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Managerial or Cost Accounting

Managerial or Cost Accounting   by saranya

in Accounting   (submitted 2009-11-28)

0

votes

vote

In general, accounting is an activity carried out to keep track of all the financial transactions either by cash or by credit, which takes place in an organization. Accounting is the only means to get reports on the financial status of the company and there by increasing the profitability of an organization, which in turn is the ultimate aim of any organization.
There are two types of accounting, one is Financial Accounting and the other one is Managerial Accounting or Cost Accounting. "Financial Accounting" mostly deals with projecting the financial status of a company to the shareholders, creditors outside an organization. So this can be considered to be more useful for a larger organization.
But Managerial Accounting is a must for any organization whether it's small or large, which provides valid data to key people responsible of its day-to-day operations otherwise termed as managers who are inside the company.
Practice of Managerial Accounting has gone through a terrific change from olden days when it was just an analysis of standard cost and budgeted costs with the revenues during a period of time. In 80's and 90's the Managerial Accounting included "Activity Based Costing", which is nothing but every activity done is consolidated to know the cost, unlike in prior days where the raw material and labor were cost parameters for accounting.
Along with activity based accounting a method called "Balanced Scored" which clarifies the financial measures and the criterias for performance were given as goals, literally every goal is made as measure to achieve the expected performance. This involved almost everyone in an organization and the managers were able to set short term goals to achieve a long term goal.
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Single Entry Bookkeeping vs Double Entry Bookkeeping   by saranya

in Accounting   (submitted 2009-11-28)

0

votes

vote

The basis of a good accounting practice is all about keeping altleast the basics right, which is bookkeeping. Most of them who are new to accounting don't have much clarity on the types of bookkeeping and the difference between bookkeeping and accounting still lingers around in their minds. Bookkeeping is nothing but recording all the financial transaction in a book which is a vital part of accounting.
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Lloyds TSB reveals business confidence recovery

Lloyds TSB reveals business confidence recovery   by Sam Gooch

in Accounting   (submitted 2009-11-25)

0

votes

vote

There are some signs of improving business confidence, new figures indicate.Businesses are largely optimistic about the future, according to new research.

Figures released by Lloyds TSB Corporate Markets Business Barometer show that just under two-thirds (65 per cent) of organisations questioned in October claimed to feel more confident about the economy now than they were three months ago.

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BCC reveals business finance difficulties   by Sam Gooch

in Accounting   (submitted 2009-11-25)

0

votes

vote

Accessing business banking products is proving an increasingly difficult task, according to a new study.UK businesses continue to have problems accessing business credit cards and other business banking products, new research indicates.

Figures released by the British Chambers of Commerce (BCC) show that one-third (33 per cent) of firms claimed that obtaining finance had become more difficult over the past three months, a rise from the 20 per cent who felt this way when questioned in June.

Just three per cent claim that access to business finance products and services has risen, down from the six per cent who felt this way five months ago.

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Real Estate Accounting - An Indispensable Asset for the Business

Real Estate Accounting - An Indispensable Asset for the Business   by Alvis Brazma

in Accounting   (submitted 2009-11-24)

0

votes

vote

Accounts are the building block of all the businesses. No matter the business is small or huge; a requirement for proficient accounting system always thrives without which a business cannot operate smoothly. It is largely the accounting department's accountability to update all the records of each and every monetary transaction taking place. For the business to prosper and register profits it becomes extremely essential for the accounting professionals to be expert and skilled in their task. An industry whose existence is not possible without the assistance of proficient account section is real estate. The industry of real estate constantly involves huge transaction of money, which states that the process of real estate accounting has to be excellent.



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The Hassle-Free Bookkeeping and Tax Preparation

The Hassle-Free Bookkeeping and Tax Preparation    by Loretta Valero-Smith

in Accounting   (submitted 2009-11-23)

0

votes

vote

If you have a business, perhaps you consider bookkeeping and tax preparation among your more unsavory jobs. After all, who wouldn't? These two jobs, bookkeeping and tax preparation, can be among the most laborious of the duties you have to shoulder when you run your own business. And the problem is, it doesn't even have a lot to do with your business itself, except that you, of course, are doing your job as a citizen and making sure that you pay your taxes right and on time.

First of all, let's talk a little bit about tax preparation and what it is. You as a citizen and business owner have the obligation to your government that you must prepare and file regular tax returns; this usually happens at least once a year but may happen quarterly, depending on your specific circumstances. Doing this can be quite laborious, because you have to figure out what all of your liabilities and deductions are, any exemptions you have from taxation, and so on. You'll need to pay your taxes on time in order that you won't be held responsible for further late fees and penalties because you filed your taxes late.

Now, of course, you can do this yourself (and you can also do the bookkeeping associated with tax preparation, because you'll need those figures to properly pay taxes and keep abreast of your business financially). But the fact of the matter is, a lot of people don't have the ability to do those jobs themselves, and they surely don't enjoy them even if they can do them.

So now, I ask you: Would you rather be spending time running your business, working with customers, and doing what you really love to do? Would you like to leave the duties of tax preparation and bookkeeping to someone else?

Using someone (firm or individual) who is versed in current tax laws and tax codes seems like a reasonable solution, doesn't it? After all, this person or firm is going to know exactly what current laws are, such that you won't unwittingly overlook something you should know about so that you may have to pay fines or other expenses for improperly filed taxes, such as late fees.

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Does Outsourced CPA Service Compromise The Efficiency of Accounting?

Does Outsourced CPA Service Compromise The Efficiency of Accounting?   by Loretta Valero-Smith

in Accounting   (submitted 2009-11-23)

0

votes

vote

When it comes to running an efficient business, the one thing that you want to pay close attention to are the costs. Everything you do will cost money, and the idea is to minimize your spending. You might spend hours, days, weeks, or even years trying to figure out the best way to reduce your costs, but the answer is right in front of you: Outsource. Okay it may sound terrible, but we really are in an economic crisis, and saving money is all that matters at this point.

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You will reduce costs to your company by making this move, particularly because you won't have to pay any employees on site. Aside from the pay that you will save, you also won't need to provide them health benefits, as their own accounting company will do this for them. You wouldn't believe what a difference healthcare costs can actually make in a company.

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Five reasons to switch to QuickBooks online for small businesses   by Tracy Rosecrans

in Accounting   (submitted 2009-11-23)

0

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Top 5 Hidden Advantages of NovelASPect QuickBooks Hosting for Small Businesses
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Why You Need Business Payroll Software

Why You Need Business Payroll Software   by Ian Wright

in Accounting   (submitted 2009-11-21)

0

votes

vote

Most good sized companies can't function with a certain number of employees. And where there are employees, there is payroll. After all, employees do not work for free. Payroll is boring, yes, and unglamorous too. But it is also one of the most basic and essential tasks for any organization. Business payroll software is just a way to simplify the onerous tasks related to payroll activities in any organization.
You know that any screw-ups in payroll not only will bring grief to you from your employees, but could also get you in trouble with related government agencies as well. Business payroll software is an excellent option for organizing all those ordinary tasks.
Since payroll is no doubt the dullest endeavor of any business, it is no surprise that you may be hesitant to spend much time or dedication to the activity. Further, it may represent an expensive hurdle for a small, or developing, company to employ people merely to address payroll and its accompanying issues.
When you are a one desk company with a couple of employees, writing one or two checks at a time is not a big deal. Once you get bigger, a standardized and organized way of handling payroll is necessary. That's when a business payroll software package could be just the system you need.
In smaller companies, where all the employees are in a single location, and where they all get a fairly straight forward salary, it is not such a heavy job to deal with payroll. However, if your entire workforce is covering several locations, and you have some workers who earn an hourly rate or have overtime premiums, or you have varied pay structures due to different shifts, then your payroll is a lot more complicated.
Business payroll software was probably among the first business applications that anyone thought of to automate. When all is said and done, it basically is comprised of many routine calculations which must be correctly performed. In addition, an accurate and up to the minute database has to be maintained to keep track of records and results. The calculation of gross pay, various taxes, allowances and incentives may be a serious opportunity for a trained accountant, not to mention the business owner.
You can probably continue to get by without using any sort of business payroll software if you already have a small payroll, or want to keep costs down. However, if accuracy and speed are important, if your organization is growing, if you don't have the time or the inclination for pesky payroll calculations, consider some kind of computerized payroll calculation method.
There are a huge number of payroll software options available, and a simple search with your favorite search engine will bring up any number of resources where you can download such software, either paid versions or free.

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How To Find Payroll Software For Free

How To Find Payroll Software For Free   by Ian Wright

in Accounting   (submitted 2009-11-21)

0

votes

vote

Doing payroll is really boring, isn't it? When you're dealing with all those numbers, figuring calculations, plus all those tax details, it all can get to be a royal pain for most business owners. What may be the answer to solving a lot of frustration is free payroll software. However, are you wondering why anyone needs to have software for a payroll?
It depends - if you are a small operation with just a few employees, who are work at the same location, and you have all of them on a straight salary, you probably don't need much help doing your payroll. It's still time consuming and irritating at times, but you're still able to handle it yourself each week. While it may not be that pleasant or fun to do, it's still possible for you. It's when you are someone with a fairly large organization that free payroll software becomes important.
It's when you have a larger company, and employees who work at various locations, that doing payroll becomes a bit more complicated than just calculating wages and tax deductions. If you have to add in dealing with differentials of shift work employees, or take into consideration different pay structures or overtime pay, then it gets even more complicated for you.
If everyone is in the same office, and all are making so much in the way of hourly pay, free payroll software can help, but its not necessary. However, not all business are set up to be that simple. As you and your organization grows, and you find yourself dealing with more complications, it's time for help with the payroll.
Business owners have the choice of several payroll software packages that are available. The choices will run from a large package with hundreds of features to handle a large number of accounting and payroll tasks, to simply ones for figuring wages and taxes, so you have almost limitless choices. You also have choices to buy the package yourself, download the shareware, or choose a free payroll software package. Whatever it is you need, the options are available for you.
So how to go about choosing the correct free payroll software for your needs? The common sense approach would be to do an online search to review what's available out here and meets your needs. All it takes is typing "free payroll software" in your favorite search engine's bar, and then start looking through the large number of companies offering this type of software to download. However, don't be rushing into anything just yet. Start with checking out what each package offers, if it has all the features you are looking for, and then what various reports and reviews have said about the programs.
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It's not smart to just accept their word for it and end up downloading a program that isn't what you want or need at this point. So do your research, find the free payroll software that's right for you, and then make your payroll duties a lot simpler.

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What Are The Benefits of Using Payroll Software?

What Are The Benefits of Using Payroll Software?   by Ian Wright

in Accounting   (submitted 2009-11-21)

0

votes

vote

If you are a business owner with employees, then payroll is an issue that you must contend with. It is a key function of running a smooth operation and staying in good legal standing to pay out on time and with consistent accuracy. This is where payroll software can help you perfect this process.
Most business can benefit from establishing a standard for handling their payroll issues, especially larger companies with intricate payroll requirements. Payroll is a mundane and potentially confusing process, and payroll software can play an important role in the operation of your business, and grow with you as you grow your business over time.
Companies who have employees working a one single location have an easier time with their payroll activities. It becomes even easier if the employees are paid a set salary devoid of any special differentials. In most cases though, companies have employees with hourly wages, overtime and shift differentials, or are widely dispersed, all of which can complicate the payroll process. You must also consider local and state tax requirements, union contracts, and other issues, making payroll software all the more necessary.
The simple task of installing a payroll software application is all you need to do to rid yourself of these headaches and focus on running your business. The software would perform all the necessary calculations and archive the data as well as print payroll checks and invoices if you connect to a printer device. Many payroll software programs offer tax rate updates that keep you current with the legal requirements of your business.
As you continue to grow your business, your payroll requirements are also sure to evolve. Operating a small business, you can record and file the necessary paperwork manually with no problem, or even use basic Windows applications, such as Excel spreadsheets, to store your data. You just as simply have the option to print payroll checks directly from your desktop computer and printer set-up.
But when you begin to grow your business, especially if you have more than one office, then payroll software is a feasible way to deal with and keep record of all your employee wages, benefits, and premiums.
Without the use of a payroll software system, obtaining a separate location may force you to hire an accountant just to handle the entering of employee wages into your existing payroll system.
A more feasible option is to purchase the payroll software, allowing full integration of all offices and employee records, so that you have one powerful payroll system without all the fuss and cost.

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Aspects to Consider When Selecting Small Business Payroll Programs

Aspects to Consider When Selecting Small Business Payroll Programs   by Ian Wright

in Accounting   (submitted 2009-11-21)

0

votes

vote

Small companies do not absolutely require the use of a computerized payroll program. You might be happy spending your precious time on the tedious duties and never-ending computations that payroll mandates. In addition, you must be sure that your computations are correct so that you don't anger either your employees or the I.R.S.
How can you avoid all these hassles? The proper computerized payroll program for small business can simplify the necessary tasks that make up your workday.
Computerized payroll programs for small businesses are typically very easy to use. Using this software will decrease the amount of time you currently waste on activities pertaining to payroll, and will save you money too. No longer will you have to hire an employee whose main duty is managing payroll, nor will you have to employ an outside company to do it for you. Purchasing basic payroll software can do all the payroll tasks you need, and do it for less money as well. These programs are usually very easy to use, and you will be able to navigate the software easily.
A computerized payroll program has another additional benefit over an antiquated payroll program. You are in command of, and completely own, the information. If you hire an outside company to do your payroll, your data is in another person's hands. A computerized payroll program, though, is purchased once, put on your computer, and set up and maintained by you for your payroll needs. You don't have to worry about your data being compromised by an outside source.
You simply have to determine what payroll features you are looking for, then search out the computerized payroll program that encompasses everything you want at a price you can afford. Or, you could decide to purchased a complete payroll program that will perform all of your payroll-related duties. A few programs contain both payroll and accounting abilities.
A decent program will systematically compute all calculations such as employee wages, deductions, net pay, and any other payroll activity you find necessary. Certain programs allow you to develop your own payroll settings, in order for you to remain in command of your payroll activities.
You might even want to select a system that provides you with an option to print out your paychecks and pay stubs as the touch of a button. Some software will even grant you the ability to generate, print, retain, and send email tax forms or employment documents such as 941, 940, W2 and more.
You will want to ensure that the manufacturer of the computerized payroll program for small businesses is known for superior technical assistance. In addition, you will probably want a program that automatically updates your software on a set schedule with the most current tax rules and deductions.
A computerized payroll program will enhance your small business, and can assist you greatly as your company gets larger. Explore your options, determine your needs, access demos, read user opinions, and make a good selection.

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The Benefits of Payroll Accounting Software

The Benefits of Payroll Accounting Software   by Ian Wright

in Accounting   (submitted 2009-11-21)

0

votes

vote

Where there are payroll requirements and jobs involving accounting, exploring payroll accounting software solutions is one of the most viable options. The software is readily available and can provide a major change for your company as it relates to the headaches involved, the effort required, and the time spent.
Payroll accounting is both a complex and a sensitive process. When you always have it correct, each time, you will not receive a "thank you." But get it wrong, just one time, and chaos ensues post haste, not only from employees, but also potentially from a variety of regulatory entities. Thus, payroll accounting software is a wonderful method of maintaining the jobs involved in good order. All the boring details that you have to deal with daily and would be much happier without may be absorbed by the software application. The payroll task then is simpler, more efficient, and computerized, all of which make your life easier.
When first starting out as a small business with one office, you are able to get by without payroll accounting software to cover your payroll requirements. A minimal number of employees may be simply accommodated with a personal checking account and an excel worksheet. As the business gets bigger, expands and the office requirements increase, the tasks of payroll achieve a more questionable situation. Adding locations, several shifts, an increased number of employees, advancements and different pay scales will confuse the issue even more.
When the business achieves such a height of complexity, it is very probable that you will need acceptable payroll accounting software to track transactions and take care of the daily duties. There is a variety of good, distinctive software packages attainable which will facilitate your payroll tasks.
From costly dedicated software to more budget friendly shareware, the paid choices are quite numerous and come in varying levels of complexity. The pricing may deviate due to factors such as the company from which it comes, the features it provides, and the processes it can perform.
Another way to go is to search out and download payroll accounting software without charge from one of several websites on the internet. Neither of these are poor choices, but you need to do some research before making a decision. Determine the features which you require, which specific jobs you require the software to perform, and the level of complexity you require in the software.
You should also examine the user reviews of the software that may be found on several review websites. By doing so you can read what users have to say of the product, whether it operates as anticipated, how good it is, and other pluses and minuses.
After you have settled on a product which you feel is good for your company's payroll needs, all that is left to do is download and commence organizing!

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All You Need to Know About IRS Bank Levies

All You Need to Know About IRS Bank Levies   by Manny Vetti

in Accounting   (submitted 2009-11-18)

2

votes

vote

Is your bank account being garnished by the IRS bank levies? Have you been delinquent in terms of your tax payment? Or, have you missed the deadline of your tax payment and now experiencing seizure of your bank account by the IRS bank levy?


A person, who has said yes to at least one of the above placed question, knows very well what an IRS bank levies are. Now, those taxpayers who still know nothing about it sit tight and face the truth that, when you default on tax payment, any day your account can also be frozen in the name of IRS bank levy!



Now the question is what are IRS bank levies? The IRS bank levy is a kind of tax levy, which is imposed by the Internal Revenue Service under the United States Federal Law. According to the US Code, if any person neglects or refuses to pay the due tax within 10 days after notice and demand, the Secretary has the authority to claim the tax by posing levy upon all property and rights to property belonging to such person without court permission. Isn't it a very powerful mechanism of recovering the unpaid tax amount? However, before seizing the account, as per the Fifth Amendment of the US Constitution, the IRS is supposed to inform the taxpayer by mails or by letters about the event and that information must be sent to the person at least thirty days before the IRS bank levy to be effective. The person will also be given a chance of requesting a hearing before the levy and this hearing is called the "Collection Due Process" or CDP hearing. The hearing has to be held in front of a neutral hearing officer who does not have a prior experience relating to unpaid tax.


A person experiencing the IRS bank levy or just has received notice letters from the IRS, should immediately contact the tax professionals to get their experienced suggestions on how to fix the problem of IRS bank levies.

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Payroll system outsourcing is the need of the hour in Australia

Payroll system outsourcing is the need of the hour in Australia   by Richard Nicholson

in Accounting   (submitted 2009-11-20)

0

votes

vote

The payroll system in Australia is known to be one of the most complicated in the world.
The process of paying the employees is tedious, yet important and involves tasks such as bank deposits, multiple calculations in tax issues, proper paperwork and filing. Hence, there is a need of simple and cost effective product that could be easily deployed. That's why more and more companies are outsourcing their payroll related tasks to professional service providers.

During the past few years, payroll outsourcing has grown multiple times. It is just like any other sort of outsourcing. There are a lot of providers offering outsourced options or in-house alternatives with fully integrated or modular software.
There are many employers who think that payroll is as simple as buying a piece of software, where you just need to punch in the hours the employees work and the software maintains everything you need to know. But, in reality, a payroll system is far more complex than that.
It is essential that all allowances, bonuses, overtime payments, remuneration reviews and superannuation disclosures are properly managed. It is always beneficial to seek expert help.
Payroll outsourcing is quite beneficial for those organizations that do not have trained payroll staff. These companies also help in payroll tax collection and maintenance of tables and other statutory requirements as a part of the outsourced service. By providing group certificates and pay slips, they eliminate the need for special printers and stationery. They also provide services such as outsourcing the electronic transfer of funds to your bank accounts and eliminate risks of hardware outage at pay run time and the loss of specialized staff.
Aussie Pay is a premiumpayroll Australia company that offers flexible and accurate payroll system tailored for your business requirements. We also provide an effective online payroll service that makes payroll easy to manage and cost-effective for all businesses.

Introduce payroll software to your payroll systems to save costs

Introduce payroll software to your payroll systems to save costs   by Richard Nicholson

in Accounting   (submitted 2009-11-20)

0

votes

vote

The advancement of technology has completely changed our way of living. Today, with the help of modern and sophisticated web applications, it is quite easy to perform specialized tasks without human intervention. Many organizations have recognized the importance of new and improved technology and adapted such systems to save their costs. Now, there are automated payroll software that, once introduced to the payroll system, can save a lot of costs and bring efficiency to the system.
There are innumerous benefits of using payroll software. Precise calculations can be done easily. It is possible that even the sharpest HR employee makes mistakes that adds up the over time. There may be cases of improper time estimations, overworked employees, etc. At times, even illegible handwriting can drain valuable profit and resources of your business. But web-based payroll systems calculate accurately, leaving no space for potential indiscretions.
Payroll software provides a quick and easy access. You can immediately load past data without searching for the files. Database is neatly organized and you can pull up information easily as and when required. You also have round the clock access to salary-related information. If you wish, you can handle it at the comfort of your home without going back to your office to check files.
Streamlining of payments is also possible through the software and you can make direct deposits and issue checks. You can always monitor and control wages as well as make adjustments when required.
There are many systems that offer automatic central and state tax filing options. You don't need to worry about quarterly or annual returns and your HR staff's time is saved to deal with other important matters. These systems can even make deductions and payments, which helps in reducing your stress and work load. You can also save money by avoiding late fees and improper filing.
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Singapore Payroll Process Outsourcing

Singapore Payroll Process Outsourcing   by John Media

in Accounting   (submitted 2009-11-20)

0

votes

vote

Singapore Payroll Process Outsourcing
Wages and salary payment with several intriguing components such as fringe benefits, allowances, deductions, government remittance etc has become such a complex task that if managed internally it becomes a burden on your company's most valuable resources. Rikvin provides efficient Payroll process Management services to relieve you of this burden.
We provide highly customized Payroll Process Outsourcing Solutions. Our Payroll Experts are fully trained and equipped with the right system to process multiple clients with varied complexity.
By outsourcing the Payroll process to us you can rest assured that the government remittances such as CPF are paid on time, tax filing requirements are adhered to, and the payroll information is kept confidential offsite. With Rikvin handling your Payroll process, you can focus on your core business.
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At Rikvin International, we understand time and accuracy are paramount to our clients. Our team of professional accounting staff aims to assist each and every client with care and efficiency, and we are proud to have the opportunity to contribute to their success in Singapore.
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The Benefits of Free writing

The Benefits of Free writing   by DEEPAK SHARMA

in Accounting   (submitted 2009-11-19)

0

votes

vote

It s 2 am and you re sitting at your desk, no ideas and no thoughts. The cup of coffee to your side is the sixth. But still, the same blank sheet of paper from an hour ago taunts you, there is nothing to show for your effort but a back cramp and a feeling of inferiority.
We ve all faced it. The loss of ideas and the lack of drive. When we are left wondering why we can t seem to find the right words.
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The Benefits of Free writing.
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One Small Step For Bookkeeping, One Giant Leap For Your Small Business   by RightmyBooks.com Bookkeeping Services

in Accounting   (submitted 2009-11-18)

0

votes

vote

Keeping good financial records has its payoff. In fact, it's one of the key steps in building a good, and more importantly, successful business. Accurate bookkeeping makes it possible for a business owner to determine the exact financial condition of his company. More significantly, accurate bookkeeping from a small business is often the first step into the realm of top competitors in the ever changing market place.
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SilenceKnight

View Public Profile

Send a private message to SilenceKnight

Find all posts by SilenceKnight

#2   Today, 8:01 am

Cbrown Champion of the Naaru   Join Date: Nov 2008 Posts: 158

No,i have never been to Egypt

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IRS Tax Attorneys - Can They Solve Your IRS Tax Issues   by kathleenchester

in Accounting   (submitted 2009-11-11)

0

votes

vote

IRS tax attorneys are experts in such laws and can provide assistance to those who are facing liability penalties issued by Internal Revenue Service. They can help you to get Offers in Compromise s well as in abatement of penalties. In addition, these legal representatives are able to help in removal of federal tax liens, bankruptcy discharge analysis and appeals representation.
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