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The term accounting covers a whole spectrum of services. Wikipedia defines accounting as the production of financial records about an organization. The principles of accountancy are applied to accounting, finance, bookkeeping, and auditing. Accounting was first found in Mesopotamia, where people used accounting methods to record the growth of crops and herds. Over thousands of years it has grown into the complex systems that we see today to match the needs of businesses, governments and financial institutions. So let's look at what makes bookkeeping and accounting different. Both are concerned…

It's Monday. You gather up the timecards from the rack and toss them aside. What a pain! Let's face it, calculating a bunch of timecards is not up there with our favorite things to do every week! Relax, I'll show you the simplest system I have ever found. First comes the hardest change. Military time . I hear you groaning out there but trust me, you'll learn to love it. Military time is based on the 24 hours of a day, a “regular” clock spins twice around the same 12…

Being seen to provide great service is an awesome key to attracting the best customers into your business. But it is not always the simplest thing to do to get those testimonials. You have to battle through your own ideas of being too forward if you ask and your customers are probably too lethargic to realize that you want one. Think about it! When last did you offer to give someone a testimonial without them asking for it? Hardly anyone does. So how can you get these testimonials without being…

An individual's finances can be quite delicate. Managing them could also be a time-consuming and, at certain times, mind-numbing. If managing them isn't your cup of tea, it's comes as an easy recommendation to let your financial records be kept in order by a CPA firm that could easily work them out and even keep you in the know to boot. Choosing to go for a CPA firm is a real solid investment to make since there are a number of benefits that you could get by just doing so.…

There are two kinds of taxes that a business conducting accounting payroll has to be concerned with to run payroll effectively. There are withholding taxes which are also known as Pay-As-You-Go/ Earn (PAYG/ PAYE) held from an employee’s pay, or the employer pays from their own funds. The later form can be in fixed amounts, or linked by proportion to the pay a worker takes home. The calculation of payroll deductions requires a detail-oriented approach and accurate work on the part of the payroll accountant. Payroll is reported through calculating…

Any entrepreneur learns that few of the steps towards lofty goals and dreams occur as planned and when desired. The real world forces changes every day in assumptions about what will work, with whom and when. Entrepreneurs committed to a dream know that they must learn to be agile, flexible and diligently focused on the dream. Determined entrepreneurs do not allow changes to become roadblocks that deter them from finding the circuitous path to success. There is one characteristic that tests an entrepreneur more than any other, that is the…

Maintaining financial records is a task that's unavoidable for a business. Once these records aren't properly maintained, confusion can ensue. If you don't want your business to go through this confusion, going for bookkeeping services is vital. These services will certainly bring you the tangible results as well as the success that you've always been looking for. The bigger businesses consistently maintain their financial records because they could afford to keep bookkeeping services in house and this leaves them with time to concentrate on the other more important aspects of…

The owner of a small business today faces challenges unknown in earlier days. No longer is the competition from other businesses within the same geographic area. The business must now compete with the rest of the world. It is not enough to do everything yourself and dabble in a little marketing every now and then. That was the business model carryover from the old days of store merchants. In today's world, the owner of a business must focus all his energies on growing the business, both it's financial health and…

Unfortunately the casualty rate for a small business just opening it’s doors is high; according to a recent Industry Canada Report, half don’t make it to 5 years and 3 out of 10 fail in the first 24 months. The message is clear: you must have a short term focus if you hope to be around in the longer term. You want the 5th year to show up! Your game plan should cover no more than 24 months. Your challenge is to execute the critical things necessary to get sales…

Want to start a business? Buy one! There are many reasons not to start a business from scratch and buy one instead. Do you have a great idea that is just begging to be made into a business? Is your business thought so unique it can't fail? Will your way of thinking revolutionize the industry? All this might be true but is this enough to warrant starting a new business? Have you presented your ideas only to find that it wasn't as easy to find funding as you thought it…