Accounting How To Boot Camp: The Fast and Easy Way to Learn the Basics with 85 World Class Experts Proven Tactics, Techniques, Facts, Hints, Tips and Advice

Lance Glackin

Description

Looking for the straight facts on Accounting?

In this clear and highly informative how-to guide the authors give you the latest on Accounting essentials with 85 of the most current, most actual and beneficial Facts, Hints, Tips and Advice you can find from experts in the field on Accounting.

Discover How to, Sound and Practical Advice on:

- A Bank Reconciliation Sample Explored

- Basic Accounting Concepts - Income Statement

- Top 10 Small Business Bookkeeping Tips

- The Importance of Business Financial Analysis and Management

- How I Setup My Business Bank Accounts

- Ledger General Entries - Example

- Top 10 Accounting Myths

- Increasing Profits and Achieving Higher Profitability - Business Profit Fundamentals and Analysis

- Effectively Managing Your Cash Flow in Your Business

...And Much More...

Get up-to-date on the latest trends, Learn from the Experts, and get their Success Secrets now.

Sujets

• Accounting
• Economie gestion
• Economics
• Business

Informations

• Publié par: Emereo Publishing
• Date de parution: 24 octobre 2012
• Nombre de lectures: 0
• EAN13: 9781486432646
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Accounting How To Boot Camp: The Fast and Easy Way to Learn the Basics with 85 World Class Experts Proven Tactics, Techniques, Facts, Hints, Tips and Advice

Copyright ©

Notice of rights

All rights reserved. No part of this book may be reproduced or

transmitted in any form by any means, electronic, mechanical, photocopying,

recording, or otherwise, without the prior written permission of the publisher.

Notice of Liability

The information in this book is distributed on an “As Is” basis without

warranty. While every precaution has been taken in the preparation of the book,

neither the author nor the publisher shall have any liability to any person or

entity with respect to any loss or damage caused or alleged to be caused directly

or indirectly by the instructions contained in this book or by the products

described in it.

Trademarks

Many of the designations used by manufacturers and sellers to

distinguish their products are claimed as trademarks. Where those designations

appear in this book, and the publisher was aware of a trademark claim, the

designations appear as requested by the owner of the trademark. All other product names and services identified throughout this book are used in editorial fashion only and for the benefit of such companies with no intention of infringement of the trademark. No such use, or the use of any trade name, is intended to convey endorsement or other affiliation with this book.

Looking for the straight facts on Accounting? In this clear and highly informative how-to guide the authors give you the latest on Accounting essentials with 85 of the most current, most actual and beneficial Facts, Hints, Tips and Advice you can find from experts in the field on Accounting. Discover How to, Sound and Practical Advice on: -A Bank Reconciliation Sample Explored -Basic Accounting Concepts - Income Statement -Top 10 Small Business Bookkeeping Tips -The Importance of Business Financial Analysis and Management -How I Setup My Business Bank Accounts -Ledger General Entries - Example -Top 10 Accounting Myths -Increasing Profits and Achieving Higher Profitability - Business Profit Fundamentals and Analysis -Effectively Managing Your Cash Flow in Your Business ...And Much More... Get up-to-date on the latest trends, Learn from the Experts, and get their Success Secrets now.

Table of Contents

Accounting Terms - Withdrawals Or Drawings ................................9 Cash Payroll Loans ...............................................................................11 DIY Accounting Small Business Accounting Software Questions

And Answers.........................................................................................12 Why Your Small Business Needs an Accountant ............................15 What Exactly is Entailed in a Financial Statement Audit Report? 17 Umbrella Companies For Contractors...............................................19 How Much Can You Make Bookkeeping?........................................20 Set Up an Effective Accounting System ............................................21 Winning the Accounting Software Game .........................................23 Financial Reports Used to Prepare Audited Financial Statements25 Audited Financial Statement Procedures..........................................27 Double Entry Bookkeeping Versus Single Entry Bookkeeping .....29 What Are the Most Common Modules in Business Accounting

Software?................................................................................................33 Start a Bookkeeping Business - How Do You Find the Perfect

Business Name? ....................................................................................34 Collection Tips 101 ...............................................................................36 Vital Importance Of Small Business Accounting Software ............45 The Significance Of Small Business Accounting..............................47 Payroll Record Retention Requirements ...........................................49

Payroll Software For Small Business - Keeping Your Employees

Happy .................................................................................................... 55 How to Review Financial Statements - Income Statement ............ 56 Free Payroll Software .......................................................................... 58 Planning an Business Trip .................................................................. 59

Budgeting For Innovation .................................................................. 62 Certified Payroll Software Options ................................................... 63 Audited Financial Statements ............................................................ 66 Costing and Pricing ............................................................................. 67 Cost Accounting................................................................................... 70 Fixed Assets And Quickbooks ........................................................... 72 Looking For Basic Bookkeeping Software?...................................... 76 Small Business Accounting 101 ......................................................... 78 What is the Difference Between Financial Management and Book

Keeping?................................................................................................ 80 Manage Your Employees With Payroll Management Software ... 82 A QuickBooks Tip - Memorized Transactions ................................ 84 5 Steps to Starting Your Own Bookkeeping Business .................... 86 Retail Business Accounting Software ............................................... 87 Usual and Customary Isn't ................................................................. 89 Maintaining Cash Book, Posting and Balancing ............................. 93 Why Not Become A Self-Employed Bookkeeper? .......................... 96 Business Intelligence - What, When And Why?.............................. 97 Corporate Finance - Methods to Finance Corporate Growth...... 100

Small Business Accounting - Make Your Business Efficient ........102 Get Rid of Your Payroll Headaches .................................................104 Better Business Management With Inventory Control Software 106 Read Through Small Business Accounting Software Reviews ....108 Difference Between Journal and Ledger .........................................109 Take Care of Your Achievements With Small Business Accounting

...............................................................................................................112 Getting Started With Quickbooks - The First Steps.......................113 Accountants - What They Can Do For Your Business ..................117 About High Risk Merchant Accounts .............................................118 Top 5 Free Payroll Software ..............................................................120 Branches of Accounting .....................................................................122 Impairment of Assets - GAAP vs IFRS............................................123 The Easy Way to Set Up a Bookkeeping System............................126 Why Outsource Accounting and Tax Preparation Services? .......127 What is PAYE? ....................................................................................129 The Types of Business Payroll Software Out There ......................130 Ethical and Legal Obligations...........................................................133 Asset Misappropriation - Skimming Schemes ...............................138 Methods For Small Business Accounting........................................140 Simple Accounting For The Small Business - Bookkeeping Using

A Simple Spreadsheet Template ......................................................142 The Importance of Business Tax Accounting .................................146 The Accounting Cycle ........................................................................147

Invoice Processing Software - Major Business Benefits ............... 149 Nature of Reserves-Funds or Provisions........................................ 152 Small Business Payroll Software Serials - Is Payroll Software For

Me?....................................................................................................... 157 Managing And Controlling Middle & Back Office Operations .. 158 Guide to Finding Competent Accountants .................................... 160 The Powerful Profit and Loss Statement ........................................ 162 Single Entry Bookkeeping Accounting System ............................. 164 7 Things to Consider Before Buying Small Business Accounting

Software............................................................................................... 167 What is Accounting Software?......................................................... 169 The Top Business Best Practice ........................................................ 170 QuickBooks - How to Record Reimbursable Expenses................ 172 The Importance of Online Business Accounting........................... 175 Bookkeeping - Terminology Made Simple .................................... 177 Bookkeeping Outsourcing For Your Business............................... 180 How to Tell if You've Outgrown Quicken ..................................... 182

What Are Calculating Time Recorders? ......................................... 185 Record Keeping and Basic Bookkeeping ........................................ 186 Small Business Accounting Basics................................................... 189 Location of Errors through Trial Balance ....................................... 190 Do I Need to Do Payroll Tax by Myself?........................................ 192 You Don't Have to Do Payroll Tax .................................................. 194 Accounts Receivable Collection Tips .............................................. 195

Small Business Accounting Software ..............................................197

9

Accounting Terms - Withdrawals Or Drawings

"Drawings" (also known as withdrawals) is a basic concept in financial accounting that governs the relationship between the owner or owners of a business and the business' operations. It refers to anything that the owner takes from the business, regardless of what the owner calls it. As such, there are two important aspects of that definition: i) Anything: This means that whether the owner takes cash, stock or equipment is immaterial. Any withdrawal of items of material value should constitute drawings. ii) Regardless of what the owner calls it: Sometimes, owners work within the business and pay themselves a salary or wage. Perhaps the owner takes a "loan" from the business. It does not matter what the form of the withdrawal is; the substance is critical. Therefore, the "wages" or the "loan" would effectively be a withdrawal as well. == Impact of drawings == Drawings affect the capital of the business, i.e. what the business owes to the owner. Normally businesses might open a Drawings account (or Directors account) to account for withdrawals by the owner. An increase in drawings would decrease the assets of the business and capital as well (Dr Drawings, Cr Cash/Stock). Drawings are the opposite of addition of capital to the business (capital introduced). Drawings are also introduced in the business equation: P = I + D - C

10

Where P is profit, I is the increase in net assets, D is drawings and C represents new capital introduced. == Drawings and the business entity concept == The concept of drawings is inextricably linked to the business entity concept, which states that the activities of the owner are separate from the activities of the business. Therefore, the business recognizes the withdrawal as a reduction in what it owes to the owner. In the same way that profit increases the obligation of the business to the owner, drawings decrease that obligation. This happens because the owner is treated as a separate entity for accounting purposes-regardless of the legal status. If the owner withdraws the profit from a business, that profit withdrawal-although it is the owner's privilege-constitutes drawings. That is why the business equation factors in drawings to calculate a business' profit for a period. For example, if John invested $10,000.00 into a business. During the year, he withdraws $2000.00, in goods and cash, and invested new capital of $1500.00. There was a net asset decrease of $200.00 (assets - liabilities) in the period. What is the profit accrued by John's business during that period? Here the business equation P = I + D - C is applicable. We do not know the profits, but we can substitute the values in the rest of the formula: P = (-200) + 2000.00 - 1500 Therefore, Profit = $300.00 You can manipulate the formula above by simply changing the subject of the formula to the unknown variable, demonstrating the importance of drawings in financial accounting.  Accounting-whether cost, management or financial accounting-relies on information that is meaningful and useful to