Accounting Procedure
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Income Tax Returns Your Accountant Should Not File

You’ve been feeling uneasy (perhaps even guilty) because
you’ve failed to report your under the table business
income.

Business Fol's insight:

You’ve been feeling uneasy (perhaps even guilty) because 
you’ve failed to report your under the table business 
income. Perhaps you’ve never filed a tax return, even 
though you know you owe money. Finally, you contact an 
accountant to resolve the situation. 

Although it is commendable that you are trying to correct 
matters, hiring an accountant to do these delinquent 
returns could be a big mistake. The reason why is because 
tax evasion is a criminal offence or felony. You might 
also be subject to civil action. 

Would you hire an accountant to defend you in a criminal 
proceeding? Not likely. You would be wise to hire a 
qualified attorney. 

First of all, lawyers have something called 
solicitor-client privilege (also known as attorney-client 
privilege or legal advice privilege). This basically means 
that things you tell your lawyer when seeking legal 
advice are confidential and can’t be used against you. 
Even written records can be covered by this privilege. 

On the other hand, your accountant can be compelled to 
testify against you and all records in his possession can 
be demanded by the authorities. 

Second, your lawyer can prepare a legally binding 
agreement that can protect you. In return for your coming 
clean, the tax authorities may agree not to charge you 
criminally and, in some cases, even reduce penalties or 
tax liability. 

If your accountant tried to do the same thing, they could 
demand all information about you. Your accountant would 
not be protected by solicitor-client privilege. 

If, say, your accountant filed your tax return from ten 
years ago on your behalf, the tax authorities could still 
charge you with tax evasion, despite the fact that you 
are obviously trying to rectify matters (albeit a bit 
late). 

It is even possible that your accountant could get into 
trouble for failing to report your delinquency. On the 
other hand, your lawyer can’t be compelled to testify 
against you, being protected by solicitor-client 
privilege. Your lawyer may also have his own in-house 
accountant in order to protect you. 

Your lawyer (specializing in criminal and tax law) will 
likely negotiate an agreement with the tax authorities 
before filing any tax returns. 

Therefore, if there is a good chance you could be 
charged criminally for your failure to file tax returns 
or properly report income or expenses, don’t see your 
accountant. Instead, consult a lawyer specializing in 
such matters before you file or amend any returns. 

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An Introduction to Medical Billing

 

A growing number of professional, experienced health consultants and medical claim processors are needed in the country today. Healthcare is such a large and technologically driven industry that knowledge and procedures used today are likely to be seen as far outdated only a few years from now. To keep pace with all the various procedures, techniques, and technologies available and distinguish one from the other in a clear manner, definitions are made and coded for every kind of surgical procedure, diagnosis, and complaint. These definitions and codes help doctors ensure that they are compensated accurately for their services by the health insurance companies. 

Medical billing is the process by which the needed data for completion of all the necessary forms (insurance cards, patient info, encounter forms, diagnosis, treatment, etc) is collected and processed for payment. This data is then entered into one of a variety of competing medical billing/patient accounting software programs. Medical billers are also responsible for following up using effective paperwork and time-management skills. Having been trained to understand an insurer’s EOB (explanation of benefits), the medical biller must review all claims for errors. If not all of a patient’s balance is covered by insurance, the medical biller has to decide if the balance will be written off or billed to the patient. The main job of the medical biller is to ensure that the physician or facility receives optimal reimbursement for services rendered. Weekly, bi-weekly, and monthly reports are often generated by the accounting software to show the client (physician, facility) whether they are losing or making money on various insurance contracts. 

Besides the above main responsibilities, a medical biller must have or develop the following skills: 
• Understand and be able to explain insurance terms and benefits to clients and patients 
• Accurately read and complete claim forms 
• Perform bookkeeping activities 
• Bill insurance companies and patients promptly and accurately 
• Handle everyday medical billing procedures 
• Document all activities using the correct terminology 
• Schedule appointments 
• Follow-up with insurance companies and patients on unpaid bills 

Medical billing is a growing opportunity to the ever-expanding health industry and many people are finding satisfying and well-paying careers working both at hospitals or small clinics and from home running their own medical billing small business.

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How to Choose the Right Accounting Software for Your Business

How to Choose the Right Accounting Software for Your Business | Accounting Procedure | Scoop.it
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Surprise! Accounting is the Hot New Major

A renowned business publication Accounting , loan , finance , Mortgage, Business news, trends and profiles of successful businesspeople.
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Suv Rollovers-Florida

SUV (Sport Utility Vehicles) sales have sky-rocketed in the United States over the past few years. In 2004, SUV’s accounted for 25 percent of all new-vehicle sales with over 22 million on the road. Because SUV’s are larger, and heavier than other cars, buyers often times overlook the safety issues concerning them. Unfortunately, SUV’s have the leading cause of rollover death on our highways. New statistics show that more than 12,000 people died last year in rollover accidents with SUV’s accounting for 62 percent. 

In Florida, SUV sales are rising and so are the problems that come along with them. Because SUV’s have a higher center of gravity, they are the most unstable and rollover-prone vehicles on the road today. Many SUV’s are designed to be driven off-road, however very few are equipped with proper equipment such as roll bars. In addition, only a few meet the National Highway Traffic and Safety Administration roof safety standards. 

If you or someone that you know has been the victim of an SUV rollover you should seek help immediately. An experienced SUV attorney can help you understand the complex legal system to ensure that you receive the compensation you deserve. Don’t let legal time constraints impede or terminate your case before it happens. Contact a lawyer immediately!

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7 Things to Consider Before Buying Small Business Accounting Software

7 Things to Consider Before Buying Small Business Accounting Software | Accounting Procedure | Scoop.it

The world of small business accounting software can be a minefield for any business owner. However choosing the right package is one of the most critical business decisions you will make. 

Here are the seven things you must consider before making a purchase that will help you achieve your businesses goals. 

1. Scalability 

Businesses change over time so it’s critical that the small business accounting software you choose can change too. Some things that often change are the number of products and services offered and the number of employees. When you choose your package try and imaging the business in 5 years or 10 years time and how different it will be. Use this information to guide your purchase decision. It may well be better to pay a little more now for the software knowing that it can be easily 
upgraded when needed with minimum disruption and cost to your business. 

2. Support 

It is important that any software has great support for when something goes wrong (and it always does). Most major companies offer support but you also need to think about support in your local area. It’s often much easier to have someone locally come in and do things you need done with your software than have someone trying to help you over the phone. Make some 
enquiries with other businesses about the package they use and who helps them. 

3. Accountant Interface 

It’s most unlikely you will handle every aspect of your businesses accounting. Your accountant is an important factor in making the right decision. What software are they used to working with and what do they prefer? Can you easily supply them data and reports from your package without the need for any extra work (which you’ll have to pay for). Don’t be afraid to ask their opinion as they live and breathe this stuff. 

4. Best Value For Money 

Once you have selected the right package for your business you may as well get the best value. Shop around as the price can vary greatly and the product is exactly the same. Online merchants such as Amazon may offer better pricing because of the sheer volume of products they sell. However price is only one part of the equation so if their is great merchant locally with support or installation assistance this may be far more valuable. 

5. Major Brands 

There are two major players in the small business accounting software market. They are QuickBooks and Peachtree. Microsoft is expected to enter the market soon. I recommend choosing a major brand so that you can get regular updates and you know the company will be around as long as your business needs them. 

6. Ease of Use 

Ease of use is a personal thing but it is worth trying the software before you buy it if you can. Remember to get the person who will be the main user to test the software as well. Also consider how well the package can interact with other software you use. This is an advantage the Microsoft package may have when it’s available. 

7. Features Needed 

I touched on this earlier when talking about thinking ahead as to where you business will be in 5 or 10 years time. Most accounting software packages come in several different versions. If you don’t need certain features now and can’t see a need for them in the future then don’t buy them. The major differences are usually – number of users allowed, inventory management capability and number of reports available. 

To sum up think ahead when planning your purchase of small business accounting software. You will make a much smarter business decision that will save you plenty of trouble and money in the future.

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Press ReleaseUCLA Alumni Association Retains the Accounting Firm of Singer Lewak Greenbaum & Goldstein, LLP | A Best Business line of Successful businessman.

Press ReleaseUCLA Alumni Association Retains the Accounting Firm of Singer Lewak Greenbaum & Goldstein, LLP | A Best Business line of Successful businessman. | Accounting Procedure | Scoop.it
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Top 7 Strategies for Writing Accounting Procedures

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