I
What you see above is just a list until we put some values opposite every account. The only point to bear in mind is that overall total of listed values should eventually be equal to 0:
Account A 12
Account B 9
Account C -4
Account D -8
Account E -13
Account F -5
Account G -7
Account H 6
Account I 10
Total = 0
Coming back to accounting, each value above is called an Account balance. List itself is usually called a Trial balance. Let’s assume that these account balances were actual ones for our Company X at the year-end.
Now it’s time to understand how the double-entry system actually works. Basically the purpose of the double-entry system is to reflect transactions that Company was involved into. Not going deep into details let’s imagine that Company X made a credit sale on the first day of current year amounted to 5 dollars. The effect on our accounts will be the following:
Before Entry After
transaction transaction
Account A 12 12
Account B 9 5 14
Account C -4 -4
Account D -8 -8
Account E -13 -1
Account F -5 -5 -10
Account G -7 -7
Account H 6 6
Account I 10 10
Total 0 0
Above sample illustrates the main principle of accounting. So, every transaction, whatever the substance of it, simultaneously increase one account and decrease the another. In our case Account B that was increased by 5 and Account F – decreased by 5. That’s why the Total of accounts equal to 0 remains unchanged.
To make the example more practical let’s define what each account actually indicates and call these accounts respectively:
Account A Cash - The balance of this account shows how much cash our Company has in hand at the moment.
Account B Receivables – This account shows how much money our customers owe to us as at the moment.
Account C Payables – Shows the total amount that we owe to our suppliers at the moment.
Account D Borrowings – Shows how much we are due on Bank loan at the moment.
Account E Share capital – Shows how much money the Company owes to its Shareholder, i.e. money invested into business by owners.
Account F Revenue – This account shows how much Company earned from its main activity for the period of time (usually year to date).
Account G Other income – This account shows any other revenues earned out of main activities for the period of time.
Account H Operating expenses – Shows cumulatively how much Expenses Company incurred to run it’s main business for period of time.
Account I Interest expense – Shows the amount of interest paid to Bank for the period of time.
Let’s now get back to our transaction when Company sold the goods for 5 dollars on credit. It resulted in increasing of Account B and decreasing of Account F. Let’s see why. Account B showing us an amount receivable from customers and since we sold goods on credit this amount should increase from 9 to 14. On the other hand by selling goods we earned a revenue which must be reflected on Revenue account. Before the transaction Revenue balance was -5, showing us that we earned 5 dollars so far – negative sign should be ignored, as it’s used only for the purpose of getting equality. Surely by selling more at the amount of 5 dollars, we should increase our Revenue to make it 10. However because of the negative sign in place, mathematically we decrease the -5 and it becomes -10.
Let’s take another example. Company pays 3 USD rental for the office in cash. Consequently we should decrease Account A (Cash) by 5 and increase Account H (Operating expenses) by 5.
Now, when we understand how double entries work, let’s see how these accounts form financial statements which are usually the ultimate purpose of any accounting. For that purpose we’ll allocate our accounts to certain groups: Assets, Liabilities, Equity, Incomes and Expenditures. Accounts A (Cash) and B (Receivables) will form Assets of the Company. Assets are what Company actually possess(e.g. Cash) or suppose to possess (e.g. Receivables). Next group is Liabilities. That’s what Company owes to suppliers, banks, other partners. In our case Liability group will include: Accounts C (Payables) and D (Borrowings). Another group is Equity, which comprises of accounts showing how much Company owes to its shareholders. Also this group can be called share capital. All 3 above – Assets, Liabilities and Equity eventually constitute Balance Sheet of the Company. Balance sheet accounts are always showing information as of particular date. E.g. if Cash account balance equal to 3, it means that as of present moment Company has 3 USD of cash in hand.
Other groups are Incomes and Expenditures. Income or revenue accounts reflect all incoming money that Company earn from its activities. E.g. for supermarket it would be revenue from goods sold, for bank - interest income, etc. Expenditures reflect amounts expended to maintain business. Main point to remember about Income and Expenditure accounts is that they are always showing us amounts earned or expended FOR the period of time (usually year to date). E.g. if Revenue account balance equals to 500 USD as at March 31 it usually means that Company made sales totaling to 500 USD since the beginning of year up to date.
Let’s now draft financial statements out of Trial Balance we have above. They will look like this:
Balance Sheet
Assets
A Cash 12
B Receivables 14
Total Assets 26
Liabilities
C Payables -4
D Borrowings -8
Total Liabilities -12
Equity
E Share capital 13
Current year’s profit -1
Total Equity -14
Total Liabilities and Equity -26
Income Statement
F Revenue -10
G Other income -7
Total income -17
H Operating expenses 6
I Interest expense 10
Total expenses 16
Net Profit -1
Now we came to the last point – introduction of Debits and Credits. In above example we were calling accounting entries like Increase of Account B and Decrease of Account F. However to making life easier accountants use Debits and Credits to formulate accounting entries. There is following rule:
Assets and Expenses accounts increase by debit and decrease by credit. Liabilities, Equity and Income accounts increase by credit and decrease by debit.
To apply this rule, let’s formulate above entry:
Dr Receivable 5
Cr Revenue -5
CLIFF
____________________________________________________________________
This article is for beginners of accounting profession who just started their long way and already struggling to understand the basics. The starting point of almost any accounting course is an explanation of the double-entry bookkeeping system which then stands as a core of any further studies. If you did not clearly understand how it works in the beginning the effect of further education will be zero.
I’ll try to illustrate the basics of accounting in the simplest possible way, avoiding in the beginning the use of such confusing terms like assets, liabilities, debits and credits, etc.
Let’s start:
Assume we have some Company X, which was established a year ago and now we are at the year-end, trying to draft accounts of Company.
All we can guess from the ‘accounting’ word itself, that it is a bunch of accounts. Great! That would be a starting point for us. Let’s put down some accounts on a paper (if you’re reading this article on your PC, it’s advised to do the below manipulations in Excel spreadsheet):
Account A
Account B
Account C
Account D
Account E
Account F
Account G
Account H
Account I
What you see above is just a list until we put some values opposite every account. The only point to bear in mind is that overall total of listed values should eventually be equal to 0:
Account A 12
Account B 9
Account C -4
Account D -8
Account E -13
Account F -5
Account G -7
Account H 6
Account I 10
Total = 0
Coming back to accounting, each value above is called an Account balance. List itself is usually called a Trial balance. Let’s assume that these account balances were actual ones for our Company X at the year-end.
Now it’s time to understand how the double-entry system actually works. Basically the purpose of the double-entry system is to reflect transactions that Company was involved into. Not going deep into details let’s imagine that Company X made a credit sale on the first day of current year amounted to 5 dollars. The effect on our accounts will be the following:
Before Entry After
transaction transaction
Account A 12 12
Account B 9 5 14
Account C -4 -4
Account D -8 -8
Account E -13 -1
Account F -5 -5 -10
Account G -7 -7
Account H 6 6
Account I 10 10
Total 0 0
Above sample illustrates the main principle of accounting. So, every transaction, whatever the substance of it, simultaneously increase one account and decrease the another. In our case Account B that was increased by 5 and Account F – decreased by 5. That’s why the Total of accounts equal to 0 remains unchanged.
To make the example more practical let’s define what each account actually indicates and call these accounts respectively:
Account A Cash - The balance of this account shows how much cash our Company has in hand at the moment.
Account B Receivables – This account shows how much money our customers owe to us as at the moment.
Account C Payables – Shows the total amount that we owe to our suppliers at the moment.
Account D Borrowings – Shows how much we are due on Bank loan at the moment.
Account E Share capital – Shows how much money the Company owes to its Shareholder, i.e. money invested into business by owners.
Account F Revenue – This account shows how much Company earned from its main activity for the period of time (usually year to date).
Account G Other income – This account shows any other revenues earned out of main activities for the period of time.
Account H Operating expenses – Shows cumulatively how much Expenses Company incurred to run it’s main business for period of time.
Account I Interest expense – Shows the amount of interest paid to Bank for the period of time.
Let’s now get back to our transaction when Company sold the goods for 5 dollars on credit. It resulted in increasing of Account B and decreasing of Account F. Let’s see why. Account B showing us an amount receivable from customers and since we sold goods on credit this amount should increase from 9 to 14. On the other hand by selling goods we earned a revenue which must be reflected on Revenue account. Before the transaction Revenue balance was -5, showing us that we earned 5 dollars so far – negative sign should be ignored, as it’s used only for the purpose of getting equality. Surely by selling more at the amount of 5 dollars, we should increase our Revenue to make it 10. However because of the negative sign in place, mathematically we decrease the -5 and it becomes -10.
Let’s take another example. Company pays 3 USD rental for the office in cash. Consequently we should decrease Account A (Cash) by 5 and increase Account H (Operating expenses) by 5.
Now, when we understand how double entries work, let’s see how these accounts form financial statements which are usually the ultimate purpose of any accounting. For that purpose we’ll allocate our accounts to certain groups: Assets, Liabilities, Equity, Incomes and Expenditures. Accounts A (Cash) and B (Receivables) will form Assets of the Company. Assets are what Company actually possess(e.g. Cash) or suppose to possess (e.g. Receivables). Next group is Liabilities. That’s what Company owes to suppliers, banks, other partners. In our case Liability group will include: Accounts C (Payables) and D (Borrowings). Another group is Equity, which comprises of accounts showing how much Company owes to its shareholders. Also this group can be called share capital. All 3 above – Assets, Liabilities and Equity eventually constitute Balance Sheet of the Company. Balance sheet accounts are always showing information as of particular date. E.g. if Cash account balance equal to 3, it means that as of present moment Company has 3 USD of cash in hand.
Other groups are Incomes and Expenditures. Income or revenue accounts reflect all incoming money that Company earn from its activities. E.g. for supermarket it would be revenue from goods sold, for bank - interest income, etc. Expenditures reflect amounts expended to maintain business. Main point to remember about Income and Expenditure accounts is that they are always showing us amounts earned or expended FOR the period of time (usually year to date). E.g. if Revenue account balance equals to 500 USD as at March 31 it usually means that Company made sales totaling to 500 USD since the beginning of year up to date.
Let’s now draft financial statements out of Trial Balance we have above. They will look like this:
Balance Sheet
Assets
A Cash 12
B Receivables 14
Total Assets 26
Liabilities
C Payables -4
D Borrowings -8
Total Liabilities -12
Equity
E Share capital 13
Current year’s profit -1
Total Equity -14
Total Liabilities and Equity -26
Income Statement
F Revenue -10
G Other income -7
Total income -17
H Operating expenses 6
I Interest expense 10
Total expenses 16
Net Profit -1
Now we came to the last point – introduction of Debits and Credits. In above example we were calling accounting entries like Increase of Account B and Decrease of Account F. However to making life easier accountants use Debits and Credits to formulate accounting entries. There is following rule:
Assets and Expenses accounts increase by debit and decrease by credit. Liabilities, Equity and Income accounts increase by credit and decrease by debit.
To apply this rule, let’s formulate above entry:
Dr Receivable 5
Cr Revenue -5
CLIFF
Aug
26
Hammy asked:
My company is based in Belfast, Northern Ireland. And we are looking to expand to somewhere in America and I have been put in charge of researching all the details. One thing I cant find is approximately how much would it cost to pay an accountant in the USA to do all the companies accounts over there? Any rough estimate would be appreciated!
My company is based in Belfast, Northern Ireland. And we are looking to expand to somewhere in America and I have been put in charge of researching all the details. One thing I cant find is approximately how much would it cost to pay an accountant in the USA to do all the companies accounts over there? Any rough estimate would be appreciated!
Thanks
JASPER
Aug
25
BLACKPOOL ACCOUNTANCY FIRM BUCKS THE TREND
Filed Under Income Tax Bracket | Comments Off
Danbro - Accounting Solutions for Contractors asked:
Blackpool-based specialist accountants for contractors, Danbro, is bucking the trend of decreasing sales and rising unemployment by continuing to grow its business in 2009.
The town has suffered a big rise in its jobless total in recent months, with latest figures showing over 3,300 people now claiming jobseekers’ allowance, following cutbacks at several high-profile firms and the abandonment of job creation schemes such as the ‘super casino’.
But Danbro’s success has continued, with eight new members of staff recruited so far this year, buoyed by strong demand for its umbrella and limited company services, aimed at the thousands of temporary and freelance workers in the UK.
The firm opened an office in London last July, and expanded into Manchester earlier this year. It also acquired rival firm Safe Business Solutions (SBS), bringing its client base to around 2,700 active contractors and just over 1,000 limited companies.
It also recently achieved ISO9001 accreditation, which confirms it adheres to an internationally-agreed set of standards for its management systems, and an Investors in People award in recognition of the training and development of its staff, while it has continued to invest in IT with the launch of a new website and back office within the last six months.
Danbro’s Gareth Richardson said: “Blackpool’s unemployment figures are increasing at a higher rate than the national average and potentially undesirable job creation exercises such as the ’super casino’ have failed. Danbro is creating and safeguarding long-term, highly skilled and highly trained jobs in the region.”
Danbro is not resting on its laurels, and is set to continue its expansion with plans to open a second office in London as well as one in Birmingham later this year.
For more information contact Danbro on:
Head Office: 01253 600140
London Office: 0207 836 84000
Manchester Office: 0161 238 4918
or visit www.danbro.co.uk
JOEY
Blackpool-based specialist accountants for contractors, Danbro, is bucking the trend of decreasing sales and rising unemployment by continuing to grow its business in 2009.
The town has suffered a big rise in its jobless total in recent months, with latest figures showing over 3,300 people now claiming jobseekers’ allowance, following cutbacks at several high-profile firms and the abandonment of job creation schemes such as the ‘super casino’.
But Danbro’s success has continued, with eight new members of staff recruited so far this year, buoyed by strong demand for its umbrella and limited company services, aimed at the thousands of temporary and freelance workers in the UK.
The firm opened an office in London last July, and expanded into Manchester earlier this year. It also acquired rival firm Safe Business Solutions (SBS), bringing its client base to around 2,700 active contractors and just over 1,000 limited companies.
It also recently achieved ISO9001 accreditation, which confirms it adheres to an internationally-agreed set of standards for its management systems, and an Investors in People award in recognition of the training and development of its staff, while it has continued to invest in IT with the launch of a new website and back office within the last six months.
Danbro’s Gareth Richardson said: “Blackpool’s unemployment figures are increasing at a higher rate than the national average and potentially undesirable job creation exercises such as the ’super casino’ have failed. Danbro is creating and safeguarding long-term, highly skilled and highly trained jobs in the region.”
Danbro is not resting on its laurels, and is set to continue its expansion with plans to open a second office in London as well as one in Birmingham later this year.
For more information contact Danbro on:
Head Office: 01253 600140
London Office: 0207 836 84000
Manchester Office: 0161 238 4918
or visit www.danbro.co.uk
JOEY
Aug
23
keithsfca84kg asked:
I am contemplating studying accounting in college. Can anyone tell me how secure the job market is for accountants?
I am contemplating studying accounting in college. Can anyone tell me how secure the job market is for accountants?
Thanks for your input.
LOREN
Aug
23
Grind Police (CPA Pep Rally Video)
Filed Under Film | 4 Comments
Madjoy23 asked:
CPA creates a “Grind Police force” to deal with the ‘Grinding’ at CPA dances.
RICKY
Aug
22
Nychelle G asked:
I’m a business major, and will most likely go into the accounting field. Just curious of the nature of the job. Its pros and cons. I prefer people who are either accountants, have experience with accountancy, or someone who knows the life of an accountant to respond. Thank You!
FERDINAND
I’m a business major, and will most likely go into the accounting field. Just curious of the nature of the job. Its pros and cons. I prefer people who are either accountants, have experience with accountancy, or someone who knows the life of an accountant to respond. Thank You!
FERDINAND
Aug
21
Becker CPA Beat - REG
Filed Under Comedy | 11 Comments
yanniinacan asked:
Studying for the CPA exam? Using Becker? Need a little help with the REG section? This is a summary of the entire Regulation portion of the CPA exam as taught by Tim Gearty. Enjoy. Check out ShafferBros.com for more good stuff.
JEREMY
Aug
21
What would the ideal office for an accountant look life?
Filed Under Other - Business & Finance | 1 Comment
MercilessAngel asked:
What kind of things would you find in an ideal accountant office? what kind of equipment, programs, boards. A fax machine? A copier? If the type of accountant has to be specific then an internal auditor.
JARROD
What kind of things would you find in an ideal accountant office? what kind of equipment, programs, boards. A fax machine? A copier? If the type of accountant has to be specific then an internal auditor.
JARROD