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Financial & Management Accounting Advice

The following are the most popular expert advice articles on financial and management accounting:

Financial  & Management Accounting Advice 1

Outsourcing Accounting is Working Smart!

Businesses today have learned to cut costs not by employee retrenchment or cutting on quality of product but by outsourcing. Outsourcing accounting, for instance, has proved beneficial to trade and businesses because it provides a cheaper and more efficient way of doing things. Contracting accounting services from outside sources have proven to be life saving for many companies world-wide.

Probably the greatest advantage that a company can get from using an outsourcing service is the reduction of operating cost. It saves payroll overhead cost and directly leads to freeing up valuable time. The amount and time for using an outsourced service is not as much as utilizing in-house services.

Outsourcing accounting improves financial operations as well as increased the level of efficiency, adaptability and ability to wok with the market conditions while at the same time curtailing risks and costs. It will quickly reduce cycle time needed to prepare paper works such as tax forms and others which can be very important for meeting clients. The outsourcing service can help in meeting the company’s challenges in business transformation and change management. They cab suggest ideas to take difficult decisions and give recommendations in the best interest of the company.

The time spent on paperwork for company to run smoothly can now be spent working with customers. This adds value to customer relationship. And this will put the company in a comparative advantage over competitors because of the renewed valuable relationship with the lifeblood of businesses - their customers. Companies can now stay focused on processes needed to boost the relation with the customers. What could be more satisfying and self assuring than a company who works for the betterment of its customers and employees?

The advantages and benefits a company can derive from outsourcing accounting are tremendous. It has given the companies control over business outcome in different crucial areas. It has improved the creativeness of planning. It also includes critical areas such as cost-cutting in almost all aspects of the business; equal levels of control in reliability, cost unpredictability improvements, and successful implementation of ideas and concepts.

A company does not have to outsource all accounting functions. Some only go for services on one or two distinct functions such as accounts payable or payroll. There are other businesses though who opt to outsource their entire accounting operations.

All outsourcing services are tailored to a company’s internal processes and requirements. No two businesses share the same sets. They are impeccably integrated with existing procedures and technologies for smooth transition. The highly skilled outside services can give expert advice on a number of topics. This includes which functions would be best taken offshore which allows for best practices and efficiency.

Outsourcing accounting to reputable online firms can provide companies with fulltime, reliable and professional online accounting service. Overnight updates can beat deadlines and avoid the psychological end results of rushing and not finishing reports on time. Time, effort and space can saved for more customer interaction and more places for more profit centers. Most of all accounting tasks need not be sidetracked because of an employee absence.

Author: Amitaabh Saboo

Financial  & Management Accounting Advice 2

Offshore Accounting Bpo - Myths and Realities

There is a myth that efficiency and profitably of offshore business can only be seen in big business. But that’s not true. Today small business organizations are taking to outsourcing to increase their business efficiency and profitability. With IT based transaction processing has expanded to accounting, HR management, public relations consultancy, financial services etc, outsourcing today is the latest tool for transformation of any conceivable business process. Small businesses are still not sure whether offshore vendors can really create value for their company.

Myth: Outsourcing is only and only for Big Business only
Reality: that’s not true. It has equal value in Business

There is a myth that business with abundant wealth can get good return from account outsourcing. But the fact is this is absolutely wrong. Small business can also get good return. In today’s fiercely competitive industry, every thing your save whether it is wealth or time is very important for your business. India, China, Philippians are the front runner in the offshore vendors. Here you get quality service in fewer prices than the money required to do it in the country of origin.

Myth: Only Transaction Processing can be outsourced but Accounting BPO.
Reality: False. Almost all Non-core Business Activities like Accounting BPO can be outsourced

High-end technology platforms were used by big business in last decade for outsourcing. Now every thing has technology. Big and small companies routinely outsource their work to cost-effective destinations like India. In last few years accounting has taken a tremendous growth. . Companies with a full-time bookkeeper can save about $30,000 a year by using outsourced bookkeeping services to highly competent service providers in India.

Myth: Complex IT integration is needed in Accounting Outsourcing
Reality: False. Just a Server and Internet Connectivity is enough

Extensive IT integration is required in outsourcing – this was a misconception.. the offshore vendors only require just server and Internet connectivity is sufficient to procure value-added services. The outsourced service provider can use Remote Server model to access client’s computer securely to perform services like Accounts. In case of Secure File Transfer all the accounting records are transferred securely from customer’s computer to the outsource vendor to perform the work. Then the vendors upload the files back into customer’s computer securely. The technology for outsourcing is changing day by day as concept of offshore is increasing everyday. A IDC study entitled US Finance and Accounting Outsourcing Market Forecast and Analysis 2003-2008 has predicted that the global market for finance and accounting outsourcing services, which reached over $30 billion in 2003, will reach $47.6 billion in 2008.

Myth: Accounting Outsourcing is not reliable
Reality: False. The services are 100% Reliable

There is no chance of unauthorized use of your resource. . Through secure FTP software, offshore units transfer all the documents securely into the client server. Using customer specified accounting software, they perform all the work and export the finished accounting files back in to customer's server securely. . Small business outsourced accounting services do not ordinarily involve handling of business critical data. Even if they are there, a reliable service provider with proven experience and credentials can handle the assignment with trust and confidentiality to secure efficiency and cost saving for small business units.

Myth: Accounting BPO cuts jobs, indirectly harming economy of outsourcing country
Reality: False. It promotes Growth and Efficiency

Small business outsourcing accounting services is a major budget-balancing act and a must-consider option for increasing business returns and lowering process time. The efficiency gained through fast and less expensive outturn makes end-price competitive. Ultimately, there is no loss of employment opportunities

Author: Mani Malarvannan

Financial  & Management Accounting Advice 3

Real Estate Accounting is a Shining Armor for Accounting Industry

Accounting is an integral part of any organization; whether it is a regular industry or a specialist, all of them need good and knowledgeable bookkeepers. And real estate is no different from the other sectors; in fact, it is lately becoming one of the most powerful revenue getter for the government in the United States. Another reason why this sector needs efficient accountants is that it is vast and ever growing industry.

Real estate accounting require professionals that are capable of handling accounting services professionally. However, one is very well aware of the fact keeping a track of accounts on every day basis is quite challenging for both the business owner as well as the financial department. In fact, accounting ledgers always grow; hence, need experts to take care of the transactions taking place regularly. It is only accounting and accountants that can make business a successful venture by keeping the accounting books intact. That is why real estate sector is constantly looking for proficient and professional people. Therefore, real estate follows accounting diligently for reasons like tax payment and for managing the business properly.

However, when the question of handling real estate accounting arises, then it becomes all the more important to have an experienced staff to accomplish tasks properly. Real estate, as the world knows is a huge sector in itself, where there are several participants and demands perfect accounting services. In fact, real estate accounting is catching up a lot with them in recent years. One will be amazed to know that its accounting comprises a range of strategies and principals that are lifeline for the business along with accounts. Moreover, real estate accounting has helped in the growth process and development of profits and has also curbed losses to a great extent. Although, keeping real estate accounting intact is quite a tiresome and time consuming process, and demands lot of expertise on the part of an accountant. However, this sector follows a range of methods to track various details related to accounting services. The details that have to be taken care of by an accountant for real estate accounting include maintenance of accounting books with financial transactions receipts. It additionally keeps a track of ledger books, balance sheets and credited and debited transaction sheets.

The real estate accounting also provides minute details on every transaction that has been made and recorded for any requirement of the accounting method. The other additional services provided for estate accounting helps the businesses to make more profits and assist in understanding the financial position of the business in the market. The various regular services required by realtors are maintenance, utilities, and management of various records. Real estate accounting also demands solutions for property taxes, capital costs, and insurance and depreciation charges referring to the cost of providing assets. It will not be a surprised to tell you the fact that the real estate industry has also turned tech-savvy and utilizes software for accounting purposes. Its accounting software covers distribution and payroll, budgeting and accounting. This software has proved to a helping hand for the user as it is easy to use and implement.

Author: Alvis Brazma

Financial  & Management Accounting Advice 4

Need for Accounting Standards for Agriculture and Livestock

Need for Accounting Standards for Agriculture and Livestock
According to the NAFSCOB (National Federation of State Co-operative Banks Ltd) report there are 30 SCBs (State Co-operative Banks), 962 branches, 370 DCCBs (Districts Central Co-operative Banks and 1,06,384 primary societies in India by 31/3/2006. The Government of India established NABARD to finance the agricultural sector through state and District Co-operative Banks. All the DCCBs and PACS (Primary Agricultural Credit Societies) are lending loans and advances for the development of agricultural sector and uplifting of weaker section.
The DCCBs and PACBs in India provide loans and advances for different agricultural schemes. These schemes are formulated and approved under the supervision and control of NABARD. The high yielding cultivable crops are identified for different regions and financial assistances are offered under Short Term and Medium Term (ST & MT), Schematic lending, ST & MT Agricultural loans and SAOs (Seasonal and Agricultural Operations) Financial assistance is provided for marketing, storage, purchase of seeds, fertilizers and pesticides and for all the agricultural activities. The commercial crops are also identified and loans and advances are provided for production, marketing and for other related needs under separate schemes and plans. In the books of accounts of any DCCB or PACS we can find plenty of loans and advances provided for cattle purchase, poultry, goat farm etc. In the accounting parlance these are brought under the category of ‘Livestock’. As per schedule VI of the Companies Act the livestock is included in fixed assets. Normally fixed assets are brought under the purview of depreciation as per the generally acceptable accounting principles and standard practices. It is obligatory as per legal provisions of certain Acts. The stock of inventories is categorized as current asset and valued according to the standard practices followed by the respective organizations.
According to AS 9 - Revenue Recognition concept, the minimum amount of sale income earned from agriculture can be reliably measured even at the time of completion of production. This may be due to support price set by the Government or immediate marketability. The price is pre-determined before marketing it. In such case the revenue may be recognized as soon as the production or harvesting is completed at the pre-determined price and that will be the selling price. There are so many crops for which no adequate support price is being provided and immediate convertibility into cash is also not possible. We could find a dispute in existing support price or the price determined every year by the Govt.
The IAS-41 (International Accounting Standard) has been introduced for Agriculture. The General Clarification (GC) - 12/2002, issued by the Accounting Standard Board of the ICAI on applicability of accounting standards indicated that the Accounting standards would apply to all the activities of the co-operative societies including those which are not commercial, Industrial and or business in nature. The Auditors should examine the books of accounts of them in accordance with Accounting Standards and deviations must be disclosed. According to Accounting Standard 2 revised (AS-2 revised) the stock of inventories that is one of the current assets must be valued at ‘Net Realizable Value’. The AS-2 is not applicable to producer’s inventories of livestock, agricultural and forest products, mineral oils, ores and gases. According to AS-2 and IAS-2 (International Accounting Standards) they are measured at net realizable value in accordance with well-established practices in those concerns. It is obligatory to follow similar accounting policies consistently in all accounting periods. Any change must be disclosed in the financial statement. AS-10 deals with Fixed Assets. All the depreciable assets must be depreciated as per the standard practices. The depreciation is calculated under SLM (Straight Line Method), WDV (Written down Value method), unit of production method or any other standard method permitted to follow. Now the questions raised on stock of agricultural produce and live stock are
1. What are the procedures for recording such items?
2. What are the methods of valuing such stock?
3. If the current practices followed are approved which are the Standard practices to be considered prudential?
When these questions are raised to a group of practicing Charted Accountants, they said it is an unimportant area and hence they accept the current method of valuation followed by their client for agricultural produces or livestock. Since it is neglected as an unimportant area, proper emphasis was not given so far. But, India is an agricultural based country and more than 90% of village population has livestock. Most of the farmers and villagers earn their livelihood from livestock and income from crops. They take crop loan and schematic loans from DCCBs and PACSs available in their respective jurisdiction.
Even the authorities concerned accept that they do not follow any standard practice for valuing the yield of livestock. The breeding animals loan and all kinds of loan granted for livestock are highly hypothetical. It seems that it is granted on trial and error basis. In practice the DCCB and PACS ask the party to produce a “Veterinary Doctor Certificate” about the health condition of the cattle or the livestock to approve the loan. Many of their methods are substandard and unrealistic. The agricultural loans and crops loans are provided based on the agricultural schemes and plans that are prepared on unrealistic assumptions on the value of yield and duration of the yield. So in order to develop standard practices, the Indian Accounting Standard Board must come forward to formulate an Accounting Standard in the form of guidelines or provisions. While formulating it, cautions must be taken to prevent contradictions with other Accounting Standards, Concepts and Conventions, especially with revenue recognition concept and matching concept. It is expected that this will give a convincing solution for the following questions.
1. What are the Principles to be followed in recording Agriculture produce and livestock in books of accounts?
2. What are the methods of valuing the yield before and after the harvest of commercial and non-commercial crops?
3. What are the situations in which livestock can be considered as fixed assets?
4. What are the situations in which the livestock can be considered as current Assets?
5. How to value the Livestock?
This would help to develop standard and productive practices in granting loan to develop rural population in the long run. The lending policies and collection of overdue would not thrust any burden or risk. The people will use the rural credit wisely only on productive schemes. The unscrupulous persons could be prevented from misusing such facilities available in co-operative banks. This would facilitate to reach the schemes and plans to the right people. The people will feel their moral responsibility of repaying the loan and the NPA (Non- Performing Assets) in the DCCBs and PACS in India could be brought under control.

Author: Dr. A. Oliver Bright

Financial  & Management Accounting Advice 5

Bookkeeping Outsourcing-keeps an Error Free and Hassle Free Financial Record

The concept of bookkeeping outsourcing is gaining much momentum now-a-days. Through offshore bookkeeping job can be done in a cheaper rate and in lesser time. As maintaining financial records from outside is error free and hassle free, business owners are finding it the best way to maintain all the financial records of his or her organization. Bookkeeping outsourcing excels in maintaining all issues related to money. Big or small, all sizes of business organization are finding it very useful and profitable. By outsourcing bookkeeping, owners get the scope to expand their business as they get the detailed information regarding the income and expenditure of his company. Bookkeeping from outside not only keep track of the financial records but the expert also let the owner know where his or her company stands in this competitive market. During the crisis period, they give suggestive measure.

Mostly small organization is finding the bookkeeping outsourcing very beneficial. It cut their expenses to one third and helps them to get quality work. Through outsourcing bookkeeping, one can reduce the overload of work and also cut expenses. For any big or small company, bookkeeping from outside is very much profitable. They need not have to pay to their in-house staff and their job gets done at a cheaper price. Bookkeeping involves handling of the financial records, business revenue, profits and losses incurred by the company and various other expenses. Bookkeeping outsourcing is flourishing day by day and today business owners had almost stopped to recruit staff for maintaining all the financial records of his company. They rely a lot on the offshore bookkeeping. They very much like the concept of bookkeeping from offshore.

Tax return period is very hectic. Individuals had to work very hard. Companies had to work day and night at the time of tax session. A minute mistake in tally may prove blunder. So, one requires to work with full dedication. In this case, mostly, business owners rely upon the bookkeeping outsourcing professional rather than their own in-house staff. Outsourcing bookkeeping saves money and time. Work is done with full perfection. Moreover, accuracy is the perfect word to describe outsourcing bookkeeping. By hiring a right individual from a private firm to keep all the financial record correctly removes all the tension of the owner. An error free financial data will lift up the prestige and pride of any organization.

There are many firms that provide bookkeeping outsourcing. It is more prominent than the in-house staff. The expenses of in-house staff are much higher in comparison to the offshore bookkeeping. Bookkeeping involves keeping record of the profit and loss of the company, bonus, gratitude, house allowance, conveyance changes, funds and various other things. Bookkeeping is a very tedious job and requires lot of concentration. It is a very important section of any organization. Any company will prosper only when there is someone who keeps track of all its financial records and offers suggestion. And in this case, bookkeeping outsourcing is the right option for all who desires to have an error free financial record.

Author: Michelle Barkley

Financial  & Management Accounting Advice 6

On Demand CRM by Commence Best for Small Business Accounting

Commence Corporation a leading provider of Customer Relationship Management software has announced that its popular CRM On-Demand solution now offers seamless integration with Intuit's QuickBooks Accounting application. The integration allows QuickBooks customers to share Account, Contact, Payment, Purchase Order and Invoice data with Commences web-based CRM solution.

"Accounting and CRM fits hand in glove," says Larry Caretsky, president of Commence Corporation. "Companies want to have vital customer information that traditionally resides in their Accounting system available to sales and support personnel from their CRM system. This integration makes that possible."

Industry reports indicate that there are thousands of small businesses eager to take advantage of Customer Relationship Management systems to capture, manage and share customer information and to use this data to improve sales execution and customer service. The alternatives have traditionally been complex, expensive and do not provide integration to Accounting packages. This has significantly limited the acceptance and use of CRM in the small business community. Commence has addressed this requirement with an easy to use, affordable web-based solution that offers account and contact management, sales automation, marketing, customer service, project management, integration to QuickBooks and Microsoft Outlook.

Commence On-Demand is delivered as a service over the Internet. There are no hardware or software requirements and customers can be operation in just a few hours. The basic package starts at just $19.95 per user per month.

About Commence Corporation

Commence Corporation is a leading provider of Customer Relationship Management solutions. The company's products are designed to provide small to mid-size businesses with flexible solutions that leverage the Web to offer an integrated platform for managing sales execution and customer service. Commence supports several thousand customers through a worldwide distribution network, with outlets in North and South America, Europe and Asia/Pacific. For further information contact Commence Sales at 1-877-COMMENCE

Author: Thomas Cutler

Financial  & Management Accounting Advice 7

Understanding Bookkeeping Help to Help you Better

Despite of being a small, medium or a large-scale enterprise, the main thing that rules these enterprises or businesses, is the entire thing of profit making. In fact, any business is known by the profit or loss that it incurs. In fact, the entire name of the business is created in the market by the profit that the particular business is making in a financial year. Well, no business owner would want his or her business to go through losses and would want the business to do really well. Moreover, it is because of this that the accounting or the bookkeeping department of any organization is given maximum importance. In fact, a known fact is that the accounts department of any organization is considered to be the most important department of any organization. Bookkeeping help can prove to be a good bargain for organization that are having problem in tackling the accounts blues.

In fact, we all consider accounts to be one of the most hectic and time consuming jobs. However, given the importance that it gets, no one can actually manage to do without this section. Therefore, professionals are hired and at times, they work really well and at times, they cannot produce the desired results. In such cases, it becomes really difficult for the owner of the firm to look after everything. However, thanks to the evolution of technologies and software applications, things have become eased out and one can actually take the help of bookkeeping help to do away with all the accounting tensions and worries. Bookkeeping includes many things, right from maintaining the day-to-day financial transactions, looking after the weekly, monthly and yearly balance sheets, tallying the profits and losses, seeing over the ledger, the debits and credits and many more things. This can actually prove to be hectic for a person who is not well versed with his or her work and therefore, mistakes in the books are inevitable. In such cases, opting for bookkeeping help can prove to be a good deal.

In fact, the benefits involved with bookkeeping is immense and once you take the help or the aid of these firms that provide bookkeeping help, you will realize the benefits. The first and the foremost help that you get is that highly qualified professionals take over the accounting responsibilities of your firm. As these people are trained, they know all the exact processes that need to be done and moreover, they help the organization monitor their expenses, which further helps them to earn more revenue. Moreover, outsourcing bookkeeping help also the organization to spend less money and this again adds up into their funds. However, you too will need to do some homework. You will have to look out for a firm that suits your needs. Once this is done, you can hand over the responsibilities to the professional who is working for your firm.

Taking the aid of bookkeeping help can actually prove to be a good bargain for business owners. This not only helps them to save a huge amount of money, time and responsibility but also gives them the scope to earn more revenue. Therefore, if you feel that your business needs good accounts monitoring, then opting for bookkeeping help will be a good thing.

Author: Alvis Brazma


Financial  & Management Accounting Advice 8

Small Business Accounting Will Earn you More Profits

Small business accounting is the latest one to attract the attention of many business owners as they find the larger accounting firms too busy in executing their tasks. Moreover, keeping a track on every day’s financial transaction is a tough job; hence, needs a specialist to take care of accounting records especially when you are a businessperson. Thus, these firms are turning towards small business accounting organizations for their proficient abilities to accomplish work within a short period of time.
Irrespective of the size, every organization needs an expert to take care of the financial numbers efficiently. However, due to the busy schedules and mismanagement of time on the part of many big accounting service providers, many business owners seek help from small business accounting firms. However, every business wants to earn numerous profits and at the same time want to make the business popular; hence, a small business accounting is needed to handle the account books of such companies. Well, sometimes running a business can be overwhelming and that is the reason, why many organizations opt for small business accounting because they offer accurate results. With the help of small business accounting, the companies also earn huge profits in a very short time.
These firms also help in curbing the losses that are incurred due to various problems like work force and other resources. The service offered by small business accounting also enhances the performance of business in the market. However, one can say that through it, the organizations tend to earn more and simultaneously able to curtail losses that were incurred during the entire financial year. Accounting service providers also earn edge over big service providers as they have lesser clients and denote ample to cater to their needs and requirements. Small business accounting firms are getting tech savvy just like big and large accounting service providers. They are opting for various software solutions that are specifically designed for their clients. In fact, with the help of accounting software, the whole process becomes easier and the financial records and tallying them over and over again is simplified.
However, most of the business owners are not a qualified accountant and are always busy in churning out profits, hence; hiring an accountant for various accounting tasks is a good option. This is one of the significant reasons to have small business accounting expert for business deals for a future. Taking services from small business accounting solutions is a good way to reduce time and personnel resources. Therefore, small business accounting is professionals who specialize in providing efficient and accurate accounting services. Thus, do not wait anymore and call an executive for accounting services as soon as possible as they deliver solutions with accuracy. The accountant will handle accounting work carefully and efficiently, in fact, they will also help in making a daily report on the regular transactions and the client is updated through online file transfers. Therefore, one can say that to earn more profits one can rely on small business accounting for a successful business.

Author: Alvis Brazma

How to Select Business Accounting Services Provider

Over 40% of America's largest businesses improve their profitability using outside service providers for their bookkeeping and financial functions. Due to technological advances, this same alternative is now available to small businesses. Firms using the Analytix solution are discovering that moving part or all of their bookkeeping and accounting functions to professional outside providers saves costs while freeing up valuable management time.

Business owners need to maintain accurate financial records to properly manage their business, while also conforming to government regulations requiring mandated filings, such as federal income and state sales taxes. In general, businesses need three types of services during the year which our professionals provide:

Bookkeeping Services:

Bookkeeping is the recording of a business's financial transactions. It is the first step of the accounting process, which also includes classifying, reporting and analyzing financial data.

Accounting Services:

Business owners regularly need an accurate financial picture to understand how to better manage a business. Financial statements provide owners with crucial information such as the business’s liabilities, assets, equity and profitability over a given period.

Tax Planning and Financial Analysis:

All businesses are required by law to file with both state and federal government. These mandated filings range from tax estimates, individual and business tax returns, to quarterly or monthly state sales tax filings. Further, government regulations require that copies be kept of all financial records needed in the filing for up to seven years. Without good record-maintaining, businesses can leave themselves exposed to fines and penalties during an audit by the appropriate state or federal authorities.

Analytix is a premium provider of accounting, bookkeeping and tax preparation services for small, medium sized and fast growing companies. Our clients are served by a professional accounting staff that has a level of expertise not normally found in small businesses. For more information, you may visit us at

Author: Analytix Solutions





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