Tips On Starting Your Accounting Career

Accounting is the language of business. Its knowledge is fundamental to any businessperson that seeks to plan expenditure and strive for a profit. Most business professionals are therefore required to study some accounting. Accounting professionals interact with all levels of a business and for many it's a very interesting job.

Eligibility

• Individuals with an analytical approach and technical expertise of accounting, good mathematical aptitude, knowledge of the technicalities of a business system and those who are well versed with computers.
• Basic eligibility is 4 years of college for a professional degree in accounting or a related field.
• A Bachelor's degree with a minor in another subject from an accredited college or university to apply for the Master's in accounting.
• People who have done their course in accounting over the Internet are also eligible for jobs in the accounting industry.
• In terms of job, prior experience as a trainee auditor or accountant can also help.
• Different courses and licenses require accreditations and licenses of certain organizations. For example, Certified Public Accountants (CPA) should have a license by the State Board of Accountancy (STA).
• A certain number of semester hours plus work hours are considered for 4-year bachelor's degree.
• Public accountants are taken as trainees. Management Accountants start as junior internal auditors or cost accountants.
• A master's degree in business administration (MBA) is preferred by many companies.
  

Types Of Accounting Jobs

• After a degree in accounting, one could qualify for a certified public accountant (CPA) or registered public accountant (RPA) license. Even though many do not have a license, they do get jobs as auditors or accountants in government offices or private companies.
• In the long run, one could excel to a position like chief financial officer (CFO).
• A certified accounting professional could become an auditor, financial officer, management accountant, budget analyst, or tax accountant. Tax accountants are preferred with a legal background.
• An independent job could prosper if the individual has a good network of contacts.
• There are specializations in accounting; for example, the forensic accounting where the accountant investigates the different crimes breeding on the company's finances.
• Teaching accounting can also be a good career option.
  

Tips On Starting a Career in Accounting

Following are a few tips on getting started

1. Decide which field of accounting you would like to get into.
2. Research related information and shortlist colleges and universities for the given courses.
3. Consult accountants or even teachers who have knowledge of the subject.
4. Enroll in a bachelor's degree or course in accounting.
5. Start off as a trainee after getting a degree from a college. Most of the companies look for an accredited college.
6. Keep looking for hiring by the major companies of the industry.
7. Update your work knowledge according to the industry standards.
   

Accountants have a decisive role in the future of a company. Budgeting and adjusting according to the current market trends is one of the analytical decisions an accountant makes. Because they are problem solvers, the company can rely on an accountant to sort out any financial problems.

About The Author

Tony Jacowski is a quality analyst for The MBA Journal. Aveta Solution's Six Sigma Online ( http://www.sixsigmaonline.org ) offers online six sigma training and certification classes for lean six sigma, black belts, green belts, and yellow belts.

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Income tax tips

Find out some of the common mistakes people make when filing their federal income tax return, and how to avoid them.

Every year, the Internal Revenue Service churns out hundreds of thousands of notices to taxpayers. If you've ever received one, you know how stressful - and scary - this can be. In many cases, however, this can be avoided if you learn to think like the IRS and understand the strange logic involved in filling out your tax return.

First of all, a few common-sense tips:

1. Write legibly. If your tax return can't be read, it can't be processed, or it will be processed incorrectly.
2. Check your math. The IRS has a department that checks your math, but if they can't figure out where some of your figures came from, they will contact you.
3. Put your Social Security number on your return (unless you are using a pre-printed label), and make sure it's the right one. If your name and Social Security number don't match, this will send up a red flag. If you have dependent children, their Social Security numbers must be reported accurately too.
   

Many people fill out a rough draft and then make a "good" copy that they send in. If you do this, make sure you copy from the rough draft carefully. Many taxpayers put an amount on the wrong line or miss copying an amount completely, which means, of course, an IRS notice gets sent out. Some taxpayers then send in their rough draft to prove that their return is correct as filed, but the only copy that matters is the one sent in the first place. You can even ask the IRS to send you a copy of the return you filed to see where - and if - you went wrong.

When sending in your tax return, attach only relevant forms to the front. Copies of your W-2s and any other forms showing income where federal tax was withheld should be attached. The more you staple to the front of your return, the more difficult it is for a tax examiner to check your return. Make sure things are attached securely, with a few staples (but don't go overboard).

One of the most common mistakes taxpayers make involves Social Security benefits. The form used to figure out taxable benefits is quite convoluted. Take your time with it, check it over a few times, and even get someone else to check your work. Beware of tax preparers who hand back your benefits statement and tell you your benefits aren't taxable without even filling out a form. It's usually not easy to tell just by glancing at your paperwork. Most importantly, if you have taxable Social Security benefits, be certain to put you gross benefits (total benefits you received for the year) on the line to the left of the taxable line. The IRS will check your math on the Social Security form using this number. If you do not put a number on the gross line but you have one on the taxable line, the IRS will contact you. If they do not hear from you, they will assume your gross benefits were zero, meaning you had no taxable benefits, and they will cross out your entry on the taxable benefits line. This, of course, throws your whole return off, and you could get a refund you weren't expecting.

Some taxpayers keep an unexpected or unexpectedly large refund figuring the IRS people know what they're doing. If you get an amount back you weren't expecting, find out why. Later on down the line, the IRS may find a mistake and most likely it will turn out to be yours (through IRS logic, of course). In the case of the Social Security benefits, it is the taxpayer's fault for failing to put down the gross benefits. When they received that unexpected refund, they also got a notice stating something like, "We [the IRS] have changed your return. If you think this is incorrect, please contact us." That's the IRS's way out: they gave you a chance to correct the error but you kept your mouth shut and kept the money.

Another problem taxpayers run into involves self-employment wages. If someone tells you they're paying you "under the table," first of all, that's illegal (so don't use it as an excuse to an IRS employee!) Some employers will lead you to believe you're being paid this way, and then they report your wages "over the table" - to the IRS. In this circumstance, the boss considers you a freelancer or subcontractor, not his employee. This means you must pay not only your half of Social Security and Medicare wages (normally deducted from your wages by an employer) but you must pay the employer's half as well. Since you are considered "self-employed" essentially you are your employer. You are allowed to deduct expenses to reduce the self-employment tax, but if you weren't keeping track of expenses or didn't have any, you will have to pay the entire tax.

If you get married and take your spouse's last name, the only way the IRS will know this is if you contact the Social Security Administration. If you don't, your Social Security number won't match your new name and this will cause the IRS to contact you. Your return will not be processed until you make that change with the SSA.

After checking to make sure your return is filled out accurately and completely, sign it. Quite a few people neglect to do this. It will be sent back to you for your signature, and by the time you send it back, you may miss the deadline.

Remember, if the IRS contacts you, don't panic, get to the bottom of the problem right away. Interest and penalties are growing as time ticks by, which can really add up if the fault is yours and you take a lot of time owning up to it. If you take the time to fill out your tax return carefully, you might never hear from the IRS - except when they send you a refund check.

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Seven Signs of Internal Accounting Fraud

Many small business owners feel that their companies are immune to internal accounting fraud and embezzlement for two reasons: they don't have many employees, and the ones who deal with money are usually close to the owners. But regardless of size, any business is vulnerable to fraudulent activities by employees.

Following up on signs of fraud can stop accounting theft, saving a company from financial loss or ruin. In today's Workshop, contributor Jeffrey Moses lists seven indicators small business owners should consider.

1. An in-house accountant works without direct supervision on every aspect of a company's financial operations. When one trusted bookkeeper or accountant is responsible for records, payroll, receivables, deposits, payments and so on, the company is placed at risk for fraudulent activity.
2. An in-house accountant refuses to follow recently established accounting and/or payroll guidelines. In such a case, owners should demand that guidelines be strictly followed and investigate financial and payroll records for up to several years in the past.
3. An accountant continually works after hours, comes in frequently on weekends or insists on taking work home. Fraudulent activities are easier to accomplish when work is unobserved and unsupervised.
4. An accountant refuses to take a vacation. This individual may be thought of as a highly dedicated and hard-working employee, but it could be that he or she simply doesn't want anyone to discover how the books are being cooked.
5. An accountant insists that he or she handle activities for which other departments are normally responsible. These can include picking up the daily mail (for fear that something could arrive that would tip-off management), acting as the sole go-between with the company's financial contacts (banks, auditors, creditors, etc.) and working with police when items or money are found missing.
6. An accountant continually misfiles important items such as payroll receipts, deposit records, supplier correspondence and estimates.
7. Deposits frequently seem too small. Owners should always carefully monitor income and deposits, comparing sales receipts against actual amounts put into the bank.
   

Usually, there are no sure-fire tip-offs to internal accounting fraud. But by being on the lookout for any of the above seven danger signals, a small business can avert a potentially disastrous and embarrassing financial loss.

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Why small accounting firms matter

How they can save you money in the current economic downturn.

With the current economic slowdown, mid-sized companies need to overcome their bias towards the larger professional firms and become more discerning buyers of audit, accounting and legal services in pursuit of better value for money and greater efficiencies.

Smaller and medium-sized legal and accounting firms have built up their specialist services, their teams and their broad capabilities and have shown that they can compete with the much larger firms at a much lower price.

In addition, the draft Companies Bill exemption of small businesses from rigorous financial reporting requirements and audits has acted as a catalyst for a change in buying behaviour.

The Companies Bill is good for South Africa's accountancy profession as smaller companies will be drawn to those firms that are focused on providing non-audit services that are better suited to their requirements.

The new legislation will not kill off the livelihood of the smaller accountancy firms but that they will need to redefine their roles and rethink their structures.

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Global Accounting Rules: Simpler, Yes. But Better?

Dumping GAAP could ease the burden on some companies, but adopting the streamlined British model has its pitfalls

In the latest example of the waning financial leadership of the U.S., the Securities & Exchange Commission wants to dump the country's complex accounting rules in favor of a simpler set of international principles. It's a major step toward a single worldwide standard—a necessity for creating seamless global markets. But adopting the model, which is relatively new and untested, has its own pitfalls.

Junking the U.S. rules, known as generally accepted accounting principles, or GAAP, would have seemed preposterous a decade ago. Back then investors and companies, both in the U.S. and worldwide, viewed GAAP as the gold standard, a transparent system for reporting earnings and other financials. As more European and Asian companies rolled out results in the American style as well as their own, it seemed GAAP would be the top choice among bean counters in an increasingly global marketplace.

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Accounting boom shows no signs of slowing down

Enrollment in college accounting courses is up 19 percent since 2004, according to a nationwide survey administered by the American Institute of Certified Public Accountants.

The Department of Accounting, within the McCombs School of Business, has also seen an increase in students studying accounting.

"I believe the program is growing, but the quality of the program has not decreased," said Rowland Atiase, an accounting professor. "The classroom size is restricted to keep a top quality learning environment."

Last year, U.S. college campuses graduated 64,221 students with bachelor's or master's degrees in accounting - the most since the institute began its annual survey in 1970.

Urton Anderson, an accounting professor, said he has seen interest in accounting increase since 2002.

"There is never a shortage of students," he said.

This fall, 396 students out of 683 applications were admitted to UT's Master in Professional Accounting program, according to records.

"We have a very long tradition of community and faculty," said Steve Limberg, faculty director of the master's program. "Plus, our program does well because of the outstanding students it attracts."

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DIY Bookkeeping for Home Offices and Small Business

One advantage of the introduction of the GST was initially to force you to review your finances on a quarterly basis resulting in a greater awareness of your ongoing financial position.

This has led to many small businesses utilising a computerised accounting software package such as MYOB or Quickbooks to do the hackwork and present you with the necessary reports and if required even the BAS itself.

However, owning the software does not make you a bookkeeper, and whilst the software companies have done their best to make the packages easy to use, the operator still needs a basic understanding of bookkeeping.

We’ve helped many small business owners with book-keeping, and we can help you. By outsourcing your bookkeeping needs you can free up your time to do what you do best in working your business, while we do what we do best, working on the bookkeeping side of your business.

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Accounting standards and IT demand

Last week the SEC put forward proposals that would see the US move to the International Financial Report Standards (IFRS), as already implemented in the majority of other countries globally. This is likely to have a large impact on the IT industry generating mid-market accounting systems change projects in the US market, through the proposed implementation period of 2010 to 2014. In addition, the change is likely to result in an increased flow of overseas firms listing in the US, as the accounting burdens of dual listing are lessened.

Enterprises in the US market should reassess their ERP strategy in the light of IFRS

Mid-market enterprises in the US need to review their ERP system choices, rather than automatically addressing IFRS requirements through their existing systems. This should include radical options such as reviewing switching to a software as a service (SaaS) solution or deciding to outsource all or part of their F&A function, not just the safe option of selecting a new ERP software application from the usual list of suspects. IFRS alone should be a sufficient stimulus for this review and generate an upturn in the domestic US mid-market ERP software and services market.

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Top ten tax tips

You may find the following tax tips useful.

1. Stay informed
   Rely on TaxCentral to provide you with the latest tax information.
   
   
2. Keep all your records
   It has been a legal requirement for you to keep records of your income and expenses for tax purposes since April 1996. Did you realise that you must keep records for at least 22 months after the tax year to which they relate?
   
   
3. Do not pay too much tax
   Is your employer deducting too much tax? Ensure that you are receiving your full pay entitlement using the payslip checker.
   
   
4. Fringe benefits may save you tax
   Fringe benefits, such as a company car, can be a tax-efficient way of being paid rather than a salary increase.
   
   
5. Electronically file your tax return
   Use Internet filing to complete, validate, calculate, and file your tax return for free.
   
   
6. Find a professional tax adviser
   Trapped in your tax return? Professional tax advice can be found quickly and easily.
   
   
7. Choose growth over income
   If you are a higher rate taxpayer, it may pay you to invest in schemes that generate growth rather than income. No tax is payable on capital growth while you hold an asset. Although you will incur a capital gain when you dispose of the investment, you can use your annual capital gains tax exemption to reduce the tax liability.
   
   
8. Maximise your pension entitlement
   Use the pension calculator to see if you have any unused relief that can be contributed to your personal pension.
   
   
9. Do not forget stamp duty
   Remember that you will be charged stamp duty on all purchases of property and shares.
   
   
10. Increase your tax knowledge...
    ...and then test yourself using the TaxCentral IQ test.
    

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The Accounting Software (R)evolution

It’s time to take a long, hard look at the accounting software your office uses to serve clients. Not because there is anything wrong with what you’ve used all these years, but because the software we use has improved so dramatically over the past few years that the decisions made in decades past may no longer be valid.

Some 15 years ago, when I first started writing this column, accounting software was a mess. Rooted firmly in DOS, static and often spreadsheet-based, it sat there like a three-color lump on the screen. In those days, the big question was, “Which tax program would print a return the fastest?” Heck, they even held “shootouts” to time them and declare winners and losers.

No one even thought about Windows For Workgroups 3.11, or the Mac. If there was any thought given to the impending release of Windows 95, it was half anticipation and half trepidation. Today, the software has improved so rapidly that it is almost less an evolution than a revolution. In the space of a single half-decade, we have seen whole genres of software, like payroll, become an online service … with full HR support incorporated. Virtually every type of software has gone through an extensive upgrade in usability, navigation and appearance. Colors in the output have become more vibrant and now routinely include not only printed output but full-screen presentations in PowerPoint and web output.

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TinyBooks 6.0 Accounting App Released

Space Time Associates on Friday released an upgrade to its accounting and bookkeeping application, TinyBooks.

Targeted to the home or small business, TinyBooks 6.0 adds Auto-Comment and Auto-Check features; it revamped the Reports and Transaction Search Window, allowing easy per-client reporting; added Find and Find Again to Monthly Windows; added invoice customizations (Estimates, Statements, Proposals, etc.); and improved Multi-Country Tax support with automatic tax calculations.

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Bookkeeping Rate - How Much Does a Bookkeeper Cost

What do you do when you can no longer keep track of your accounting books anymore? Even if you know the rules in taxation and in creating financial statements, when your business is going uphill, you definitely need some help. That's when you start looking for a freelance bookkeeper.

Hiring a bookkeeper, though, is not a joke. First of all, you have to look for someone who can do the job that you require. Second, you need to consider about the bookkeeping rate, which today can range from $15 to hundreds of dollars per hour. It's important that when you're in the selection process, you have some criteria in your mind. You can make use of the following:

1. Level of education. Keep in mind that a bookkeeper doesn't really have to possess a degree in accounting. Nevertheless, those who do will always have an edge for those who are none. Since they already have a good background, they are much easier to train, and they basically understand the concepts in business, such as payroll, taxation, and cash flow, to name a few. Normally, those with degree could have a higher bookkeeping rate. What you can do is to look for those who are just starting out in the field, perhaps a new graduate. They could give you a much cheaper bookkeeping rate, and they can start building their portfolio in your company.
   
   
2. Experience. Experience plays a great role in determining the bookkeeping rate. Even if he may not be a graduate in accounting, but if he has intensive experience in the field, his wage per hour can definitely go up. He already knows how to develop a payroll, organize and record invoices, create financial statements, and even process your business papers. They could be pretty expensive, but you will be able to save a good amount of time for training them. Needless to say, however, you don't have to go overboard. Be a good judge if his experience is truly commensurate to his bookkeeping rate. If in doubt, don't be afraid to ask for references or more credentials.
   
   
3. Level of know-how. There are certain rules in bookkeeping that do change. A good bookkeeper is someone who is very much aware of them. He should always be updated and be able to reflect the modifications in the way he does his bookkeeping job. It pays to interview your potential bookkeeper first before you hire him or give his bookkeeper rate. You can ask for his insights about the world of bookkeeping and what changes are already in place. You too can also read an overview of some of them, so you can come up with your own questions.
   
   
4. Capacity to do the job. Most of all, the bookkeeping rate should be based on what job you are going to give him and how well he is able to do it. If he is going to perform almost 90 percent of all the bookkeeping job, then his bookkeeping rate should be higher. If he only needs to focus on certain aspects, perhaps payroll or invoicing, then you can search for someone with much lower bookkeeping rate.
   
   
5. Overheads. You need to add all the benefits like payroll taxes, medical benefits, social security, office space etc to really understand the effective cost of the bookkeeper.
   

About the Author:

Many offshore bookkeeping firms offer good Bookkeeping Rates. There are many reputed and experienced Bookkeeping Firms that offer attractive Bookkeeping Rate and cater to small and medium businesses and CPA Firms worldwide.

Small business bookkeeping: make your small business big

When someone starts his/her business as a small business it becomes necessary to keep the budget in mind while hiring accounting professionals. On the contrary qualification of accounting and bookkeeping professionals is essential to lessen the chances of mistake. Hiring such professionals can go out of budget as their cost to the company will be high. In such a situation when both qualification and budget are equally important small business bookkeeping is the best option. Small business bookkeeping as its name refers is especially for those small business that can not hire much manpower to manage accounting details. It offers a cost effective but accurate and expertise bookkeeping service to small businesses.

Small business bookkeeping understands the requirement of your small business and provides you complete bookkeeping services right from managing day to day transactions to preparing monthly and annual financial statements. Small business bookkeeping manages your records in such a manner so that you may retrieve, access or update accounts easily when needed. Small cleaning service bookkeeping have such qualified professionals that can make your business flourish by not leaving a single chance for mistake. They understand that you can not afford to miss even a single entry so they fully concentrate in managing your accounts properly. At the time of tax filing you will never need to worry with small business bookkeeping as they keep every record updated that you may need while tax calculating and filing. During the period of taxation you may be busy somewhere else but you will find everything up-to-date and managed.

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Bookkeeping Outsourcing has helped many businesses to boom

If your organization is smaller and you have less accounting task then you can hire accounts clerk to make your task done by them. You will have to hire trained and talented professionals for your accounts task and will have to set up a separate department. If you do not want to go through all these procedure then you can hire bookkeeping outsourcing services. Outsourcing has become a powerful management tool that makes any businesses efficiently working in any department and so bookkeeping outsourcing is one such. It is this strategy that has helped many businesses in making big revenue and has brought huge reputation. And as a result they are widely popular in the market.Bookeeping outsourcing needs careful handling of its data as they are precious documents of an organization. Any business has its ambition to earn large revenue and fame, and so proper maintenance of accounts will save a lot of your revenue and time.

There are many vendors in the market to undertake your bookkeeping tasks. Bookkeeping outsourcing has become key strategy of many businesses due to its wide success in the businesses. At any point of time, you may come across the need of accounting data and so it important to store data properly and safely. Bookkeeping outsourcing consists of data entry bookkeeping, single entry bookkeeping, commercial bookkeeping, one-write systems, memorial stone systems and various other to serve the business in the best way. Data entry bookkeeping task is meant to record all the data of the firm while double-entry bookkeeping is the most commonly used method of bookkeeping that is liable for writing up the daybooks for your company. This daybook comprises of entire records of purchase, sales, receipts and payments.

It’s the accountability of bookkeeping outsourcing system to enter the transaction records accurately in the supplier’s ledger, customer ledger, and daybook. The transaction in a single entry system is recorded once, either as income or an expense, as an asset or liability. These entries need to be recorded on a one page which is carpet restoration a revenue and expense journal. One-write system is a copyrighted system that is set up by using carbon-backed cheques and as the name suggests it works in the same manner. Whenever an individual or a bookkeeper writes anything on a cheque, the data is automatically transferred to a record system. You can trust on the vendor and can transfer your entire work to them to them. They take utmost care of your data by providing high security to them and does your work with complete professionalism.

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Bookkeeping seminar for non-CPAs at USC

The University of San Carlos College of Commerce Alumni Association is inviting cashiers and clerks to attend the bookeeping seminar called “Accounting for Non-Accountants of Service Enterprises” on Aug. 25 and 26 at the USC Main campus from 8 a.m. to 5 p.m.

The workshop will be handled by the Accountancy department of the USC College of Commerce.

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New Accounting system to be introduced

Centre is in the process of introducing a 'new accrual' system for government accounts, to bring in more transparency and accountablity, Vinod Rai, Comptroller and Auditor General of India, said today.

A road map has been formulated and in a month or six weeks time, all the states would be called for a discussion to finetune the process, Rai said at the first INKEL Forum of Excellence lecture on 'Stregthening Financial Management systems', here.

The roll out of the new system will be over in 3-5 years period, he said.

A Government accounting advisory board at the national level has been formed with State and central government representatives.

"We are hoping one year from now the process will start", he said.

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When Is a Tax Cut Really a Tax Hike? Usually

Rollbacks feel good in the short term. But factor in government spending, and the total tax bite is now at one of the highest levels in decades.

RHETORIC ABOUT TAX CUTS AND WHAT SEGMENT of society should get them is a predictable part of every presidential campaign.

As my colleague Jim McTague points out in the preceding story, that tradition is being upheld in the Obama-McCain clash. But while changes in tax rules are important because they can have a powerful short-term effect on an individual's finances, the modern history of U.S. taxation points to an unvarying truth: True long-term reductions don't exist for society as a whole. In fact, the total tax bite -- federal, state and local -- now stands at one of the highest levels in decades, despite the ostensible rollbacks of the Reagan and Bush years.

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Tax Return Outsourcing Helps in Avoiding Hassles

The taxation session is undoubtedly one of the most important sessions in anyone’s life. In fact, it is also an important season for each business organization because this is one time when they need to clear their tax dues to the government. The taxation session; therefore, tends to become a very important as well as hassle some if prior preparations are not made.

Making prior requirements for the tax paying session is necessary because this helps in avoiding any hassles when the real time comes. This is because if you as an individual or an enterprise manage to make late payments or manage to miss out on paying your tax on time, then there can be heavy penalties.

The one thing is for sure that making prior arrangements is not everyone’s cup of tea. It definitely needs to be handled by professionals who know their job well and can help you and your organization with all the accurate taxing details. Hence, in such cases, taking the help of the service of tax return outsourcing is one of the most convenient things to do because this can help you and your organization from facing any problems while the tax paying session is on.

Preparing the details of the tax that needs to be paid to the government and also the tax returns that are due from the government can definitely prove to be a huge task and only a professional, who can do these calculations at his fingertips can help you and your organization to avoid any problem that might have the chances of cropping up in the tax paying session. Companies specially hire people to pay off the taxes and to take care of the taxes and other similar expenses that are to be incurred by the company. However, today tax return outsourcing has gained a lot of importance and popularity because this is a more convenient option for any company.

As there are many firms that provide tax return outsourcing services to all kinds of businesses, it is important that a properly scrutinized research is conducted on the firms that provide these services. This is required because this helps in getting the apt services that are suitable for your firm and helps you to avoid any problem during the tax paying session. These professionals, who work in these firms that specialize in providing these services, are certified CPAs and they exactly know the things that they need to do in order to make the organization avoid any sort of problems in the tax paying session.

These professionals working in these firms take care of all the details that are related to tax payments of your organization, which include filing the data, creating track sheets and the various other details that are mandatory to take care of during the tax filing session. Therefore, now you just do not need to worry about the tax filing and tax paying session of your organization because with the help of tax return outsourcing all your troubles and problems can be easily avoided.

Michelle Barkley is a CPA who advises people on tax preparation and tax calculation. She specializes in Bookkeeping outsourcing, Outsourced accounting preparation, Tax return online, Income tax return outsourcing. To know more about Tax return outsourcing, Accounting outsourcing services and Outsourced accounting you can visit www.ifrworld.com.

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Looking for a Growth Career? Accounting Is Hot

Looking for a career with lots of growth potential? According to the Bureau of Labor Statistics, the employment of accountants and auditors is expected to grow at least 18 percent by 2016 - a rate faster than the average for all other occupations. And in the meantime CNNMoney.com says accounting positions rank among the top five open positions in the United States. The best job prospects are for accountants and auditors who have a college degree or certification, especially the Certified Public Accountants (CPA) designation. This high demand equates to higher starting salaries, job security and flexibility, especially for MBA graduates and CPAs.

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Banking and financial services sector driving the outsourcing industry

The outsourcing industry has given impetus to inflow of foreign exchange and creating job opportunities in India. The financial services sector has emerged as a key domain for outsourcing.

Work Flow and Growth Prospects

Banking, financial services and insurance (BFSI) comprise 38 per cent of the outsourcing industry in India (worth $47.8 billion in 2007). Most of the work outsourced comes from the US followed by Europe.

According to a report by Mckinsey and Nasscom, India has the potential to process 30 per cent of the banking transactions in the US by the year 2010. Outsourcing by the BFSI to India is expected to grow at an annualised rate of 30 - 35 per cent.

Outsourced services from the BFSI domain include customer support, software and solutions required for core banking, various banking processes like mortgage loan processing, application processing, verifications etc, and other services like market analysis, financial statement analysis etc.

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Accounting help adds to your organizational growth

A firm offering accounting help to various organizations must employ professionally qualified accountants who can competently handle the latest accounting software to maintain the financial data of the client. The team of accountants must also be reliable enough to handle sensitive data of the client that includes critical information about the company finances. The accounting help professionals must also be efficient enough to provide a day to day account of the transactions of the organization so that an accurate record of the financial status can be given to the firm at a short notice. The financial analysis and consultancy provided to the client by the firm offering accounting help can prove to be of invaluable assistance while developing business strategies for growth and expansion.

The accounting help firms provide customized services to each and every client that they cater to. So the business house can rest assured that its accounts will be maintained using the same software and processes that the in-house finance division was using earlier. The easily available accounting records at the time of audits and taxation ensures the firm achieves wedding photography credibility in the market. Even when the firm wants to apply for a loan it is easily sanctioned as the accounting help vendor ensures that each and every transaction is accurately maintained throughout the financial year. Any scrutiny of the financial data can be carried out by the lending house at a short notice.

Day journals, trial balances, profit and loss statements, balance sheet and financial reports formulated on the basis of the accounts statements can seem a daunting task for a firm that has just started out. Even for these small organizations employing accounting help from outsourced vendors might be a good move. The accounting help firm can help any business manage its financial data in many ways starting from the very set – up, getting the processes in place and using the apt software that is compatible home furniture cleaning the records that need to be maintained. Also outsourcing accounting help will enable a corporate to cut down on their expenditure as the firm would not need to pay employee salary including house and medical allowances and bonus, etc. to the accounting help vendor.

A work overload could result in some discrepancies in the daily accounts as a result of mistake or malice. A business cannot afford to have such mistakes, no matter how minute in their financial records. Hence, employing accounting help upholstery stain removal take off the additional burden from the corporate to maintain accounts accurately. A business can therefore concentrate on other areas such as profit generation; growth and expansion when it has outsourced accounting help to give it the competitive edge.

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Accounting software answers emissions call

LOCAL company Supply Chain Consulting has developed world-first carbon accounting software so businesses can measure product footprints across global manufacturers and from factory floor to shop.

A specialist in real-time logistics and distribution software, the company adapted its monitoring systems to simplify the capture and analysis of emissions profiles in an organisation and across the extended supply chain.

A range of products is emerging to measure carbon footprints at facility or enterprise level, but CarbonView is the first to capture data across multiple suppliers and locations in an end-to-end way.

Once data is captured, CarbonView executive vice-president Fadi Geha says, the software offers analytical capabilities so businesses can conduct modelling to optimise their use of low-carbon suppliers.

"Once companies get a bit down the carbon reduction path they want to build a granular view of individual product footprints," he says.

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Woman opens bookkeeping business at home

Connie Butzow has opened a new business in her home, nine miles west of Brookston.

As president of Connie's Bookkeeping, Butzow can provide a variety of services to small businesses and individuals.

"I've always wanted to have my own business at home. I can do accounts payable, accounts receivable and payroll. I can also do just payroll," she said. "I wanted to get into this business to help other small businesses with their daily transactions."

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Bookkeeping Quick Tips

Here are some simple guidelines that our clients find useful:

• Keep all original receipts. Don’t keep just the debit or the credit card slip because this is not sufficient proof for the government. You must have THE ORIGINAL RECEIPT.
  
  
• Calculate your home use expenses on a different spreadsheet because for your income tax you need the total paid for the year, not just the business portion.
  
  
• Use a different bank or credit card account for your business. Even though you are a self-employed and your income tax is on the same form, you should use a different account for your business. It shows the government that you are mindful of keeping personal and business expenses separate.
  
  
• Keep your receipts month by month. Create a file for each month, so when you get home at the end of the day you can simply put all your receipts in that file. This makes recording and locating information much easier in the long run.
  
  
• Keep a mileage log. If you use your personal vehicle for business, you must keep a log. It is very important that you record the mileage that you do for the business otherwise the government may not accept your vehicle expenses. Record the date, the mileage and the client.
  
  
• A proper invoice must include:
  
  • Invoice number
  • GST and/or PST number if applicable
  • A date
  • Name and address of both vendor and customer.

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New regulations help auto firms mask forex losses

A change in the accounting standard helped auto majors mask the actual extent of foreign exchange losses in the quarter ended June, brokerage firm First Global securities has said in a research note.

The June quarter saw auto majors such as Bajaj Auto, Tata Motors and Maruti Suzuki apply the principles of hedge accounting set out in Accounting Standard 30 (AS 30)
issued by the Institute of Chartered Accountants of India.

which qualify for hedge accounting’ to be accounted to the hedging reserve account in their balance-sheets.

Such MTM losses, however, will have to be eventually taken to the profit & loss (P&L) account, when the underlying transaction arises. Till last quarter, these companies used to take such loss/ gain to the P&L account at the end of every accounting period.

“All exchange gains/ losses arising from the revaluation of assets and liabilities are taken as ‘other expenses’ in their P&L... Until Q4 FY08, auto companies earned forex gains due to the appreciation of the rupee, which was adjusted in their P&L by lowering other expenses, resulting in higher profits,’’ said the report.

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