Accounting provides some measure of a firm's economic efficiency on its income statement. A large net income usually tells us that something has gone right, while a large loss indicates that something is amiss. The same cannot be said about a non profit's income statements (usually called the Statements of Revenue and Expense). Since the central g

Many excellent articles have been written offering useful, innovative tips on ways to save money. We'd like to take a different approach. Let's look at what we call the "philosophy of frugal living." Don't confuse "frugal" with "stingy". What's the difference? If you're being frugal, you make use of the coupon in your Entertainment Book when

Customer relationship management (CRM) is an important part of any business in order to keep clients happy. It is imperative to ensure that customers are happy otherwise you will not have a business. Customer relationship management is the strategies, processes, people and technologies that are used by companies in order to successfully attrac

To borrow a line from the Police, it might seem as easy as your a-b-c's, but there's a lot that goes into effective financial modeling. For my entire career, financial modelling has always been central to the analysis I've relied upon to evaluate a business' health or justify an investment in its growth. There are several important steps t

Mortgage refinancing is a good move in most cases and can be very beneficial for the home owner. On the other hand, mortgage refinancing can go wrong and the reality is you might end up with a new agreement that is worse then the previous one. You need to understand when and how to properly concider any type of refinancing. We all want to save

Accounting software is used by accountants to enter many complex financial transactions into the financial books of account and is almost invariably based upon double entry bookkeeping principles. A major advantage to those companies and the finance staff is the extent to which financial information contained in the database can be queried for fina

Every small business is required to keep bookkeeping records to produce at the end of the financial year a set of accounts to show the sales income, business expenses and the net profit for tax purposes. Medium and larger businesses employ accounts clerks, bookkeepers and accountants to maintain the financial records and produce regular accounting

Risk management for business is a very important aspect of any company. This is because it identifies and treats any risks that an organisation may face. It develops a strategy in order to tackle potential risks and prevent any failures from happening. It is impossible to predict what can happen to a company and when which is why everyone should lo

When you own your own business it is important to enlist the help of an accountant in order to provide audit services. This is because it provides documentation that you are dealing with the financial aspect of your business in the correct way and can be used as evidence if any issues arise. Some people don't even know what audit services so th

Double entry bookkeeping stretches back centuries perhaps even as early as the 12th century and is now accepted worldwide as the accounting standard to be employed by all companies in recording the financial accounting records. The first written explanation of the accounting system was reportedly by a Venetian mathematician Luca Pacioli towards the

If you operate your own home business, then you are probably aware that there a few drawbacks to being self-employed, just as there are a few drawbacks to any major decision you do in your life. Being an entrepreneur and self employed often means that you lose some workplace benefits, such as group insurance, sick leave, paid vacations, etc. How

Whether you are a large business or a small business there are many advantages of using Sage payroll accounting software. Not only can it help you to stay more organised but it can also help you get certain jobs done quicker and more accurately. Many people who are in charge of doing the wages hate doing them because it can be a very time consu

There have been a number of security breaches in recent years where credit card companies have found data missing -- stolen from a breach in the security systems. In the advent of these occurrences a general standard across the board was brought to the table by major credit card companies VISA and MasterCard. PCI DSS, or Payment Card Industry Da

Basic bookkeeping consists of recording the prime business transactions of sales, purchases and cash. The accounting documents supporting and evidencing these transactions being called prime documents which are entered into the business books by a bookkeeper. Sales Invoices A sales invoice is a prime document. In more advanced accounting syst

Businesses generally make extensive use of spreadsheets both in accounting and all other business fields. Being a numerically based system of analysing information spreadsheets are used throughout every accounting function as the technique presents an ideal basis to maintain accuracy and automate the collection of financial information. Every sm