Tag: Accounting

How Business Accounting Works #hot #new #business #ideas


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How Business Accounting Works

Tracking every penny may seem like a bore, but it’ll put you closer to success. See morebanking pictures.

People are starting their own businesses every day. If you’re thinking about joining them, you probably have a vision of what you want that business to be. What may excite you about your business is the product or service you have to offer, the success that you imagine, and the freedom of lifestyle that you are sure will come — in time. What may bore or even frighten you is the plethora of numbers you have to wrestle with. You will be asked business questions that may elicit a blank stare as your response. Cash accounting? Accrual basis? Profit and loss statement? Projections? Huh?

Whether you want to create fine oil paintings or sell pork bellies on the street, your business will require some form of accounting. That term alone can cast a glaze over the brightest eyes, but in this article, we’ll show you that accounting is a process larger than crunching your numbers. It is a tool that will help you account for what your business has done, is doing, and hopes to do in the future. Accounting can be a bit like painting a picture, and a little like solving a puzzle. Despite its bad press, it can actually be fun.

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Business – Accounting – Full-time program – Georgian College #business #contracts


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Business – Accounting

Program description

This program introduces students to the various functional aspects of business in general, and accounting in particular. Graduates are able to apply computer, communication, and mathematical skills and employ management accounting techniques to support accounting activities, including the maintenance of accounting records and the preparation of financial statements and individual tax returns.

Why study Business – Accounting at Georgian?

Faculty
Our instructors excel at finding interesting and meaningful ways to explain even the most complex accounting principles.

Jobs
Our grads get hired in small businesses, financial institutions, government offices, non-profit organizations, manufacturing firms and more!

Admission information

Admission requirements

OSSD or equivalent with

  • Grade 12 English (C or U)
  • any Grade 11* or 12 Mathematics (C, M, or U) *Minimum of 60% in Grade 11 College or University level Mathematics (MBF3C or MCF3M)

Admission details

You must meet ONE of the following requirements to be eligible for admission to these programs:

Secondary school applicants:

  • OSS Curriculum: OSSD or equivalent with Grade 12 English (C) or (U) (ENG4C, ENG4U); plus any Grade 11* or 12 College level mathematics (MBC3C, MAP4C or MCT4C) or 11* or 12 University level mathematics (MCF3M, MCR3U, MCV4U, MCB4U, MGA4U, MHF4U or MDM4U). (*Minimum of 60% in Grade 11 College or University level mathematics MCB3C, MCF3M or MCR3U)

Non-Secondary school applicants (19 years or older):

  • Any credit Communication course and most credit mathematics courses taken at Georgian College
  • College preparatory programs including those taken at Georgian College: Business Foundations*
  • Equivalent courses in English and mathematics taken through secondary school or Independent Learning Centres (at the general, advanced, college or university level)
  • Academic and Career Entrance Certificate (ACE) program with communications and business, apprentice or technical mathematics*
  • Mature student testing in English and mathematics that meets the minimum standards for admission (available through most testing services)*
  • Ontario High School Equivalency Certificate (GED)
  • English, Literature or Communication credit courses and most mathematics credit courses from accredited colleges/universities

Home school applicants:

  • Applicants can write the mature student testing in English and mathematics that meets the minimum standards for admission (available through testing services)*

* available from Georgian College. For a complete listing please contact the Office of the Registrar.

Pathways

Courses

Mandatory Courses

ACCT1000 Financial Accounting Principles 1
MKTG1000 Introduction to Marketing
MATH1002 Mathematics of Finance
BUSI1001 Introduction to Organizational Behaviour
ACCT1001 Financial Accounting Principles 2
ACCT1002 Computerized Accounting
ECON1000 Microeconomics
COMP1003 Microcomputer Applications
ACCT2001 Intermediate Accounting 1
ACCT2003 Cost Accounting 1
LAWS2000 Business Law
ECON2000 Macroeconomics
STAT2000 Statistics 1
ACCT2002 Intermediate Accounting 2
ACCT2000 Cost Accounting 2
FNCE2002 Taxation
ACCT3004 Acctg Information Systems
FNCE2010 Financial Management
HURM1000 Human Res. Mgmt. Foundations

Communications Courses

To be selected at time of registration from the College list, as determined by testing.

General Education Courses

To be selected from College list

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How to choose the best accounting software #business #today


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How to choose the best accounting software

On this page

  • Choose a bookkeeping system
  • Set it up properly using a chart of accounts

One of the main reasons businesses fail is because there isn’t a good bookkeeping system in place that would provide warning signs the business could run out of cash.

You can choose to set up a bookkeeping system manually (using accounting books), electronically (spreadsheets) or use accounting software. Unless you want to get familiar with bookkeeping practices, accounting software is the most efficient choice.

What to consider

Every business will have different requirements from an accounting software. When choosing an accounting software consider the following:

  • does the system calculate all payroll requirements (PAYE, annual leave, long service leave etc.)
  • does the system track stock, work in progress, orders, jobs and other task management requirements
  • will the system be able to handle multiple bank accounts
  • does the system need to handle foreign currency
  • does the system track separate financial records for each business or department within the business
  • does the system allow for interface with other computer systems such as online payments
  • does the system keep detailed records on customers including what they buy, how often they buy, when they buy etc (often referred to as a Customer Relationship Manager system).

Software options

There are many software packages on the market that allow business managers to successfully control records without an accounting degree. Some of them, such as Free Accounting Software. have no cost. Some commonly used accounting systems used by small businesses are:

Getting advice

If you’re unsure which to choose talk to your accountant or business adviser. It’s worth checking to make sure the package has Standard Business Reporting forms needed to report to the ATO such as BAS statements.

It’s also a good idea to ask other business owners what they use. If you don’t know any, the Business Victoria Facebook group is always happy to answer your questions.

Setting up a bookkeeping system

When you set up your financial records you need to make sure they meet any compliance requirements such as GST or other tax compliance.

This is done through setting up classifications, also known as a chart of accounts. A chart of accounts is a listing of all the accounts needed to cover the financial transactions of the business. Classifications are used to separate profit and loss calculations to show where a business is making or losing money. It is also used to determine the overall financial position of a business in a balance sheet.

How to set up a chart of accounts

When setting up a chart of accounts you will need to:

  1. define the various accounts to be used in the business, such as different classes of assets, liabilities, expenses and sales revenue
  2. make a list of all of these under the financial classifications as noted above – that is each different type of account for assets, liabilities, sales revenue and expenses
  3. it can be useful to allocate a numbering system for each account within the chart of accounts, such as all asset accounts will have been classified under the 1000 number and all liability accounts will be classified under the 2000 number etc.
  4. allocate various sub accounts under these main accounts
  5. depending on the level of information you need, determine if each sub account needs sub accounts.

The chart of accounts is very important to the overall effectiveness and accuracy of your bookkeeping, so if you don’t feel you understand it enough, then you should discuss with your bookkeeper or accountant before you set up your bookkeeping records.

Your bookkeeper or accountant can help you set up a meaningful chart of accounts if you don’t think you can do this yourself.

Accounting packages have predefined chart of accounts which you can allocate to your own financial transactions.

Case Study: Finding the right accounting software for your business

‘Having really good information means your business can react the way you want it to, rather than how you hoped it would.’ Carolyn Creswell, Carman’s Fine Foods

What’s next?


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Business accounting #small #business #consultant


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Utility menu

Business – Accounting

Admission Requirements

To be eligible for admission, you must possess the following:
• Ontario Secondary School Diploma (OSSD) or equivalent including these required courses:
– Grade 12 English (ENG4C or ENG4U or equivalent)
– Grade 12 Mathematics (MAP4C, MCT4C, MDM4U, MCB4U, MGA4U, MCV4U or MHF4U) or Grade 11 U or M Mathematics (MCR3U or MCF3M)
– Two Grade 11 or Grade 12 C, M or U courses in addition to those listed above
or
• Mature student status
or
• College or university transfer status

All applicants whose first language is not English must meet Humber’s English Language Proficiency Policy .

Selection: Admission selection is based on the academic criteria indicated. Meeting minimum eligibility requirements does not guarantee admission.

Our Program

Humber’s Business – Accounting diploma program provides you with a well-rounded accounting education that features training in accounting procedures and theory, taxation, law, information systems and management. Training in our state-of-the-art Accounting Centre, you’ll learn about best practices in accounting and become adept at using industry-standard software such as Profile (personal tax), Access, Excel, Simply Accounting and Accpac Plus.

You’ll learn accounting from industry-connected faculty who are committed to providing you with practical, hands-on accounting training to help you get ahead. Our program’s versatile range of courses goes beyond the basics to help you develop broad-based business skills including human resource administration, business writing, macroeconomics and personal taxation. At any time, you can transfer to the three-year Business Administration – Accounting diploma program.

Two-year diploma students are not eligible to apply for the optional co-op program.

You have the option to study for four consecutive semesters if you wish to accelerate your path to graduation.

List of Courses

Through this program, you will develop practical and thorough knowledge of accounting practices, related technology applications, business analytics and soft skills required to help find employment after graduation. With your accounting diploma from Humber, you can pursue career opportunities in accounts payable, accounts receivable, cost accounting, general ledger accounting, general accounting, credit and collections, inventory control, payroll accounting, budget analysis consulting, financial accounting, management accounting and tax preparation.

Your solid understanding of current accounting practices and ability to use the latest accounting software will make you marketable in a competitive marketplace and allow you to excel at helping organizations manage and strengthen their financial well-being.

Work Placement

You’ll put your accounting knowledge and skills into practice during the 84-hour business placement component of this program. The student and the school share responsibility for finding the work placement.

Your Future Study Options

Humber College
Graduates with an overall grade point average (GPA) of 75 per cent or more will be considered for admission to Humber’s four-year Bachelor of Commerce – Accounting degree program. Graduates may then complete the degree with the equivalent of six semesters of full-time study plus a paid work term.

Successful applicants must also possess ENG4U or Humber’s COMM 200/WRIT 100 or COMM 300/WRIT 200, or equivalent, with a grade of 70 per cent; plus any Grade 12U-level Mathematics or Humber’s BMAT 210/BMTH 110 and BSTA 300/BSTA 200, or equivalent, with an average of 70 per cent.

University of Guelph-Humber
Graduates with a cumulative GPA of B+ (75 per cent) or better will be considered for admission and may receive up to five transfer credits (five credits are equal to one academic year) toward University of Guelph-Humber’s Bachelor of Business Administration program. All applicants are strongly encouraged to complete a Mature and Transfer Student Profile. Required courses include English 4U and one 4U mathematics credit, or equivalent courses at the college level (i.e. COMM 200/mathematics and statistics).

Note: Graduates applying may enter into a May semester before continuing their studies (course selection is limited).

Other Postsecondary Institutions
Qualified graduates of this program may be eligible to apply their academic credits toward further study at many postsecondary institutions. For more information, visit Transfer Options .

Professional Accreditation, Endorsement and Recognition

Chartered Professional Accountant Designation
Both the two-year and three-year diploma programs offer a pathway for students interested in pursuing an Ontario Chartered Professional Accountant (CPA) designation. When used as transfer credits towards a qualifying university degree, the two-year and three-year diplomas support the completion of the PREP level of the CPA academic requirements.

Note: Given the current state of unification of the accounting profession in Ontario under the CPA designation, we urge you to stay informed by visiting the CGA website at cga-ontario.org .


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5 Top Picks for Small Business Cloud-Based Accounting #sba #small #business


#business accounting software

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5 Top Picks for Small Business Cloud-Based Accounting

Small business owners don’t need to purchase expensive business accounting software programs or spend hours lost in complicated reports. Any accounting software will provide the basic applications for accounting tasks, but packages designed for small office owners and manager tend to simplify the process and provide essentials that include a general ledger, the capability to create detailed invoices or view business inventory and purchase history.

Cloud accounting services—software stored and accessed online—is an attractive option for small business owners. When using cloud accounting software, IT tasks such as version upgrades and data backup are managed by the application vendor.

In looking at small business accounting options, CIO.com specifically looked for applications designed to meet both the budget and the needs of a typical small office or small business. We chose five cloud accounting service options available cost $20 or less per month and are easy to use—even for small business owners with little or no experience with accounting tasks.

FreshBooks: Guided Help Boxes Make Small Business Accounting Easy

FreshBooks is a simple cloud accounting application designed to help small business owners to get organized and get paid. Since it’s a hosted accounting service, you can access your business data everywhere—on a mobile device or desktop computer—and your data is secure and backed up for you.

FreshBooks features options for online payments, expense tracking, time-tracking and accounting reports and taxes. Highlights include customizing invoices, sending late payment reminders, automatic and recurring-expense tracking, managing different rates for multiple projects and profit/loss reports.

Small business owners will appreciate FreshBooks’ guided step-by-step wizard and help boxes that appear each time you perform a new task, such as create a new invoice or add a new client to your records. As you familiarize yourself with FreshBooks, you can turn these helpful tips off.

FreshBooks is free for 30 days, with the basic business plan starting at $19.95 per month. There’s also an add-on store where you’ll find third-party applications to add new features and functionality to FreshBooks. Some apps are free—such as the Constant Contact Export and the FreshBooks Connector for Sage Peachtree (now known as Sage 50 )—while others are available on a monthly subscription basis.

QuickBooks Online Simple Start: A Good Value for Small Businesses

Today, QuickBooks is synonymous with small business accounting. While a number of standalone and hosted versions are available, QuickBooks Online Simple Start is a good value for small office accounting needs.

The online version is $12.95 per month and includes a 30-day free trial. This software makes it easy to create invoices, track sales and expenses, download banking transactions and access business data on any mobile device. Other handy features in Online Simple Start include check printing and exporting data to Microsoft Excel.

If you need a little more functionality than QuickBooks Online provides, there are a few add-ons. These include the “Payroll Bundle” to pay your employees and a merchant service app to accept debit, credit cards and checks in QuickBooks Online.

Kashoo: Professional Invoices, Simple Dashboards

Kashoo is another cloud accounting service worth a look. It’s a simple accounting app for small businesses offering anytime access from an iPad or Web browser.

Features for the small business include connecting to online bank accounts and credit cards, professional invoices, simple dashboards and options to categorize income and expenses specifically for tax reporting. In addition, you can easily share your business data with your accountant online. Finally, Kashoo boasts secure, double-entry accounting for bank reconciliation and financial statements.

Kashoo is priced at $16 per month. A free version is available; however, users are limited to 20 transactions each month.

Outright: Online Accounting for Ecommerce Businesses

Outright is an easy-to-use cloud accounting system that lets small business ecommerce owners organize and keep track of sales and finances in one place. At a glance, you can see where money is going, view profit/loss statements and see who your customers are.

You can link existing accounts such as banks, credit cards, Paypal, eBay, your own Web store or FreshBooks to Outright, and you can import your existing transaction history. From then on, Outright downloads your new data each day. Another useful feature: Outright organizes all of your data into IRS-approved tax categories, potentially lowering the workload and headache level at tax time.

Small business owners on the go will appreciate the Outright iPhone app; with the mobile app, you can stay on top of your business and enter travel expenses and mileage from the road.

Outright offers a free account, but small businesses are more likely to use the Plus version ($9.95 per month), which offers more features than the free version.

Xero: Share Your Business Numbers Online

With Xero online accounting, you can share access to the latest numbers and check cash flow in real-time. Once loaded, Xero offers a dashboard to quickly view your bank balances, invoices, bills and expense claims. There’s also an interactive graph to show money going in and out; you can also monitor specific data accounts from the dashboard.

One standout feature in Xero is the capability to collaborate online so small business employees can work as a team on financials. You can share your data and collaborate with your accountant and bookkeeper to get the advice you need. Xero lets you invite an unlimited number of people for free; you control what each person can see.

The invoicing system lets you customize invoices and connect with your customers through online invoicing. There are also options to create repeating invoices and schedule bill payments, and all payments, returns and credits are tracked automatically.

Pricing for Xero starts at $19 per month. Mobile apps for Apple, Android and Blackberry are available. Third-party add-ons can expand Xero functionality by incorporating CRM, inventory management, invoicing, job systems and other specialized business tasks.


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Online Accounting Software, Bookkeeping Software For Small Businesses #penny #stocks


#business accounting software

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Award-Winning Accounting Software with Payroll

All the reports, charts and graphs you’d ever want

As well as providing Profit Loss, Balance Sheet and Trial Balance reports, we offer a wide range of other graphical reports. This means that, even if you’re not finance-savvy, you’ll know how much you’re spending, how much customers are spending with you, and a better picture of how your business is performing day-by-day, week-by-week, month-by-month.

Some of the accounting and financial reports available within KashFlow are: balance sheet, lists of money you owe and are owed, customer history reports, monthly P L, trial balance, reports of transactions by customer or by supplier, and more.

Purchases automated

As well as allowing you to input as many purchases as you want, KashFlow can automate recurring purchases and let suppliers know by email when you’ve paid them.

Banking simplified

You can set up all of the bank accounts you use in KashFlow, whether personal (for expenses) or business – and view their balances on the dashboard. Repeat transactions can be set up to recur at regular intervals and you can quickly record transfers between accounts. You can also set up Automatic Bank Feeds to import your bank transactions directly into KashFlow.

See how your business is performing over time


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Free Small Business Accounting Software #business #partners


#small business accounting

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The world’s fastest growing small business accounting software.

When we say free, we actually mean free: You don’t pay a thing for our free tools, no matter how much you use them. Not just a free trial. We mean simple, honest-to-goodness free.

What’s 100% free in Wave?

How do we do it?

Inside Wave, you’ll see offers from companies like Amex, Staples, Dell, Moo and others. We call these our Business Savings. The companies offering Business Savings pay to have a presence in Wave, and that lets us provide awesome, innovative features to you for free. Pretty cool, huh? You get great offers that save you money, plus free online software from us.

Your info is secure

We never share personal information, contact information, or financial data about individual Wave customers with the companies that offer Business Savings. Period. No exceptions. You’ll never wind up on a 3rd party mailing list. Learn more.

What’s not free in Wave?

Some services have built-in costs to us that we can’t cover with our Business Savings. Paid tools in Wave are payroll and payments. We’re proud to offer these with no-surprise, easy-to-understand pricing that makes them the best-built, best-value solutions on the market for small businesses.

The Wave Pro Network

Connecting small business owners with the accountants, bookkeepers and advisors that serve them.


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How Business Accounting Works #business #savings #account


#business accounting

#

How Business Accounting Works

Tracking every penny may seem like a bore, but it’ll put you closer to success. See morebanking pictures.

People are starting their own businesses every day. If you’re thinking about joining them, you probably have a vision of what you want that business to be. What may excite you about your business is the product or service you have to offer, the success that you imagine, and the freedom of lifestyle that you are sure will come — in time. What may bore or even frighten you is the plethora of numbers you have to wrestle with. You will be asked business questions that may elicit a blank stare as your response. Cash accounting? Accrual basis? Profit and loss statement? Projections? Huh?

Whether you want to create fine oil paintings or sell pork bellies on the street, your business will require some form of accounting. That term alone can cast a glaze over the brightest eyes, but in this article, we’ll show you that accounting is a process larger than crunching your numbers. It is a tool that will help you account for what your business has done, is doing, and hopes to do in the future. Accounting can be a bit like painting a picture, and a little like solving a puzzle. Despite its bad press, it can actually be fun.

Next Up

Print |
a data-track-gtm Byline href hsw-contact.htm Susan Gladin a How Business Accounting Works 1 January 2003. br HowStuffWorks.com. lt http money.howstuffworks.com accounting.htm gt 3 September 2016″ href=”#”>Citation Date

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How Business Accounting Works #business #cards #templates


#business accounting

#

How Business Accounting Works

Tracking every penny may seem like a bore, but it’ll put you closer to success. See morebanking pictures.

People are starting their own businesses every day. If you’re thinking about joining them, you probably have a vision of what you want that business to be. What may excite you about your business is the product or service you have to offer, the success that you imagine, and the freedom of lifestyle that you are sure will come — in time. What may bore or even frighten you is the plethora of numbers you have to wrestle with. You will be asked business questions that may elicit a blank stare as your response. Cash accounting? Accrual basis? Profit and loss statement? Projections? Huh?

Whether you want to create fine oil paintings or sell pork bellies on the street, your business will require some form of accounting. That term alone can cast a glaze over the brightest eyes, but in this article, we’ll show you that accounting is a process larger than crunching your numbers. It is a tool that will help you account for what your business has done, is doing, and hopes to do in the future. Accounting can be a bit like painting a picture, and a little like solving a puzzle. Despite its bad press, it can actually be fun.

Next Up

Print |
a data-track-gtm Byline href hsw-contact.htm Susan Gladin a How Business Accounting Works 1 January 2003. br HowStuffWorks.com. lt http money.howstuffworks.com accounting.htm gt 3 September 2016″ href=”#”>Citation Date

Related Content

Today s Headlines

Most Popular

More to Explore

HOWSTUFFWORKS
ON THE GO

Take us with you on your iPad, iPhone or favorite Android device.

NEWSLETTERS

Get the best of HowStuffWorks by email. Keep up to date on:

  • Latest Buzz
  • Stuff Shows Podcasts
  • Tours
  • Weird Wacky

More From The Stuff Network

Stuff Mom Never Told You

Stuff of Genius

Stuff They Don’t Want You to Know

Stuff to Blow Your Mind

Stuff You Should Know

Stuff You Missed in History Class


Tags : , , ,

Best Small Business Accounting Software, freshbooks – cloud accounting for small business owners.#Freshbooks #-

#

Best Small Business Accounting Software

Freshbooks - cloud accounting for small business owners

The benefits of using accounting software for business are well known. When it comes to selecting the right product, though, the choices can be daunting, especially since switching from one accounting software package to another is not a trivial exercise in most cases. Examining your current and potential future needs can help you make the right decision.

If you are just starting a business as a sole proprietor/contractor or a very small business owner without employees, you can probably get by with a basic online invoicing/billing package like Sage One or FreshBooks that can handle invoicing, expense tracking, and produce basic reports to keep tabs on your business and satisfy your accountant and the taxman.

But if your business has employees, is incorporated or is likely to expand to such in future you will need a more robust (and expensive) accounting system such as QuickBooks or Sage 50 that is designed to perform double entry accounting, the basics of which includes:

  • Accounts receivable: moneys received and owing from customers
  • Accounts payable: moneys owing to vendors, suppliers, etc.
  • General ledger: the summary journal of financial transactions

Also typically included in the more expensive packages are features such as payroll, stock/inventory management, project management, financial forecasting, multi-user access, and a wider variety of reports and financial statements.

If your present needs are basic but you are contemplating future business growth make sure whatever accounting package you choose has a path to expand to your future requirements. In many cases, if the core product is missing a feature, you can fulfill your needs with third party add-ons to your existing software. There are hundreds of these available for most of the packages reviewed in this article, including payroll, customer relationship managment (CRM), analytics, and more (see QuickBooks add-ons).

This article contains the most popular small business accounting software packages for Canadian small businesses, ranging from basic to advanced in features (and cost). Some are online-based (cloud) only, some are available in desktop or online versions, and some are hybrids of both.


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