Impairment of Assets - GAAP vs IFRS
One cannot open a newspaper or watch the evening news without hearing about "globalization of the world's economies". Simply stated, it is the process by which local or regional economic customs and traditions become one and meld into a single functioning society. It comes as no surprise to those who follow worldwide accounting standards that US Generally Accepted Accounting Principles (GAAP) as promulgated by the Financial Accounting Standards Board (FASB) and the International Financial Reporting Standards (IFRS) as promulgated by the International Accounting Standards Board (IASB) are beginning the process of melding into a single functioning set of accounting rules.
7 Advantages of Double Entry Bookkeeping
In the world of bookkeeping, there are two different systems commonly used by businesses, big and small, to record financial transactions. They are single-entry and double-entry bookkeeping. Both systems "get the job done, " but it depends on what your personal preference dictates. However, unless you're a small business with simple transactions then double-entry bookkeeping will be the most beneficial to you and your company's financials. Single-entry bookkeeping is similar to a checkbook register where only a single line transaction is recorded, reflecting the credit or debit of cash. This simple way of keeping track of your money is less expensive and can be maintained in less time and with less effort.
Going Green is Easy With Email Bill Presentment and Payment
Email Bill Presentment and Payment (EBPP) is fast becoming the preferred process for companies who are looking for cost efficiencies, faster payments and a reduction in their environmental impact and carbon footprint. Paper bill delivery is simply replaced with electronic bill delivery. There is a small niche of EBPP offerings which drive paper turn-off, by providing an alternative delivery mechanism, (a secure electronic 'push' delivery channel), which effectively delivers eBills directly to customers' email inboxes, instead of requiring them to collect bills from a website. Consumers are becoming more aware of the environment and are thus looking for ways to 'go green'.
Unlocking the Untapped Potential of Your QuickBooks Software
The financial management and controls of businesses and not for profit organisations tend to come under the spotlight at times of economic difficulty. When business is increasingly competitive and cash flow tight it is important to make sure you are making best use of your investment in your accounting system. Many businesses view there accounting software as a tool for creating invoices and to provide information for the accountant. Little if any use is made of the data on a day to day basis to assist with Financial Control and Financial Planning. Driven by the changing business environment there is an increasing number of requests for assistance in optimising the investment made in QuickBooks.
Choosing Between Generic and Industry-Specific Accounting Software
One of the first decisions you will need to make when selecting a new accounting software package for your company is whether to pick generic or industry-specific software. Chances are good that you can get positive results with either, but when making a big decision like this, you want to get the best software that your money can buy. The purpose of this article is to give you seven factors to consider when making the decision about what kind of financial software to buy for your business. Generic accounting software has the benefits of typically being more affordable while being flexible enough to work in a number of industries.
About MYOB - Mind Your Own Business Accounting Software
If you are looking for accounting software for small to medium sized businesses, you have several options to choose from. MYOB has a large market share in the Australian, New Zealand and United Kingdom markets and now has successfully moved into the U.S.A market also. MYOB has several products available to cater for the size and requirements of your business. Part of the product family includes: Business Basics Accounting Accounting Plus with Payroll Premier Payroll Account Edge (for Mac users only) to name a few. MYOB Business Basics software has been designed for businesses that want to record and print sales invoices, keep a card file of the people they sell to and purchase from, and do regular bank reconciliations from their bank statements.
Online Accounting Services For New Business Setup
Every new business requires right accounting planning, proper functioning and monitoring. Failing to do so, no business can survive for longer in the market. Even a small mistake and lack of proper planning can cause heavy financial loss to business. Although all these accounting tasks can be performed manually, but it is so costly that small business can't afford its prices, especially new businesses. So nowadays many businesses are using online accounting services in place of getting it done manually. Online accounting services not only save time and money but also give accurate and results that assists in convenient functioning and monitoring of the business.
Accountants Hold the Key to Unlocking Small Business Cash Flow Mysteries
Economic downturns have a way of uncovering the weaknesses lurking just under the surface in businesses. Business inefficiencies that go unnoticed during boom times can quickly cripple a business during a downturn. Those weaknesses and inefficiencies often impact profits, but even more critical is the impact they can have on cash flow. When cash flow suffers, a business gets squeezed for working capital. Making payroll, buying raw materials, and paying operating expenses becomes difficult. During particularly vicious downturns, vendors and banks are less likely to grant credit and loans, making cash flow even more difficult.
Importance of Accessing Your Business Needs Before Getting a Customized Accounting Software
Not every company needs a customized accounting software for their operations. For small and medium enterprises, you will not be using most features of a customized accounting software which does make any business sense for you to buy it. An off-the-shelf accounting software will be good enough for small medium enterprises. Therefore, before you purchase any customized accounting software, you need to analyze your business needs and requirements. Different industries have different requirements, so you need to identify what works for your industry. The main difference between off-the-shelf accounting software and customized accounting software is that majority of customized software offerings are modular.
Access to Finance Functions - Should Project Managers Have It?
"Nobody touches my accounts! " A statement often heard when planning implementations of integrated job costing and accounting solutions in organisations that previously ran separate systems for these. Finance teams are adamant that nobody outside of their team should be able to trigger any accounts postings. What on first sight appears to be a valid concern by the finance department is nevertheless in many cases already being overtaken by reality in their current procedures. It's not an issue where job managers generate job budgets or purchase orders, which don't create postings to the GL. But project managers often have the responsibility already to generate documents like sales invoices and send them out to their clients - rather than just drafting them - with the finance department then only recording those invoices in their financial software.