Accountant Log
The Journal
Reduce taxes and maximize your investments, don’t leave money on the table
A very successful businesswoman told me that she once asked her accountant why he did not take advantage of tax breaks for investing in new equipment. His answer was, “We’re accountants. We don’t know anything about investing.” As a result, they leave money on the table. Don’t leave money on the table because you are […]
Financial Reporting: Have hard facts at hand
When I was a kid, my parents used to tell me to make sure I had “hard facts” at hand. What they meant was that if there was some question about something, you should have the answer ready. It’s good advice, but it’s more complicated than they said. Suppose you’re worried about inflation. It seems […]
Financial Controller: Have all your facts available so you can make informed decisions
The most important thing is to have all the facts available so you can make informed decisions. When people ask you what you do, they don’t want to know what your job is. They want to know what you do. If you say, “I’m a financial controller,” they will not be impressed. Your job is […]
What to look for in an accountant based on level of expertise required
If you are looking for an accountant, the level of expertise required is one good way to distinguish between them. If you are starting a small business, do not hire an accountant who specializes in personal income taxes or in handling estates. Such specialists know little about small businesses. Instead, find someone who runs a […]
Keep your books in order, know what is happening with your money
I believe that accountants are the unsung heroes of civilization. Accountants are the people who know how the money works. If you have an accountant, you may have noticed that they aren’t very interesting to talk to, at least not about their work. They don’t want to say anything that might get them in trouble. […]
Factor in all your business’s expenses
The accountant’s advice is obvious: on your balance sheet, you need to list all your business’s assets and liabilities on the right and left sides of the page, respectively. That way, if anyone asks, you can just tally up all the assets and subtract all the liabilities on either side and come up with a […]
Track every penny for a better life
Remember, your income is an estimate. Your expenses are facts. If you have a discrepancy between them, it’s a fact that your income is wrong. The goal of accounting is to know how much you have and how much you owe at any given time. It may seem natural to have a different system for […]
You can’t really make sound business decisions when you don’t have access to financial data
One of the most basic principles in business is that it is important to be able to compare profitability and productivity for different products, different services, and different companies. This is true whether you are an accountant, a manager, or just a shareholder. You want to know whether your investments are paying off. You want […]
How to find the right accountant for you
If you have a small business, the quality of your accountant matters. The right accountant can be a big help. The wrong accountant can cripple your business. What kind? If you are starting or running a small business, finding an accountant should be as important as finding a good lawyer. But lawyers are easier to […]
Hiring an accountant: Way to save time and stress
Hiring an accountant is not just about having another set of hands to do the work. It is a way to save time and stress. Accountants are good at numbers, but that isn’t the main reason to hire one. You hire an accountant because he or she knows how to do your taxes in a […]
Accountant: Live with money decisions everyday
It might be different for other careers, but if you are an accountant you will have to live with your money decisions everyday. When the salaries of the employees are not paid on time, it is the accountant who will have to bear the brunt of their complaints. And when you are an accountant, you […]
The different types of Accounting Work you should know
Accounting can be used to accomplish a lot of things. The trick is knowing what those things are, and how best to use accounting for each of them. There are three main types of accounting: Financial accounting Management accounting Tax accounting. Each has its own purpose. Financial accounting is about creating a clear picture of […]