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Added for You - Running a Business? Why You Need to Know About Accountancy
Business-minded people gravitate towards franchises because of their pre-existing success. Some may label ‘success’ as opening more franchises than originally thought, but is there a ceiling to put on ‘success?”-We think not!Break the MoldThe initial steps franchising involves continuing the success of the original, but why stop there? An innovative franchiser will look for ways to break the mold and grow in more positive directions. Though certain pre-existing formulas for success can be kept, this convenience should not dissuad
Year 4 $5.120 $4,000
Year 5 $4,096 $2,000
So who has made the mistake? They can't both be correct?
If you're answer goes something like "well, it depends on the market price for the item in the given year". Then sure tha
In the history of architecture there has often been an unseen contradiction between what the architect wants to design and what the client wants built. Sometimes an architect will get so wrapped up in his vision and personal aesthetic values that what the client likes and does not like becomes secondary, or is overlooked completely. When this happens the house or building created may win design awards and look beautiful to a trained architectural eye, but the client or people who have to live in it may dislike it intensely. Often the owners or
There's no doubt accountancy, for most, is not the most glamorous part of the job. But it is essential to making well formed business decisions, weak accounting is a fatal flaw, and if you remember nothing else from this article, remember this, your company's finances are YOUR responsibility not your accountant's!
Liability for decisions rests ultimately with you as the business manager. Not with your accountant. But even with the best accountant in the world, if you haven't taken the time to understand the function of the accountant and the accounts, you can't expect to make well informed decisions, nor can you expect your company's financials to be anywhere near as accurate as they might be, if you took the time to get involved.
Consider the following example, two companies (let's call them CompanyA and CompanyB) buy exactly the same piece of machinery, their 5 year predicted valuations for the item are as follows...
Year 1 $10,000 $10,000
Year 2 $8,000 $8,000
Year 3 $6,400 $6,000
Year 4 $5.120 $4,000
Year 5 $4,096 $2,000
So who has made the mistake? They can't both be correct?
If you're answer goes something like "well, it depends on the market price for the item in the given year". Then sure that
Twice as many women as men wish to cut back on work hours, even at the sacrifice of pay, according to a new study of labor statistics.The study found that while 5.6 percent of men would opt for less work hours, 10.1 percent of women would prefer less time spent in the workplace. The gap might reflect women’s unbalanced divide of household responsibilities, the researchers say. Enlightenment might be that women just feel they need to use more moment at home with their family.The results, detailed in the April issue of the U.S. Depart
Liability for decisions rests ultimately with you as the business manager. Not with your accountant. But even with the best accountant in the world, if you haven't taken the time to understand the function of the accountant and the accounts, you can't expect to make well informed decisions, nor can you expect your company's financials to be anywhere near as accurate as they might be, if you took the time to get involved.
Consider the following example, two companies (let's call them CompanyA and CompanyB) buy exactly the same piece of machinery, their 5 year predicted valuations for the item are as follows...
Year 1 $10,000 $10,000
Year 2 $8,000 $8,000
Year 3 $6,400 $6,000
Year 4 $5.120 $4,000
Year 5 $4,096 $2,000
So who has made the mistake? They can't both be correct?
If you're answer goes something like "well, it depends on the market price for the item in the given year". Then sure tha
The UTIP project should be highly commended for making this data accessible online at no cost. At a glance, it appears that when FDI inflows increase, inequality decreases in Malaysia.Economists claim that FDI is both good and bad for income inequality, depending on the type of FDI that a nation attracts. FDI improves income inequality if much of the flows create employment for the masses, especially the low-skilled, thus boosting their income.FDI tends to worsen inequality when it flows into industries that are high-tech and it doe
Consider the following example, two companies (let's call them CompanyA and CompanyB) buy exactly the same piece of machinery, their 5 year predicted valuations for the item are as follows...
Year 1 $10,000 $10,000
Year 2 $8,000 $8,000
Year 3 $6,400 $6,000
Year 4 $5.120 $4,000
Year 5 $4,096 $2,000
So who has made the mistake? They can't both be correct?
If you're answer goes something like "well, it depends on the market price for the item in the given year". Then sure tha
Let There Be Light!Lighting for your store can never be too perfect. Never choose lighting to be the expense you skip out on because light is one of the most quintessential properties of your store. It communicates to your customer the value of your products as well as the value you place on your business. Consider the lighting you would find in a museum displaying valuable artifacts or rare works of art. You probably will not find cheap light bulbs accenting the workings of Van Gogh. The value of objects will always reflect in the lig
Consider the following example, two companies (let's call them CompanyA and CompanyB) buy exactly the same piece of machinery, their 5 year predicted valuations for the item are as follows...
Year 1 $10,000 $10,000
Year 2 $8,000 $8,000
Year 3 $6,400 $6,000
Year 4 $5.120 $4,000
Year 5 $4,096 $2,000
So who has made the mistake? They can't both be correct?
If you're answer goes something like "well, it depends on the market price for the item in the given year". Then sure tha
5 Tips to Ensure You are Well Received by Your New Employer.Although you're throwing off the cap and gown and heading off to a corporate environment it doesn't mean you will no longer have to impress the ‘instructor' – so to speak. Now it's your boss you'll need to impress…wait a minute, not just the boss, but also a whole plethora of people in your new company.Pretty soon you'll be dreaming about the days you used to crawl out of the sack, throw on a sack and slip in to class just as things were starting to roll. As long as you d
Year 4 $5.120 $4,000
Year 5 $4,096 $2,000
So who has made the mistake? They can't both be correct?
If you're answer goes something like "well, it depends on the market price for the item in the given year". Then sure that's correct. But how could your accountant possibly know this five years in advance?
The answer is of course he can't! In reality the accountant has had to make an educated guess, CompanyA's accountant chose the "reducing balance" depreciation model while CompanyB's accountant chose "straight line" depreciation. Let's leave depreciation models for another article, suffice it to say that more than one model exists.
Ok, so the accountant can't be expected to make a reliable prediction of depreciation rates for every item you might need to run your business, but you certainly should be able to provide an educated guess. You just spent $10,000 on a new piece of kit right? So presumably you know a bit about this stuff? With that in mind, wouldn't it be a good idea to get involved?
Of course, getting involved in assisting your accountant model depreciation for major pieces of equipment means that you first have to be aware that this is an issue faced by those compiling financial reports.
Let's look at another area where the accountant needs your help to make prudent judgements. A friend of mine found himself in the unfortunate situation of hearing through the grapevine that the overdue balance owed by his biggest client was unlikely to ever be paid. His debtor had been doing a g
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