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It's Tax-Crunch Time: How to Keep Your Accounting in Check - Entrepreneur

It's Tax-Crunch Time: How to Keep Your Accounting in Check - Entrepreneur | aspect 1 reality of accounting | Scoop.it
Entrepreneur
It's Tax-Crunch Time: How to Keep Your Accounting in Check
Entrepreneur
If you were to ask entrepreneurs what their favorite part about their job is, odds are, doing taxes is at or near the bottom of the list.
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nelson phelps's comment, February 18, 2014 6:27 PM
paraphrase 1: The least favorite part of most entrepreneurs jobs is anything but doing taxes. Keeping good financial records is important, however. This is why accounting is important. It allows business a real time view of financial information. Innovations over time have made this task not so daunting.
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Finsync Introduces Cloud Accounting Software for Small Businesses - Accounting Today

Finsync Introduces Cloud Accounting Software for Small Businesses - Accounting Today | aspect 1 reality of accounting | Scoop.it
Finsync Introduces Cloud Accounting Software for Small Businesses
Accounting Today
"Accounting software, as we knew it, was an amalgamation of different parts that didn't communicate easily with one another," he added.
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nelson phelps's comment, February 20, 2014 7:16 PM
paraphrase 9: A new cloud based accounting software has been developed and released by Finsync. Its purpose is to accomodate small businesses. New applications for invoicing, inventory management, bill payment, and payroll processing has been added. Many businesses struggled in 2011 to process financial results in time. This wastes time and money for the business. Inadequate financial statements also led to banks refusing to lend to the business. The problem was that the accounting software wasn't designed for the CEOs. The software didn't communicate effectively with each other which led to the CEO to outsource data and need third party reports.
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Accounting firm leaders and professional staff may view ethical ...

Accounting firm leaders and professional staff may view ethical ... | aspect 1 reality of accounting | Scoop.it
If an accounting firm wants to maintain a strong ethical environment from top to bottom, a new study by a Kansas State University accounting professor and her colleagues finds it's important that the firm's environment is ...
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nelson phelps's comment, February 18, 2014 6:50 PM
paraphrase 3: Accounting firms that want an ethically strong environment in their business needs to be viewed as ethically strong. All positions could benefit from mentoring. Firm leaders can have different views of the firms ethical environment as opposed to their staff. A questionair given by Kansas State University determined firm leader view their firm as ethically sound, but non-leaders in the firm find their firm to be even more ethical. A college curriculum needs to teach business ethics.
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What Is A CPA? Here's The Answer On Certified Public Accountants

What Is A CPA?  Here's The Answer On Certified Public Accountants | aspect 1 reality of accounting | Scoop.it
A blog about business and personal accounting matters, tax preparation services, and related news. Blog provided by Earl Johnson, CPA.

Via E-Platform Marketing
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E-Platform Marketing's curator insight, January 8, 2013 8:14 PM

As tax season approaches so does the thoughts about how to get the best possible tax refund and avoid missing critical tax deductions.  If you've ever wondered "What Is A CPA?" this article gives you the answer.  If you've thought that a CPA might be able to help you with your taxes you are correct!  Learn more here by reading this blog post that shares a piece published by the Georgia Society of Certified Public Accountants.

nelson phelps's comment, February 18, 2014 7:22 PM
CPA's advise a variety of business leaders such as financial institutions, nonprofit organizations, government agencies and individuals in need of financial information for their business. CPA's are subject to licensing requirements involving advancing their professional education and being regulated by the state boards of accountancy. A person looking to become a CPA must pass a meticulous exam after they finish college for them to be liscenced by their state. CPA's have professional ethics including independence, integrity, objectivity, and technical competence.
Dylan Paluzzi's comment, February 20, 2014 10:09 PM
A Certified Public Accountant are accountants that advise "individuals, businesses, financial institutions, nonprofit organizations and government agencies." CPAs offer a variety of advice and they point people in the right direction when it comes to financial matters. What separates them from other accountants is their license. CPAs undergo an extremely difficult test in order to achieve this title. In addition, once they become certified they continue to stay up to date with mandatory requirements.
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Anjani Sinha's emails show access in MCX, IBMA accounting entries - Business Standard

Anjani Sinha's emails show access in MCX, IBMA accounting entries Business Standard E-mail trails unearthed by forensic auditors of National Spot Exchange (NSEL) show that accounting entries were made in the books of group companies such as MCX,...
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nelson phelps's comment, February 20, 2014 6:07 PM
Multiple Emails have been tracked by the NSEL who employed forensic accountants. Their job was to track accounting entries made by group companies like the MCX. They first determined the documents to be authorized by the board of the group companies. The audit later found that NSEL held control over Sinah although one email in particular suggested otherwise.
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Director of accounting/assistant controller - Poynter.org

Director of accounting/assistant controller Poynter.org Responsibilities include understanding the business and developing/maintaining relevant performance metrics, schedules and reports/analysis; auditing processes such as accounts payable,...
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nelson phelps's comment, February 20, 2014 8:01 PM
paraphrase 10: The director of accounting plays a vital role to improve operational effectiveness of the company while providing important insights. The position requires keeping integrity for the group's financial statements. Director's of accounting must understand the business and develope relevant information or schedules. Often they have more than 8 years experience and possibly a bachelor's degree. Being a CPA is required. Directors of accounting should have quantitative and analytical skills. Strong people skills is also prefered.
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Remote Accountant LLC Introduces Franchisee Accounting Nationwide ... - PR Web (press release)

Remote Accountant LLC Introduces Franchisee Accounting Nationwide ... - PR Web (press release) | aspect 1 reality of accounting | Scoop.it
Remote Accountant LLC Introduces Franchisee Accounting Nationwide ...
PR Web (press release)
The professionals at Remote Accountant LLC utilize the newest cutting edge technology to provide clients with accounting services.
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nelson phelps's comment, February 18, 2014 6:39 PM
paraphrase 2: accounting firms pride themselves on protecting clients money. Accountants follow three key principles to service tax payers: professionalism, responsiveness, and quality. Keeping financial advisors is who can keep up with changes in federal and local tax law is important. Business Insider wrote on February 3rd that accounting standards between the United States and Britain should be blamed for the accounting deficit found by Ernst and Young. They deny accusations from HP.
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Why Are Accounting Firms Cautious To Shift To Cloud Computing?

Why Are Accounting Firms Cautious To Shift To Cloud Computing? | aspect 1 reality of accounting | Scoop.it
A lot of accounting firms are reluctant to shift to cloud computing primarily because of concerns regarding service quality, cost, customization, and integration problems. Initially, these concerns may be a problem for the ...
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nelson phelps's comment, February 18, 2014 7:08 PM
paraphrase 4: Cloud computing is a new accounting software. Accounting firms have had concerns while using it mostly because of quality, cost, customation, and integration problems. Suppliers are quickly developing new services to deal with these issues. Accountants often do their own thing to finish their jobs sooner. Cloud therefore has customization problems. Some accounting professionals find the cloud is more expensive than the TCO (total cost of ownership). Some small companies may be unable to afford the high initial costs. Accounting firms may be reluctant in the beginning to use cloud but soon most firms will be using cloud computing.
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How to value a CPA firm for sale - Journal of Accountancy

How to value a CPA firm for sale - Journal of Accountancy | aspect 1 reality of accounting | Scoop.it
How to value a CPA firm for sale
Journal of Accountancy
The most common question about accounting firm sales the authors are asked when teaching CPE courses is “What is the multiple (of billings)?” The multiple is determined by four main factors: 1.
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nelson phelps's comment, February 18, 2014 7:50 PM
paraphrase 6: CPA's need to be aware of is the ownership interest while retiring and how to determine it. Usually, an owner's interest is not the same while selling to other buyers as opposed to internal transactions. Most suppliers expect to be able to keep the money owed for a work already provided or in progress. However, buyers will have negative cash flow upfront during the process. Some clients often pay slowly, so revenue for the buyer will not come for months. Meaning the buyer, in the meantime, must put forth more capital for expense. Businesses may be unwilling to pay upfront to allow for technology upgrades interrupting transitioning.
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IT issues stall prep for new lease-accou… - ABA Banking Journal

IT issues stall prep for new lease-accou… - ABA Banking Journal | aspect 1 reality of accounting | Scoop.it
IT issues stall prep for new lease-accou… ABA Banking Journal The quality of data, the complexity of compliance, and a lack of confidence in IT systems are the main concerns for companies ahead of the finalizing of a new lease accounting standard,...
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nelson phelps's comment, February 20, 2014 6:57 PM
paraphrase 7: Many executives believe compliance with a new standard in IT systems will be difficult. A lack of confidence is the main concern. The Delloit survey also found companies are little more prepared to comply with the new standard than they were 2 years ago. The new standard will have companies put liabilities and assets from leases that have gone more than 12 months in duration on their business sheets. One of the biggest concerns is the effectiveness of the IT systems. Executives, especially from the larger companies, say the level of data quality in the systems is not an improvement. The survey revealed 55 percent of large companies said an electronic inventory of real estate will be difficult, as opposed to 33 percent of small firms. However, many companies want an upgrade to their data systems because of the accounting standard. More of those who responded expect an upgrade than a new system all together. It is likely because large companies would have data problems with more complex portfolios.