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Sabtu, 26 Maret 2011
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Sabtu, 05 Maret 2011
Bookkeeping and Fund Accounting for Non Profit Organizations
Accounting for a non profit organization (NPO) is definitely no easy task. Most NPOs, like other profit-oriented businesses, follow a yearly accounting cycle. This cycle requires the completion of tasks related to the NPO's financial standing, including the generation of financial reports and financial analysis. The information stated in the reports is considered important to the organization's shareholders and controlling boards, and may be required by state authorities as well.
During an accounting cycle, an NPO's accounting department may deal with two main aspects of accounting: bookkeeping and fund accounting. Both processes are vital in ensuring that the organization's financial condition is accurately documented and reported. These help concerned parties spot any discrepancies in the organization's finances and fix these errors accordingly.
Bookkeeping mainly involves the recording of all financial transactions the NPO engages in. For instance, an NPO may regularly receive checks as donations and grants. For each check received, a clerk or bookkeeper on the organization's accounting team takes note of the check's amount and where the amount is going to be used. This method helps the accounting department keep track of all the money that an NPO receives, as well as the purposes for which the money is used.
The accounting department of a non profit organization may initially perform bookkeeping duties using a manual system through checkbooks, journals, and ledgers that are updated by hand. This is especially true for NPOs that are just starting out. Mid to large-scale NPOs usually have accounting teams that use automated systems through computers and accounting software. With technology,accounting for non profit organizations becomes easier and more convenient.
Fund accounting, on the other hand, focuses on the accountability of the use of an organization's funds. Funds of NPOs are usually categorized into five different areas: current unrestricted fund, land, building and equipment fund, endowment funds, and custodian funds. Through non profit fund accounting, shareholders and controlling boards of NPOs can ensure that all these funds are used according to their purposes.
Searchlights
Searchlights have been around for over a hundred years. Through most of their history they have been used mainly for war applications. In World War I, prior to the wide spread use of airplanes, they were used to simulate light on the nighttime battlefield. During World War II, due to the wide spread use of airplanes for warfare, searchlights were pointed towards the night sky as a means of detecting enemy aircraft.
Before WWII, their non-military use had been limited to very large events; such as, the 1933 World's Fair. In these types of events they weren't really used as promotional tools, but were more like giant oddities. It would not be until after World War II that the power of searchlight lights would be more widely used for their promotional properties.
From the end of World War II through to the early 1970s promotional searchlights were actually refurbished mothballed military searchlights. The refurbished military searchlights used large carbon arch lamps, producing massive beams of light that could be seen for up to 25 miles away. These lights were definitely attention grabbers. But, because they were so large their use, for promotional purposes, was not very wide spread and was limited to events that could accommodate their size.
Efficient Accounting Software for Nonprofit Organizations
For a small or medium sized business, no challenge can be as big as having to wait for the payment from customers. The delay can range from about 30 to 60 days during which, carrying on with the day to day running of the business becomes extremely difficult. This delay can cause a severe cash crunch because no matter how much money you have accumulated in the form of invoices, there is absolutely nothing in the bank accounts for you to show. This dearth in cash will make it difficult for you to pay your employees as well meeting your current orders. Thus, seeking the assistance of invoice factoring services is an extremely good idea under such circumstances.
Invoice factoring, which is also known as accounts receivable factoring is a financial service with the help of which owners of small businesses can make use of the power of their invoices. These invoice factoring services purchase the invoice from you and give you ready cash in return. An invoice is nothing but a promise from your clients that they will pay you on a later date. So these companies are the ones who wait for the payment whereas you can use the money to expand your business.
What is important for you to understand is that this particular service is not going to be available for every small business. There are certain requirements that you have to meet in order to be considered eligible for the same. First and foremost, you need to do business with a commercial client. Secondly, your company should have made some profits because the invoice factoring services would not want to be a part of a business that is running in losses. Thirdly, the profit margin for your company should be more than 20%. If you are able to fulfill the above criteria, the invoice factoring services will be glad to help you out.
Vendor Paperwork: Waiving the White Flag of Surrender
There comes a point in every retail and manufacturing company's evolution when dealing with the mountain for paperwork involved in vendor or supplier transactions becomes overwhelming. You can scale your ability to issue purchase orders, acknowledge advance shipping notices and process invoices with additional people temporarily. But any successful company knows better standards and automation have to be put in place to really grow.
An industry standard for transmitting data back and forth--including purchase orders, invoices and many more documents--is called Electronic Data Interchange or EDI. For those at larger retailers and manufacturers, this may be old hat. But for many, it's a huge eye opener into how you can work smarter, not harder. There are a few hurdles, however, in implementing EDI.
Starting Your Own Small Business Bookkeeping Services
If you are a person who enjoys working with numbers and keeping them balanced, bookkeeping may be a great thing to pick up. And if you hold the qualifications for it, starting your own small business bookkeeping services can be a great way to earn money, since you would not need to split the earnings with others. Plus, starting one does not cost much, so you can begin with it as a part time service. Here is a guide to starting your own small business bookkeeping services.
First of all, you will want to prepare the necessary supplies for your office. You would need filing cabinets for all the documents, as well as bookkeeping software to make simple the bookkeeping process. Do get other office supplies as well that would help get the job done efficiently, such as stationery, fax machines, and photocopier. In the meantime, find out what other professional bookkeepers in the area are quoting their clients so you can get an estimate to how much you should roughly charge your clients.
When you have just begun, you should charge by hour instead of charging by month. This enables you to identify the type of accounts you tend to attract, before considering your rates based on the type of work you typically get. Bookkeepers tend to charge between $20 and $50 an hour, although most customers prefer paying a flat rate for a month's worth of bookkeeping. These can range between $200 and $300 a month.
You should set certain goals that you should follow through in order to sustain your clientele. Always be meticulous and accurate in the work you do, and make sure you deliver them on time. Being in a business yourself, you would realize that other businesses rely on bookkeepers to keep track of or update their reports on important things such as invoices and profit statements. As these reports are necessary for the IRS to follow through, clients will want to have a reliable and trustworthy bookkeeper.
Accountants for Contractors VS Traditional Accountants
This article aims to highlight the main differences between accountants for contractors and a traditional accountancy practice.
If you are a contract worker or freelancer operating your own personal limited company, you should really be using an accounting firm that specialises in solutions for contract workers. Here are the reasons why you should consider using accountants for contractors:
1 - Specialists
Accountants for contractors will give you best advice on how to operate your company in the most tax efficient way as a contract worker. You have access to tax saving initiatives such as the FLAT RATE VAT scheme, which you may not be advised about when using a traditional accountancy practice.
2 - Financial Advice
Many accountants for contractors can also provide financial advice on mortgages, pensions and insurance which are specifically designed for contractors and freelancers.
If you are a contract worker or freelancer operating your own personal limited company, you should really be using an accounting firm that specialises in solutions for contract workers. Here are the reasons why you should consider using accountants for contractors:
1 - Specialists
Accountants for contractors will give you best advice on how to operate your company in the most tax efficient way as a contract worker. You have access to tax saving initiatives such as the FLAT RATE VAT scheme, which you may not be advised about when using a traditional accountancy practice.
2 - Financial Advice
Many accountants for contractors can also provide financial advice on mortgages, pensions and insurance which are specifically designed for contractors and freelancers.
Get Merchant Accounts For Easy Transactions
Not long ago customers used to go the market to buy whatever they needed with cash in their pockets. However, you barely see any cash transactions anymore because credit cards are convenient, safe and hassle free. Moreover, they get handsome rewards from credit card companies, which motivate them to use their cards even more. With credit card payments becoming a bulk of market transactions, you need Merchant Accounts to stay in the game.
Merchant Accounts are what you need to be able to accept credit or debit card payments. More and more businesses are getting these accounts to provide their customers easy means of transaction to keep them coming back for more.
There is also a large segment of customers who buy products online. It saves them the time of going to stores and looking for what they want. These users have everything at their fingertips, and to target them you need to get an Ecommerce Merchant Account. It makes it possible for you to accept online payments for your goods and services.
If you are still not convinced about the advantages of having these accounts and are worried about investment costs, you should stop fretting about it. It's not too expensive to get these accounts and you can look at it as an initial investment for long terms gains to your business.
Advantages of getting Merchant Accounts are:
10 Steps to Doubling the ROI From Your Print Advertisements
"Half my advertising money is wasted. The problem is that I don't know which half", said William Lever, founder of Lever Soap Company back in 1886. Sadly, well over a century later, it's estimated that 50 percent of advertising budgets are still wasted on programs that don't produce a meaningful response. Yet, marketing executives are being held increasingly accountable to deliver greater, more predictable, and measurable returns on investment from their advertising spend, according to Forrester Research. While some marketers grow increasingly frustrated with declines in response rates to their traditional print advertising and shifting their focus to digital channels, others have discovered how to "crack the code" and are achieving new highs in response rates and returns on investment through properly integrating the offline and online channels. This guide aims to provide the practical, yet frequently overlooked, tips and critical action steps to dramatically increase the response rates and maximize the returns on investment from print advertisements.
Promotional Searchlights - A Brief History
Searchlights have been around for over a hundred years. Through most of their history they have been used mainly for war applications. In World War I, prior to the wide spread use of airplanes, they were used to simulate light on the nighttime battlefield. During World War II, due to the wide spread use of airplanes for warfare, searchlights were pointed towards the night sky as a means of detecting enemy aircraft.
Before WWII, their non-military use had been limited to very large events; such as, the 1933 World's Fair. In these types of events they weren't really used as promotional tools, but were more like giant oddities. It would not be until after World War II that the power of searchlight lights would be more widely used for their promotional properties.
From the end of World War II through to the early 1970s promotional searchlights were actually refurbished mothballed military searchlights. The refurbished military searchlights used large carbon arch lamps, producing massive beams of light that could be seen for up to 25 miles away. These lights were definitely attention grabbers. But, because they were so large their use, for promotional purposes, was not very wide spread and was limited to events that could accommodate their size.
Bookkeepers - A Key Resource For Small UK Businesses
Small businesses (SMEs) are leading the way in the current economic climate and the attraction of being your own boss has been massive. The amount of revenue and its contribution to UK GDP is considerable, over 50%. The way in which they help move the economy forward is often understated, and overlooked, because UK SMEs are the incubators of tomorrows medium sized business and eventually one or two of the multi-nationals of the future. They are precious. However, too many fail within the first 3 years, the figure remains over 60%.
One of the causes of business failure among SMEs is financial mismanagement. One of least glamorous tasks of running a business is financial accounting and in particular bookkeeping. However it is a legal requirement that every business penny earned and spent must be accounted for, and SMEs need bills to be paid on time in order to keep supplies, credit terms and important business relationships healthy.
