Accountant Log
The Journal
Get a grip on your finances
The most important thing you can do to improve your personal finances is to get a grip on your finances. But it’s not easy, because there is so much conflicting advice, and what is good advice for someone in the US is often bad advice for someone in the UK or some other country. This […]
Understand Your Credit Score & Improve to 850
The credit score is a significant element in determining financial health. It shows creditors how properly borrowers use their credits. When the credit score is higher, it is simpler for debtors to obtain additional lines of credit or loans. When borrowing money, a higher credit score might further help to acquire the lowest possible interest […]
Learn how to become a good financial decision maker
A bad financial decision can destroy your wealth. Most people do not think about that when they make one. They do not think about it because they are bad financial decision makers. But if you are not thinking about the risk of making bad financial decisions, you will never learn how to make good ones. […]
Get an accountant to help you in Tax
You can get an accountant to do your taxes. Why not get one to help you with your business? Accountants are trained in business, and it is their job to think about how businesses make money all day long. They know what makes a good business. This is one of those things that sounds easier […]
Boost your return with tax smart investments
Tax-advantaged investments, such as a 401(k) or an IRA, are a great way to increase your long-term returns. However, you have to invest in the right things. The most tax-efficient investment is one that appreciates rapidly and is taxable at the capital gains rate, which for most investors is 15% or less. If you buy […]
Maximize deductions for self-employed individuals
If you’re self-employed and pay for your own health insurance and/or work-related expenses, be sure to maximize your deductions. Here are some key points: Regarding Deductions Related to Business Expenses: Itemize deductions rather than take the standard deduction. Self-employed individuals are allowed by the IRS to deduct many expenses that regular employees cannot claim. For […]
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 […]