Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Advantage of bookkeeping
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Advantage of bookkeeping
Bookkeeping Skills: Helping Small Businesses and Families Accomplish Success.
Accounting professionals have played an important role within the growth of commerce and private companies. They are the financial backbone that most corporations and individual businesses depend on. There are many responsibilities and levels in the accounting field depending on the establishment, such as auditing, payroll, financial record keeping and reporting. Bookkeeping is vital to success in the accounting field because there needs to be a record of monies spent and received, analyses performed, and ledgers maintained.
Some people flourish in the small business world and others have a hard time surviving in the ever changing economy because they are not keeping financial records in proper order from lack of knowing how to do so. Some find themselves having to take out small business loans to stay aloft ending up in a disaster of debt or even at, times, bankruptcy. This also plays an important role in personal lives if they do not know how to monitor spending. It is easy to end up living beyond their means. By keeping records of all income and comparing them to the monthly debt obligation, they might be shocked on how much money is wasted on unneeded expenses, making it hard to live in today’s economy.
Hundreds of people, at one time or another have visited a small Ma & Pa shop or family owned business, some just starting or have been around two or three generations.
Being from a small town and watching new businesses struggle, others that have been around two or three life time’s close their doors is a troubling sight. To have a successful business they must physically record all transactions or personal budget into correct accounts. Al...
... middle of paper ...
...
References
American Institute of Certified Public Accountant. (2012). Retrieved March 30, 2014 from: http://www.aicpa.org Cagan, Michele C.P.A. (2006). The Everything Accounting Book. Retrieved March 29, 2014
From www.barnesandnoble.com
Campbell, Rhonda. (nd). History of bookkeeping Retrieved. March 30, 2014 from: http://www.ehow.com/about_4740424_history-of-bookkeeping.html Complete Dictionary of Scientific Biography. (2008) Pacioli, Luca. Retrieved March 29, 2014
From: http://www.encyclopedia.com/doc/1G2-2830903265.html
Pinson, Linda. (2008). Keeping the Books, eBook 7th edition. Retrieved March 23, 2014
From: Online Library Kaplan University, http://eds.a.ebscohost.com.lib.kaplan.edu/eds/ebookviewer/ebook/bmxlYmtfXzIyNzg0M19fQU41?sid=e4053f77ba6c4e49b0b1520bed796b3@sessionmgr4002&vid=2&format
Personal financial software is capable of recording, classifying, sorting and presenting financial data. Most programs are relatively easy to use and look familiar to a manual checkbook. They also usually allow download of financial information from its source so the individual does not need to record the information manually one by one. This feature is much more convenient and minimizes human error. Besides that, personal financial software typically offers a separate report on tax and a budgeting feature which enables its user to forecast possible scenarios and determine if each scenario is viable for their financial situation or not. In conclusion, personal financial software allows more organized financial data recording and reporting. Although it cannot provide judgment as professional accountants do, these programs supply a better understanding of an individual’s financial
Financial records are important since individuals can use them to check whether there are financial deficits existing in an individual's family or business activities. Equally, financial information guides individuals, families, and organizations within the limits of expenditure. In Smith's family case, there was no clear direction concerning the means of expenditure. The family opted to buy a house using mortgages and bought a car on loan. Other expenses exceed the family’s overall income, making the Smiths experience hardships while planning for future activities. The family notes that there is the need to improve on savings made for RRSP and RESPs. These contributions will enable the Smiths to finance their three children’s university education without experiencing problems, as well as lead better lives during their old
According to Warren Buffett, accounting is the language of business. The main focus in accounting is dealing with financial records. The hours of being an accountant can take up a lot of time especially if it is a higher ranked job. An accountant can basically work anywhere at any time. An accountant is very important to the government. There are a lot of job availabilities when wanting to be an accountant. Accounting is important to society because if there were no accountants it would make life hard for people to file their taxes and accountants make sure that the taxes get to the right place.
Financial problems, however, exist not just for those in poverty; only around 20% of those with financial problems are considered in poverty. Personal finance affects every individual and becomes a great burden if one does not understand all that makes it up. One such burden is debt, chiefly credit debt and student loan debt; as of 2017 around 67% of Americans have credit debt and 17.5% have student loan debt, and worse the number of those who have failed to make a payment has increased (Personal Finance Statistics, 2018). Personal finance is the process by which one manages their money and financial decisions. It affects every individual throughout their life and should be understood as to make one’s situation better or to prevent any trouble. The main categories that fall under personal finance include student loans, credit, retirement, and housing; each of which possess certain aspects that if not fully understood or explored could lead to financial
There are many careers that have a focus on accounting. The most common is a general accountant. Primary duties include preparing and analyzing the accounting records for a business or individual. (O*Net Online Accountants, 2016) Additionally, accountants will generally prepare tax filings
Making improvements on our financial literacy results in a wave of impacts on our economy and the financial health in our society because of responisble behiavior with our finances. These modifications to our behavior are neccesary because it let's us address primary cultural problems, for example over-credits on your purchases, mortgages possibly resulting in debt, dealing with expectations on inflation and also planning on your retirement.
At my bookkeeping business I will offer services for keeping track of finances for small, locally owned businesses that do not want to keep track of loss and profits on their own. I will also offer help with income taxes and filing for individuals seeking guidance.
It is a little known fact that small businesses make up a major factor of the American workforce. Since the word small is in the title most people think nothing of them, but when one takes the time to think that there are millions of small businesses, most with at least two to ten workers, the amount of people begins to add up. There are many factors that could contribute to a business failing, and it happens all the time in America. Small businesses must have solid business plans, a good use of technology, appealing merchandise, and appropriate financing to survive and prosper in the economy.
Katz, J. A., & Green, R. P. (2014). Entrepreneurial small business (4th ed.). New York, NY: McGraw-Hill/Irwin.
Managerial accountants need to use accounting information in seeing to it that they are able to plan, evaluate the company performance, manage risks and control the business operations in a manner that is deemed beneficial to the business as a whole (Caplan, n. d). This can be achieved through: having high standards of ethics in all situations; employing the techniques of management reports, budgetary control, and analysis of fund flows and financial statements; making prudent capital investment decisions; and maintaining continuous quality control systems.
These are accountants, but they are not all the same. There is a variety of speclities which accountants cover. We have already mentioned the role of the finance department in providing management with continuous financial information. As its role implies this is the duty of the management accountant who is responsible for the information which is obtained from each of the functional areas of the business. At one time all this information was laboriously produced on paper and collected by clerks who spent hours analyzing it.
Running any kind of business in which a various business transactions occur; a business firm needs to ensure the accuracy while storing its
An accountant makes sure that the Nation’s firms are run efficiently, the public records are kept accurately, and that taxes are paid properly and on time (“Accountants and Auditors”). Accounting is the study of how a business tracks their income, assets, expenses, and many other things for a period of time. They also do many other things like quality management, tax strategy, and health care benefits management (“Welcome to Careers in Accounting”). An accountant is crucial to the success of a business, without one the business tends to fail.
Small businesses have been considered the mainstay in countries around the world. In many European countries for example, the small business has been considered crucial to the success and flourishment of the country in general. Most individuals start upon a small business venture in the hopes of realizing ownership, independent profits and personal success. Small businesses can prove extremely successful when planned properly. Studies suggest that several small businesses, however, close or fail within the first few years of operation. This failure suggests that a majority of small business owners may not have as yet realized the crucial success factors necessary for successful implementation of a small business.
Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessman, from the operator of a filling station to the government of the United States. It's so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep the records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge.