Accounting & Taxation

Individuals and businesses use accounting software to record their incomes and track their financial progress. This digital bookkeeping method reduces mistakes and eliminates the chances of human error. Modern features such as automation even allow business owners to calculate their profit and loss electronically.

If you own a small company, you can try some of these programs before investing in one for your company. The selection criteria for our article emphasized that each program has unique features and characteristics.

Benefits of Accounting Software in 2021

The international accounting software market will reach around $12 billion by 2026 since it’s expanding at a growth rate of 8.6% annually. You can try many software versions though finding the most suitable program for your company can be a difficult choice to make.

Every business has different financial demands and software requirements. So, we’ll discuss accounting software programs designed for small businesses after talking about this technology’s benefits.

• It allows simple, quick, and secure data entry.
• It’s a scalable resource for an expanding company.
• It centralizes the data and makes it easily accessible.
• It automates the process of data entry and saves staff costs.
• A computerized invoicing gives you quick reports regarding payments.
• This automation also lessens the chances of manual errors, making data more reliable.
• These programs let you track the inventory and make sure your finances are up-to-date.

5 Best Accounting Software in 2021

Around 38% of business owners disbelieve in the security provided by accounting software. At the same time, 35% of them dislike the expenses of purchasing these tools. On the other hand, less than 20% of business owners admit they’ve found these programs difficult to understand.

Therefore, you must employ people who have a master of accountancy degree and some experience in the field of finance. They can support you with understanding and implementing accounting software such as these five:

QUICKBOOKS ONLINE

With a starting cost of $25/month, QuickBooks gives you an initial 30 days trial period. This software got first introduced in the ’80s, but it released a cloud version just two years ago. It’ll run fine on your computer if you’re using Windows or macOS (in the USA only).

It’s an American product developed by the Mountain View-based company Intuit. You have two versions of this program, one online and the other licensed. It’s cloud-based, mobile-friendly, scalable, easy-to-comprehend, and has extensive tracking capacity. Furthermore, being used by 70% of SMEs, it’s the most popular accounting software in the market. But it has poor customer service and inventory tracking.

FRESHBOOKS

Available in around 12 languages, a Canadian company named 2ndSite built this web-based SaaS model. It was initially released in 2004 and had a starting price of $15/month. Learn that QuickBooks has the highest starting price of all these programs. It’s an affordable cloud-based invoicing solution with a user-friendly interface.

These reasons make it popular among more than 11% of small business owners. This program is an optimal financial friend for those who don’t come from a financial background. However, it doesn’t come without a few disadvantages. Its mobile app is meager, and it offers no payroll service or inventory management. You can bill only five monthly clients.

SAGE ONE

It’s popular among 9.6% of small-to-medium business owners. But Sage One is no longer known by that name. Released by a British company in 2011, it’s 2019 stable release goes as Sage Business Cloud Accounting. It has provided the best customer experience of all accounting software programs.

It allows invoice creation, billing tracking, and even syncs with your bank account. Its low starting price ($10/month) also makes this tool user-friendly and scalable. The inventory management here is of supreme quality, and this program provides you an excellent dashboard view. But customers have found its journal entry difficult, and the homepage can be cluttered.

XERO

Founded in 2006 by a New Zealand-based company, Xero made this product for micro-business owners with little/no accounting experience. This cloud-based program has mobile applications too, and provides an easy-to-manage dashboard. After a 30 days free trial, you can purchase this tool for a starting cost of $11/month.

You can also enjoy payroll integration with Gusto and excellent inventory tracking. This program also gives you more than 500 tools to customize it as per your company’s specifications. That’s why it’s popular among 8.7% of small business owners. But its customer service is limited and provides multi-currency support with an expensive plan.

WAVE ACCOUNTING

Are you a spendthrift?  Well, here’s one Canadian cost-free accounting software for you. It’ll let you create an account for exactly $0 with no hidden charges. However, not all features are accessible in this free version. It further allows multiple users, double-entry, and limitless income tracking.

You also get a clutter-free dashboard without any billing limit. Like other in-demand products we’ve mentioned, you can also download an app to use this program’s features. Its multi-business quality makes it superior to others and popular among 6.7% of SMEs.

Conclusion

Accounting software helps small business owners get a clear understanding of their finances and profitability. No wonder more than 64% of them make use of this remarkable technology.

Most people who don’t use accounting software believe it’s insecure, expensive, and complicated to learn. But the demands of this century have outgrown the human fear of modernity. Your business can’t survive without technology. That’s why you need to switch from manual bookkeeping to digital accounting.

Denis Woods

Danis Woods in Businessman, investment banker and stock exchange traders. On the same time he loves writing financial blogs to shed lights on different aspects that new and existing businessman are not aware of.

In this modern world, everyone has become dependent on technology. Whether it is buying clothes, booking a ride, or storing business data, people enjoy the benefits of digitalization. As online activities continue to increase, the digital world is exploding with data. Businesses can leverage this data to drive change with positive outcomes and make relevant decisions. After all, making blind guesses or following instincts don’t drive results in the 21st century.

Entrepreneurs have to back their decisions with factual data, facts, and reasoning. Fortunately, data analysis can provide insights into changing market dynamics, letting you make the best decisions to serve customers. It unfolds future trends and evolving customer behavior, allowing you to make futuristic inventions in your products. Similarly, you can determine what forms of advertising reach customers effectively by using analytics.

However, some people back off when integrating data analysis techniques – machine learning algorithms, automation, etc. Indeed, analytics tools have high upfront costs, but their long-term benefits are second to none. Here we are unfolding five ways how data analytics helps businesses in the longer run.

1.   Forecasts Demand With Predictive Analytics

Today, markets are volatile and uncertain, making it challenging for businesses to plan. Predictive analytics uses data, algorithms, and artificial intelligence to determine the likelihood of future outcomes. It delves into past sales and purchase behaviors to detect patterns and assess demand.

Professionals with a bachelor’s degree are now pursuing advanced and specialized programs as per their career propagation interest. Considering the busy schedules, optimizing the work, and learning time has now become inevitable. Thus, if you aim for expertise in this field, go for an online master of science in analytics to develop analytical skills. In addition to forecasting demand, you will learn to perform computational data analysis.

It can assist with new product development decisions. Analytic tools pull in data from social network discussions, marketing databases, and customer relationship management (CRM) software to figure out customer needs. Identifying future trends will help you design a high market demand product, driving sales, and profits. With these innovations, you can also gain an edge over your competitors and stay one step ahead in the industry.

2.   Fosters Tax Calculation

Usually, businesses struggle when it comes to managing taxes. From calculating corporate tax, withholding income tax to collecting sales tax – everything needs a lot of expertise. Similarly, staying on top of tax filing and return dates is no easy feat. Fortunately, data analytic tools help with tax management practices. Firstly, it collects all financial data – fixed assets, expenses, other incomes, and calculates taxes automatically.

Simultaneously, these tools can keep a check on the current status of filings, returns, and pending tax payments. Most importantly, you can predict and calculate the tax payable amount for the coming fiscal year.

3.   Boosts Productivity

Data analysis provides insights on workplace productivity levels in addition to finding what works best for the customers. It ranks employees by quality work they are producing and their reliability. Likewise, these tools also collect data for employee energy, well-being, and weak points. Thus, giving a better idea of how employees work and how to assist them in increasing their productivity levels. Besides this, here some more contributions to data analysis in organizations.

• Shortlists resumes and analyzes interviews of potential candidates, helping with the recruitment process.
• Tracks the real-time impact of employee training.
• Solve payroll errors and glitch in management practices.
• Performs day-to-day, repetitive tasks – booking keeping, sending emails, etc.

Believe it or not, but more and more businesses are using analytics to find ways to bolster efficiency levels.

4.   Creates Mass Personalization

These days, people are giving out plenty of information online. As a result, they expect brands to treat them as individuals. So, why not create mass personalization? Data analysis can help in personalizing email marketing content. You can automate content by creating segments, new leads, regular customers, and different target groups of people. Similarly, if a potential customer has something in his/her shopping cart, send a personalized reminder with a special discount.

Besides emails, consider personalizing the user experience. Use analytical tools to build customer profiles and optimize your website with them. Based on the customer’s interests, the webpage will show ‘recommended for you’ products, increasing conversions. Approximately 74% of marketers approve that targeted personalization fosters customer engagement. Thus, utilize data to design relatable experiences across your customer’s purchase journey and boost profits in the long run.

5.   Reduces Business Costs

Surprisingly, analytics plays a significant role in reducing business costs over time. Firstly, it ensures the effective utilization of the company’s resources, reducing downtime and inefficiency. You can determine the business departments using unnecessary finances and the areas that need funds.

Therefore, you will have a clear idea about where to cut costs. Likewise, analytical tools will inform which advertisement campaigns are not delivering results. Data analysis takes precise actions, filtering all activities that are not adding any value to the business.

6.   Optimizes Advertisement Campaigns

The tech-savvy marketing platforms have given the power to gather strategic data points. As a result, marketers can make better choices, reach out to target audiences, and create campaigns that drive business outcomes. Thus, instead of shooting in the dark, brands can send targeted messages to their potential customers, driving sales. Likewise, data analysis also uncovers strategies to entice customers through value propositions and call-to-action.

At the same time, it measures the performance of marketing campaigns. You can see how many people visit your site, make purchases, open your email, and make amendments accordingly. Data analytics leverages artificial intelligence that helps in streamlining the marketing campaigns. 

Final Thoughts

Nowadays, every business is thriving to keep up in the industry, and data analysis provides a pathway. It enhances the company’s ability to make informed decisions using facts and figures, putting all assumptions aside. Simultaneously, it gives an in-depth understanding of customer needs, which, in turn, establishes loyalty. Most importantly, data analysis promotes flexibility to adapt and react to the changing dynamics quickly. Therefore, instead of basing your decisions on the upfront costs, look at the bigger picture, and see how analytics can help in the long run.

Denis Woods

Danis Woods in Businessman, investment banker and stock exchange traders. On the same time he loves writing financial blogs to shed lights on different aspects that new and existing businessman are not aware of.

We all are well aware that one of the most challenging assets to manage within any company is its cash. One way to manage cash is for a company to mandate all purchases to be done by cheque. However, there are cases in which the use of a cheque is not practical.

Imagine that the Galaxy’s Best Yogurt is out of milk one day. It is impossible to work without milk, and the usual supply does not arrive for another 48 hours from the distributor.

To sustain the process, it is important to go to the supermarket across the street and buy three gallons of milk. It is not effective for time and expense to write a cheque for this small order, meaning that businesses build a petty cash fund, a fixed sum of cash kept on hand, to make payments for small regular transactions.

A petty cash fund is a form of imprest account, which means that it holds a certain sum of cash substituted as it is expended to retain a fixed balance.

What Is Meant By Petty Cash?

Businesses usually hold small cash sums to cover small miscellaneous expenses, such as entertainment and stationery charges. These transfers are usually done by a petty cash imprest system that fixes the volume of ‘Float.’ This is the full sum of cash that can be kept at any time. Every time the cash amount is limited, a petty cash imprest is inserted with cash by drawing a cheque. The refund’s value must be equal to the cost spent in petty cash from the time of the last refund. Petty cash balance is returned to the level of the float following repayment.

Any time a payment is made by petty cash, it is usually reported in the cashier’s petty cash journal. When a cashier demands the refund of petty cash, he shall create a petty cash voucher documenting the expenses incurred by petty cash during the time after the last refund, along with any supporting invoices serving as photographic proof of the allegation. If all is in order, the approved signer (e.g., the operations manager) draws a cheque equal to the value of the cost detailed in the petty cash voucher.

The Petty cash printing scheme is an easy way to handle minor day-to-day expenses. However, because cash is the entity’s most liquid assets, strict protections are required to prevent potential misappropriation. The following controls can be used for protecting petty cash:

• Petty cash must be stored in a safe location ( e.g., money box)
• Petty cash must be stored safely in a safe while it is not in service.
• The cashier should be responsible for managing supporting invoices for purchases done by using petty cash.  
• Cash counting must be made from time to time to ensure the cash balance in the Petty Cash Registry is all accurate.
• The sum of petty cash float should not be raised significantly.
• Since the Petty Cash List is not part of the double-entry scheme, transfers done through petty cash are eventually placed in General Ledger and the Cash Register.

What Is Meant By Cash Float?

Although paying by credit card, debit, or smartphone pay is popular in many sectors; some people also choose to pay in cash. Getting a cash float, which is the cash you have in the registry to provide customers with change whenever they pay in cash, is a vital business process. If you have a minimal float, you can run out of individual denominations and end up with angry customers. If you’ve got so much float, you may need to make a cash drop amid the day to deter robbery.

The cash float helps cashiers to bring about change for customers early in the day or transfer until a large number of cash purchases accrue to make the change from the day’s sales. Some companies and organizations often regard petty cash as a cash float and use this system to minimize the number of cheques or credit card charges required for small services and transactions.

What Is The Difference Between Petty Cash And Cash Float?

A business seller with a lot of money — apart from the one earned by the business they’re hoping to peddle — may float this money through the operation to make it look like a sale. This raises the apparent worth of the selling and buying price of the company. Cash floating is typically the simplest thing to hide if a vendor has two separate companies. Money can be flown from one company (because there are no taxes charged on the function of that business) to the one sold so that taxes are paid on that operation only.

On the other hand, to set up a petty cash system, the basic sum of money falls from a company checking account. Employees accept cash from the petty cash account, and then each transaction is recorded with a date, number, vendor (who was paid), and business intent. Any transaction using petty cash must be reported in the same manner as all other company profits and expenditures. The petty cash slips and petty cash logs can help obtain these costs so that they can be used to cover revenue for corporate tax purposes.

Conclusion

Summing it up, Petty cash has a lot of control risks involved. If you correctly follow the cash management/security routine, you will be able to keep petty cash under control. Build an approved float. Only set it up for less than a month of expenditures. Designate the custodian to monitor the physical access to the box. Finally, the caretaker must ensure that the cash and receipts complete the float.

As far as the cash float is concerned, to speed up the collection float, you need to compress the time between obtaining cash/cheques and depositing it in the vault. To do this, you should set up a post office box with all invoice payments. This decreases the probability that cheques will be lost in the mail on the way to the office. You can even set up a remote deposit with your bank account. This would encourage you to deposit cheques on the day they arrive, as soon as your accountant or payment clerk reports the cheques in your accounting system.

Lisa C. Townes

Lisa is a passionate travelers. She spends 3 months every year visiting different places worldwide. She has visited almost every famous place in the world. She herself is an affiliate blogger

The government usually requires every business to file their tax returns at the end of every financial year. These returns are usually mandatory except for the special cases as prescribed by the existing tax laws. Therefore, it is important to take this responsibility seriously and plan for it adequately and failure to do so may culminate in hefty fines, criminal proceedings, and convictions, or both.

However, some tax laws may be a little complicated to abide by normal businesses which may make it difficult to file the taxes as required. Luckily, there exist a lot of professional tax consultants who offer specialized services that your business can benefit from.

Discussed below are some of the reasons why you should hire a tax professional: 

Saves Time

In as much as it may be a little tempting to personally file your tax returns, it is important to note that the exercise is rather cumbersome, time-consuming, and error-prone, especially if you are not a tax professional. Should you decide to adopt this do it yourself approach, you should be aware that the tax department usually verifies your tax filings and will be able to smell any inconsistencies from a mile away.

This may eventually force you to refile said tax returns, hire a professional to do it, or even worse, end up in jail. Either way, this will end up wasting a lot of precious time which you could have otherwise done something more constructive. Hiring a tax professional from R&D tax incentive in Australia helps you to avoid all these unnecessary hurdles and save you a lot of time which you can use to focus on running the business and growing your revenue.

Much Simpler

Tax laws and procedures are usually subject to constant changes from time to time. However, most people are not usually aware of such changes since it may not exactly fall in their interest domain. However, tax professionals are usually updated with such pertinent laws and can help your organization avoid unnecessary litigation by abiding by the latest tax regulations and provisions.

This gives you a much simpler approach towards ensuring that your business is tax-compliant thereby creating a healthy working environment for you free of tax-evasion fears. Therefore, you should trust the advice of renowned tax consultants and let them handle your business tax requirements; after all, it is what they do. 

Proper Financial Planning

A tax consultant can help you to effectively plan for all your organization’s expenditures. Whether you want to acquire a home, buy yourself a car, or implement business changes, having the advisory opinion of a tax consultant can help you to save some money while minimizing your tax liabilities.

Conclusion

Tax consultants provide a lot of important services that help various organizations to meet their organizational requirements. Therefore, you should consider hiring a professional consultant from R &D tax incentive in Australia to ensure that your business abides by all applicable tax laws while keeping your tax liabilities as low as possible.

Denis Woods

Danis Woods in Businessman, investment banker and stock exchange traders. On the same time he loves writing financial blogs to shed lights on different aspects that new and existing businessman are not aware of.

Are you looking to hire a payroll manager for your small business?

First things first, you’ve made a savvy business decision. Paying your staff is one of the most important functions. You have to do it right.

You might have been in charge of payroll management when you hired your first employees, but as the team expands, you might not be in the best position to handle the function. A payroll manager will ensure your employees are paid their due wages on time and that your business maintains compliance with payroll laws.

But how do you find the best payroll manager? Continue reading for a list of top qualities you should look for.

1. Proper Professional Training

You might have handled payroll without any professional training, but that doesn’t mean your payroll manager shouldn’t have the right training. This isn’t one of those positions anyone with a high school diploma can do.

Anyone who wants to become a payroll manager must go to college and pursue a degree in business management, accounting, finance, or economics.

As such, ensure the manager you want to hire as training in any of these academic fields. An associate’s degree can suffice, but it’s best to hire a bachelor’s degree holder, especially if your business has a large team.

2. Professional Experience

Having the right professional training, on its own, isn’t enough to make someone a competent payroll manager. They need a blend of the right training and professional experience.

When conducting interviews, ask the applicants about their experience. Have they worked as payroll specialists before?

Ideally, you want to hire a manager who has at last a couple of years’ experience as a payroll specialist. Such a professional will already be familiar with payroll processes, so onboarding them won’t be a big challenge.

3. Tech Proficiency

Gone are the days when payroll was a task of pen and paper. Today, payroll management is digital.

As such, the right payroll manager should be tech proficient. At the very least, they should be good with computers and payroll programs, such as this https://www.paystubs.net/paystub-templates, which is used to prepared pay stubs.

During the interview, feel free to ask your applicants about the payroll programs they’re familiar with.

4. Keen Attention to Details

Payroll is all about numbers.

Every day, the payroll manager will be recording the number of hours your employees have worked, calculating salaries and taxes, and whatnot.

If the manager isn’t keen, they can easily make a mistake that will result in errors. The last thing you want is to underpay or overpay an employee or, worse, withhold less taxes.

This is why you want to ensure the payroll manager you’re hiring is eagle-eyed. They should be able to catch small errors before it’s too late.

Hire the Right Payroll Manager for Your Business

Hiring a payroll manager is a smart move, especially as a small, growing business. However, you must strive to find the right professional for the position. With this guide, you now know what to look for in the best manager.

Keep reading our blog for more tips and insights.

Denis Woods

Danis Woods in Businessman, investment banker and stock exchange traders. On the same time he loves writing financial blogs to shed lights on different aspects that new and existing businessman are not aware of.

Automation is the next big step towards improving the billing and invoicing process in any business. Thanks to the innovation of cloud-based technology, the cumbersome conventional method of calculating and generating invoices are slowly being phased out all over the world.

According to a research study by Zion Market, the global online invoice software market is set to grow to an astounding US$ 20.5 million by 2026, with a CAGR of 20% in the next 6 years.

As business owners get increasingly aware of the tremendous efficiency and ease provided by online billing software systems, small and large business corporations are switching to the innovative cloud-based invoicing software from the conventional paper-based and slightly advanced desktop-based accounting and invoicing software.

These automated billing systems offer unmatched scalability, efficiency, and are a great way for business enterprises to cut down on operational costs.

3 Main Reasons that Compel Business Owners to Switch to Cloud-based Invoicing Software Systems

The first step towards noticeable growth in business is to switch to more advanced and efficient automated business operational systems, such as the Giddh online billing software, which is preferred by thousands of small and large business owners worldwide.

Here are the main reasons that compel business owners to switch from conventional billing systems to the more advanced and efficient online invoicing applications:

1 – Cloud-based billing systems help to manage client accounts more efficiently

Excellent customer service is an extremely important factor for the growth of any business. When it is time to generate invoices, automated invoicing applications ensure that your clients are satisfied. The online invoicing systems send prompt price estimates, account declarations, cash reports, etc. to clients.

In addition, cloud-based invoicing applications also offer an easy and efficient way for business owners to access the complete billing information. This helps business owners to quickly and conveniently provide any relevant report to clients. With complete transparency, the client’s trust is strengthened. This helps to ensure optimal customer retention for the business.

2 – Online invoicing software helps to view your financial performance clearly

Businesses, especially smaller enterprises, need to have comprehensive cash-flow management capabilities. Financial health and profits can be easily determined if the incoming cash (revenue) is more than the outgoing cash flow (expenses).

Online invoicing systems can easily determine this for small businesses. Analyzing cash-flow in terms of operations, investment, and finance is a highly advised business practice to monitor the growth of any business enterprise. Online invoicing applications help to keep a comprehensive record of your company’s financial health and provide the most recent and accurate figures when it comes to cash-flow.

The select features in these software systems are designed to make cash-flow management easier for business owners so that they can focus their energy and effort on the core business operations.

Integrating online invoicing applications is a great way for business owners to run a successful business by providing prompt and excellent customer service.

3 – Cloud-based invoicing applications are a great way to keep track of expense and effort

Cloud-based invoicing applications are programmed for more than simply generating invoices. These are also programmed to keep track of the expense and effort regarding the business’ products and services. The most popular billing systems help users to keep a close eye on the time spent on accounting and invoicing.

A simple timer feature helps with this. The timer keeps an accurate track of the time your accounting employee spent on generating invoices, which is an excellent way to improve workforce productivity.

This feature is an excellent solution for businesses that charge for their services by the hour. The invoicing system records the time spent on working for individual clients and generates the relevant report to create clear invoices. This helps to enhance customer transparency and improve client trust. The billing system is also designed to monitor costs for services provided to clients and convert the cost into your chargeable rates automatically.

The online billing systems are also designed to store essential information regarding expenses by allowing users to attach any relevant documents and even help to manage the stored expense information by attaching appropriate labels. Users can also add local tax charges, such as GST, for accurate billing and update paid invoices on the system.

Although there are numerous invoicing software systems available in the market, some have more advanced features than the others. Business owners need to decide the features that are needed throughout the year and make their selection accordingly.

Ayesha Saeed

A happy mom, professional article writer, SEO practitioner, blogger, guest blogger & freelancer. She’s in digital marketing since 2018. She loves reading books and spend time with her family. Reach her on Email 

Accounting and bookkeeping can take your business from bottom to top. Both of these functions are of huge importance to the company. The bookkeeping and accounting services are both the functions related to the finances.

In bookkeeping, the financial transactions of the company. This step is carried out before accounting. Accounting is the process of inferring, classifying, analyzing, and then summarizing and reporting the financial data of the company.

All types of companies no matter small, big or medium sized go for accounting and keeping practices in order to keep their business going and growing in the right direction.

Small and medium-sized companies usually go for outsourcing the function of bookkeeping and accounting. The main reason behind it is that the services offered by the outsourcing firms are quite inexpensive and fast as well.

The experts working in the UAE agencies of accounting and bookkeeping are very well at carrying out the tasks related to accounts of the company. They are thus a good option of carrying these important functions out.

As we all are aware of the fact that there are a number of offshore companies that work in UAE. These companies must know that accounting and bookkeeping functions are very crucial.

They are thus advised to go for outsourcing the functions of accounting and bookkeeping. This is because the offshore companies are usually not fully aware of all the laws in the UAE.

It would, therefore, be better for such companies to outsource the function so that the accounting and bookkeeping firms in UAE may provide them with their services and help the companies in running their business operations properly and legally.

Bookkeeping is not very different from accounting. It has different financial nuances to tackle and that is why the outsourcing service providers are the best option to consider. The bookkeeping firms in Dubai are a very preferable choice because it helps the offshore and inshore companies manage these functions in quite an easy way. Read more about the benefits of outsourcing accounting services.

If you want to set up a business in Dubai, take the helping of accounting and bookkeeping firms in the UAE to help you with all such functions. This is because the experts working in these firms have good know-how about these business paradigms. They have very qualified staff which makes it easy for the companies to get disburdened.

For company formation in UAE, getting the help of accounting firms is very important because there is no company that can run without these operations. The accuracy and efficiency companies need can be achieved by outsourcing the firms.

The firms have expertise in providing the best services to their clients by appointing highly qualified accountants and bookkeepers. They also have proper knowledge about the changes in accounting laws and regulations which makes them follow the laws as per the need of the time.

There is a number of firms providing easy access to accounting and bookkeeping services to the international companies in UAE. So, take their help and get the most convenient accounting solutions for your companies.

Jason Obrien

Jason is the Marketing Manager at a local advertising company in Australia. He moved to Australia 10 years back for his passion for advertising. Jason recently joined BFA as a volunteer writer and contributes by sharing his valuable experience and knowledge.

Running a large scale business or working in a multinational organization is not as fancy as it sounds. There are many pressures situations to handle, multiple clients to deliver, effective decision making, etc. It includes managing internal departments like sales, marketing, production, human resources, accounting, and finance, etc. Each of these departments has its magnitude on its own to manage.

In business, every department or function has its importance and significance, but the accounting and finance department is one of the most crucial ones. It provides you a snapshot of the company’s performance and progress and how things are going.

Similarly, data and workings produced by the accounting department can help the decision-makers to analyze the future and make strategies accordingly. Hence, it can tell everything from a basic transaction to the macro-dynamics of the business. 

Additionally, the accounting department also acts as police, as any discrepancy, error or fraud can be detected and reflected in the accounting records. Therefore, owners or CEOs need to have core knowledge of the accounting department and ensure competent accountants in position.

For the reasons stated above, accounting departments and accountants attract a lot of attention and importance from the employers. Becoming an accountant involves gaining a lot of technical knowledge and having hands-on experience in handling accounting matters.

However, the accountants need to keep on working on their abilities and increasing their knowledge to stay up-to-date in the game for moving forward. It involves knowing the latest regulatory changes in accounting practices, understanding of emerging technologies in the Fintech industry, etc. One suitable approach is to get comprehensive knowledge and understanding by studying accounting academically.

Many universities and institutions around the world offer MSA Degree Online so that professionals can seek their degree program as per their convenience without affecting their jobs or employment.  

Accounting professionals are required almost in every business and domain; therefore, they remained in demand. Let’s explore some of the top highly paid jobs for accounting majors:

Financial Planning and Analyst

In this job role, professionals are involved in suggesting the best usage of the funds without inefficiencies. These professionals work to reduce the financial costs of the organizations.

According to a survey, financial planners and analysts earn around $100,000/year in the USA. Usually, these kinds of jobs involve salary plus bonus options, which are directly related to the benefit they provided to the bottom line of the company.

For becoming a financial planner and analyst, a thorough understanding of economics, accounting, and finance is required to provide better results. Moreover, attaining an MBA alongside focusing on accounting and finance, helps to get wholesome understanding and insights into the business to be better planners.

Accounting Professor

If teaching intrigues you and your passion is to inform and elevate young minds, teaching accounting at the university level might sound interesting to you.

Typically, an MBA is required in addition to an accounting degree to teach. Though experts recommend pursuing a Ph.D. to attain a permanent position. 

Teaching accounting involves giving lectures to students, spending time with them for their assignments, taking exams, and grading students. In addition to financial growth, teaching itself is intrinsically rewarding for any individual.

Internal Auditor

Internal Auditors are the police in every organization. Their goal is to oversee every operation and function in the organization. They are responsible for ensuring that everything complies with SOPs, government regulations, statutory requirements, and insurance protocols, etc.

One of the core responsibilities of their job is to provide recommendations and report any discrepancies to the heads of the departments. Therefore, they need to possess excellent verbal and written communication skills, along with presentation skills.

Corporate Controller

Technically, it is the backbone of the accounting department. Everything related to finance routes through this position. Corporate Controller is responsible for every budget, project financials, account receivable or payable, quarterly reports, year-end financial statements, etc.

Due to such a huge responsibility, they need to burn 60-70 hours a week to manage the load. But at the same time, in addition to their salaries, they get a sweet deal of bonuses attached to it. Corporate controllers earn, on average, $98,000/ year, excluding bonuses.

Forensic Accountant

Comparatively, forensic accounting is not a conventional job, and it has emerged as a growing specialization in the field. Forensic Accountants specialize in white-collar crimes, frauds, auditing, etc., and they are generally hired by governments to crack down on window dressing or creative accounting.

Due to the wide scope of their job, forensic accountants require in-depth knowledge of the law, accounting, data collection, investigative techniques, etc. It requires a lot of education and experience; therefore, they get handsome salaries.     

Conclusion

Apart from the profession and qualification, how much an accountant is paid depends on multiple factors like location, industry, level of responsibility, etc.

If an accountant is involved in big mergers or acquisitions of public listed entities, then he would +pay more than if he would have worked for a non-profit organization.  

Ayesha Saeed

A happy mom, professional article writer, SEO practitioner, blogger, guest blogger & freelancer. She’s in digital marketing since 2018. She loves reading books and spend time with her family. Reach her on Email 

“Accounting is the language of business,”

Warren Buffet

Millions 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 more accounting consultancy and backup support.

Due to uncertainty in the business world, you should always have a financial backup plan. Accounting help in understanding the startup in-depth. The right accounting service can build business roots stronger.

Every year, millions of people, entrepreneurs, and graduates bring new startup businesses in the world. Singapore has a visible share in it as well. People from different parts of the world migrate here to avail opportunities.

All kinds of startups, e.g. lifestyle, social, small or large, scalable, a buyable startup should always hire accounting services. For every startup having accounting plans are as important as having their marketing plans or management plan.

Startup businesses need accounting service in Singapore more because they need to build their good reputation in the market. Yes, sometimes for entrepreneurs it is hard to hire office based accountants from limited budgets, but hiring, according to your pocket is always a good idea.

The way accountants handle finance of your business, no other person can handle that efficiently. Accountant’s always made the best cash flows for your startup business. They support business plans through their financial expertise and they also provide maximum benefits to startup owners.

Why Singaporean Startups must Hire Accounting Services

• It improves the handling of startup financial management and resources, i.e. Revenue, expenditures, valuation, debts, leverage, and risk of return, etc.
• To carry out startup policies & procedures
• It saves the startup owners from panic during the annual tax returning process.
• Accountants let the owners know about profit opportunities and helps in expense tracking in different aspects including buying, selling, advertising, HRA, and others.
• To increase productivity and enhance services for startups.
• To compete in the market, accountants evaluate investment options and provide that maximize profitability.
• Accountants always guide about the do and don’ts of business.
• It is significant for the audit process which includes planning, fieldwork, making audit reports follow up and reviews.
• To understand future economic trends in the stock exchange.
• For future growth of business accounting services act as the power booster.
• To get to know financial, SWOT (Strength, weakness, opportunity, and threat)
• To support, financial decision-making process.
• For efficient bookkeeping i.e., a record of the transaction, accounts receivable, accounts payable, sales, receipts, payments made by an individual or corporation.
• Accountants make amazing financial reports, graphical charts and lose/profit statistics for the business.
• To understand tax laws and government financial policies.
• A startup bank account can only be handled by a professional accountant.
• Helps in calculating business costs, employees’ salaries and taxes.

Conclusion

To achieve startup business objectives, accounting services are compulsory. Accounting services let the business lead to the road of success. Accounting experts are always reliable for supporting new business plans.

Ayesha Saeed

A happy mom, professional article writer, SEO practitioner, blogger, guest blogger & freelancer. She’s in digital marketing since 2018. She loves reading books and spend time with her family. Reach her on Email