Preview

Run a Better Business with Accounting

Satisfactory Essays
Open Document
Open Document
391 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Run a Better Business with Accounting
Run a Better Business with Accounting
Jesse Pulley
Man-104
June-06-2013
Instructor Natalie Rufa

Accountants are a crucial part to my business success. The key is finding the right professional to provide the services that my business needs to advance.( http://www.wahm.com, paragraph 1) I as a business owner/manager must educate myself on the questions to ask and the services that will help me achieve my goals. I realize that it can become a little overwhelming, but here are 5 things you need to consider before you hire that accountant. 1) Does the accountant demonstrate the ability to help find ways to get you financial gain? 2) Will the accountant be accurate and trustworthy? 3) Is the accountant up to date with their own taxable responsibilities? 4) What tools does the accountant harbor that will help you in your financial gains and losses? 5) Does the accountant’s references hold credibility? These are crucial questions to use when searching for the right financial advice and planning. The accountant or accounting classes are crucial to keep finances, documents, and records balanced, as well as being organized. It is proof for the operation of any business. Financial statements show the physical numbers of the cash flow and losses, they also make it easier to prove to a bank if ever a loan is needed.(http://www.oakhillbp.com paragraph 2) Having an accountant or the skills of one is beneficial and highly crucial to keep your business clear and clean for government and mind. The three other reasons accounting knowledge is helpful to a business owner or a person starting his/hers business are knowing where the money is going to be used on. Knowing what your cash flow is and how much you have in bank accounts here in the states or over seas Of all the troubled businesses I have looked at, I have never seen one that had a good up-to-date small business accounting system in place. Good accounting may have kept them out of



References: http://www.wahm.com/articles/5-reasons-to-hire-a-small-business-accountant.html http://www.oakhillbp.com/673/why-are-financial-statements-important/

You May Also Find These Documents Helpful

  • Good Essays

    There are four significant elements of financial management, “There are four basic financial statements. You can think of them as a set. They include the balance sheet, the statement of revenue and expense, the statement of fund balance or net worth, and the statement of cash flows.” (Baker & Baker, Chapter 4, 2011). Financial manager need to have a balance sheet to review or perform an audit so they can see the debt to income ratio for the organization they are financially responsible for. The statement of revenue and expense provide a clear financial outlook of the organizations financial situation during certain time periods. The significance of the statement of fund balance or net worth is to identify cash and property assets of the organization within a year or other period of time. Last but not least the statement of cash flow is proof of all of the profit by the organization during a certain period of time.…

    • 738 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Financial Statements are designed to define the health and well-being of a company. It is necessary that the information on the financial statements is accurate.…

    • 989 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Business Accounting P1,P2

    • 1748 Words
    • 7 Pages

    Financial records tell you how much income your business is generating and how it’s being spent on things like overheads and products etc. You can then create a profit and loss balance sheet, this is important so that your financial advisor can then tell you what is going good or what is going bad and from that he can direct you on what to do. If a business doesn’t keep it right with the bill then they cou8ld end up in trouble with the HM Revenue and customs (HMRC). If the business doesn’t record the cash transactions correctly then it cannot report its financial bills. The sales records will be updated regularly; this should give you a good idea on how the business is doing through sales, receiving payment, paying expenses and so on. The money going out seems to be going out faster than the money coming in then the owner or bookmaker should keep a close eye on the bank balance to ensure that they have sufficient funds for future transactions.…

    • 1748 Words
    • 7 Pages
    Good Essays
  • Good Essays

    Accounting quantifies operations, summarizing information, giving people the ability to see a situation from different perspectives. It 's one thing to look at sales numbers for the year, but when you combine that with expenses, you can derive many issues, such as if the expenses are too high for sales or if payroll is unusually low, you can make certain decisions about those areas. Accounting numbers help in making sound decisions based on real data and not just a hunch. By looking at accounting numbers you may easily see old accounts receivable that need to be collected, for example. Without accounting data, you may not know who owes what and for how long. These numbers are practical and valuable to any business. Accounting numbers are usually used for analysis and to answer questions. If you want to know how much rent expenses you have left in your budget, you need to look at accounting numbers. They may give you summary information about how much rent you have spent and how much you have left over.…

    • 947 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Sls1105-12 Week12 Final

    • 675 Words
    • 3 Pages

    Employment in corporations offers a dynamic work environment and excellent career prospects. Businesses have their own accounts department where accountants are employed to prepare financial statements, work on major business transactions, prepare tax returns and track costs among others.…

    • 675 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    It is very important for a company to keep up to date financial documents, audits, taxes, and other financial statements. This is the information needed to show what a company is doing with their finances and what they have done in the past. This information is also very useful for management to use and know what to do differently in future months or years. Information like this allows a company to grow, and have healthy production going forward. Having this data also helps management, investors, and creditors know if there are any issues that have come up in the past that need to be worked on.…

    • 1746 Words
    • 7 Pages
    Powerful Essays
  • Satisfactory Essays

    Business of Accounting

    • 537 Words
    • 3 Pages

    An additional piece of transaction information that could be recorded in an information system for a purpose other than the financial…

    • 537 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Discussion

    • 559 Words
    • 3 Pages

    Financial statements are extremely important, as they “report what has actually happened to assets, earnings, dividends, and cash flows during the past few years, whereas the written materials attempt to explain why things turned out the way they did” (Ehrhardt & Brigham, pg. 49). In order to know the success or identify areas of improvement for a company, it is imperative to evaluate and/or scrutinize their annual reports. Another reason financial statements are imperative is because it helps people determine whether or not they want to invest or purchase a particular company.…

    • 559 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Accounting for Business

    • 379 Words
    • 2 Pages

    A. Should the company use a sales journal? Why or why not? If a sales journal should be used, what procedures would you recommend to record entries in it and to despatch invoices to customers as soon as possible after deliveries?…

    • 379 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Accounting

    • 395 Words
    • 2 Pages

    Financial statements are useful to both managers and employees because as a manager you need to know if there is sufficient cash and to see what they can afford. As an employee it is important to know what is going on in the business and not feel like you’re kept in the dark. As a creditor financial statements are important because you will need to know if a debt will be able to be paid on time. As an investor you want to make sure that profits are coming in and earnings are satisfactory.…

    • 395 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    In order to understand and analyze 'accountants' deeply, the basic information of it should be provided about them, such as the definition, where they work and what they do. In the conventional sense, accountants are concerned with recording and keeping financial accounts of businesses, which is one of the most important parts of accounting. However, it is just the tip of the iceberg. Shani Hartley (2010) points out that accountants convey and communicate financial information via the ways of accounts, advice and reports. Therefore, they not only help businesses make bigger profits in favourable times but also bring them out of difficult positions in the trying times. In addition, accountants' work places are very flexible. They are employed by accounting companies, private businesses, governments and other organizations; in other words, they work throughout all industry areas (Hartley, 2010, p. 2). Thus, accountants can work for both individual and corporate businesses.…

    • 611 Words
    • 3 Pages
    Better Essays
  • Satisfactory Essays

    The Little Guys

    • 411 Words
    • 2 Pages

    I personally feel like any company big or small needs an accountant. I think that QuickBooks is an amazing piece of soft wear for a business owner. They can keep track of their spending’s, for every little things from gas, food, equipment, and much more. Its good that a professional account comes in and looks at all their numbers for the quarter and to make sure that everything looks good in the books so that people aren’t audited or fined, with the help of an accountant you have reputable information. Another good reason to have QuickBooks and the accountant is because they can show you how to generate money better. The reason why all of this is so important is for our good friend uncle Sam. To my understandings, Businesses file taxes more often than a normal person who isn’t a business owner. Tax time or tax season is a very important time for anybody and have his or her QuickBooks up to date and ready for a potential audit is important.…

    • 411 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    When Accounting Out Analysis

    • 2929 Words
    • 12 Pages

    Accounting is a very important part of the business world today. It helps protect, defend, and keep businesses running. Accounting regulates businesses and makes sure everything balances out, so that things are not unfair. The role of accounting in a business is to control activities and expenditures, improvement of operational plans, accountability, reporting on project outcomes, and the writing of bids for new funds. There are many jobs that the accounting system accomplishes. Accounting has to do with the profitability of a business. It relays vital operating information to managers who need to analyze the information and make important decisions. Accountants are the "middle men" between workers and managers. They analyze the…

    • 2929 Words
    • 12 Pages
    Powerful Essays
  • Satisfactory Essays

    Experiencing accounting will affect my responsibility for my personal life is that it will help me keep track and balances of all my personal finances as well as my responsibilities for my job a lot better. It will also make things a lot easier to do on my job and give me more opportunities to move up the latter of success at my place of work and allow me to do more than I am doing now. It will give me the know how to do establish accounting policy, provide financial advice, work with preparing financial statements, for my job. It will also help me in my personal finances to prepare my income taxes, balance my banking and saving account as well.…

    • 254 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    The Importance of Accounting

    • 2543 Words
    • 11 Pages

    Accounting is one of the fastest growing fields in the United States It expands each time a new store, a factory, a filling station, or a school goes up, whether in a large city or a small town. In today’s society, the demand for good accountants for exceeds the supply. As our country has expanded, business and industry have become more and more complex, so control here is very important. And control depends on a great deal of the bookkeepers and accountants who can analyze figues and advise management on what should be done. They are using more scientific ways changing money, figuring change, and…

    • 2543 Words
    • 11 Pages
    Better Essays