Finance :  Accounting & Auditing

Real estate accounting is becoming one of most powerful industries that requires efficient bookkeepers who can take the businesses a one step ahead. Accounting is an integral part of any organization; whether it is a regular industry or a specialist, all of them need good and knowledgeable bookkeepers. And real estate is no different from the other...

Bookkeeping is fundamental in running your business in an informed way. It is important that you have an organized, transparent and updated bookkeeping system in place. One of the ways to keep track of your company's books is bank reconciliation. What is bank reconciliation? The procedure of comparing the account balance given by the bank with that...

A brief description of how to figure the gain or loss on the sale or discard of a fixed asset.The definition of Gain and Loss is as follows: Gain: When the sales price of a fixed asset exceeds the fixed asset's book value. Loss: When the sales price of a fixed asset is lower than the fixed asset's book value. How would you feel if you sold one...

Bookkeeping, commonly referred to as keeping the books, is the process of keeping full, accurate, up-to-date business records It is the process of recording and classifying business financial transactions (activities), maintaining the records of the financial activities of a business or an individual. A bookkeeper assists you in effectively managing...

Many small business owners wonder if accounting is a necessary evil. Those who run the accounting system speak a language of credits and debits. Most business owners feel they can not speak this language. An efficient accounting system contributes to overall profitability.An accounting system is for communication. The system produces information that...

"I would rather expire at my desk than to sell my business and pay Uncle Sam one dime in taxes." How many owners that have paid their fair share of taxes for twenty years of building their business feel this way? The tax bite is the single biggest factor in an owner's reluctance to sell his/her company. I have previously written articles...

Every small business is required to keep bookkeeping records to produce at the end of the financial year a set of accounts to show the sales income, business expenses and the net profit for tax purposes. Medium and larger businesses employ accounts clerks, bookkeepers and accountants to maintain the financial records and produce regular accounting information...

The Interview was conducted in August 2002. On May 31, 2005, the US Supreme Court overturned the conviction of accounting firm Arthur Anderson on charges related to its handling of the books of the now defunct energy concern, Enron. It was only the latest scene in a drama which unfolded at the height of the wave of corporate malfeasance in the USA....

Remember the book called "Catch 22"? It is now commonplace to call a "Damned if you do, and damned if you don't" situation a "Catch 22". This is a predicament that many small business owners have found themselves in. Running short of cash, the owner goes to the bank to borrow money, only to find that they don't...

A brief explanation of an Accounts Receivable system. It also includes suggestions how to prove balances. Deciding to extend credit to customers of your business means you need to be organized. This entails setting up an Accounts Receivable (A/R) system and consistently following all the policies and procedures established to make the system work. This...