Category: Accounting

Accounting

Can People with Bad Credit Get a Loan?

Joseph Martin

2022-12-17

For most traditional lenders, the borrower’s credit history is one of the major determining factors for a loan to be approved. A credit history is a record showing how responsible a borrower is in repaying the debt. The credit history contains payments information which shows how the borrower manages his or her debts. This might be a challenge for people with bad credits needing immediate funds for various reasons. A credit score which is based on the borrower’s credit history, is used by banks and other traditional lenders to determine how likely a borrower can repay a loan. People with poor credit scores will be perceived to have financial management problems which might cause the lenders to reject any loan requested from them. Now, can people with bad credit take out loans? Defini...

Accounting

Why Should You Migrate to QuickBooks Cloud This Festive Season?

Joseph Martin

2021-11-03

It is inevitable for an organization to be diligent in their accounting and bookkeeping department. The galore of data that rests with the accounting department acts as the blood life of any business. High analytical skills, due diligence, and vigilance is an absolute must when it comes to the accounting sector. It acts as the spine for the safe running of any business and even more so when the transactions shoot through the roof during the festive season. There is an increased workload and a pile of numbers to crunch apart from the existing workload that was already there.Now, with the advent of new technologies such as QuickBooks cloud hosting, accounting has become easier like never before. With the help of easy to work on software like QuickBooks Pro/Premier/Enterprise, anyone with the

Accounting

International Accounting Fraud

Joseph Martin

2021-11-03

Accounting fraud is an existing problem in countries all around the world. There are always greedy CEO's and accountants who will twist the rules to make a hefty profit. Although there are accounting principles and standards that can differ from country to country, there is one thing that stays the same regardless; gains and loss. In today's day and age, the average person is smart enough to find the smallest ways to make extra profit from a company that may be doing well, or make be plummeting. The main focus of this article is to look at two European countries, Italy and Germany, and discuss certain accounting fraud cases that happened several years ago, before fraud became such a huge problem.For anybody who knows the culture in Italy, it is well known that football is a huge sport. Foo

Accounting

How to Choose a Right QuickBooks Software for Your Small and Mid-Sized Business

Joseph Martin

2021-11-03

Efforts gradually turning into fruition to handling lots of procedures and operations to working with a number of employees, managing a small or mid-sized business is both stressful and rewarding. To effectively fulfill the assigned tasks and to manage all resources, it is essential to automate the basic yet important tasks such as accounting. This will help you to focus or core activities and to think strategically and will help you to save your time and money.To streamline your accounting and to manage your finances, QuickBooks comes with a vast number of apps, from which you can choose a suitable software to fulfill your specialized business needs. However, more choices come with more confusion and when it comes to choosing an app, the situation becomes more complex. And therefore, it b

Accounting

What Is International Financial Reporting Standards?

Joseph Martin

2021-10-29

There are two major accounting standards being used by corporations. General Accepted Accounting Principles (GAAP) which is rule based and accepted only in the United States. And, International Financial Reporting Standards (IFRS) which is principle based and is accepted globally. The determination on which standard to use is made by whether or not the company conducts business locally or internationally. Global companies may option to follow IFRS which is managed by International Accounting Standards Board (IASB) and is framework for more than 120 countries oversees.What is International Financial Reporting Standards?International Financial Reporting Standards (IFRS) is an international accounting framework that was developed to be used as a single set of accounting standards worldwide. I

Accounting

QuickBooks Hosting Vs. QuickBooks Online: What’s Your Preference?

Joseph Martin

2021-10-28

QuickBooks, developed by Intuit, has been the leading accounting software ever since its release in the year 2000. Since its stable release, it has been available in two accessible versions. One of them is cloud-based, and the other, the online version (QBO). People often have mistaken online and cloud-based versions to be the same thing but the difference is stark. Yes, both the versions need internet access to avail the full functionality of the software, however, the feature provision of the two makes them poles apart.QuickBooks Online is created and channelized via Intuit itself, which runs inside the web browser. Comparatively, QuickBooks software is cloud-hosted via third party cloud hosting companies, which are accessible through an application-based platform.So, here the question a