Tag Archives: Steps

How to Reduce your Accounting Expenses ? Simple Effective Steps!

Want to manage your accounts and financial information effectively and efficiently!

There is nothing like a small business accounting software to manage all your accounts and financial affairs. However, many small business organizations hesitate to use them to save money over accounting software and accounting professionals.

Is there any way to reduce the overall accounting cost!

You must remember that small business accounting software will not only reduce the time of accounting, it may also reduce overall accounting expenditure. How?

Effective use of small business accounting software can make it possible for you to review all the data relevant to accounts payable, accounts receivable, invoices, and inventories easily. You can also use these software with other popular software such as Microsoft Office for better results.

Proper execution of the whole accounting process will not only reduce the number of accounting staff, it will also reduce recurring expenses along with manual accounting mistakes and time.
Outsourcing Accounting Jobs to Offshore Service Provider

Outsourcing accounting and financial related tasks to an offshore service provider can reduce accounting costs significantly. Small business owners can avoid hiring full-time or part-time accounting professionals; instead, they can use an offshore accounting services provider for all their accounting tasks.

Many small businesses houses have reported savings of thousands of dollars by outsourcing to a reliable and competent service provider capable of providing accounting services like bookkeeping, business taxes, accounts payable, accounts receivables, and account settlement.

One such example is of a real estate company in St. Paul, MN that benefited from the expertise and experience of Cybelink, an offshore service provider. Cybelink translated the company’s accounts, which were mainly in Excel files and converted them into QuickBooks. This change in accounting allowed the client to review easily the weekly, monthly and yearly reports of financial transactions of the business. The accounting system set up by Cybelink allowed the client to communicate easily with their CPA and helped the real estate company to make informed business decisions.
Accounting Processes Standardization

Small business owners should see their entire accounting processes and standardize them within their company. The standardization should occur within their accounting processes and in their technology. For example, if two different employees engaged for accounts receivable and accounts payable and say if they use the customer list stored in two different computers, it is a problem. As a small business owner you should ask following questions:

* Can these two different processes be combined?

* Why the customer list stored in different computers?

If you look around the company you may see several inefficiencies in your accounting processes and how it is carried out. Fixing them will save you time and money.

Financial Controls

Financial controls are used to ensure that financial transactions are recorded accurately and the financial management system is not tampered with intentionally or unintentionally. Mere generation of accounting information is not enough, it is also important to make use of it for the growth of the business. All business owners should understand basic accounting and they should be able to read financial statements like balance sheet, profit and loss statement, and cash flow statement.
Indirect Expenses Related to Accounting

By creating a systematic and efficient accounting setup a small business can also lower the costs it would bear for tax return preparation or the fees to pay to the tax professionals. All the required information and data is easily found and well presented. For example, say you use QuickBooks for all your accounting and financial transactions, then with a click of a button you can export all the data to sent to you CPA for year-end tax purposes. If you are keeping your financial data in different software like Microsoft Excel and Microsoft Word it is difficult to consolidate the data, it will be a time-consuming and error prone process for the staff to prepare the data to send to CPA.

Mani Malarvannan is cofounder of Cybelink, a company specializes in small business financial and accounting outsourcing like Bookkeeping, Tax, Accounts Payable, Accounts Receivable, etc. For more info visit www.cybelink.com

8 Steps to your Career Success in Accounting

If you have an ambition is to become a successful accountant and want to choose accounting field as your career path after graduation. Then, you need to start planning for your career path and working toward the success of achieving your career goal. In accounting field, a good knowledge in accounting, constant accuracy and working experience are of utmost important for a success. Here are 8 steps that you can include in your career path planning to ensure you are in the right track to meet your career goal.

Step 1: You must Excel in Math

Accounting is about numbers and the manipulation to numbers; hence, you must certain that you excel in math at high school. People who hate math may not be success in accounting field. That’s why you got to love math if you like to become an accountant. Take a special attention in math and ask your teacher or counselor’s guidance on which courses to take to best prepare you for earning a degree in accounting when you enter a college later.

Step 2: Request Information From College that Offer Accounting Degree

Beside the traditional brick & mortal colleges, there are many prestige’s online colleges and online universities offer degrees in accounting that enable you to earn an accounting degree from home. Send a letter, an email or make an online information request to those colleges that offer accounting degrees for heir catalogs and admission requirement on their accounting degree programs.

Step 3: Research On Certified Public Accountant Requirement

In order to become certified accountant, you must receive Certified Public Accountant certification, CPA from a state. The pre-requirement to CPA certification is you must first receive a bachelor’s degree in accounting or in related business fields. Check out the information on the requirement of CPA will make you more prepare on what courses need to be taken in accounting degree program. See the American Institute of Certified Public Accountants (aicpa.org) for further information.

Step 4: Ensure Your Accounting Degree Will Fulfill State Requirement

Normally, you will start your first career in you own state after graduating from your degree program. Hence, you need to make certain that the accounting degree program that you are going to enroll fulfill all state requirements, else you will face problem when you want to start your accounting career later.

Step 5: Decide Accounting Field Of Interest

There are a few starting points for your accounting career, you may major in public, government, and management accounting or internal auditing. No one degree program will cover all these fields; you need to choose which field that best suits your interest which you can choose as your majors of study.

Step 6: Become Proficient with Accounting Software

The time of using Microsoft Excel program in accounting work was over. You need to become proficient with a variety of accounting software if you want to success in this field. You may not be able to learn all the accounting software in the market, but you need to familiar with the common accounting software use by most corporate.

Step 7: Gain Working Experience in Related Fields

Related working experiences are important in determining a success in your accounting career. If you are attending class-based accounting degree program, you could work at part-time jobs or internships in accounting firms during your college years. If you are getting your accounting degree online, then you can start gaining your full working experience in accounting with a full-time job, because an online accounting degree program allows you to plan your learning schedule that fit into your full-time job.

Step 8: Takes CPA Test & Become A Certified Accountant

You can start preparing for CPA (Certified Public Accountant) examination while earning your bachelor’s degree in accounting. You will need some accounting experience, in addition to a bachelor’s degree, before applying for the test.

Summary

In order to prepare you career path to successfully become an accountant, you need to have a bachelor’s degree in accounting, a good working experience in accounting field and pass in CPA examination.

If you want more FREE and detailed information on choosing the right Online Accounting Degrees, Accredited Online Universities, and other online education information, you can visit http://www.your-online-degree.info.

Steps To Becoming A Cpa

Deciding to become a Certified Public Accountant (CPA) is a huge step for college graduates looking to step into the accounting world. Being able to put on your resume that you are a Certified Public Accountant, will make your resume stand out above all of the others. Being a recent graduate, having CPA will give you credibility and will act as a “stamp of expertise” to the public eyes. Not only will being a CPA earn you more money, it will improve your credibility, as well as reflect your commitment to the accounting field.

 

Having CPA certification provides substantial financial awards for accountants. Accountants with this certification will be able to establish a standard of living to support themselves and their family. According to Robert Half International, the CPA can, on average, increase a candidates base salary by 10 percent. A lot of small, medium, and large public accounting firms will not promote their auditors past a certain level unless they have passed the CPA exam.

 

To obtain this certification there are six main steps that you have to follow. The first thing you will have to do is apply to take the exam. This step involves deciding what state you want to be certified in and checking to make sure you fit all of their qualifications, requesting an application, completing it, and then submitting it. This process can take from 6 weeks up to 8 weeks. The second step after your application has been accepted is to pay the examination fees. Fees vary for each state as well as qualifications . In Pennsylvania, there is a $95 application fee. The Auditing (AUD) section fee is $230.55, Business Environment (BEC) is $180.95, Financial Accounting and Reporting (FAR) is $218.15, and Regulation is $193.35. If you are taking an exam over you are obligated to the pay the application fee of $95 again whether you are taking one section over or all four. Third, after you have paid the CPA fees you will receive your notice to schedule in the mail.

 

The fourth step in obtaining your CPA is the most crucial. STUDY, STUDY and STUDY some more. The goal is to pass all four parts of the exam on the first try. Although this does not happen for most people, retaking the exam over and over again can become very costly. There are many different ways you can study for the CPA exam. The most talked about is the Becker CPA Review. Becker offers on line classes, live classes, cram sessions, and self study cd’s to work at your own pace. There are many other institutes that offer CPA review classes as well as many study books.

 

After you feel you are fully prepared to take on the CPA exam, the fifth step is then to schedule each section. All exams need to be scheduled at least 6 days in advance. It is advised that candidates schedule their exam at least 45 days in advance. The sixth step is to take the exams. Lastly you will sit in anticipation awaiting the arrival of your scores.

 

Overall, if you are extremely interested and committed to the accounting field, you should try and become a Certified Public Accountant. Not only will this title increase your salary, but it will also help you shine above other candidates when applying for jobs as well as provide a secure standard of living.

Powered by Yahoo! Answers