Accounting Archives - Business Reflection

The Benefits of Small Business Bookkeeping-Accounting Consultation

29Jun

By Jeff J. BoughnerNo Comments

Accounting

The Benefits of Small Business Bookkeeping-Accounting Consultation

New and established business owners (soleproprietors, corporations, small and medium sized businesses ) can often benefit from professional business consultation.It is often helpful to have a third party opinion of a professional that is not closely tied to your business.Their opinion is unbiased and is purely from the facts that you provide to them and their own assessment of the situation.In addition, outside professional advice can bring ideas and insights that perhaps you have not considered.It is much more cost-effective to use consulting services in a pay-as-you-go method as you don't pay retainers for time and services that you may not need or useOr, perhaps you need a referral for other types of help - tax preparation, outsourcing bookkeeping, etc.You will find Small Business Accou...

29Jun

By Jeff J. BoughnerNo Comments

Accounting

Face Your Financials

July 1 starts the new fiscal year at many organizations and that's a good time to think about financial management and fiscal health. There may be both an accountant and a bookkeeper on the payroll but you, the business owner, nevertheless bear the ultimate responsibility for maintaining the financial integrity of the enterprise.Every owner must be able to make sense of basic financial data. Each financial statement has a story to tell and the business benefits greatly when the owner is able to analyze and apply the information that the numbers convey.Three financial documents are typically generated monthly (and also compiled quarterly and annually): the Balance Sheet, the Cash Flow Statement and the Profit & Loss (or Income) Statement. The Balance Sheet resembles your checking account m...

12Jun

By Jeff J. BoughnerNo Comments

Accounting

Top 3 Tips: Sourcing The Right Accountant

In such a competitive business market, ensuring you stay afloat is no easy task. Whatever your business, whatever size and whatever industry; there is constant pressure and with wages yet to fully meet the cost of living, it can be a struggle to get those sales and keep your head above water.With so much pressure on a business, it is crucial that you give yourself the best chance possible by ensuring that you have the ideal financial support in place. With the right accountant, solid financial support, cash flow management and round the clock care your business stands a better chance of keeping everything in check and running smoothly; leaving you to focus on what really matters.A great accountant can make life for any business, a lot easier and with a pristine financial record; businesses...

8Jun

By Jeff J. BoughnerNo Comments

Accounting

Online Accounting: Save Time And Focus On Your Business

Online accounting, especially automated accounting, can help keep your data secure, save you time, and conduct bookkeeping and accounting essentials rapidly and in a more streamlined manner. Because accounting and bookkeeping are business essentials, it pays to invest in technology that can help you secure your company's data. Moreover, unlike popular perceptions of being expensive or out-of-reach, if chosen wisely, online accounting helps the average business save immense expenses.SecureIt helps private data remain confidential. The security levels offered by online accounting programs can be set by you. Passwords and access codes ensure that only those authorized to particular data can access it. This means that in the event of theft or damage to the computer, your data remains safe. Dep...

6Jun

By Jeff J. BoughnerNo Comments

Accounting

What Are Capital Investment Models?

There are several different decision models we can use to evaluate proposed capital projects. We want to consider three and mention a fourth. The three that deserve most of our attention are net present value, internal rate of return and the payback period. It should be noted that these are not competing methods. Each has its individual strengths and one is not inherently better than the others. Nor is it a matter of using one versus the others. If you are going to make a capital expenditure decision involving a large amount of money, it only makes sense to look at it from different perspectives. The fourth model we will discuss is the accounting rate of return. It is not generally thought to be as good a model for decision making. We mention it only because, even with its faults, it is st...

3Jun

By Jeff J. BoughnerNo Comments

Accounting

Tips on Choosing an Accounting Supplies Company

Looking for a better source of accounting supplies? While the local stationary shop or big box office supply store down the street has its appeal, it may not have the specialized supplies your company needs such as highly secure MICR checks. Use these tips to choose the best accounting supply company for your specific needs.Assess Your Accounting Supply NeedsBefore you start searching for a supplies company, you'll need to have a firm idea about your specific needs. After all, if you need a specific type or brand of supplies, it won't do you much good to set up a contract with a company that isn't an authorized partner for those supplies.Take a walk through your office with a clipboard and make a list of your accounting supply needs such as: laser printer cartridges, blank check stock, bla...

1Jun

By Jeff J. BoughnerNo Comments

Accounting

Managing and Operating Budget Effectively

As a manager, a lot of your time probably involves four major activities: planning, organizing, controlling and directing. Accounting plays a central role in each of these activities. It does so largely through the budgeting process. An organization's operating budget is a plan of action or, more precisely, a quantified plan of action. It communicates the firm's goals and sets forth expectations in financial terms. It helps answer such questions as: What level of sales will we need this year to achieve our desired rate of return? What are our budgeted costs? Which costs are fixed and which are variable? The budget can also provide an estimate of the resources and funding a firm will need to achieve its operating goals.Not only is the budget a valuable planning tool, it also serves as a con...