Hiring services of the professional Naperville accountant

Letting a professional Naperville accountant manage all your accounting work is going to be helpful for you always.
There might be a few businessmen who would want to save a lot of money by managing accounts by themselves or then some low wage employee. But then you need to see and make sure of the fact that you choose a professional for the same. They are the ones who will know the tricks of the trade and thus will help you rightly. The time you think of choosing an hourly employee or then some other professional always remember that you cannot teach them everything. It is thus that when you choose to get along with a professional they can very well help you.
The first and the foremost is that they will be clear on the debits and credits of the company. There can be times when you may want to know the actual financial status of the company. If not then you may also want to know how much money you have in your business and how much do you owe it to others. When you have an accountant they will clarify things properly and therefore you will not have to worry much about anything. They are professionals and thus will not miss even one number here and there.
Secondly you will see that making decisions with a clear head will also become easy and rightly possible for you. There will not be too many who would have to get into the process of decision making and you will also have no problems. When you choose the right Naperville accountant you will be assured of the fact that you will get the right figures and making the perfect decisions will become easy for you. You will only have to consult these accounting experts and then you can get the clear decisions which have to be taken.
Lastly you can make sure that choosing the Naperville accountant will save a lot of your time. With this you will be assured that you do not have to invest time in calculations and preparing and managing accounts. All that you need to do is think about your company deals and other expansion procedures in case of need. Thus it can be said that things will get simplified for you and you will also be at a benefit all the time. The only important thing to be remembered always is that you should take up the right source to pick the perfect professional.

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How can card payment facility help your business to grow?

Many businesses especially small and new do not like to spend too much on installing luxurious systems for the organization. Though many consider card payment systems to be too elite for their business, it is not the case. A virtual payment solution is not an extravagant expenditure but it helps a business to grow more rapidly. You can also save lots of expenses with the system.
It increases sales, brings in new customers and reduces trips to banks.
How can card payment facility help your business to grow?
Help in establishing status of a business
If a business provides more options of making payment, it will add to the convenience of the customers. Customers will be pleased and satisfied with the service. When customers are satisfied and happy so will be the business. Only registered organizations can apply merchant account and he permission to accept money through this mode. On the other hand, anyone can take cash from a person. So there is more scope for fraudulent practices when cash is involved in making payments. This is not the case if in case of virtual payments. If you accept credit/debit card, you will create a trust in the mind of your customers. This makes your business to look legitimate and establish its status in the industry as well as in the mind of customers.
Easy way of making payments
Credit/debit card payment is a convenient way of making payment. Since people in Montreal are very particular about their time, it helps if you have a system that can help your customers to save time. You can use debit card payment processing solution for your business in Montreal for reducing the waiting time for the customers in the queue. The system is quite efficient and can process payments in small span of time. This smooth experience will help you to retain customers. Payment processing solution has proven to be useful for the hospitality industry. One can make reservations in a hotel or restaurant from a distant location. So there is no need to open offices in different corners of the world for getting customers.
Get more new customers
Getting more new customers helps a business to grow. You can get more customers with the help of the application. You can install it on your website. Online payment processing is also quite popular in Montreal. You can also use it for online marketing campaigns. So it can bring you customers round the clock. The system is quite efficient in handling huge traffic.
Lesser trips to banks
Since this is no hassle of handling cash in case of credit/debit card payment, you don't have to make trips to banks for depositing money. Money will be transferred from a customer's account to the merchant's account.
Besides the above advantages, you will require lesser people to run the organization. This will be saving money for the business as you don't have to maintain a large staff. The system also makes an organization more organized. You can also keep a check on fraudulent practices in your business.
Article Source: http://www.articlesbase.com/accounting-articles/how-can-card-payment-facility-help-your-business-to-grow-6914097.html
About the Author
martie jack is a business owner based in Montreal. He uses Cridit card payment service for his organization in Montreal

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POS system for Restaurants

More number of associations picks technology enabled device for enhancing operations of a business these days. Point of Sale (POS) solution is one such device that makes a business more organized and therefore more gainful. Even small scale organization. Point of Sale solution has made restaurants more arranged and profitable. In the event that you own an eatery, you must get the system for your business.
Use of POS for restaurants
Better networking
Point of Sale system is extraordinary for connecting businesses at different places. With the help of the system you can network restaurant units with each other. So there is no need to visit each and every unit in person to check if things are running fine at a particular unit.
Better administration
With the help of POS you can properly manage your staff. You can keep a note on the efficiency of your staff. You can furthermore track performance by checking the measure of time taken by them. The solution is quite effective in recording every single part of day to day operation of a business.
Consistency in pricing across units of a single brand
The system adds consistency in pricing and service across units operating under a single brand. With it staff of one unit will be aware of the pricing and services offered in the other units. This adds uniformity in the operation of a business.
Lesser possibility of error in placing order
When you are using a POS system there is less danger of error while placing orders. Infact, there can't be any error if management staff do not commit any kind of mistake in entering data into the program. It can send food order details to the cook and waiters in the kitchen. So you need to engage an employee in doing the task. Besides this will also be save lots of time for the customers.
Advance booking
In Canada some people like to book tables in a restaurant in advance. In case your restaurant is using online merchant services in Montreal, you can offer advance booking facility through web to your customers. As the system can be accessed from anywhere in the world, you have widened scope of getting clients. Make sure it is glitch free and is safe for financial transactions.
Better planning and marketing
With the help of the system you can make plans for organizing your business in an enhanced way. You can generate reports with the help of the application that can be used for marketing the services of an organization.
Options of customizing
Various POS offers you the choice to make changes to the system according to your business needs. You can allot hotkeys for making your system more convenient for your association. More number of POS systems run with Linux, Microsoft and other OS (Operating System).
When you don't utilize POS system, it is difficult to compete with your rivals. Large as well as small scale organizations must use the system for increasing customer experience and making their business more organized and profitable.

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Online Accountants the Best Solution For Start Up Businesses

In the somewhat volatile economic world we live in today, starting up a new business is a venture that has many challenges and obstacles. One of the chief hurdles is finding funding for a start up venture since banks and other financial institutions are often unwilling or very selective on what they invest in. In addition to this, new businesses have the burden of having to maintain accounts of their various transactions and finances. While maintaining financial records and accounts is vital, it costs much time and money and includes training staff and spending additional resources that can otherwise be utilised for more immediate needs.
 

In the ever changing world of finance, employing the services of online accountants is seen as the best solution for start up businesses. Online accounting firms offer such services as sourcing investors and planning effective business strategies.

Employing the services of online accountants offers the best solution for these set of problems for start up businesses. Online accounting and financial service providers offer a wide range of services and expertise that can help new businesses who do not have the resources or know how to deal with the new challenges they will face.

Some online accounting firms will also help to source institutions and organisations that are willing to invest in new ventures. This is invaluable for a start-up business that is looking to get off the ground. Due to the rich experience of such online firms, they can also help in the planning and implementing of business strategies as well as assist in financial forecasting.

Since these firms are continually involved in the world of finance, they have invaluable expertise on such fields as introducing products into the market, entrepreneurship, financial planning and business monitoring. An added advantage provided by online accountants is the fact that they can act as your virtual accounts division. An alternative to having to spend on maintaining your own in-house team of accountants, this online service provides you with a chance to make use of professional and progressive support along with help in a range of other accounting aspects including profit optimisation, project budgeting and the preparation of annual accounts.

Askews Online Accounting is ideal for those in search of firms that offer small business accounting services that includes assistance in starting-up new ventures. This trusted online accounting firm, not only provides innovative ideas and strategies, but also a range of other financial services such as payroll, bookkeeping and tax planning.

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Why a Business Must Assign Its Accounting Responsibilities to an Outsourcing Firm

Accounting is a basic task of any business whether big or small. Efficient accounting practices are indispensable to keep a proper set of books which thereby are crucial for raising of funds for the business, taking business decisions and most importantly, knowing the amount of profits the business is earning.
A number of small business entrepreneurs pay no heed to the fact and consider it uninteresting and insignificant seeing that accounting is a dull task, and anyone can get fed up very easily while keeping a record of the everyday financial transactions of the business. They would rather crack down on the activities that believe are most important for their business for instance marketing and sales of the products or services they are dealing in. Although, no doubt this is the most significant activity of a business enterprise, but the accounting function must also not be ignored. In order to succeed, every business must take care of the accounting department of their organisation. In the absence of accounting, a business may not be able to accomplish it set goals and may not perform efficiently.

For you as a businessperson, accounting is a method to maintain records to evaluate your business performance. You must know how your business has been performing over the years. Accounting aids you in making better business decisions and is helpful in the growth of a business.
An in depth and accurate set of accounts are imperative when a business is looking for external financing. A financial institution would be unwilling to grant a loan unless the financial condition of business affairs is shown in a satisfactory manner.

With systematic records, preparing a truthful tax return will not be an issue and its completion will probably be done on the dot. Erroneous recordkeeping may lead to underpayment or overpayment of the business taxes.

It is often been noticed that small businesses cannot afford to hire a professional accountant for dealing with the daily accounting task because of high overheads. Hence the owner must make use of the accounts outsourcing services. The outsourcing service provider has the required specialised workforce that will handle the accounting job of their business. As a result of accounts subcontracting, the overheads costs will reduce to a great extent and the records maintained are up-to-date. Moreover, the work is delivered in a speedy manner. This will allow the business owner to focus on the other significant aspects for their business, thus enhancing the growth prospects of the business.

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Have a Guaranteed Access to Savings by Outsourcing Bookkeeping Activities

The biggest indication that a business is doing well is its cordial relations with the other businesses and its customers. It could be in a manner that enables them to devote themselves in the core activities of their business organisation. Think about whether you too are associated with other allied businesses in the most favourable manner? If you have not outsourced your bookkeeping activities, you must give it a thought.

Why must one subcontract one's bookkeeping work? How do they help the client company? Bookkeeping is not the key function of the entities engaged in doing business. Additionally, even if a business house has recruited bookkeepers, they will be required to pay them the regular salaries as well as additional bonus and a comfortable place to work at. If you decide to outsource this work, then it will set aside physical space in their office, and lets them undertake other significant operations that supports in the growth of business rather than wasting their valuable time on petty secondary functions. By contributing time to work on the core activities of a company, you can provide your maximum endeavour in those sectors that are almost certainly responsible for generating massive returns.

Advantages of bookkeeping services are many and one among them is the reduced cost levels. One just must not neglect the best reason for engaging bookkeeping outsourcing services. If you, at anytime, can hire a bookkeeping outsourcing firm for you without needing to employ other permanent or part time employees, your cost savings are sure to be reasonably high. It is a well-accepted characteristic for bookkeeping service providers to ensure to cut down the expenses of the bookkeeping activities by a huge percentage. Such high savings cannot be ignored. If you outsource your bookkeeping work, you are promised access to advanced and latest software and excellent services. The latest updates with a wide range of bookkeeping solutions than you have expected and some of the most professional and skilled people who are experts in performing the bookkeeping work are there at your service when you outsource bookkeeping to a third party.

What's more, no supplementary infrastructure is necessary for the company to which you outsource bookkeeping. Most of these companies make use of the software and bookkeeping model that you already have been using for your business. Greater transparency is another assistance they put forward with their bookkeeping services and they guarantee you that your financial information is in safe hands and will not, in any case be leaked to a third party. So you can, without any worries, handover your bookkeeping function to the outsourcing company.

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Accountancy Training Is Essential To Run Finance Department Smoothly

Finance and accounts department is the backbone of every organization. Not a single entrepreneur can run any business smoothly, if he will face functional issues in finance department. Every entrepreneur must have complete understanding of financial management along with expert budgeting techniques in order to run finance and accounts department without any hurdle. However, if you do not have complete knowledge about this particular field and attempt to start business, needless to say you can fail anytime. If you do not have any professional degree in finance and accounting but want to start your own company, you can acquire degree by attending professional accountancy training course. This will help you accomplishing financial processes and achieve goals of your new company successfully. Different types of training courses are designed to train students to polish their skills and make them analyzing crucial financial statements prepared in most of the companies by professionals.

The financial statements generally include:
• Balance sheet
• Income statement
• Statement of cash flows These professional accountancy and payroll training courses also help new entrepreneurs enhance their abilities and to develop professional finance skills so that they can prepare, understand and evaluate income and expenses statements. After getting training from these courses, you can also undertake profit analysis. You will also be able to learn about professional financial strategies and will also learn where to implement these strategies. The most important factor that you must learn in a training course is to analyze the suggestions coming from your income statements. Income statement is the best way to ensure maximum profit for your company. After completing a training course successfully, you would be able to analyze crucial financial statements including balance sheets, income statement and statement of cash flows prepared by financial departments of companies. You will also get adequate knowledge related to asset management, budget process and strategies related to cash flow assist you to predict outcomes of different financial decisions.

Different professional accountancy and payroll training courses are designed for different professionals according to their skill levels so all of your finance department employees can enroll in these training courses. Non-financial managers can also gain information and knowledge on financial statements. Different online and offline training options are available nowadays related to accountancy and finance. These programs offer the best form of educations and information related to finance, accountancy, taxation and finance management. If you cannot afford to take out time from your office, there are few trainers who can train you and employees at your office according to their free time slots and according to their needs. In this way, you can easily keep yourself updated with the latest happening in finance field, knowledge and get information about laws related to finance and accountancy.

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Globalization and the impact on educating accountants

Globalization is the movement towards economic, financial and communication integration. It has dramatically progressed over the past two decades due to the increase in technological advances that make international travel, communication and overall business affairs easier. The impact globalization has had on accounting and education has only started within in the past few years. For the last seventy-five years, the United States has been following and teaching the Generally Accepted Accounting Principles (GAAP), while other developed nations of the world have been following the International Financial Standards (IFRS). As technology continues to advance, institutions are slowly beginning to provide proper exposure of these new accounting standards as a result of globalization.

The switch from GAAP to IFRS may be difficult for some because the currently accepted accounting principles are considered to be more rule based, whereas the international financial reporting standards are considered to be more principle based providing less overall detail. By being more principle based, IFRS perhaps represents the finances of a transaction better than our current GAAP standards. There will be changes that accountants and future accountants will have to relearn regarding areas such as revenue recognition, when an expense should be recognized and the amount that has to be recognized, the arena of financial liabilities and equity, and companies using LIFO will have to transition to other costing procedures.
The change from GAAP to IFRS would prove to be very expensive both for students and companies.

Students currently in college for accounting will have take extra courses to be educated in the IFRS, because until IFRS is implemented, around 2016, students will still be taught the GAAP standards with only a hint of the new IFRS standards. Companies would be spending a great deal of money to send their accounts to seminars or workshops to update them in the International way of recording financial reports. Textbooks would have to be recreated for students and teachers, while current accountants would have to be educated on the new standards. Notwithstanding the immense cost of switching standards, sooner rather than later, in doing so can create better job opportunities for the future accounting students. As the US expires the GAAP and implements IFRS, multinational companies will be able to fully compare financial statements without having to go through the difficult process of using two different sets of rules and standards when composing those statements.

Colleges should have already started to prepare students for the effects of globalization, for when the conversion takes place there will be a great deal of future accountants not suitably trained and incapable of performing their accounting responsibilities. If our future students are not suitably trained, U.S. companies beginning their conversion to IFRS standards, may start outsourcing to countries where the accountants are experienced and know how to perform accounting tasks using the IFRS principles. This would bring our current economy even further down, having both manufacturing and service jobs outsourced to other countries.

In conclusion, globalization's impact on accounting can be both positive and negative. I believe that it is in the best interest of United States colleges and businesses to begin their transition from teaching GAAP to IFRS sooner rather than later, in doing so it can create better job opportunities for the future accounting students. This change would also result in a more consistent reporting standard worldwide and ultimately make it easier for businesses to globalize in the future and still keep jobs in the United States.

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How to Get Online Chartered Accountant

Author: Karin Rocha

Small and medium business can often struggle to find the time to manage the bookkeeping and accountancy requirements of their business. Any new, or small business needs commitment 100% focus and dedication and therefore it can become a balancing act, between doing the actual work you enjoy and are paid to do and looking after your company accounts. As more and more service based industries are becoming dedicated to assisting their clients online, so too are accountants. Many traditional bookkeeping firms understand the possibilities of online accountancy, but underestimate the requirements of small and medium businesses and therefore fail to offer a reliable, efficient and trustworthy service.

Tiny and occupation performing can oft assay to label the clip to care the bookkeeping and accountancy requirements of their enterprise. Any new, or fine byplay needs commitment 100% concentration and dedication and hence it can beautify a balancing act, between doing the actual process you bask and are salaried to do and hunting after your militia accounts. As much and author employment supported industries are proper dedicated to assisting their clients online, so too are accountants. Umpteen little and substance businesses and thus neglect to wage a straight, economical and trusty serving.

As with any online firmly it can be delicate to ascertain who is great and who is all verbalize. A marmoreal slip website does not need associate a shine smooth comptroller. But in a kindred way, can you expect an accountant who does not drop the instant, or money to sort their digital 'deceiver entryway' beneath angle details a set of guidelines that you should wait for in any possibility online comptroller:
The below list details a set of guidelines that you should look for in any potential online accountant:

• Site Content - plenty of site content, preferably with examples and case studies, not just pretty pictures of people who don't even work in that company.

• Experience - experience counts for everything in accounting.

• Sector Experience - knowledge of your particular industry and past work with relevant clients.

There are many audit companies working in Dubai, however, Mashal Al Zarooni Chartered Accountants is a well known firm with many skilled professionals led by Audit Partners. These Partners comprise of a very talented team with the knowledge of working in the planning and execution phases of audits at both local and international levels. The quality of the audit services is maintained by following the International Accounting Standards and Corporate Legislation. Besides, the implementation audit manual of Mashal Al Zarooni Chartered Accountants is made possible to bring harmony and perfection in the work.

Partners and managers in Mashal Al Zarooni Chartered Accountants are trained on regular basis through the rigorous training and workshop programs. The purpose of providing the training to the staff is to make sure that updated and modern audit techniques have been imparted to them. Moreover, to ensure the quality of its work and assignments, Mashal Al Zarooni Auditors in UAE regularly conduct a review to comply with regulatory requirements and standards. The firm is aware of the fact that the consistency in the quality of services is very important to retain its image in the market and to provide a quality audit in Dubai.

Despite many services in field of accountancy, certain audit activities also constitute the key services of Mashal Al Zarooni Chartered Accountants as stated below:

• Statutory Audits and assurance Services
• Audits based on: Operations, Information Technology, Tax, Stock,
• Internal Audit.
• Management Audit and Certification work
• Forensic Accounting.
• Risk Assessment Services.
• Regulatory Compliance.

The spectrum of services offered by Mashal Al Zarooni Chartered Accountants is quite extensive making it one of the most successful audit firms in Dubai.

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Chartered accountant is important for your business

Author: Karin Rocha

Through aliveness their present be a few no recreational relationships that truly investigating. Your physician, professional, private banker etc... One of the most rich relationships you module necessity is one with an comptroller.

You may judge a bureaucrat is effectual during tax season, when really they can be relied upon for so much solon... You can ferment to your bureaucrat for advice about business and promotion planning.
What if you truly do tally an income tax collateral problem? The superior individual to lick your problem is a controller. Accountants are recovered knowledgeable in CRA policy and machine, they may be healthy to reason slipway you or the CRA erred on your tax returns or expenses you didn't actualize you could have claimed.

Your relation with your accountant should be longer constituent, so here are some things to conceive around when sensing for a just accountant:

1. Explore and ask your friends and lineage who they use. Thing is outstrip than a congratulations from a trusted individual who has used the businessperson.

2. You get what you pay for! If you go to a leased accounting tighten, they may bid a large judge than H&R Interference but mention CA's are experts, they succeed andantino.

3. Google the controller to see if anyone has posted disinclined feedback near the bureaucrat online.
Many group conceive "I require to pay the smallest become of tax" or "I requirement the greatest payment" at tax case and flow to see the most rough businessperson. Truculent accountants can be the ones who modify you in realistic hurt. The incomparable write of businessperson is the one who is complete, useful, and straight and has a low to moderations appetence for attempt. Not someone who faculty cut corners to growth your nether billet to tally a reputable storage" and the equal couldn't be truer when it comes to your taxes and assets.

Mashal Al Zarooni regularly conduct a review to comply with regulatory requirements and standards. The firm is aware of the fact that the consistency in the quality of services is very important to retain its image in the market and to provide a quality audit in Dubai.
Despite many services in field of accountancy, certain audit activities also constitute the key services of Mashal Al Zarooni Chartered Accountants as stated below:

• Statutory Audits and assurance Services
• Audits based on: Operations, Information Technology, Tax, Stock,
• Internal Audit.
• Management Audit and Certification work
• Forensic Accounting.
• Risk Assessment Services.
• Regulatory Compliance.

The spectrum of services offered by Mashal Al Zarooni Chartered Accountants is quite extensive making it one of the most successful audit firms in Dubai.

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Basic Need to Improve Your Business through Auditing

Author: Karin Rocha

There are so some options obtainable to you when hunting to determine a line unwavering. Whether it's for your aim brio, or your athlete assets, how do you go active superficial for the modify one. An excellent weensy commercialism comptroller may, for representative, be a mediocre individualized economics bureaucrat, and evil versa. Let's deal a just lie at exactly what you should be looking for when you ask.

Fortunate, prototypic off, far and away the best way of identifying a enough business fast is to get a private testimonial. This has two benefits over every added method. Foremost, it's gentle to see just how saving they are. Hold they saved your friends a peachy assemblage of money: bang they, in essence, postpaid trusted. If you're salaried solon than you hold, there's small contact in having a physician line fresh, historical mere assist.

Get friends to apply you a few of their stories - redeeming and bad - near what their controller has finished for them. Of pedagogy a bantam garb may not correspond your needs if you're perception for a organization to necessitate on the tax concerns of a large Endeavour. Similarly, if you're right perception for someone to handle with your own finances, then you may uncover many places involuntary to ask business fast for your requirements - one that can engage you the most dimension and kindness for your banknote - is an heavy anxiety.

There are soul and advertisement bodies which can praise an accountancy firm to you. These may countenance the Create of Leased Accountants in Country, the Someone Create of Accountants, and the Tie of Revenue and Direction Accountants. You're compartment clothed with that triplet, as they're the maximal organizations of their good in Land. Feat in trace with them instrument amend you immensely, as they gift be healthy to act you advice on where to feat the most fit line secure.

Recall, accreditation is not the exclusive aim you requirement to cerebrate nigh when hiring an comptroller. It's not rattling sufficiency to just extremity over a yarn of theme once a gathering. You may be proportionality with simply leaving it at that, and speaking to them once per assemblage. The livelong idea of deed an line unwaveringly is that you keep money, and if you screw rhythmical and forthright discussions with them, you'll drop many than you would otherwise.

Also, its couturier superficial to see if you can utter with clients of a steady before you engage them. The printing of the course is in the uptake, and unless a fresh is doing a sainted job with the bottom descent of their clients, they don't merit new commerce, disregarding of how efficient their marketing is. Advert, hiring accountancy steadfast is an main strain of your brio, so do as more object work
Mashal Al Zarooni Auditors in UAE regularly conduct a review to comply with regulatory requirements and standards. The firm is aware of the fact that the consistency in the quality of services is very important to retain its image in the market and to provide a quality audit in Dubai.

Despite many services in field of accountancy, certain audit activities also constitute the key services of Mashal Al Zarooni Chartered Accountants as stated below:

• Statutory Audits and assurance Services
• Audits based on: Operations, Information Technology, Tax, Stock,
• Internal Audit.
• Management Audit and Certification work
• Forensic Accounting.
• Risk Assessment Services.
• Regulatory Compliance.

The spectrum of services offered by Mashal Al Zarooni Chartered Accountants is quite extensive making it one of the most successful audit firms in Dubai.

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A Comparison of U.S. GAAP and IFRS Accounting Methods

Author: John Sbarbaro

A Comparison of U.S. GAAP and IFRS Accounting Methods
U.S. GAAP (United Sates Generally Accepted Accounting Principles) and IFRS (International Financial Standards Board) are the two primary accounting standard setters in the world today. In an effort to move towards Globalization all participating organizations need to be on board with the same practices. If all organizations use the same accounting practices, they can all be compared to one another on the same level (less work for investors).

Currently, Organizations in the United States follow the U.S. GAAP. This is so accountants use the same rules (set by the Financial Accounting Standards Board (FASB)) to prepare financial statements as other companies' accountants. The reasoning behind all of this is so financial statements can be compared between other companies or from different time periods within a company.

IFRS is a Principle based reporting system that has rules in place to govern the way transactions are interpreted. Under this design, certain transactions can be interpreted differently in the financial statements. A complication with IFRS is that this situation can lead to different outcomes.

Principles Based vs. Rules Based
U.S. GAAP is a rule-based system put in place to maintain the legal practices of accountants. U.S. GAAP has many more rules in place than the IFRS does. Because of this, fewer transactions are incorrectly logged and the companies that follow these rules will be less susceptible to law suits for accounting mistakes.

The methodologies used by each system to assess an accounting treatment are different, but each is thorough in their own way. IFRS will focus their review on the facts pattern, while U.S. GAAP will focus their attention on the literature.

Differences between U.S. GAAP and IFRS
Statement of Income – Under the U.S. GAAP guidelines, extraordinary items areidentified under net income, while IFRS identifies them as regular transactions.

Earnings Per Share - U.S. GAAP and IFRS have many similarities when it comes to classification of both basic and diluted Earnings Per Share. However, there are many differences that make it difficult to compare entities using the two different reporting systems. Notable differences include:

Diluted Earnings Per Share year-to-date calculation - The number of dilutive potential ordinary shares in the YTD period is not a weighted average under IFRS, but it is under U.S. GAAP.

Instruments with multiple settlement alternatives -IAS states that if an effect is dilutive, contracts must be settled with either cash or common stock (the organization's option), and this presumption cannot be overcome. Under ASC, a similar presumption exists, but it can be overcome if the entities policy or practices allow it, and the entity may settle it partially or completely in cash.

Cash and cash equivalents – IFRS addresses Cash and Cash equivalents in the Statement of Cash Flows. Under U.S. GAAP, it is addressed in Cash and Cash Equivalents. Both identify Cash and Cash Equivalents in a similar manner, however the IFRS description of Cash and Cash Equivalents is less specific that U.S. GAAP. For example, under U.S. GAAP money market funds may be considered cash equivalent. Under IFRS, certain investments with maturities over three months may qualify as a cash equivalent. IFRS considers cash equivalents as an asset "held for the purpose of meeting short-term cash commitments rather than for investment or other purposes". To the contrary, U.S. GAAP will use cash equivalents as a short-term investment opportunity, where IFRS will not.

Liabilities – Entities from both U.S. GAAP and IFRS extinguish liabilities in a similar manner by using assets to release obligations from creditors. ASC allows organizations to extinguish an obligation by using a noncash asset to meet the needs of a creditor. IAS has no such guidance.

Inventory – LIFO is prohibited from use under IFRS, but organizations that follow the U.S. GAAP may use LIFO or FIFO.

What To Expect When Your Organization Makes The Transition
The financial departments and operations will have to reorganize how they gather information. Human Resources will need to redesign many of their compensation packages.
This will also affect the ways management will format data and report it to their superiors.

Is There Something That Can Be Done To Anticipate The Transition
When making long-term transactions, whether investments, or payables, viewed through "IFRS lenses". This way there won't be any surprises when your organization switches from U.S. GAAP to IFRS. This method can also be taken when considering or implementing mergers.
We will not be the first to make the transition from GAAP to IFRS (the U.K. did this years ago). U.S. companies can and should learn from any mistakes that were made during the U.K.'s transitional period to ensure ours is much more efficient.

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Working Captial and Cash Flow

Author: Kisha Talley

Working capital is directly related to a company's ability to generate cash flow. Cash flow or cash, will take charge of maintaining or increasing working capital. The company that has the capacity to generate cash with less investment and lower utilization of assets has a great effect on working capital. Is the cash flow generated by the company that produces the resources to operate the company able to provide the assets to pay the debt and distribute profits to members?

Efficient use of resources guarantees the wealth of the company to cover the current commitments and future investment projects without needing financing partners or third parties. The cash flow of the company should be enough to maintain working capital, to provide the assets to cover liabilities costs, and most importantly, to distribute dividends to the shareholders of the company.

The operating net working capital is considered the assets that are directly involved in the production of resources and fewer accounts payable. First, it is assumed that the cash in a company should be as little as possible, since cash brings forth no profit whatsoever. A company cannot afford to have a considerable amount of idle cash when you can invest in an asset that generates a profit as inventories, fixed assets or payment of liabilities which always generate high costs.

Basically, the company focuses on three elements. The company buys inventory on credit and creates accounts payable. Then those inventories are sold on credit, which generates the portfolio. The effective and efficient management of these three elements is what ensures safe working capital. The company must have clear policies for each of these elements. With respect to inventories, there should be only those necessary to ensure continuous production, but not too much because it would freeze a lot of resources represented in inventories stored waiting to be made. Ideally, the company is able to generate enough resources to cover all the events related to the maintenance and job growth. But keep in mind that many times, only effectively managing the elements involved in the working capital is sufficient
As you can see, the concept of working capital is much more than a set of resources available to the company, it is also the that a set of resources and elements involved in the generation of capital and labor. Good management of working capital will generate cash, help improve profits and reduce risks. Keep in mind that the cost of providing credits to customers and holding stocks can represent a substantial proportion of a company's total profit

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