Posts Tagged ‘ marketing ’

US Accounting Practices: Best Practices for Business

Irrespective of the magnitude of your business, accounting is an inevitable function in any business enterprise. Good US accounting practices are essential, if you own a company in Brooklyn, New York or any part of the country. Best accounting practices play a prominent role in making vital business decisions, increasing the company’s capital, availing loans and improving profits. A few best US accounting practices followed in NY and other places are,

● Maintaining records

Bookkeeping, an important aspect of accounting includes maintaining financial records like invoices, withdrawal slips, receipts, bank statements and cheques among others. In the modern world, all the necessary data is stored in virtual forms. Bookkeepers should ensure that the financial records are kept safely along with a back up and are easily accessible. A streamlined process of accounting can be perfect for tax filing and other purposes.

● Efficient accounting systems

The accounting systems vary with each concern since many companies today focus on their core aspects and outsource their accounting to a reputed accounting firm that has a certified public accountant. Some hire a freelance CPA while most of them have accountants working in-house and providing accounting services to the entire company.

● Constant monitoring

Best accounting practices for big or small business firms include frequent monitoring and periodic assessment of the accounts. Many business initiatives engage in managing and monitoring their accounting departments quarterly or monthly and preparing reports on them. Efficient US accounting practices include consistent accounts reviews that allow companies to evaluate their performance and alter their management strategies, accordingly.

Check back often for new articles and financial updates.

2010
12/03
CATEGORY
Accounting Information
Financial News
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Some Accounting Trends for 2010

A move from GAAP to IFRS?

In all likelihood, generally accepted accounting standards (GAAP) in the United States will be replaced gradually by international financial reporting standards (IFRS). IFRS, in use in Europe, provides some benefits over GAAP regarding financial reporting to investors. Some companies with a worldwide presence may benefit from changing their standards to IFRS which enjoys a greater popularity worldwide.

The SEC has presented a roadmap that public companies can use to make the transition. If milestones in the roadmap are reached, required use of IFRS by U.S. public companies by 2014 could be mandatory; In fact, certain public companies will be able to use the international financial reporting standards as soon as 2010.

No doubt, it will take several years for the transition to be made by private sector businesses, although they will eventually follow public corporations to using IFRS. One can expect to hear more buzz about IFRS in 2010 and 2011.

New taxes will support cap and trade legislation

Cap and trade is the government‘s program that limits (caps) the quantity of emissions stemming from energy use. June saw the House approve a bill that aims to cut emissions 17% by 2020 (10 years hence) from levels prevailing in 2005. There are several bills currently in the Senate committee on cap and trade. President Obama promised the world conference in Copenhagen in December that the U.S. would reach significant emissions reduction milestones by key dates. If a cap and trade program is put in place, payments by businesses that exceed their allocated energy usage will essentially mean a tax on doing business.

If cap and trade does not pass, Congress could enact an emissions tax. The Congressional Budget Office reports that a good alternative to cap and trade would be a tax on emissions because it will be less costly for the government to put in place. In either case, it will tack on extra costs for businesses.

2010
11/04
CATEGORY
Tax News
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