“Accounting is the language of business,”Warren BuffetMillions of startups are growing all over the world. According to worldwide startup ranking, America is on top with 47,935 startups, India ranked second with 7,493 startups and UK holds third place with 5,187 startups and then comes other.Do you know why a startup business should, consider hiring accounting service? When a new business process starts, there are always chances of risk and failure. A newly established business needs … [Read more...] about Why New Startups in Singapore should consider hiring accounting services
Accounting & Taxation
Reasons to Love Accounting
So one of the most stereotypes questions that are always asked by accounting students, that why accounting, if there are many fields in professional life. But my opinion would be that accounting is love.Many people think that an accountant would be a person who would be, boring, a bald headed, wearing a high number spectacle, but according to my point of view accounting is very fun subject if you love to play with numbers and basic accounting is that how you will play with numbers, … [Read more...] about Reasons to Love Accounting
How do I get outsourcing accounting works from the US UK and Australia?
Freelance services are one of the top decisions when it comes to outsourcing accounting. Accounting firms of various sizes want to avail of outsourcing services like accounts preparation, financial reporting, filing tax returns, and bookkeeping. There are routine tasks and some strategic consulting jobs which are being outsourced. Mid-sized accounting firms are facing a talent crunch.You need to have knowledge of Accounting Software like Xero, TaxCalc or IRIS to get outsourcing … [Read more...] about How do I get outsourcing accounting works from the US UK and Australia?
Purposes and Uses of Management Accounting
Management accounting is the process of communicating financial information to accelerate the company's progress towards its goals. It's also known as cost accounting.Management accounting and financial accounting are tightly linked to each other although both serve different functions. The major factor that differentiates management accounting from financial accounting is that it's aimed toward empowering managers within an organization to make effective decisions. On the flip side, … [Read more...] about Purposes and Uses of Management Accounting
Different Types of Corporate Financial Reporting
Corporate financial reporting is the system that builds the economic reports of a company. Corporate financial report not only shows the financial statements of a company but it also aims to highlight the necessary financial data and furthermore shows the application of financial policies.The three main and basic targets of financial reporting are as follows:to provide lenders and investors insights of a company’s financial healthto helps in determining a company’s cash flowto tracks and … [Read more...] about Different Types of Corporate Financial Reporting
POS System – Your Digital Accountant
The POS (point-of-sale) system allows customers to do the transaction digitally and keep track of sales transactions, inventory transactions, and provide a receipt to the customers. POS systems can also keep track of the customer's history and provide a clear report on customer activities. It allows management to get an instant report on sales, purchase, and stock. The POS system is an integrated thing of hardware and software.The use of the POS systemGenerally, a skilled range is … [Read more...] about POS System – Your Digital Accountant
Do You Get Tax Deductions When You Donate a Car in Utah?
Utah is well known for its enticing national parks, the Sundance film festival, and is an excellent place for practicing paleontology. Also, the people of Utah are known as one of the most generous people in the United States. They all strive for fundraising initiatives, such as charity, through car donations.People donate a car in Utah for a variety of noble causes and charitable purposes, including relief to patients who can’t afford costly treatments. It’s not wrong to say that people … [Read more...] about Do You Get Tax Deductions When You Donate a Car in Utah?
Chartered Accountants are helping businesses grow: Here is how
Chartered accountant firms are helping businesses grow all throughout the world. With their impeccable accounting and financial knowledge, they are reshaping old businesses and helping build new businesses. CA firms have been quite effective in providing consultation services in various areas of businesses like strategy, accounting, resource management, etc. If you think you are credible with strategic financial planning and analysis, CA firms are your way forward.Chartered accountants go … [Read more...] about Chartered Accountants are helping businesses grow: Here is how
Canon of Taxation
According to Phillips Hardwick, “Taxes are compulsory transfers of money from private individuals, groups or institutions to the Government.”Comprehensive DefinitionTax is a compulsory amount levied by the state on its individuals to meet the development and non-development expenditures of government.ndividuals can not demand any social benefits by paying these payments.Though taxation provides funds to the Govt. on one side and it curtails consumption and investment spending on … [Read more...] about Canon of Taxation
Types of Taxes
Basically there are two types of taxes i.e. direct taxes and indirect taxes. However, there are further types of direct and indirect taxes. A brief list of both the major taxes is as under:Types of Direct TaxesProportional taxesProgressive taxesRegressive taxesDigressive taxesTypes of Indirect TaxesSpecific taxesAdvalorem taxesValue added taxesDirect TaxesThe taxes for which the burden of taxes cannot be transferred, are called direct taxes. According to H.Dalton, “A … [Read more...] about Types of Taxes