Quick Guide to Accounting Training

Are you considering an accounting education but confused by all the jargon? This is a quick guide to understanding the different specialties associated with accounting careers and the training you will need to be successful.

Business cannot function without people who monitor, evaluate, and synthesize productivity, financial, and resource data. Accounting, or accountancy, is the practice of collecting and measuring data in order to allocate resources. Most often accounting is specific to a business’s finances. Auditing is a related field whereby records are reviewed and a conclusion reached; resulting in a recommendation for action; geared to ensure efficiency and to improve performance and ensure adherence to standards and principles. A simple example of the workplace relationship follows: An accountant would enter and keep track of payroll and company expenses. An auditor would review the records kept by the accountant to determine if money and time are being well spent.

When people think of auditors, the first thought is probably one of an IRS man in a suit with a stern expression coming to make sure you paid your taxes. While this type of auditor exists (not to be feared if you have been a good record keeper) auditors are usually individuals who are hired to evaluate the accuracy of accounts kept by a company. Their analyses help management determine effectiveness and efficiency.

Accounting professionals often deal with time to money ratios. In order to keep track of all these numbers, professionals must be well able to use computers; specifically spreadsheet applications (such as Microsoft Excel).

Accountants often specialize in one field. Jobs include bookkeeping, tax accounting, cost accounting, accounts payable, accounts receivable, time keeping and payroll.
Accounts receivable refers to incoming payments.

Accounts payable refers to debits and outgoing payments.
Bookkeeping refers to recording transactions and calculations.

Tax accounting in its simplest form refers to the specialty of preparing tax returns.
Cost accounting refers to the specialty of accounting that deals with analyzing, tracking, and recording business costs. Cost may be measured not only in money, but in time.
Time keeping and payroll clerks do just what it sounds like; they keep track of workers’ time sheets and payroll.

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Factors to Consider Before Starting Your Own Bookeeping Business

Starting your own bookkeeping business is one of the most profitable home based business. Not only that, you have the opportunity to turn your passion about bookkeeping into a full time business! However, before venturing into bookkeeping business, you need to consider the following factors:

1. Bookkeeping skills and experience - you should have the basic experience of handling bookkeeping jobs as well as proficient in bookkeeping procedures. Although it is not mandatory that you should possess qualification in accounting or bookkeeping, it is an added advantage if you have some form of formal training in this field.

2. Target market - although the demand for bookkeeping services is huge as virtually all business need to maintain proper financial records, however, the competition of bookkeeping services is keen as the barrier of entry into the business is low. Therefore, it is important for you to determine what sort of business that you would like to focus on. For example, you may consider providing your bookkeeping services to small business owners who are providing cleaning services.

3. Business plan - like other business, having a business plan is fundamental to the success of your bookkeeping business. If you are planning to start your services from home, then your start up cost should not be your major concern as it will cost you probably $2,000 to $3,000. Your plan should also cover your advertising and marketing of your services. If you were to target small business owner, then advertising in your local classified ad could a better option as the cost is low and yet effective.

4. Basic tools - a personal computer, user friendly bookkeeping software and a printer is a must. These 3 items are considered the basic tools required for your business.
Other things that need to be taken into consideration before you start your own bookkeeping business including when and where to find an accounting mentor when the need for consultation arises.

Hiring a Bookkeeper

Hiring a bookkeeper? You'd think it would be easier to find bookkeepers. Where are they, and when you do find them, how do you hire the best bookkeeper for your business?Keeping track of your company's financial data is vital. In fact, it's so important that you can't just leave it to chance.

You need someone in charge of your books who has the training and experience to get the job done right. But finding a quality bookkeeper can be a challenge - unless you know what to look for.

How to Hire a Bookkeeper
To begin with, you need to understand that bookkeepers are not necessarily the same as accountants. While an accountant's job is to provide financial advice and recommendations, a bookkeeper's job entails things like recording income and expenses, reconciling bank statements, processing invoices, and administering payroll.

If that sounds like the kind of person you need, then it's time to start shopping around for someone to fill the position. Bookkeepers can be hired on a part-time, full-time, or even contact basis depending on the needs of the business. But no matter what kind of arrangement you decide to go with, your bookkeeper needs to meet certain basic qualifications.

Bookkeeper Training & Education
A qualified bookkeeper may or may not have a degree in accounting. Some of the best bookkeepers you'll find don't. But they should have completed some formal coursework in bookkeeping through a community college or other accredited institution. For information about the kind of coursework you should be looking for, you might consider contacting the American Institute of Professional Bookkeepers.

Bookkeeper Experience
Although education and training are important, there is no substitute for experience. Hiring a bookkeeper with only a couple of courses under their belt and no actual bookkeeping experience is a recipe for disaster.

It's not uncommon for bookkeepers to operate on a contractual basis, so potential candidates should be able to provide you with a list of satisfied clients you can contact for a reference. You should also plan to check out references of previous employers if the individual has staff experience on either a full- or part-time basis.

Detail-oriented Personality
Bookkeepers live and die in the details. Therefore, it is absolutely critical for them to have detail-oriented personalities. If the person seems frazzled or disorganized at the interview, that's a good sign that they may not be the right person for the job. On the other hand, if the candidate shows up with multiple copies of a well-organized resume and a color-coded Day Planner, you may be on the right track.

Technological Awareness
The art of bookkeeping has come a long way in recent years. Nowadays, most bookkeeping is done in a computerized fashion. Potential candidates should be familiar with - if not proficient in - the record keeping software your business uses on a daily basis.

Costs for Bookkeepers
How much should you pay a bookkeeper? That depends largely on how much you want them to do. If you're planning to outsource your bookkeeping needs, expect to pay between $20 - $50 per hour depending on the complexity and volume of work your business requires.
Source : http://www.gaebler.com

Why Web-Based Accounting Software Will Help You Succeed In Business

New business tools like online accounting software make it easy for business owners to focus on what really matters.

Red Hat founder and celebrated entrepreneur Bob Young revealed three very practical tips for business success in an online TV interview recently. Though high level, they successfully identify why investing in tools like online accounting software make great business sense. Young told viewers:

1. Every minute you spend doing something that isn’t about making your customer’s lives more successful is a wasted minute.

2. Get above the day-to-day and understand what you’re trying to do. (As they say, when you’re up to your waist in alligators it’s hard to remember the goal was to drain the swamp.)

3. You have to do the hard financial stuff. And you have to do it well.It doesn’t sound like rocket science, but actually achieving this is a huge challenge and one that most business owners struggle with every day.

Fortunately technology is making things easier. Software is getting smarter and it’s moving online. Xero web-based accounting software promises to not only help you follow Bob Young’s advice and do the hard financial stuff well. It will also free up more time for you to focus on your customers and get above the day-to-day.

As David Johnson, FD for BlueGlue and many other customers have found out, the advantages of moving to online accounting using Xero’s web-based accounting system are many. Not only does Xero’s web-based accounting software automate and simplify daily bookkeeping, but it also ensures everyone who needs to can get essential financial information straight away in an easy-to-read dashboard format. And importantly, because the accounts are stored securely online, anyone who needs to can access up-to-date information and generate reports for themselves – no more multiple versions and preparing documents for accountants, investors, directors and senior management.

Accurate Accounting Bookkeeping Services will assist your Business

Accounting tasks are quite a problem when undertaken by in-house staff and become uncomplicated with the help of outsourcing. Since the accounting projects are of crucial importance for successfully running a venture, accounting firms regularly outsource the bookkeepers for this purpose. The financial records are maintained by the professionals which otherwise is considered a very hectic task involving innumerable number of calculations. To regularly update the accounts books, one needs to be thoroughly accurate with the numbers and their computations.

Bookkeeping business services is an essential process of every small and large size outsourcing business; it keeps track of business finances, including transactions on a daily basis. Business financial analysis, based on business records is the key tool in the success of every business.

» Accurate bookkeeping and accounting business services assists organizations to answer important questions like:

* Is your business making money, or losing it?
* Is your business on sound financial ground, or are troubles lurking ahead?
* Are expenditures increasing faster than sales?
* Which expenses are too high based on the level of sales?
* Is there any expenditure which appears to be out of control?

A sound bookkeeping systems acts as a foundation, where all this valuable financial information can be constructed.

Bookkeeping Business requires the most important thing is Accounting Services. All process of Business has recorded carefully in day by day. For that Accounting Software is useful software for any Business to keep all your financial records and help to complete your bookkeeping accounting requirements.

About Company: Bookkeeping services India Company is individual professional bookkeeping business which support different accounting and financial services such as account payable, account receivable, bank reconciliation, accounting software and essential future planning and accurate financial statements that is useful for new and small/middle level business.

Real Estate Accounting - A Boon for the Business

The building block of any business is its accounts. For running both small business and large businesses, you need an efficient accounting system or accounting department. It is the responsibility of the accounting department to keep the up-to-minute records of every financial transaction. For the well being of any business, the accounting staff must be excellent and well qualified so as to; help the business reach new heights. One such industry, which can never sustain without the help of the efficient account department, is real estate. Real estate industry involves huge cash transactions, thus real estate accounting process has to be perfect.

Real estate accounting involves great care and as you need to follow certain strategies and principles. It is quite tedious and requires great skill and expert accountants. In the real estate business, it is important to maintain records of the retails and transaction of a company. This makes the real estate accounting process quite tiresome and cumbersome. For maintaining these records, help of some professionals is a must. If one employees professionals for this thing, it would be quite expensive. But these days you can go in for outsourcing of various services. It is quite a good idea to go in for real estate accounting outsourcing.

Real estate accounting outsourcing enables you to have quality and professional services. The staff with the real estate accounting outsourcing firms is highly qualified and experienced in handling the accounts well. They make sure that you have no problems, in maintaining your accounts. The professionals here keep there calm and do the work with great efficiency. They give a true and a clear picture of your business, which helps you know the things better. Also, this helps you in economizing your funds, as it reduces the cost of having a fixed staff for looking out into this matter.

It is not difficult to look out for real estate accounting outsourcing firms. All you have to do is search the internet. You will come across a list of service providers, therein, shortlist few of them. Once you have short listed the names, ask for their price quotes. Compare and contrast their quotes and their terms and conditions. Also, if possible, go through the list of existing clients to get a fair idea about their services. This way, you can judge their performance.

Before, you select the outsourcing firm, check their confidential policy. Make sure they do not misuse your valuable information, which they have an easy access to. Check whether the real estate accounting software used by the real estate accounting outsourcing firm has latest software or not. This way you can ensure the quality and timely submission of work. All these things are of prime importance and must be taken care of, before you choose the real estate accounting outsourcing firm.

So, for the growth of your real estate business, avail the services of the real estate accounting firms, and see your business growing with them in a short span of time and reach the apex of success.

About the Author
Alvis Brazma gives advice to business owners about how to manage their business efficiently without any hassles.To know more about accounting outsourcing,bookkeeping help,Real estate accounting,small business accounting visit www.impacctusa.com

How to Choose Accounting Software For Big Business

When deciding to go for accounting software, it must be understood that the best accounting software is not necessarily the most expensive, but the one that performs the entire core accounting functions quickly and accurately. All additional features are secondary to the basic functions. Don’t forget, it is the rigid rules of accounting that makes the software so consistent throughout.

The most elaborate business accounting software provides very in-depth financial information. These numbers can be so detailed that it takes a professional accountant days to interpret. On the flip side, some software can give a general summary with a few clicks of the mouse.
The greatest business accounting software cannot convey what an increase in bank transactions and a decrease in sales volume means for any specific business. So, even with great software, accounting knowledge is required to forecast corrections to be made or areas to focus on with accounting figures.

When dealing with large business accounting, it is always a good idea to employ a controller or accountant even if software is utilized. It is very important to the future profitability to make sure the numbers are accurately displayed. A professional bookkeeper can confirm the relevancy, accuracy, etc. and explain what those numbers mean for the company’s situation.
So, even with simple software that calculates an overview summary of the accounting functions, at least a background knowledge of accounting predictability is necessary to be successful.
Some small companies may not want comprehensive software that computes double-entry bookkeeping, because the business does not keep a balance sheet to require the double-entry method. While small businesses do not need double-entry software, virtually all big businesses must use the double entry method to comply with audit and tax laws.

The double-entry concept works on the principle that for every debit, there has to be a credit. Accounting software comes in handy to prepare Trial Balance, which demonstrates the accounting accuracy of the involved transactions. The Trial Balance has a Debit and a Credit side.
To find out if the double-entry transactions have been recorded properly or not, the sum total on Debit side should equal the Credit side. If the tally is accurate, it indicates that the transactions have been accurately recorded.

In bigger companies it is useful to separate the different accounting tasks to different departments. For instance, accounts receivable and collections can all be handled by different groups. Accounts receivable and collections are similar, but a major difference is that receivables are generally voluntarily flowing in, whereas collection is the active pursuit of gathering payments due.

Another delegation of processes can be accounts payable and purchasing. Accounts payable is generally monthly bills and issuing checks for tabs or credit offered and purchasing is deciding what and how many to purchase, like office supplies.

A database accounting software system not only produces high quality financial records but offers numerous financial control alternatives for both junior and senior business management. The accounting function also has the security of producing trial balances, periodic profit and loss accounts, balance sheets and other financial and statements for tax and control purposes.

ACCOUNTING - HOW TO SUCCEED 2 — by PETER RADFORD

Accounting Double Entry
Accounting involves the classification, analysis and dissemination of financial information to those parties who require such information in order to make informed judgments and decisions based on the material.

It is the measurement and control of financial transactions which are, in essence, the transfer of legal property rights, between one party and another, made under binding arrangements. However, transactions that are not financial in nature are specifically excluded since they are regarded as not material.

The double-entry bookkeeping system used in accountancy is the linchpin used by businesses and organisations to record all of their financial transactions. The concept was first introduced in 1494 by the Italian mathematician Luca Pacioli.

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Outsource Professional Bookkeeping Services to India

Bookkeeping Services India's personalized and professional online bookkeeping services cover the entire scope of bookkeeping and customers have the flexibility to choose what they require. We function just as customers' virtual back-office for all their bookkeeping and accounting work right from set-up, support, maintenance and consultancy with accounting. By outsourcing bookkeeping services to India, you can benefit from the cost advantages of Bookkeeping Services India's customized finance and acconting services.

Bookkeeping Services India include:

* Entry of transactions
* Journal entry
* General Ledger
* Assets /Equipment Ledgers
* Expenses Ledger
* Accounts Receivable Services
* Accounts Payable Services
* Ageing Report & Summaries
* Bank Account Reconciliation
* Financial Statements preparation
* Trial Balance
* Income Statement (Profit & Loss)
* Balance-sheet
* Cash Flow Statement

Outsource your online bookkeeping services to India.