myth about accounting

This means it is a much more efficient option than manual recording, making you more productive and giving you back some of that valuable time

If you own or operate a business, it is a business, not your spouse. You need to note when you have paid an expenses out of your own pocket. This is money that could be returned to you tax free.

Accounting software programs are easy to use, but you should definitely have a working knowledge of how your company operates financially. Accountants can give you all of the advice and suggest lucrative paths, but none of it matters if you can t make the ultimate and correct decisions. And you can t make the best choices possible without at least a rudimentary understanding of how the accounting within your company works. To remedy this, take time to understand your accounting program, whether that means taking a class or simply reading the manual when installing the software.

The fact is, having a full time internal or external accountant can save you much future heartburn. An accountant will help organize your finances in a timely fashion, allowing you to make good financial decisions and take advantage of opportunities for growth. Not to mention, they ll make your life a lot easier around tax time.

You would say that you don t need to budget, forecast financials, know about trends in your business, or know the latest, greatest tax advantages. I have clients that are as small as a one man service business making only about 20K a year.

Accounting was actually discovered by Luca Pacioli, an Italian Monk. He s commonly referred to as the Father of Accounting. Pacioli founded what s referred to as double entry accounting in 1494. His first accounts detailed the early systems used be Venetian Merchants for accounts receivables and inventories utilizing journals and ledgers. Pacioli uncovered principles and methods which are still used in our financial world on a daily basis.

QuickBooks is an awesome program and one that I use on a daily basis, but it does not take the need for an accountant away. As a matter of fact, most open QuickBooks only to become overwhelmed and confused. Having this program is very good and can become an awesome tool, but your accountant needs to help you set it up, educate you on how you can and should use it, and come in periodically to be sure everything is in order, run reports, and fix problem areas. You can be wonderful in business but unless you know how to operate the accounting side of your business perfectly, you should really do yourself a favor and at least get advice from an accountant on this process.

The fact is, having a full time internal or external accountant can save you much future heartburn. An accountant will help organize your finances in a timely fashion, allowing you to make good financial decisions and take advantage of opportunities for growth. Not to mention, they ll make your life a lot easier around tax time.

Accounting software has revolutionized over the years, and GST reports can now be generated in the Kingdee KIS accounting software. You can generate a GST report in minutes. So start putting down that spreadsheet and stop wasting time! Besides Singapore taxes, an accounting software such as the Kingdee KIS accounting also supports the China VAT. So if you have a business in China or perform transactions there, you can rely on the accounting software to do it for you quickly.

Your accountant s ability to prepare your returns is only as good as your records. If your records are a mess, then your return is going to a) not capture everything properly or b) cost you a bundle, as your accountant tries to recreate your financial records for the last year.