Accounting

How To Prepare For The Day After Tax Day

How To Prepare For The Day After Tax Day

Here’s everything you need to know about the day after Tax Day, and how you can prepare yourself so that you’re not caught off guard by competitors who refuse to acknowledge the existence of their vacation days.

The medicine that’s the most bitter to consume is often the most successful get therapy, which is why accountants and tax professionals would like to fold up and ready to work, despite the fact that they’re most likely readier than ever for a break after Tax Day. While it’s undeniable that the accounting and tax professionals deserve an extensive breather after the unbelievable workloads they deal with every year as Tax Day draws near, the competitive reality is that in today’s marketplace, you can’t really afford to take a day off so soon.

Yes, as sour as it is to confess, most accounting professionals need to admit that the day after Tax Day needs to be spent gearing up for next year and that your clients will soon be flooding you with questions yet again.

First and foremost, start planning as soon as possible, and have a must-call-list on hand to get in touch with your most important clients in the event that a tragedy occurs. Most accountants put off a great deal of work when Tax Day is approaching, too, as they’re cluttered up with the last-minute rushing of their clients, so you’ll want to carve out some extra time to deal with the problems you’ve been pushing off for some time now, too.

Making the day after Tax Day profitable

The day after Tax Day is one of the hardest to work; with the exemption of perhaps the day after a major holiday, there seems to be no other time when accounting and tax professionals are ready to take a break. Making the day after Tax Day profitable, then, will be extremely demanding of you, and will take a certain commitment to time management if you’re to find success.

Mastering these important tips paying attention to managing an accountant’s really busy schedule will thus prove crucial towards your long-term success. Similarly, as your professional time needs to be extensively accounted for, your personal time after Tax Day should also be extensively managed; personal engagements and hobbies, such as checking free arrest records, may need to be temporarily postponed, as unfortunate as it is to say, if your professional goals are still to be met. Never forget that the day after Tax Day is almost always busier than many rookie accountants and tax pros expect.

Still, despite the increased workload you can expect to face around tax season, it’s still significant that you find some time for yourself; accountants who overdo it themselves are all but certain to be those professionals who burn out brightest and first, after all. Don’t be afraid to take some time to stop and smell the roses, or you’ll be of no use to your clients in the immediate aftermath of the highly-dreaded Tax Day.

Finally, get a head start on preparation for your vacation. Keep your eyes on your long-term goals, and don’t let your guard down on the day after Tax Day, and this year’s post-tax season will be a gentle wind for you before you even know it.

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Factors considered in selecting Accounting Software

Factors considered in selecting Accounting Software 574 295

Factors considered in selecting Accounting Software

Accounting software will give small business with several economical ways that of managing daily financial tasks, likewise as offer management and possession with helpful reports to assist analyze business performance. While not correct thought, business house owners generally build pricey mistakes by investing in the wrong accounting software system, then they struggle to create the software package work or incur even a lot of value by changing to totally different software.

Scope of Business

The first and most vital issue business owners ought to document before selecting accounting software is that the scope of the business and what accounting tasks the software ought to ideally perform. In addition to basic accounting needs, build an inventory of different things you wish the accounting software package to handle, like payroll, inventory management and value accounting. Think about the longer term of the business in your call likewise as current operations. Software system that fits absolutely nowadays might not be enough a year from currently. Keep business growth and enlargement in mind once making your scope list.

Modules enclosed

Once you’ve got outlined the scope of the business and also the purpose of the accounting package, screening software package prospects becomes a better task, as a result of you’ll simply eliminate those who don’t cowl things on your scope list. For every accounting package that covers your scope, verify that modules are enclosed within the base value and that modules have a further value. As an example, some software package makers charge a further price for a payroll software module. Build a note of the complete value of every software package so you’ll accurately compare the packages.

Access and movableness

If you’ve got one business location and don’t expect that to vary, any accounting package that installs on a network server is appropriate for your business. However if you’ve got, or will have, multiple locations, you wish to contemplate however field staff can access the accounting software package, if needed. If you are doing not have associate degree data technology employee, putting in place exchange server logins could also be too difficult a method to put in or troubleshoot after you have issues. Within the case of a tiny low business with multiple locations, or staff that job from home, Internet-based software package could also be the simplest selection.

Knowledge needed

Powerful, do-it-all accounting software remains useless if your employees cannot learn to use it. Once selecting accounting software package, you want to take under consideration the education level of your staff and also the problem of the software package alternatives. Some accounting software package needs high-level accounting information for setup and use, whereas different software package packages are double-geared toward business house owners and employees who don’t have accounting education or expertise.

Cost

Once you’ve got eliminated software packages by scope, portability, module and information needs, the last issue to contemplate is that the value of the remaining software packages. Once considering value, take under consideration fees for upgrades, annual licensing and support details. Compare technical support packages and issue extra fee support packages into the general value of the accounting software package. If you can’t perform the installation and setup of the accounting software package yourself, get estimates for installation and setup and issue those figures into the general value.

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Accounting Conventions

Accounting Conventions

Accounting Conventions
Convention of Consistency

To compare the results of different years, it is necessary that accounting rules, principles, conventions and accounting concepts for similar transactions are followed consistently and continuously. Reliability of financial statements may be lost, if frequent changes are observed in accounting treatment. For example, if a firm chooses cost or market price whichever is lower method for stock valuation and written down value method for depreciation to fixed assets, it should be followed consistently and continuously.

Consistency also states that if a change becomes necessary, the change and its effects on profit or loss and on the financial position of the company should be clearly mentioned.
Convention of Disclosure

The Companies Act, 1956, prescribed a format in which financial statements must be prepared. Every company that fall under this category has to follow this practice. Various provisions are made by the Companies Act to prepare these financial statements. The purpose of these provisions is to disclose all essential information so that the view of financial statements should be true and fair. However, the term ‘disclosure’ does not mean all information. It means disclosure of information that is significance to the users of these financial statements, such as investors, owner, and creditors.
Convention of Materiality

If the disclosure or non-disclosure of an information might influence the decision of the users of financial statements, then that information should be disclosed.

For better understanding, please refer to General Instruction for preparation of Statement of Profit and Loss in revised scheduled VI to the Companies Act, 1956:

A company shall disclose by way of notes additional information regarding any item of income or expenditure which exceeds 1% of the revenue from operations or Rs 1,00,000 whichever is higher.

A Company shall disclose in Notes to Accounts, share in the company held by each shareholder holding more than 5% share specifying the number of share held.

Conservation or Prudence

It is a policy of playing safe. For future events, profits are not anticipated, but provisions for losses are provided as a policy of conservatism. Under this policy, provisions are made for doubtful debts as well as contingent liability; but we do not consider any anticipatory gain.

SOURCE: TUTORIALS POINT

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Easy Software for Payroll Processing

Singapore Accounting Software offers the best payroll software in Singapore such as Sage_Ubs, EZ payroll, MYOB payroll & Quickbooks. Such accounting and  software are necessary to streamline your enterprise’s operating procedures. By automating the payroll process, not only will you be able to improve the efficiency and effectiveness of your company, you’ll also receive in-depth tracking and analysis reports, allowing you track every cent of your employees’ wages, understand tax implications as well as gain detailed analysis of your company’s payroll.

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Business Planning Using Accounting Software

 

Creating and maintaining a Business Planning is important for any small business. This is because well planning will estimate both the revenue and expenses of a business over a certain period of time. Business Planning can help small business owners determine where to cut costs, invest, or take risks based on their cash flow.

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