Accounting

10 Things to Find Out While Selecting a Small Business CPA Firm

Looking to hire a Certified Public Accountant (CPA) firm for your small business? Going the CPA way might actually make sense over hiring just any accountant. The problem is, how do you know which is the right CPA firm for you? Here are some of the factors to consider while selecting a small business CPA firm.1. Does the firm specialize in serving small businesses like yours? A CPA firm specialized in serving small businesses is likely to understand and address the challenges unique to small businesses more effectively than one that is not. Also, it is likely to be efficient and agile in serving your needs as its services, processes and operations are built to cater to small businesses.2. Does the firm have any client(s) in your industry? A CPA firm specializing in serving small businesses

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Accounting

How Cloud Computing Is Helping Businesses To Be More Effective?

Technology has taken the world by storm, and now those who do not adapt to the change will become a thing of the past. The technology is helping us to become more productive to deliver our work more accurately and quickly. Now, unlike the traditional time when we had to hire a full-fledged accountant to record the business transactions on pen and paper, we can purchase accounting software for the same task and can fulfill the required deals more easily and cost-effectively. When something like this is providing us that many facilities then who will not go for it? Obviously, the one, who doesn't want to improve and grow.With all these technological advancements and the need to connect globally, the demand for remote workers has increased drastically. And, we use cloud hosting to complete ou

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Accounting

Why Should You Migrate to QuickBooks Cloud This Festive Season?

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

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Accounting

International Accounting Fraud

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

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Accounting

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

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

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Accounting

What Is International Financial Reporting Standards?

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

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Accounting

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

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

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Accounting

6 Common QuickBooks Issues and How to Solve Them

From performing a never ending series of tasks for its users, such as paying bills, managing payroll, generating reports, invoicing customers, and tax filing, QuickBooks has been a savior for many. Be it the sole proprietors, CPAs, bookkeepers, or business owners, QuickBooks is still the first choice and is popular as one of the topmost small business accounting tools in the market to date.Thanks to its wide range of powerful features, both QuickBooks desktop and QuickBooks hosting have been famous among the masses. However, when something goes wrong or when you find yourself stuck while using the marvelous accounting software, things may not always seem to be smooth sailing. Here are some of the most common issues you might face while working on your QuickBooks software and how you can fi

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Accounting

How Small Businesses Can Save Efforts and Expenses With QuickBooks Hosting

QuickBooks is the new-generation coveted accounting software that helps users with better financial management and more effortless accounting operations. QuickBooks; developed by Intuit, comes in a lot of different versions such as Pro, Premier, and Enterprise. You can choose what fits best for you depending on the genre, budget, and size of your business.An even more effective and yielding version of this is QuickBooks on the cloud or QuickBooks hosting as it's popularly known. Cloud hosting and cloud technology on a whole has expanded its horizons that in ways that were earlier unimaginable. Why should you be left behind when you readily have available a solution that starts delivering futuristic benefits.In no way shape or form do I mean to say that QuickBooks desktop isn't a good enoug

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Accounting

Ten Best Practices for Accounts Payable

Healthy working capital flow is of paramount importance to all businesses. This is especially true for small to medium sized businesses. Accounts payable, when properly managed, can be an effective strategy to free up and protect working capital. Here are ten best practices for accounts payable management:1. Develop a written accounts payable policy and procedures document. A written policy: (a) facilitates employee training, (b) helps to establish a consistent response to routine situations and, (c) may create a framework for appropriate delegation of responsibilities.2. Identify incompatible duties and implement appropriate segregation of these duties. For example, employees who authorize invoices for payment should not have the ability to edit vendor master files, so too, employees who

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