Accounting | BTCD Finance Network

Mistakes Companies Make When Hiring Accountants

19/08/202123/11/2021Laura Witherspoon

If you are a business owner, one person you should have on your team is an accountant. You can do your bookkeeping and balancing. However, to save you the hassle of keeping up with payments and receipts, it is advisable to hire an accountant. Many companies and businesses have gone under just because of entrusting their accounting in the wrong hands. Here are some of these mistakes companies and individuals make when hiring accountants.

Selecting Someone Unqualified

If you are good at math, you might think you can do all your accounting. Indeed, you might be able to because it has a lot to do with calculations and balancing ledgers. Nonetheless, that might be a costly mistake in the long run. Also, going for an unqualified accountant will pose the same issue. A qualified one (certified and licensed) will be up-to-date with the required accounting standards.

They also double up as financial advisers. Especially if you form a good bond with them, they will not watch you make financial mistakes that will hurt your business.

Ignoring Their Background Experience

It does not hurt going for an accountant fresh out of school. However, if you are running a big business with complex transactions, you should look at the experience they bring to the table. Also, remember that one’s high reputation in the business does not automatically mean one will be up to the task. Every business has its accounting requirements, so you should find an accountant who can fit the bill.

Neglecting Your Needs

In line with the above, you should always consider your company’s needs before hiring an accountant. Work through what you need them to do. Do you need someone who can file your taxes and do your record-keeping? Or do you need an accountant who will be your go-to person for all your complex accounting needs?

Choosing Someone Who Doesn’t Understand your Goals

You should not choose an accountant before knowing what kind of person you are. Their personality and values are probably not something you have thought about, but you should. Always go for an accountant who will be professional and cordial.

There you have it. These are the mistakes companies make when hiring accountants. Failing to check their qualifications, experience, and overall demeanor can be a costly mistake. Also, be sure you have considered your accounting needs first before seeking assistance.…

Easy Way To Prepare Annual Financial Reports

31/05/202013/11/2020Rose Gaddis

Balance sheets are financial statements that communicate the so-called carrying amount of an organization, which is calculated by subtracting a company’s liabilities and equity from its total assets.

Net Income

Net income is used to enter the income statement and to be the critical item in a company’s financial statements. Net profits are used as the primary source of revenue for the financial reports of companies with more than $1 billion in annual revenue.

Cash Flow Statement

The cash flow statement, officially called the cash flow statement, contains information on how much cash a company generates and uses over a given period. This statement is useful to investors because, despite the notion that cash is king, it allows investors to understand the company’s overall financial performance and a general understanding of its overall performance. It is also referred to as a cash flow statement, cash flow statement, or cash flow statement.

Income Statement

The income statement is the core financial statement of a company that represents profits and losses over a given period. Profit and loss are determined by income and deduction of expenses from operating and non-operating activities. Three core statements are complicated: the income statement and the cash flow statement. In other words, cash is generated and spent in the form of profits, losses, and dividends, as well as cash, flows from operations.

Conclusion

Accrual Accounting offers a better long-term view of the business but is more complex to understand. The only real disadvantage of accounting for provisions is that it makes it harder to track cash.

To facilitate orientation in accrual accounting, your financial report shows the income and expenditure recorded during the period and the cash that has changed hands. This is reflected in the income statement, also known as the company’s annual financial statements or financial statements, or in the financial reports.…

Choosing the Right Accountant for Your Business

30/05/202013/11/2020Rita Yates

There are lots of challenges you are likely to experience when running a business. One area is in managing your finances. Failure to manage your business finances as required may leave you counting losses. Hiring a qualified accountant is one essential step you can make that will help you manage your business finances easily. There are individuals and firms offering accountancy services you can hire for your business.

Hiring an accountant for your business is quite beneficial. It saves you a lot of time when it comes to carrying out different tasks. Tasks like bookkeeping, filing tax returns, or recording receipts are essential for any business. Doing all these tasks by yourself can use up much of your time. Hiring an accountant is the best option because it will save you much of your time. They will do all these tasks on your behalf.

Another good thing about hiring an accountant is that they offer the required financial advice that can help your business grow. You will be given different tips that can help your business grow. Hiring an accountant will help you minimize different operational costs. This will provide room for business growth. You should look for the best accountant or accounting firm for quality service. Here is what to consider when hiring one.

Experience Levels

Look into the level of expertise of the business accountant you plan to hire. This is something you can gauge by looking at the period they have been practicing or the number of clients they have served. You should look for an accountant who has served in different accounting firms. Hiring an experienced one will ensure everything runs smoothly in your business.

Level of Qualification

You also need to consider the qualification levels of the accountant you plan to hire for your business. Have a closer look at their academic papers to tell whether they are qualified for the job. They should also have vast knowledge in different areas of accounting.

Referrals

Friends from other firms can direct you to some of the best accountants within your area. You can ask relevant questions you need to know about different accountants or accounting firms in your area. Getting referrals from friends or other people will give you a variety of options to pick. This will help you choose the best accountant for your business.…

Personality Traits Every Accountant Should Have

22/08/201819/08/2018Rita Yates

Accountants play a major role in any business organization as well as other organizations which are not necessarily profit-making organizations. Every employer is seeking to have a professional accountant who can ensure full and precise account of all finances in his organization. Experts at Sabre, a leading York accountants firm argues that accountants people who are self-driven, well organized and keen on small details. This is because any small mistake that they might make in the course of their work might cost the organization billions of dollars. Accounting books provide vast information about a company and also form a basis through which business decisions are made. Therefore accounts should be professional and extremely knowledgeable.

Characters that any professional accountant should possess

1.Trustworthy

Trust takes years to build but can get damaged within very short time. Not everybody can be trusted on everything. It is worth noting that an accountant holds very delicate and private information of very many clients as well as businesses. It is therefore very important for an account to be trustworthy to ensure that clients can trust you with all their financial issues.

2. Flexibility

This is another very important trait that every account should possess. Situations change every time, and it is very important for one to be able to adapt to the changing conditions and perform exemplary. Organizations continue to adopt new technology every time, and this will have a great impact on their job. Any accountant should be able to adapt very quickly to changing environments every time.

3. Highly organized

This is a basic trait that any professional person should have if he is going to be successful in his day to day work. Your ability to deliver and produce quality work is determined by how organized you are. This means you can organize your work properly and know fine details of every aspect of the financial status of the respective company you are working for.

4. Accountable

Nobody would love to have an accountant who is not accountable in his/her organization. In short, accountants must be fully accountable for no chance of mistakes. Whatever the outcome of the task they are running, accountants always knows that the buck stops with them. Every human makes mistakes, and therefore one should never be afraid of making mistakes. However, maintenance of detailed and accurate documents will always ensure reduced errors.

5. Creativity

Another major trait that an accountant should have is creativity. It is worth noting that not all tasks have guidelines as to how they should be performed within an organization. This means that in most cases an account will be forced to get a way of solving problems that may occur within their docket. This can only be done by a creative person who can do things their way.

6. Ethical

Most professions have a code of ethics that guide people on how to go about their jobs. An account should display high levels of ethical skills. A great sense of integrity, as well as honesty, should always guide any person who wants to be successful in their job.

It is worth noting that there are very many personality traits that should be possessed by any account who wants to be successful in their career. The traits discussed above are just but some of the main traits.…