Profit Is Your Company's Primary Goal: How To Acquire and Keep More Of It

Profit Is Your Company's Primary Goal: How To Acquire and Keep More Of It   by Christine Harrell

in Finance / Accounting    (submitted 2010-03-01)

In medium to large businesses it's easy to get so involved with details of daily operation you lose sight of the reason for your company's existence: making money. All other considerations are secondary to that. Never forget this lesson.
Everything Is a Path to Profit
Companies emphasize different aspects of doing business. One might work to create a better quality product. Another could push great customer service or employee morale. Still others might put high sales volume or low production costs as a priority. In fact all of these efforts are secondary to the real goal.
Why do you want to make a better product? To make more money. What will happy customers and motivated employees generate? More money. Increasing sales, cutting costs or any other initiatives within your company have the same goal. Unfortunately some executives become so obsessed with the short term objectives such as improving marketing efforts, they lose sight of the ultimate goal of improving the company's bottom line. Once you see everything you do as a path to financial success, it becomes easier to balance different activities.
Start with Professional Financial Advice
Accounting is not sexy. Corporations brag about the awards they win, customer satisfaction surveys, or record profits. Few executives boast about hiring the best accountants in the industry. Yet solid accounting practices are at the heart of a financially successful business.
Many organizations don't have the time or experience to hire, train and maintain a great accounting team, which is why a growing number of businesses are turning to outsourced accounting departments. They get the benefit of top-notch accounting and bookkeeping services without the administrative costs associated with running the department. Advances in information technology mean there is no longer a reason to have internal accounting operations. You can check your books online just as easily using an outsourced accounting department as you can with an internal financial team.
Use the Financial Tools You Have
Once you've developed a partnership with an outsourced accounting department, take advantage of their capabilities. Your accounting team should be doing more than filing your taxes. They are an integral part of ongoing financial and business planning.
Most executives don't look at financial reports often enough. They may not really understand the information presented and don't want to admit it. Or they might feel the financial details don't affect the big picture view. Nothing could be further from the truth.
The current and future states of a company's finances are critical in daily operations and long term growth. Organizations run by executives who are well versed in the financial picture are more likely to be successful. Although executives should have a grasp of accounting fundamentals, an outsourced accounting department presents the data in a way non-accounting personnel can understand.
Contract with an outsourced accounting department today and get control of your business's ability to generate a profit.

in accounting-What is a corporation in business?

in accounting-What is a corporation in business?   by ehsan

in Finance / Accounting    (submitted 2010-03-01)

in accounting -What is a corporation in business?
Most businesses in accounting start out as a small companies, owned by one person or by a partnership. The most common type of business when there are multiple owners is a corporation. The law sees a corporation as real, live person. Like an adult, a corporation is treated as a distinct and independent individual who has rights and responsibilities. A corporation's "birth certificate" is the legal form that is filed with the Secretary of State of the state in which the corporation is created, or incorporated. It must have a legal name, just like a person.
A corporation is separate from its owners. It's responsible for its own debts. The bank can't come after the stockholders if a corporation goes bankrupt.
A corporation issues ownership share to persons who invest money in the business in accounting . These ownership shares are documented by stock certificates , which state the name of the owner and how many shares are owned. the corporation has to keep a register, or list, of how many shares everyone owns.Owners of a corporation are called stockholders because they own shares of stock issued by the corporation. One share of stock is one unit of ownership; how much one share is worth depends on the total number of shares that the business issues. the more shares a business issues, the smaller the percentage of total owners' equity every share represents.
Stock shares come in different classes of stock. Preferred stockholders are promised a certain amount of cash dividends every year. Common stockholders have the most risk in accounting . If a corporation ends up in financial trouble, it's required to pay off its liabilities first. If any money is left over, then that money goes first to the preferred stockholders. If anything is left over after that, then that money is distributed to the common stockholders.
in accounting

Rare Coins and Information

Rare Coins and Information   by Jeremy Miller

in Finance / Accounting    (submitted 2010-03-01)

Collecting rare coins is not only popular but it's like a mini history lesson. Some people find coins at trade shows or auction houses and others find rare coins on sites such as eBay. Before making a purchase, it's always best to have the seller give you proof of the coins grading and value. If the seller does not have this information, then you should not purchase the coin.

If you are planning on attending a coin show at your local trade show, it would be helpful to bring along a US coin price guide book. These books can give you an idea of how much a coin is presently valued at and at what condition. If you are unsure of a coins value, you can always ask the seller if they have had the coin authenticated by PCGS or NGC. These two companies give guarantees about the authenticity, condition and value of coins.

Many collectors look for those rare 1900's coins to add to their collections. What 1900's coin is the most valuable coin? It is the 1933 Gold Double Eagle which sold in 2002 for 7.5 million dollars. There were less than 500,000 of these coins minted but were never put into circulation because of the depression. Would this coin be worth 7.5 million today? It's hard to say if this coin would be worth that today because a coins value can fall when the economy falls.

Researching coins before making purchases is a big must in the coin collecting industry. It is very important to know the different grading systems so you aren't taken advantage of and you are getting what you are paying for. There are several books that you can purchase at your local bookstore or you can go to your local library and see if they carry the books.

Many new collectors wonder about cleaning their coins. The rule of thumb is you never want to clean your coins yourself. There is a possibility of damaging the coin and greatly affecting the value of the coin. Take your coin to a professional coin dealer and have them clean the coins for you.

Once your coins are clean, should you display them or put them in a safety deposit box? If you are planning on displaying your rare coin collection, it is very important to keep your rare coins in the proper temperature or your coins can tarnish and get damaged. The best places to keep your coin collections are in a safety deposit box or in a home safe.

If you decide to keep your collection in your home, you can add your collection to your home owners insurance or purchase a separate insurance policy for the coins themselves. It is recommended by collectors and dealers that no matter what you decide to do with your collection that you insure them. You can also ask your insurance agency about only insuring your most valuable coins in the collection rather than the whole collection.

There are tons of rare coins waiting for you to find them. If you do your research and look in the right places, you may be one of the lucky ones to discover a very valuable coin.

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Companies Reap Benefits of Charitable Sponsorships

Companies Reap Benefits of Charitable Sponsorships   by Christine Harrell

in Finance / Accounting    (submitted 2010-03-01)

Organizations choose to help non-profit organizations for a number of reasons, both altruistic and otherwise. There are many benefits and basically no downside, but it is important to consult your virtual accounting department so the relationship can be set up in the most mutually beneficial manner.
Tax Benefits of Sponsorship
From a pure accounting point of view, a common reason to sponsor charities is to improve a company's tax situation. Since charitable donations are tax deductible, a company can receive significant tax benefits from such a relationship. However many companies are unsure how much to donate. Balancing the charitable organization's need with the donor's ability to give requires some expert advice.
Your virtual accounting department will help ensure the donations are documented properly for taxes. For example, if your company gets something from the charitable organization in return for the donation this will reduce the amount that can be claimed on taxes. The virtual accounting department can recommend target amounts for donations that will provide the greatest benefit to the company.
Improve Your Company's Image
Charitable sponsorships have benefits that exceed the tax advantages calculated by your virtual accounting department. Associating with nonprofit organizations is a great public relations boost. By giving back to the community you demonstrate you are a company with heart, not a faceless corporation.
Attending charity events gives a wonderful opportunity to form new business relationships. New customers, vendors and other partners can be discovered when networking during fundraising functions put on by the nonprofit entity.
Sponsorship provides marketing benefits. When the charity acknowledges your company's help, your name is put in front of an audience who might otherwise ignore your promotional efforts. Businesses commonly see a significant increase in customer traffic after starting a charitable sponsorship.
Doing Good for the Community
Of course the main reason to partner with a nonprofit organization is to make your community a better place to live. Your business is in a position to help those in need and finding the right charitable organization allows you to make the most of the opportunity.
Many business owners who get into charitable sponsorship for purely selfish reasons quickly find they enjoy the feeling they get from helping others. Although the marketing and tax benefits are great, the joy of giving quickly surpasses these advantages. Employee morale improves when they know their efforts are helping a nonprofit organization.
Charitable sponsorships are one of the few genuine win-win situations a modern business will encounter. Your organization can start small, for example by funding a single event, and as you see the advantages you can increase your support. Some companies promise a specific amount while others donate a flat percentage of their revenues or profits to the charity. Whatever help you can offer will be appreciated by those in need.

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Are Your Accounting Practices Breaking the Law?

Are Your Accounting Practices Breaking the Law?   by Christine Harrell

in Finance / Accounting    (submitted 2010-03-01)

This job of a virtual accounting department is not simply a matter of adding assets and subtracting liabilities. An organization's financial operations are governed by a maze of local, state and federal regulations that dictate how activities are to take place.
These laws come from many sources. Tax regulations prescribe when taxes are to be paid and what expenses are deductible. Securities rules govern a company's issuance, purchase and sale of stocks and bonds. Newer regulations such as Sarbanes-Oxley have been designed to keep companies honest.
Situations become more complex as organizations operate in different geographical areas. If a company has a central office in New York and an office in California, which tax code applies? Are there differences in the rules between serving customers in the US and customers in other countries?
Ignorance Is No Defense
Keeping track of these myriad rules and regulations is a full time job. A minor change in the law could have a profound effect on a company's operation. Internal policies that go back decades might suddenly be in violation of the new rules. If the business isn't aware of the change, there could be serious penalties in the future.
In many cases, by the time an organization finds out about a change it's too late. They need to know not only about laws just made but also laws coming up so they can alter company operations in plenty of time to meet new regulations. Few companies are in a position to understand and analyze the effects of regulatory changes. They depend on the expertise of virtual accounting departments to keep them abreast of the latest developments.
Virtual Accounting Departments Provide Peace of Mind
Modifications to financial laws typically affect only the financial operations themselves. If these functions are moved outside a company into a virtual accounting department, daily company procedures will seldom be affected by regulatory changes. The accounting department will ensure all company financial transactions are carried out in accordance to current regulations.
A few of these changes will have an indirect impact on the company. For example changes in tax laws may open up new opportunities for an organization to reduce its tax burden, opportunities that would be overlooked without the advice of a skilled accountant. Businesses that take advantage of these new rules will have a competitive edge over competitors that ignore them.
Don't take the chance that your business will ignore the effect of new financial rules. Team up with a virtual accounting department to keep your organization on the cutting edge of accounting operations.

in accounting-Gains and Losses in business

in accounting-Gains and Losses in business   by ehsan

in Finance / Accounting    (submitted 2010-03-01)

in accounting Gains and Losses in business

It would probably be ideal if business and life were as simple as producing goods, selling them and recording the profits revenue. But there are often circumstances that disrupt the cycle, and it's part of the accountants job to report these as well. Changes in the business climate, or cost of goods or any number of things can lead to exceptional or extraordinary Gains and Losses in business in a business. Some things that can alter the income statement can include downsizing or restructuring the business. This used to be a rare thing in the business environment, but is now fairly commonplace. Usually it's done to offset losses in other areas and to decrease the cost of employees' salaries and benefits. However, there are costs involved with this as well, such as severance pay, outplacement services, and retirement costs.
In other circumstances, a business might decide to discontinue certain product lines. Western Union, for example, recently delivered its very last telegram. The nature of communication has changed so drastically, with email, cell phones and other forms, that telegrams have been rendered obsolete. When you no longer sell enough of a product at a high enough profit to make the costs of manufacturing it worthwhile, then it's time to change your product mix.
Lawsuits and other legal actions can cause extraordinary losses or gains as well. If you win damages in a lawsuit against others, then you've incurred an extraordinary gain. Likewise if your own legal fees and damages or fines are excessive, then these can significantly impact the income statement
in accounting .
Occasionally a business will change
in accounting methods or need to correct any errors that had been made in previous financial reports. Generally Accepted
in accounting Procedures (GAAP) require that businesses make any one-time losses or gains very visible in their income statement.

in accounting

in accounting-What is a financial unit window dressing meaning?

in accounting-What is a financial unit window dressing meaning?   by ehsan

in Finance / Accounting    (submitted 2010-03-01)

in accounting - What is a financial unit window dressing meaning?
financial
in accounting unit managers can do certain things to increase or decrease net income that's recorded in the year. This is called profit smoothing, income smoothing or just plain old window dressing. This isn't the same as fraud, or cooking the books.
Most profit smoothing involves pushing some amount of revenue and/or expenses into other years than they would normally be recorded. A common technique for profit smoothing is to delay normal maintenance and repairs. This is referred to as deferred maintenance. Many routine and recurring maintenance costs required for autos, trucks, machines, equipment and buildings can be delayed, or deferred until later.
A business that spends a significant amount of money for employee training and development may delay these programs until the next year so the expense in the current year is lower.
A company can cut back on its current year's outlays for market research and product development.
A business can ease up on its rules regarding when slow-paying customers are written off to expense as bad debts or uncollectible accounts receivable. The business can put off recording some of its bad debts expense until the next reporting year.
A fixed asset that is not being actively used may have very little current or future value to a business. Instead of writing off the un-depreciated cost of the impaired asset as a loss in the current year, the business
in accounting might delay the write-off until the next year.
You can see how manipulating the timing of certain expenses can make an impact on net income. This isn't illegal although companies can go too far in massaging the numbers so that its financial unit statements
in accounting are misleading. For the most part though, profit smoothing isn't much more than robbing Peter to pay Paul. Accountants refer to these as compensatory effects. The effects next year offset and cancel out the effects in the current year. Less expense this year is balanced by more expense the next year.
in accounting

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in accounting-What Is in Accounting Helped?

in accounting-What Is in Accounting Helped?   by ehsan

in Finance / Accounting    (submitted 2010-03-01)

in accounting -What Is in Accounting Helped?
Anyone who's worked in an office at some point or another has had to go to
in accounting . They're the people who pay and send out the bills that keep the business running
in accounting . They do a lot more than that, though. Sometimes referred to as "bean counters" they also keep their eye on profits, costs and losses. Unless you're running your own business and acting as your own accountant, you'd have no way of knowing just how profitable - or not - your business is without some form of in accounting.
No matter what business you're in, even if all you do is balance a checkbook, that's still
in accounting .. It's part of even a kid's life. Saving an allowance, spending it all at once - these are in accounting.
What are some other businesses where their
in accounting . is critical? Well, farmers need to follow careful accounting procedures. Many of them run their farms year to year by taking loans to plant the crops. If it's a good year, a profitable one, then they can pay off their loan; if not, they might have to carry the loan over, and accrue more interest charges.
Every businessman and every individual needs to have some kind of their
in accounting . system in their lives. Otherwise, the finances can get away from them, they don't know what they've spent, or whether they can expect a profit or a loss from their business. Staying on top of accounting., whether it's for a multi-billion dollar business or for a personal checking account is a necessary activity on a daily basis if you're smart. Not doing so can mean anything from a bounced check or posting a loss to a company's shareholders. Both scenarios can be equally devastating.

in accounting is basically information, and this information is published periodically in business as a profit and loss statement, or an income statement.
in accounting

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in accounting-Basic In Accounting Principles

in accounting-Basic In Accounting Principles   by ehsan

in Finance / Accounting    (submitted 2010-03-01)

in accounting -Basic In Accounting Principles

in accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic feature: "facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties."
As an example, a company's accountants periodically measure the profit revenue and loss for a month, a quarter or a fiscal year and publish these results in a statement of profit revenue and loss that's called an income statement. These statements include elements such as accounts receivable (what's owed to the company) and accounts payable (what the company owes). It can also get pretty complicated with subjects like retained earnings and accelerated depreciation. This at the higher levels
in accounting and in the organization.
Much of
in accounting field though, is also concerned with basic bookkeeping. This is the process that records every transaction; every bill paid, every dime owed, every dollar and cent spent and accumulated.
But the owners of the company, which can be individual owners or millions of shareholders are most concerned with the summaries of these transactions, contained in the financial statement. The financial statement summarizes a company's assets. A value of an asset is what it cost when it was first acquired. The financial statement also records what the sources of the assets were. Some assets are in the form of loans that have to be paid back. profit revenues are also an asset of the business.
In what's called double-entry bookkeeping, the liabilities are also summarized. Obviously, a company wants to show a higher amount of assets to offset the liabilities and show a profit revenue. The management of these two elements is the essence of accounting.
There is a system for doing this; not every company or individual can devise their own
in accounting ; systems the result would be chaos!

in accounting

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