One of the most crucial aspects for businesses of any scale is ensuring the business has reliable and accurate bookkeeping.  Financial statements are the core of tracking financial data and provide snapshots of critical aspects of fiscal information. If your human resources personnel are looking through candidate new hires, your best way to find a bookkeeper is to seek a qualified individual who understands how nested components of financial statements relate across those documents to create a faceted  representation of the state of your business.

Bookkeeping Statements by Type

There are three basic statements even a small business must maintain and transaction data must be entered into the accounts in these statements. The three basic types of financial statements are, 1) Profit and Loss Statement, 2) Balance Sheet, and 3) The Chart of Accounts.

The three statement types mentioned are designed reflect four things: assets, liabilities, owner equity, expenses, revenue. Best bookkeeping practices demand consistency and accuracy in managing these statements, as well as general good fiscal sense to see a composite of internal business conditions.

Profit and Loss Expanded

As far as financial statements go, the first financial statement is the Profit & Loss Sheet. According to some bookkeeping models, this may also be referred to as the Income Statement. It is a snapshot of the cash flow of a business, that is: the money coming in from the sale of goods or services rendered compared against money spent for goods and services allowing the business to operate.

Into the Balance Sheet

The Balance is Sheet representative of a company as a going concern. On it we see the current assets and liabilities. Current assets are those which the business expects to convert to cash within a year, that is: property that will directly contribute to, and thereby be converted into, liquid funds.

Property is considered under current assets if they will be converted within 12 months of the date of the Profit and Loss Statement. Current liabilities are fiscal commitments the company anticipates honoring within the same 12-month period. Bookkeeping should adhere to Generally Accepted Accounting Principles, or GAAP, in determining the conditions under which entries into the Balance Sheet are arrived-at.

The COA, Charting the Accountancy

Lastly, there is the Charter of Accounts. It can be considered something of a file tree into which all information particular to the accounts of a company are placed. It is ordered by type of account, with one or many accounts of a type filed within. This is the most complex financial statements.  When hiring needs require you find a bookkeeper, this sheet alone can be a test of their mettle. The types of account within the Chart of Accounts number five: assets, liabilities, equity, expenses, revenues.

Recapitulation

So, to re-examine the basics of the financial statements, the first is the Profit and Loss Statement, or P&L, which tracks present cash flow and immediate business performance within its scope. The Balance Sheet is a picture of the total fiscal health, or value, in a company or firm. It addresses assets, liabilities, and equity, generally within a 12-month span.

Chart of Accounts is an organizing structure used to file fiscal data by category and by the following types: assets, liabilities, owner equity, expenses, and revenues. These are the most basic forms for organizing the financial information of a company and understanding of them is an essential set intellectual tools every firm must have.

Anthony Azevedo, CPA is an accounting and the managing member of EZCFO a bookkeeping company specializing in human resource, payroll, and employer solutions.

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We live in the digital age so its no wonder that internet banking rules with the millennial. However, personal cheques still are a critical component of the banking world and they have been around for long. Personally, i often use cheques when it comes to making payments for my insurance premiums, mutual funds etc.

Folks at Bradford Cheques have put together an amazing infographic highlighting the colorful history of Personal cheques as they have evolved over the years.

Brief History of Personal Cheques

It is indeed interesting to see the evolution of personal cheques from way back in the 1600s to the current scenario where we can just use our mobile phones itself to deposit cheques.

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We often hear the term "foreign bonds" as many people consider it a quality investment. Some may say it is effective and some just believe in it because the word "bonds" in implying that it is safer than other investment types. The thing is, an investment is an investment and it as we all know, and the economy isn't as stable as before.

Why Should I Worry?

Foreign bonds take place when a certain country has the need to raise money. This is the main goal of countries offering foreign bonds. They sell these bonds to people and/or organizations (companies, individuals, or whoever may afford them) whether they are in or outside of that country's borders. Most of the time, investing in a country has a good outcome, but think about it long term. If that country you invested in defaults on their investment, you end up losing your investment as well. A good example of a country selling foreign bonds is Greece. Their economy has been in quite unstable for the past couple of years. Most of the investors in Greece are as nervous as they can be, since if Greece fails to pick up, they all lose their investment.

The Benefits of Investing in Foreign Bonds

A lot of people are hesitant to invest in foreign bonds. To many, saying no to foreign bonds is as simple as not being the right investment for them. There are some people who have a low risk tolerance and foreign bonds are not ideal to them at all. Buying and investing in foreign bonds can tend to be really worrisome to most people. But still, there are key benefits to people who are whole heartedly investing.

The biggest and most important reason of why people invest in foreign bonds is the fact that they will most probably have a fallback in case that the value of the dollar falls. The truth is these foreign bonds can be considered as a safety net against the falling US dollar value. The foreign bond is very much helpful especially in countries that have a high currency value. This currency will offset the harm caused by the falling US dollar value at their home currency.

Foreign investments also help a lot when inflation is attacking the markets. Inflation happens inside a specific country. Technically the situation is occurring just inside so they are dealt with inside that certain country. Foreign bonds keep your portfolio safe from the inflation. The bonds that come from other countries are not affected by the recession in America. You may then use it as a shield so that your portfolio would not be touched in any way.

Alternatives to Foreign Bonds

Remember that investing will still involve money, and bigger investments usually get bigger returns. Therefore if you want to invest big, you will need to shell out a bigger amount of money. Obviously since there is a bigger amount of money involved, all the more you must be knowledgeable of the matter. With the financial instability of the country today, make sure that you choose wisely where you would invest your money. Take note that you can also invest in other available investment bonds such as corporate foreign bonds and government bonds.

Corporate foreign bonds are those bongs that are sold by companies of a certain country to another company. Government bonds on the other hand are those bonds sold by a certain country's government. If you try and conduct a survey for as to which type of bond they will get, most of them would probably choose government bonds. These government bonds are much like the typical savings bonds in the US, the only difference is that they are sold by the US government. As we all know, these bonds are much stable and offer security whether in a short or long term. Corporate bonds are more risky to anyone, especially to the smaller investors.

Conclusion

Knowing all these information about bonds, would you invest in them? If you haven't yet, then consider all factors mentioned above. Take time and sit down with your financial advisors. Again, consider each and every factor involved. Aside from the ones mentioned, there are also others such as risk tolerance. Keep in mind that not because you invested or will be investing in a foreign bond your portfolio will become a better player. Think it through, it's your investment.

Written by Jon Clark, editor of the California Apartments Blog which provides insights into apartment living as well as apartment community reviews such as these downtown San Diego apartments.

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In modern life many of us rely on credit cards on a regular basis – to cover expenses, to pay off bills or simply to support ourselves until the next pay day. When using credit cards there are, however, a number of pitfalls that people often fall into and can mean that your credit cards become more of a nightmare than a useful utility for helping out with monthly expenses. With that in mind we decided to look at the pitfalls of credit cards and how we can avoid them.

Understanding Credit Card Interest Rates

The biggest pitfall with credit cards is often, not understanding the interest rates and how they apply. Credit card interest rates are most commonly referred to as the annual percentage rate and can vary between cards from 0% right up and beyond 20%. Most cards will charge this fee monthly based on the amount of money you have outstanding. If you pay your debts off before this monthly date then you shouldn’t have to pay any fees but some cards will charge you a smaller percentage. Paying attention to this detail can help you avoid the pitfall of finding you haven’t paid enough or have interest that you didn’t realise. The best thing you can do is set up a direct payment to your credit card from your bank account every month to ensure that your credit card is paid off.

Avoiding Annual Fees

Secondly many people either forget, or are unaware, that credit cards often have annual fees. These annual fees can be quite high and, if you forget to pay for them, they can quickly accumulate interest. It is not unheard of for people to accumulate large debts simply on the interest of an annual fee card that they have stopped using. To avoid this pitfall you can either opt for a card without annual fees or again make sure you have direct payments set up to avoid these problems.

Understanding Balance Transfer Fees

Balance transfer fees are charges mad whenever you use your credit card  to deposit money into your bank; and sometimes if you pay off other bills using your card as well. These fees can mean that transferring money can be very expensive and if you intend to use your card in this way you need to be very wary of them. Some cards offer 0% interest on balance transfers but you’ll want to check and make sure that this isn’t just an introductory offer – as many credit card companies will change your policy after a certain period of time has elapsed.

General Credit and Debt Control

Whilst the pitfalls above will help you avoid many credit card problems one of the biggest issue credit card users face is spiralling debts. It is al too easy to miss payments and find yourself faced with a bill you simply can’t pay. If this happens do not under any circumstances bury your head in the sand as things will just get worse. Instead talk to your credit card company directly and see if they will freeze the interest and create a payment pln for you to pay off the debt. This way you can keep afloat and return to financial normality. If the company refuses then consider seeking a small, lower interest loan that you can afford to repay and use this money to pay off your larger interest rate debt.

Mike Tamber is a financial expert sharing his expertise in business, low interest credit cards, loans and debt management

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Motorcycles are a way of life for some people. Others merely ride a few hundred miles a year, taking their bike out only when the weather conditions are perfect. Most motorcycle riders fit into a niche somewhere in between. No matter which category you’re in, there is an aspect of motorcycle ownership shared by all--the need for insurance coverage--and no one wants to pay any more than is absolutely necessary for that. Following are a few tips on how to save money on motorcycle insurance.

Gain Experience

As is the case in many facets of life, experience counts. If you had your choice between hiring a lawyer fresh out of law school or one with 50 court cases under their belt, you would most likely opt for the experienced litigator. The same is true when an insurance company is considering a potential policy holder--they’ll provide the same coverage for each, but the more experienced rider will undoubtedly have to pay less. One reason for this has to do with the type of bike being insured. Most older riders have not only ridden motorcycles longer, they also tend to buy large, powerful touring-type motorcycles instead of the lighter, faster racing-oriented motorcycles favored by younger riders. It is the younger riders and their faster machines that account for the majority of accident-induced insurance claims.

Take a Safety Course

Riding safely is a good way to reduce the possibility of having an accident. Insurance companies recognize this, because they don’t have to pay out on as many claims for safe riders, and will reward you for it with lower rates. A good way to receive a safe rider discount is to take a course in motorcycle safety. In fact, in some states taking a motorcycle safety course is mandatory in order to get a motorcycle endorsement on your driver’s license. Even if it’s not required, taking the course may help you become familiar with your motorcycle. You will be able to gain the confidence you’ll need while riding on the street, but you can do it in a controlled environment.

Opt for Seasonal Coverage

Riding a motorcycle in zero degree weather with ice and snow flying everywhere would not be too much fun. In fact, it could be downright dangerous. Most riders who live in parts of the country that are prone to harsh winter conditions store their bikes until spring arrives. Insurance companies usually reward these seasonal riders with reduced rates. When you work out the details of your policy with your insurance agent, you should make sure you receive a discount for the period of time your bike will not be ridden. This can vary according to your agreement with your insurance provider, but usually goes for either a 3 or 6 month period. It would be a good idea to maintain comprehensive coverage during this period in case the bike stolen.

Store Your Bike

Parking your bike in a garage or another type of enclosure is a good idea. It will be much safer there than in the street, and your insurance carrier may reduce your premiums if you let them know your motorcycle is garage-kept. Parking on the street, even if you take the precaution of locking the bike and chaining it to an inanimate object, gives a thief a much better chance of making off with it than if you park your motorcycle in a garage. However, when you’re on the road, carry a chain and padlock with you, and secure your motorcycle every time you park--it will significantly decrease the likelihood of the bike being stolen. Let your insurance carrier know you practice this diligently and you will probably be eligible for a discount.

Go Shopping

A good way to save money on motorcycle insurance is to comparison shop. Because the insurance industry is so competitive, you may be able to negotiate a good price by gathering quotes from various insurance companies, both online and traditional companies. Compare the prices that you receive and take them to your present insurer. They will more than likely be willing to match the best rate in order to keep your business. You may even be eligible for a multi-policy discount if you already have your car, home,

health, and life insurance policies through them.

Guest post from Kerry Clare. Kerry writes for MotorcycleInsurance.com.

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In 2004, I was 26 years old and $46,000 in debt. So that November, I declared bankruptcy. Thankfully this held off the creditors, but it demolished my already damaged credit.

A couple years later, I began to seek ways to raise my credit score . I hired a reputable credit repair firm. And within a year, 11 items had been deleted from my credit report and my score rose by 200 points.

In the process I learned a ton about the reality of credit repair, and the credit repair industry. The good, the bad, and the truly ugly.

The bad and the ugly dominate this business. If you're looking to raise your credit scores, chances are you are not in the best state of mind. Unscrupulous lawyers and companies have been known to take advantage of people with financial troubles looking for some relief.

Here's what you should know to avoid getting conned.

First, "Credit Repair" isn't like car repair where you can depend on a skilled mechanic to fix up your engine. It's a legal process based on the Fair Credit Reporting Act of 1996. This law gives any consumer the right to dispute the accuracy of anything on his or her credit report. If the credit bureaus cannot verify the items within 30 days, they are required to delete them.

Like any legal process, there is no guarantee that the items will be deleted. If the credit bureau verified your info, they send you a letter saying so. That's why it took a full year for the 11 items to be taken off my reports. Some months the dispute letters were successful, with one to 3 items being deleted at once. Other times, 3 to 4 months would go by without getting a single item deleted. It is a process that requires patience and diligence.

Therefore, any credit repair company promising fast results is full of baloney. It's true that you may see some items deleted within a month or two, but you can't say for sure.

Any company charging a large up front fee is also suspicious. Realistically, you can draft up your own dispute letters without any lawyer or company's help. I chose to work with a law firm because their rates were reasonable and I believed the credit bureus would respond more quickly with legal representation. I've known people who have tried it on their own and been ignored; all of my disputes were answered, even if items were not removed.

However, you should never ever pay a large fee up front to a company you don't know, especially if you are already in financial trouble.

If you do hire a credit repair company (which should be a law firm) to represent you, they are going to need a copy of your credit report in order to know how to dispute the negative items on your account. For this reason, I highly recommend researching any credit repair company thoroughly. Check them out on Yelp, Google, and the Better Business Bureau. Look for detailed client testimonials.

If you are patient and do your due diligence, a quality credit repair company can have a tremendous impact on your credit score and your financial future.

Seth Jared is a blogger who writes about credit cards for college students and web hosting comparison.

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Everyone dreams of retirement, of the days when they no longer have to set the alarm clock, roll out of bed and commute to a job every day. While we all imagine our golden years as full of leisure or family time, financial considerations sometimes get in the way of our ideal retirement. Whether it’s an unexpected health event, a downturn in the markets, or simply realizing there’s not enough money to last, many retirees are seeking ways to earn some extra cash in order to help stretch their budget. Let’s look at ways for the modern day retiree to just that.

Part time employment

Part-time jobs are common ways of earning extra income in retirement. And while most people picture seniors doing unskilled jobs such as working at the front of a big retail store many retirees use their years of work experience to land jobs such as part-time consultants or to assist certain projects. While part-time employment can be a great way to remain engaged in the workplace and to feel a sense of accomplishment and purpose it is still a job and can carry the stress of work, exactly the stress that retirement was supposed to put an end to.

Home equity

Many of those who are nearing retirement or have recently retired have lived in their home for many years. Some may even own their homes outright and have no mortgage payments. For retirees seeking extra funds releasing equity from your home may be a good strategy. One way this can be done is simply by selling the home. This option may particularly make sense if the upkeep, maintenance, and utility costs are high. Not only are you getting the money from the sale, but you are reducing or eliminating future expenses.

For those who are unwilling to move and sell their home there are other means of utilizing the home equity. Even in the post-housing bubble years, there are still financial institutions that are willing to provide funds to qualified homeowners. Reverse mortgages are flexible government-sponsored programs specifically designed to help seniors release equity from their homes while allowing them to maintain ownership of the property. Home owners are advised to view an equity release guide or see a financial advisor before doing so to make sure this is the option for them.

Hobbies

Retirement can be a time for individuals to take up new hobbies or to expand on previous pastimes. Without the need to head to a job each day, the extra time allows seniors to do what they truly enjoy doing. Some hobbies can be used to generate money. Some retirees sell arts and crafts while others market gardening produce or flowers. And while monetizing hobbies will probably not make retirees rich, it is a great way to earn extra cash doing something they love to do.

Also Read: How To Budget For Hobbies

 

This article was written by freelance writer, Jem. He specialises in advising you, the reader how to release equity from your home. You can follow him on twitter now at @writerjem.

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There are several tricks and strategies that can easily make your small business a handsomely functioning business, as you enjoy the leisure of online success! A great number of business owners have realized the significance of bringing their small scale business corporation to the light of online world. These days, it is hard to overlook this fact, that the more you grab online limelight, the nicer your business output is going to be. Through right amount of online exposure you are also going to be able to attract a lot of customers.

These days you see less usage of paper-based work, as more and more things are getting online. So, the need of the moment is that you must also have a recognized place of yours online, in order to make the right impact. So, this article serves as a guide to those who desire to grow their online presence and it is also for the ones who are still thinking about “going” online. Here are few fingertip tips that may help you out on the way to online business success, especially for the small scale business owners.

You want to be Rich? Be Keyword Rich!

Yes, that’s a top trick in online business! If you want to stay visible in Google or other search engines, you must pick up a domain that allows you rich keywords to use! Now, being keyword rich does not mean that you have hit a jack-pot! However, it does help a lot to make you visible in Google. With a bit of help and a website that you have made with effort and diligence, you will be able to be included in the top websites in Google and other search engines. Moreover, friendlier domain names are more likely to be memorized by the users and, therefore, more traffic of readers would turn to your site (often).

Press Your Word on WordPress!

Majority of SEO companies would recommend WordPress, as this forum offers all the apps and gadgets that you will ever need to erect a website. There is another platform, called Joomla; however, I still like WordPress much better. You may call me a bit biased but I have been using WordPress platform and it caters to every need that a successful website or blog has. You can easily customize it, coding is very feasible and the forum remains frequently updated. The greatest favourable point is that, its very user friendly.

Be a Regular Blogger!

This is the key factor. You miss a day, you loose on traffic turning to your blog. The more frequently you blog, the more people are going to like your blog and turn back often. Moreover, search engines also take serious note of the activity going on your blog. They won’t give a high ranking to the least active blog (irrespective of any magic keyword). Take my word, the search engines simply adores fresh content and regular updates!

Watch your Suppliers!

You may try connecting with your suppliers and see if they are willing to place any link on your blog or website. This will assist you in the process of expanding your business; moreover, search engines will also notice that you are some trustworthy and reputable blogger with several references and links.

So, now you know tricks of the trade well enough! Go blogging and make your way!

I am Susan Hannan from Examsking. Looking for Examsking.co.uk exam assistance? Let’s take benefit of Exams King self-paced Oracle Certification training material and clear your IT certification on first try.

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