Review Of Accountant Pro Business Backup

Understanding Items

They are designed to simplify data entry and allow a lower-level employee to enter information without incorrectly affecting reports. When set up and used correctly, they can help provide lots of valuable information on profitability of different components of the business. However, if the Items are not set up correctly or consistently used, then the problems start. Cleaning up Items can be time consuming and the errors can have a significant impact on the profitability and net worth of a company.  And, a key concept to keep in mind is, journal entries do NOT affect Items – only the Chart of Accounts, so a journal entry won’t quickly fix the problem.

So what exactly is an Item? An Item is a tool that posts to your Chart of Accounts.  It can be a product, service that your company buys and sells or a charge or tax from your company or vendor or a even a discount or payment.  The first step in setting up an new Item is to  select the Type.

While there are several Types of Items, the list below contains the basic ones.

Service – work, either performed BY your company for a client/customer or FOR you by a vendor/subcontractor.

Inventory – products you make or buy then sell; you keep these Items on hand for future sales.

Non-Inventory  – products you buy or sell for a customer job/project, but do not stock.

Other Charge – shipping, delivery fee, fuel surcharge, finance charge.

Subtotal – totals Items above (up to the last subtotal); useful when applying discounts/surcharges or separating labor from parts.

Discount – subtracts a percent or dollar amount of the line above.

Many users, not knowing any better, select the wrong Type. Some users select Service because it’s first in the list. Some use Inventory because it’s something they have on hand – like different kinds of nails for the shop or bags of flour for baked products. However, if these are Items you use but don’t resell, then they’re technically not Inventory – so use non-Inventory. You can change Other Charge, Non-Inventory or Inventory to a different Type, but you cannot change Service, Payment, or Discount to another Type.

Check with your accountant on this. If this is your first year and your taxes aren’t done, then it’s probably okay to say yes, but this can affect previous years’ numbers, so most times, it might be best to say no and find other ways to fix numbers from old transactions. If an Item was setup as a wrong Type and can’t be changed, then make it inactive and create a new Item.

Is a Master’s Degree in Accounting Worth It?

A master’s degree in accounting is worth it because it can be the boost you need to a higher-level position in banking, taxation, insurance or any company with a financial division. You’ll gain superior analytical skills, deepen your knowledge of accounting principles and learn the latest technology. It can also be an important step toward certification as a public accountant.

Today’s accountants do much more than count money and balance the books. They help solve white collar crime. They are key players in U.S. healthcare reform. The Federal Bureau of Investigation (FBI) employs them by the thousands. Accountants are Chief Financial Officers of Fortune 500 companies, comptrollers, and international merger and acquisition experts. They are small (or any size, for that matter) business owners who need the sharp and well-rounded book-keeping skills taught by seasoned faculty. They teach at nearly every college and university.

The Difference a Master’s Makes

Master’s degrees in accounting are designed for those looking to get ahead as a public accountant, corporate accountant, auditor, fraud examiner, financial analyst and so much more. It can be the boost you need to a higher-level position in banking, taxation, insurance or any company with a financial division. With an advanced accounting degree, you’ll gain superior analytical skills, deepen your knowledge of accounting principles and learn the latest technology.

A master’s degree in accounting is an important step toward certification as a public accountant (CPA). The CPA exam is the most well-known designation in the accounting profession. While intense, it’s worth it. After passing the exam, accountants are able to file reports to the Securities and Exchange Commission, making them appreciably more marketable to potential employers.

Master’s in Accounting Salary and Job Options

Committing to a career direction is often a milestone decision in a person’s life. You want to be sure your investment in an advanced degree is worth the time, money and energy. Gut instinct is one of your most reliable advisors, but you can assess your own ambition to lead, salary and title goals and a job’s flexibility to help you determine if a profession like accounting suits your personality and life’s plan. There are many things you can do with an accounting degree besides accounting, but also many careers that require daily use of accounting-specific principles.

Accountant CV Example

If you are seeking an accountant position, you are likely good with numbers and math, but writing a curriculum vitae may be more of a challenge. Even people who have written them before can benefit from a review of the basic principles of a CV, so if you want to make your accountant CV the best it can be, consulting our accountant CV example as well as the included tips can help you get started on composing your own. With these resources at your disposal, you have everything you need to create a winning CV.

What Does Accountant Do?

An accountant, generally speaking, is responsible for handling much of an organization’s financial details and tasks. They may create a budget or design a quarterly forecast in collaboration with a company’s chief financial officer. Daily tasks include managing accounts receivable, completing payroll, and bookkeeping to track the company’s expenses and payments. Special accounting programs may be employed to assist in such tasks, and accountants are expected to be proficient in such platforms. If you are wondering how to include all of these qualifications in your CV, consulting our accountant CV example can give you an idea of where to start and how to make yours the best that it can be.

Tips for Creating a Great Accountant CV

Not all CVs are created equal, and if you want yours to stand out, consulting our example above is a great place to start. You might want some more guidance on how to make your accountant CV great, and the following tips offer exactly that:

-Do include details on your current accounting licensing and certification as well as the dates of validity.

-Don’t focus on generalities when you can be specific in naming the size of the companies you’ve worked for and the exact nature of the work you did.

-Do highlight complementary skills, such as managerial experience, that may put you above competitors for a job.

-Don’t describe job duties without offering the qualification and context of your accomplishments.

-Do focus on your attention to detail and development of skills throughout your prior work history.

-Don’t cite facts and figures that are not directly relevant to the role your position played in a company’s overall performance.

Business accounting: steps to tackling this like a boss

Managing finances doesn’t have to be the bane of your professional existence. Nor does it have to take you away from the personal reasons you started your business in the first place.

Instead, the basics of small business accounting come down to a handful of best practices and only three essential reports: your balance sheet, income statement, and cash flow statement. These might sound like they require a professional bookkeeper, but far from it.

Daily business accounting tasks

When it comes to daily accounting business needs, you have a pretty light plate. You have plenty of financial statements to review every week, month, quarter, and so on, but your daily business accounting responsibilities consist of the following

Check cash position

Since cash is the fuel for your business, you never want to be running on or near empty. Start your day by checking how much cash you have. Knowing how much you expect to receive and how much you expect to pay during the upcoming weeks and months is important, too.

Weekly accounting tasks

Weekly accounting tasks are a little more involved. Welcome to your weekly accounting tasks, otherwise known as the land of invoicing, financial data management, and other business bank account fun.

Record transactions

Record each transaction (billing customers, receiving cash from customers, paying vendors, etc.) daily or weekly, depending on volume. Although recording transactions manually or in Microsoft Excel sheets is acceptable, it is probably easier to use small business accounting software like QuickBooks. The benefits and control far outweigh the cost.

Accounting Interview Questions (With Answers)

“What were you responsible for in your last job?”

In any accounting job interview, you will face questions about what you did in your previous position. Employers are looking for similarities/overlap between past work and what you’d be doing in this job.

“How would you record this transaction?” (and similar technical accounting interview questions)

A good portion of your accountant job interview will focus on technical and situational questions like the one above. Even in an initial phone interview, you’re likely to hear a few basic technical questions to judge your ability as an accountant.

“Tell me about yourself”

Employers ask, “what can you tell me about yourself?” in almost every interview, and it usually comes right at the beginning, so you need a great answer.

Here are four key steps to answering:

First, employers want to know about your background as a professional when they ask this, not personal details. So stick to your professional career story. Start with how you got into the field of accounting, and when you began. If you just graduated with your accounting degree, you can start with why you chose this major.

“Why did you choose Accounting as a career?”

Employers are always going to want to know your reasons for choosing this career in an interview. Why? Well, if you don’t seem to enjoy your career or have any reasons why it interests you, then they’re going to worry about your ability to stay motivated, work hard, work through difficult days/weeks, etc.

Insights Into Tax Preparation Frauds

Tips for Choosing a Tax Preparer

If you’re expecting a tax refund, you may be eager to file your taxes as soon as possible so you can pay off debt, build an emergency or other savings account or shop for any number of previously unaffordable consumer goods.

However, rushing into a relationship with the first tax preparer you find could be a big mistake. The IRS recommends choosing a tax return preparer carefully, since no matter who prepares your taxes, you’re still ultimately responsible for all the information on your tax return.

Understand tax preparer qualifications

According to the Better Business Bureau (BBB), there are around 700,000 non-credentialed tax preparers in the U.S. Many states don’t require tax preparers to pass an exam or obtain a license. While non-credentialed tax preparers may be top-notch preparers, they have limited representation rights and can’t represent you in court or regarding appeals or collection matters

Search by qualifications

If you need a tax preparer with specific qualifications such as enrolled agent, attorney, Certified Public Accountant or enrolled retirement plan agent, search the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications

Interview tax preparers

Make sure a tax preparer has an active preparer tax identification number (PTIN) through the IRS and check whether the person meets state requirements. Then interview the tax preparer thoroughly. Ask about fees, availability and what kinds of records the tax preparer will need.

How to Choose the Right Tax Preparer

It is that magical time of the year again and if you are looking for someone to prepare your taxes, there are many factors to consider including expertise and pricing. We are all unique and there is no one size fits all.

Find out what their tax background and experience is. What is their training? What are their qualifications and credentials? How long have they been preparing tax returns? Also, some tax preparers are not a certified public accountants (CPA) and don’t have a formal credential but yet may be competent. Ask questions to find out what makes them qualified to prepare tax returns.

Find out if the tax preparer has experience with the type of return that you must file. Tax returns are not all the same and range from 1040-EZ to various involved schedules. Tax preparers may focus on a certain type of return but may also have sufficient knowledge in many areas.  However, if your return is specialized, you will want to find a tax preparer who has a lot of experience with that type of return. . Ask about their experience with individual returns vs. corporate returns. In my experience, tax preparers who specialize in corporate tax returns, which tend to be more expensive, charge a higher minimum fee. This is something to keep in mind if you are only looking for personal tax return preparation.

Ensure that the tax preparer is familiar with the requirements of the states and localities that you must file in. For example, if you live in one state but work in another, there may be filing requirements to consider. Also, you may have a business that has sales in different states, own property in another state or have relocated to a different state during the year.

Know in advance what records, documents and other information that the tax preparer will require of you. This could save you time and money. A competent tax preparer will ask for many different documents and be able to explain what you will need to provide for special circumstances you may have. Personally, I like it when a tax preparer offers a thorough checklist to review, which would enable a thorough tax preparer to make sure nothing has been missed, such as long-term care insurance premium deductions, investment fees or student loan payments.

How to Find a Tax Preparer for Your Business

Don’t wait until the end of the year to hire a tax preparer. You can find and begin working with someone on your business taxes at any time. This article provides some tips on finding a tax preparer who will do good work for you.

CPAs vs. Tax Preparers

Business owners should understand that not all tax preparers are CPAs, and not all CPAs do tax preparation work. While you don’t necessarily need to hire a CPA to do your taxes (there are many competent non-CPA professional tax preparers), you do need to consider what other kinds of services you might need, like choosing accounting software, setting it up and getting trained, data entry tasks, and review of records for tax evaluation.

Licensing Requirements for CPA’s

The licensing requirements for CPAs vary from state to state as do the minimum and ongoing educational requirements. All U.S. CPAs have to pass a uniform examination, but the educational requirements to get (and stay) licensed are decided by the individual states. And CPAs may not be required to keep up to date on tax laws every year, so being a CPA doesn’t guarantee that the individual knows any more about taxes than when he or she originally passed the CPA exam.

What an Enrolled Agent Does for Business Taxes

An enrolled agent is a person who has either passed a standardized test that covers all parts of the tax code or who has at least 5 years’ experience working for the IRS in a qualifying position. EAs are required to have 72 hours of continuing education every 3 years with a minimum of 16 hours every year. Like CPAs, they have to take an ethics course. Unlike CPAs (who can take accounting, management, technology, and personal development courses), EAs have to take all their courses in the area of Federal taxation.

Selecting a CPA for Business Taxes

First, decide what kind of services you need. You may determine that you want someone to help with tax planning, to find someone who can help figure out the best ways for you to structure employee benefit plans and retirement programs to get the maximum tax savings.

How to Choose a Tax Preparer

Every year, United States taxpayers must file their income tax forms before the April 15th deadline.  For many people, major life changes, business ownership, or simply a lack of knowledge about the ever-changing tax laws make finding a trustworthy tax preparer a good idea. That said, not all tax preparers have the same level of experience and training

Which Type of Tax Preparer is Right for You?

First, it’s important to understand the different types of tax preparer and their qualifications. Only enrolled agents, certified public accounts and attorneys may represent their clients to the IRS on matters such as audits, collection issues, and appeals.

Enrolled Agent (EA): An EA is a tax preparer that has been approved by the IRS to represent taxpayers. An EA must either have prior qualifying employment with the IRS or pass an intensive two-day exam on federal taxation and complete a background check. To maintain EA status, they must complete a specified number of credit hours each year of continuing education in accounting methods and tax regulations. An EA may work independently or as part of a firm and may specialize in specific areas of tax law.

Certified Public Accountants (CPA): CPAs have a college degree (or the equivalent in work experience). They are licensed after passing a state professional qualifying exam. They are highly skilled in accounting. This makes them good candidates for complex tax planning and preparation if they are experienced in handling tax matters and enrolled in continuing education programs that keep them abreast of the constant changes to tax laws. If your return is quite complex, a CPA may be your best choice for tax preparation, but keep in mind they will charge much more than basic tax preparers.

Attorneys: Tax often attorneys charge the highest fees as tax preparers. For taxpayers looking to legally shelter part of their income, or for those who need specialized advice on municipal bonds, estate planning, and the like, hiring a tax attorney is a good option

Questions That Can Help You Choose a Tax Preparer

If you’re like most people, you’d rather go with a pro during tax season: More than 83 million people pay someone to help prepare their federal tax return, according to IRS data. That shouldn’t come as a surprise: With so many rules to know, forms to fill out and formulas to follow, it’s easy to make a mistake if you go it alone.

But when it comes to finding a good tax preparer, how can you be sure you’re making the right choice? Referrals are a great place to start, but it’s still important to do your due diligence. Make sure you’re asking the right questions — and getting the right answers. Here’s what to ask a tax professional before you decide to hire them

DO YOU HAVE A PREPARER TAX IDENTIFICATION NUMBER?

This is the first question you should ask any tax professional. Any person who charges a fee to prepare taxes for others must register with the IRS and receive a preparer tax identification number (PTIN). In addition to signing your completed tax return, the tax preparer is required by law to enter this number on any return he or she prepares.

WHAT ARE YOUR REPRESENTATION RIGHTS?

Tax preparers fall into one of two main representation categories. Those who carry “unlimited representation rights” can represent clients on any matters, ranging from audits to collection issues to appeals. Those who carry “limited representation rights” can only intervene on behalf of people whose returns they prepared and signed, and under specific circumstances.

According to the IRS, tax professionals with unlimited representation rights include attorneys, certified public accountants (CPAs) and enrolled agents (tax preparers who have passed a three-part IRS enrollment exam). While an enrolled agent (EA) is not an employee or representative of the IRS, he or she can act on a taxpayer’s behalf when it comes to dealing with the IRS. In order to retain their licenses, enrolled agents must complete a minimum of 72 hours of continuing education every three years.