Basic Accounting

Having an application for a merchant account rejected by your local bank can be a soul-destroying experience, especially if you have expended a great deal of time and effort on your application, and when your business operations are already in a high-risk sector, such as adult entertainment, travel services, online pharmacy, escort services, dating, telemarketing, high-volume or multilevel marketing.

If this happens to you, your next step depends on a number of independen Read more

Everyday a new business, partnership or company is formed to carry out trading transaction in view to profit from the business activities. By the time any person register the business, partnership or company, documentation is required for every single step. The recording or tracking for these documents is both time and effort consuming. These records are essential and important, so it should not be overlooked.

Many a times, the owner need to plan and action on driving rev Read more

Early in the year, the Inland Revenue Authority of Singapore (IRAS) laid their hands on the tax evaders. Those got questioned, investigated have to pay the authority the tax shortfall due to under declaring income. To add icing to the cake, they are ordered to pay huge fine as a penalty.

Among those got caught admitted outright that they reported their estimated income as they find it difficult to keep proper records. The tax authority checked and agreed that they are not Read more

There are 5 factors in which the accounting professional will take into consideration in determining the fee.

The complexity of the business depends on the nature of the business. It will determine the amount of time and effort to record the business transaction. It will layout the guidelines as:-

- how transactions are to be recorded,

- how to calculate cost and the appropriate allocation

Service based and product based business are two common business Read more

Any business irrespective of the size needs to be handled and looked after properly and often this can turn out to be overwhelming for the business owner. It is very important to ensure that every department of the business is functioning properly so that one does not face any kind of difficulty when they have to assess the productivity of their business. Now what a business owner can do to handle this efficiently is outsource the work to a professional or a group of profession Read more

Cash flow is often called the lifeblood of a business. However the flow of cash into most businesses is uneven and there can be times when a constrained cash flow creates serious problems, even if the long term situation is positive.

There are, however, ways to improve cash flow of any small business and remove some of the worries about bills not being paid or not having enough on hand to pay wages. These mainly involve no more than adjustments to what youre already doin Read more

Intuit recently announced some exciting changes to it’s new QuickBooks 2008 line of software products.

Improvements for QuickBooks Premier Accountant 2008

Some of the most exciting changes happened in the Premier Accountant 2008 version. Here are some of the new features added for that version.

1. Now Backwards Compatible. Perhaps the most exciting new feature added is the ability of Premier Accountant 2008 to be backwards compatible with many 2007 vers Read more

Whether or not youre an accounting professional, everyone should understand the basics of assets and liabilities. Understanding the difference between these two financial accounts can mean all the difference between becoming wealthy or becoming poor. The purpose of this article is to explain the difference between these two accounts and to provide some basic accounting knowledge that can teach even the most dim-witted person how to understand finances.

Assets are anythi Read more

Balance Sheet

A balance sheet is simply a list of all the balance of the assets and
the liabilities and the investments of the business. In a traditional
way the assets are shown on the left-hand side of the page and
liabilities on the right-hand side of the page. There are always two
aspects to every event, which enable the balance sheet to balance;
this is because the balance sheet is actually constructed from the
accounting equation.

There are numerous prob Read more

Numbers are something that leaves us with a cold feet and sweat and especially, when the numbers are endless. Whether one is managing a big or small-scale business, accounts are something that one dares to handle. And when it comes to retail accounting then one has to be alert all the time retail is one thing that is always doing business. Due to the constant demand of buying and selling things it becomes difficult to manage accounts for it. Hence, retail accounting is a good o Read more