Remorse (part 1)

Remorse (part 1)

I wonder if you have been in such situations. You got yourself into debts (there can be numerous reasons, legitimate and illegitimate), legitimates reasons would be, credit card bills because of medical fees, hospitalization of your loved ones, or serious illness from your family or yourself (like cancer). Illegitimate reasons would be like gambling, prostitution lavish spending without serious consideration. Read more

How Management Accounting Can Be Used to Help Your Business

How Management Accounting Can Be Used to Help Your Business

Management accounting is the technique of gathering and recording information which aids the decision-making capability of management. Indeed, management accounts can help management and business owners make better operating and strategic decisions. Furthermore, banks and other financial institutes sometimes require management accounts on a regular basis to assess their continuing lending terms and conditions.

A good management accounting process is one that helps to tackle four key aspects of a business:

PlanningDirectingDecision MakingControlling

The following are ways in which management accounting can help a business:

    It provides accurate information related to the budgeted and actual figures, thus enabling the managers and business owners to take proper cost controlling measures.Provides timely feedback related to current operational activities, therefore helping in reassessing the operational decisions and gaining better control over the activities of the business.Assists in measuring the performance of various departments and sub- units within an organisation. Read more

Tips for Preparing a Trial Balance

Tips for Preparing a Trial Balance

    What is a Trial Balance?

    Just when you think you finally understand your income and expense statement and your balance sheet, here comes another accounting tool, the trial balance. Think of the trial balance as the place where every transaction eventually ends up in the form of a debit or credit. Read more

Test Your Inventory IQ: How Much Do You Know About Inventory Controls and Methods?

Test Your Inventory IQ: How Much Do You Know About Inventory Controls and Methods?

    Why Inventory Control is Key in Any Business

    Controlling and keeping track of inventory is a must-do for every business. Without controls, you don’t know how much inventory you have on hand or how to determine how many sales were lost due to not enough inventory in stock.

    There are various inventory methods utilized and not each method works for every type of business. Read more

General Information About Accounting Software

Accounting software comes in handy for various purposes and people. Companies and individuals can use this software and enjoy many benefits.

For personal use, you can use this software to calculate and keep track of your monthly expenditure. By knowing how much you spend and save, you have better chances of saving money for your old age or any other purpose. If you have a family of your own, you can possibly imagine the number of expenses that you might have.

Keeping track of all bills, loan payments and others is not easy, especially if you are leading a hectic lifestyle. Read more

Cost Recovery Method: Example & When to Use

Cost Recovery Method: Example & When to Use

      First off, so you dont get confused, there is something called the accelerated cost recovery system (ACRS) that is used more by tax professionals and certified public accountants (CPAs). It is basically a way to schedule depreciation rates in an accelerated way to reap the reward of tax credits at tax time as depreciation is an expense. Read more

How a Company Fuel Card Program Can Help Control Driver Expenses

How a Company Fuel Card Program Can Help Control Driver Expenses

If your company does a large part of its business on the road, then you know how important it is to keep an eye on your drivers. Drivers out there need to be in the right places at the right times. There is no space in the sales world for lateness. Conversely, drivers who are scouting, or conducting any kind of speculative work, need to maximize their time and not take advantage of having free time. Read more

3 Main Areas of Public Accountants

3 Main Areas of Public Accountants

Public accounting firms are extremely useful when it comes to helping your business succeed. They provide a variety of services in multiple areas of commerce and can be a great resource when it comes to business assistance. Although these large public firms are very diversified, they mainly specialize in three specific areas of business.

1. Advisory services. In the current business market, many companies are facing short-term issues such as cutting costs, inventory management, and overall improved efficiency. Read more