Basic Accounting

Having started with the income statement yesterday, I might as well continue on with the balance sheet. The balance sheet is divided into two sections, the assets and the liabilities and stockholders equity. This may sound like three sections (and it is), but the point of it being thought of as two sections is illustrated [...]

Accounting is the backbone of any business. Right from dealing the financial tasks to the estimation of profit, everything is the sole responsibility of the accounting department. Whether the business is small or big, accounting is one of the most important aspects of a business. Running a business is not a child’s play and it [...]

Any business runs on the basis of important contributions from various divisions such as marketing, human resource, information technology, administration and of course finance and accounting. The business undertakes multiple transactions in a single day and it becomes crucial to maintain accurate records of each transaction to arrive at a proper picture of the entity’s [...]

The accounting profession is diverse. For most people a bookkeeper and accountant is considered to be the same. Some clients even refer to their highly trained accountants as their ” bookkeepers”. This article has no intention to heap scorn on the professional bookkeeper. If anything, their work enables the accountant to prepare and finalize their [...]

The first thing you do to find a good accountant, is to build a list of referrals form credible sources. To find resources for these referrals may seem like a daunting task at first, however, it is simpler to accomplish this goal then what you think. You can go to such resources such as your [...]

The most popular type of accountants are public accountants. Public accountants has the widest range of accounting, then any other type of accountant. Unlike other types of accountants, public accountants can work for individuals, businesses and organizations, as well as be utilized by government agencies. There is no limit to who public accountants can work [...]

The most popular type of accountants are public accountants. Public accountants has the widest range of accounting, then any other type of accountant. Unlike other types of accountants, public accountants can work for individuals, businesses and organizations, as well as be utilized by government agencies. There is no limit to who public accountants can work [...]

The main thing you will need for your income tax return is proof of the income you made and the taxes you paid in the previous year. That includes income made through employers, interest from accounts, dividends from investments, income made through self-employment, income made as a subcontractor, and any other income. Student loans and [...]

The fringe benefits tax (FBT) year end is just around the corner on 31 March 2008. Ongoing investigations by the ATO show that FBT compliance is not as good as it could be – so FBT is on the ATO’s audit hit list. Now is the time to check whether you have provided any fringe [...]

Making a profitable business is not an easy task. Great effort, sincere dedication, perfect management, accurate sense of timing, intelligent proficiency and many such qualities are united together to create a successful organization. Moreover, it basically requires huge contribution of a plethora of serious and committed employees. Every company irrespective of its size and services [...]