"Accounting provides companies with various pieces of information regarding business operations. It is often conducted by a company&rsquo;s internal accounting department and reviewed by a public accounting firm. Small businesses often have significantly less financial information recorded during the accounting process. However, business owners often review this financial information to determine how well their business is operating. Accounting information can also provide insight on growing or expanding current business operations.
Performance ManagementA common use of accounting information is measuring the performance of various business operations. While financial statements are the classic accounting information tool used to assess business operations, business owners may conduct a more thorough analysis of this information when reviewing business operations. Financial ratios use the accounting information reported on financial statements and break it down into leading indicators. These indicators can be compared to other companies in the business environment or an industry standard. This helps business owners understand how well their companies operate compared to other established businesses."
Read Entire Article: smallbusiness.chron.com/general-uses-accounting-information-3951.html
"Double-entry accounting was invented at least a 1,000 years ago. Big changes are long overdue.
Over the past few years, new technologies and tools have emerged and transformed just about every aspect of business, including marketing, management, web design and HR. It’s easy to feel like accounting and bookkeeping have been forgotten. Until recently, the industry was stuck in the dark ages. But with the emergence of powerful new technologies over the years, it’s finally beginning to look like an industry that’s ripe for disruption.
Before delving into the specifics of the accounting industry and the impending disruption, let’s take a moment to review some of the common drivers behind general disruption.
Complacency: This is the biggest sign that disruption is on the way. When businesses get complacent and decide to coast on past accomplishments, outsiders take notice and see an opportunity to come in, and stake a claim.
Frustration: Couple complacency from vendors with frustrations from customers, and some friction starts to develop. Customers want better offerings, but the vendors realize they have nowhere else to turn. Again, outsiders take notice, and see an opportunity."
Read Entire Article: www.entrepreneur.com/article/281931
An article by the Small Business Administration about how to choose the right accountant for your business.
"How to Find an Accountant Who Can Help Your Small Business over the Long Haul
By Caron_Beesley, Contributor
Just filed your taxes and wished you’d had the help of an accountant? Unhappy with your current accountant? Here are some tips for finding and choosing an accountant you can trust with your small business numbers and rely on for solid financial advice throughout the year.
Why Hire an Accountant
An accountant can save you time and clear up much of the confusion you experience when it comes to managing your finances and taxes, but a trusted accountant can provide other benefits, too.
Referrals are often the best way to find accountants you can trust. Network and mingle at local business events hosted by your local Chamber of Commerce, Small Business Development Center, or other small business organizations. Ask other business owners for referrals and even meet accountants. Your state accounting society can also connect you to CPAs."
Read Entire Article: https://www.sba.gov/blogs/how-find-accountant-who-can-help-your-small-business-over-long-haul
"You’re about to launch your online store (or maybe you just launched) – congratulations! It takes perseverance and passion to get to the point you’re at. However, as you know, business ownership is a constant flood of satisfying milestones coupled with expanding to-do lists. With your launch, you’ll need to get on top of the accounting tasks that come along with owning a store. This list of 10 small business accounting steps will give you the confidence to know you’ve covered your bases, and are ready to move on to the next item on your business to-do list!"
Read Entire Article: https://www.shopify.com/blog/15334373-small-business-accounting-101-ten-steps-to-get-your-startup-on-track
"Win or lose, CPAs providing financial and tax advice to their clients might be in treacherous territory.
Providing solid, accurate advice to these clients might not suffice. There’s trouble brewing even if the CPA’s advice is correct, as it could run afoul of securities administrators who might view the providing of financial and tax advice more broadly.
In addition, a CPA who provides erroneous financial and tax advice might be subject to malpractice claims. Through it all, the parameters of providing financial advice remain uncertain."
Read Entire Article: http://www.accountingtoday.com/news/tax-practice/perils-of-providing-financial-and-tax-advice-79302-1.html
"At least a couple of times a week, I get a message from someone on LinkedIn or someone who read a post on my blog looking for advice on going into accounting. Sometimes the questions focus on education path, and sometimes they focus on the job or career you can have once you obtain the CPA designation. I've gotten enough questions and had enough conversations now to notice some themes I think are worth while to address in long form. "
Read Entire Article: www.linkedin.com/pulse/20140426225741-8487215-6-career-tips-for-aspiring-accountants
"As part of this year's Top 100 Most Influential People in Accounting report, we asked all the candidates: "What has you most excited about the future of accounting?" All of their answers are given in full below.
What isn't exciting about the future of accounting? There are clients who are more engaged than ever and looking for collaboration and advisory services from their accounting professionals. This is a tremendous opportunity for professionals to harness the power of technology and to support customer and client needs.
The increasingly complex global economy relies on the expertise of accounting professionals and it is exciting for us to constantly innovate to provide the best possible tools for our customers so that they can deliver value to their clients."
Read Entire Article: http://www.accountingtoday.com/news/firm-profession/t100-extra-whats-most-exciting-about-the-future-of-accounting-79217-1.html
"Being an accountant has some connotations that come along with it, as most professions do. The mere mention of the word “accounting” in a conversation may trigger images of spreadsheets and numerical equations or extended hours behind a desk during tax season.
While many would jump to the conclusion that this is a dull career, accountants would beg to differ. They believe accounting is anything but boring! Think of it as an opportunity to get a behind-the-scenes look at how an organization functions; a language that allows you to understand the business culture as a whole."
Read Entire Article: http://www.rasmussen.edu/degrees/business/blog/what-do-accountants-do/