Do You Need to Strengthen your Supporting detail?Supporting documentation provides detail for and substantiates the general ledger balance being reconciled. Supporting documentation should be detailed enough so that a person with no extensive knowledge of the account can review the reconciliation and understand the nature of the balance. Examples of supporting documentation include, but are not limited to, bank or other third party statements. While the description lines for most journals have a limited number of characters, Management should give more attention to the comments and explanations being provided by the accountant for reasons of audit and future reference. Avoid high level explanations, these are the ones we tend to forget why the journal was posted when we reference back months later. Source: VanderbiltUniversity
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Stop thinking that one mistake, or that one setback is a signal of the end." Source: AccountingCoach
Source: BankRate.com
Entrepreneur magazine published in their March 2016 issue the article below written by Jason Daley. If your seeking to franchise your dynamic business, this article may have the answers your looking for. Read more below. Good luck! Entrepreneur Magazine, March 2016
The objective of Oil and Gas operations is to produce and sell oil and gas. After an oil and gas well is completed and it is determined that the well is a commercial producer, procedures are instituted to place the well on production. This entails finding a purchaser for the product; installing production facilities such as flow lines, treating equipment, oil storage tanks and gas metering equipment; and connecting the purchaser's gathering system to these facilities. Continue to join our blog to learn more about the production, allocation and revenue journals of the Oil & Gas industry. This is a great industry to build your career and accounting profession. You must expect great things of yourself before you can do them." - Unknown Source: Professional Development Institute
What is Transaction Analysis?Surviving as a small business owner can be challenging and while no two businesses are the same, the survival tips below can be applied to any business.
For example, when Fontenot & Associates Solutions proposes and sells you one of their services for improving your teams inefficiencies , they are exchanging an exclusive unique solution for your cash. This is an external transaction (an exchange you can see between a company and someone else) that needs to be recorded in Fontenot & Associates Solutions accounting system. Join our company newsletter to learn more. Relentless, repetitive self talk is what changes our self-image.” — Denis Waitley Source: RBC Royal Bank
All the adversity I’ve had in my life, all my troubles and obstacles, have strengthened me.” — Walt Disney Have You Established your Business Balance Sheet?Deciding to become an entrepreneur and establish your own hair salon not only means you have taken the step to start investing, it also means you need to understand the business activities. Typically, renovations take four to six weeks to complete and then you have to spend additional funds to buy furniture and equipment for the salon. Let's not forget that you may need to consider getting a loan from bank to add with the funds you have contributed to the start up. As a business owner, it is now time to think about accounts that are likely to appear on your balance sheet. How do you classify your assets and liabilities? Are you properly accounting for them? Below is a sample balance sheet created by Fontenot & Associates Solutions and can be customized for each customer and it's business. It's not to late to start understanding the accounting of your business. Are Your Payroll Reconciliations being completed Monthly?Payroll accounting involves a company's recording of its employees' compensation including:
This process is more efficient with the use of an accounting or payroll software, however, if you are an entrepreneur completing this task manually - we offer solutions. Opportunity often comes disguised in the form of misfortune, or temporary defeat.” — Napoleon Hill Source: AccountingCoach
The entrepreneur is essentially a visualizer and actualizer....He can visualize something, and when he visualizes it he sees exactly how to make it happen". - Robert L Schwartz Having the ability to think critically is an important skill that many people lack. Critical thinking is the best way to solve problems since it requires looking at an issue from several standpoints before reaching a final decision. In history, both Socrates and Buddha preached about the important role that critical thinking plays in an individual’s ability to reasonably reflect on an issue and subsequently decide what to do or believe. Below is one skill to review and consider as you make changes in your career or entrepreneurship. Skill #1: Interpretation What it Means: Having the ability to understand the information you are being presented with and being able to communicate the meaning of that information to others. Throughout your career you will be presented with a variety of information in many different types of situations. Imagine you are looking at demographic information, hoping to target a different group of customers for a new product. Interpretation skills will enable you to better decode the information and add clarity to what you have discovered - which in turn will help you better understand any potential new customer opportunities for your company. Continue to visit our blog for more skill topics and analytical discussions. Source: Examiner.com
What the mind can conceive, it can achieve." - Napoleon Hill Our profit and not-for-profit businesses have some differences that everyone should be aware of. Many may believe that a not-for-profit business should not make any income but if they didn't, they could not pursue missions that address the needs of society. We have identified some of the differences below. Continue to follow our blog to learn more.
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