The daily tasks of an accounting staff in a business
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This article is all about proper accounting for a business and how to implement it.A business proper implementation of accounting system. That is usually done by a senior accounts person. But the daily bookkeeping duties done by a junior accounting staff to ensure the smith running of the business. If accounting system is not maintained the business will get affected.
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Companies often outsource payroll tasks to payroll service companies so they can focus on their core business operations. Vikrant & Company provides customizable payroll outsourcing solutions to help clients save time and money. Their services include salary processing, tax filings, payroll reports, and ensuring compliance with regulations. Outsourcing payroll to an expert provider allows businesses to reallocate resources toward growth while having accurate and timely payroll handled by professionals.
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Income statement definition
An income statement is a financial statement that reports a company's financial performance over a specific accounting period. It is one of the three important financial statements used for reporting a company’s financial performance, the other two being the balance sheet and the cash flow statement. The income statement focuses on the revenue, and expenses reported by a company during a particular period. It provides valuable insights into a company’s operations, the efficiency of its management, underperforming sectors, and its performance relative to industry peers.
The income statement is also known as the profit and loss (P&L) statement or the statement of revenue and expense. It starts with the details of sales and then works down to compute net income and eventually earnings per share (EPS). The income statement does not differentiate between cash and non-cash receipts (sales in cash vs. sales on credit) or cash vs. non-cash payments/disbursements (purchases in cash vs. purchases on credit).
Key income statement items
Revenue is the total amount of money a company earns from its operations, usually from the sale of goods or services. For example, a car manufacturer’s revenue would be the total amount of money it earns from selling cars.
Cost of Goods Sold (COGS) represents the direct costs associated with producing or delivering the goods or services sold by a company. In the auto industry, COGS would include the cost of raw materials, labor, and other expenses directly related to manufacturing vehicles.
Gross Profit is calculated by subtracting the COGS from the revenue.
Selling, General, and Administrative (SG&A) expenses represents the costs associated with a company's non-production activities, such as sales, marketing, and administrative functions. In the auto industry, SG&A expenses would include salaries of sales personnel, advertising expenses, rent for office spaces, and other costs related to running the business.
Depreciation & Amortization: Depreciation refers to the systematic allocation of the cost of a tangible asset over its useful life. Amortization, on the other hand, is the process of spreading out the cost of an intangible asset over its useful life. In the auto industry, depreciation and amortization expenses would include the depreciation of manufacturing equipment, vehicles, and amortization of patents or trademarks.
Interest Expenses represents the costs associated with borrowing money or using credit facilities. Interest expenses are incurred when a company has outstanding debt or loans. In the auto industry, interest expenses would include interest paid on loans used to finance manufacturing facilities or purchase equipment.
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2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
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二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
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◇回国马上就要找工作，办给用人单位看；
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1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
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2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
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【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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The daily tasks of an accounting staff in a business
- 1. The daily tasks of an accounting staff in a business A business should have a dedicated accounting staff to carry out these daily tasks if not company will face difficulties. A person with interest in accountancy, good with figures, interpersonal skills and with good communication is suitable for accounting work. Now let me look at the daily tasks of an accounting staff to keep everything up-to-date. An accounts assistant will directly work for an accountant, recording daily transactions in an accounting program. In addition will do the filing, attending phone calls, deal with customers and external agencies. Further all the bookkeeping duties also done by accounting staffs to keep the system to run smoothly. These accounting staffs are expected to work during office hours may be full time or part time. The company will issue contracts according to the requirements of the post. The contact of employment could be permanent or temporary. The usual duties of an accounting staff. Accounts preparation Bookkeeping and Payroll Learning to use accounts packages. VAT returns Monthly reconciliation of all the accounts Producing trial balance Credit control Working with spread sheets, sales and purchase ledgers anf journals. The success of a business depends on implementing and maintain suitable accounting system. The role an accountant is to make sure that the system implemented is working well for the business. The accounts assistant performs all the tasks mentioned here and the senior staff will work towards finalising accounts. They will produce the financial statement to arrive at the profit and loss of the company. The bookkeeper will extract all the balances from the books after the completion of the postings. A statement is prepared with these balances is called a trial balance. I will show you an example of a well constructed trial balance. View this video: https://youtu.be/XXYridbCO00 Visit https://tinyurl.com/zerylyl to read more.
- 2. Year Ended 31st January 2013 Trial Balance $ $ Fees 19,248.21 Interest Other Income Subcontractor Labour 8,000.00 Accountant fees 1,100.00 Use of Home 235.00 Motor Vehicle 1,728.00 Travel Expenses 1,302.00 PPS 326.00 Telephone 379.00 Bank charges 79.48 Computer 187.00 Bad debts - Advertising 295.00 Sundry 57.00 Corporation tax 1,135.05 Depreciation - Insurance 146.00 Dividend Paid - Dir Loan 4,703.37 Bank 2,453.52 Fixed Assets - Fees due - Other debtors - Accruals - Corporation tax payable 1,483.44 Share Capital 100.00 Retained Earnings 1,294.77 22,126.42 22,126.42 Trail balance construction. A trial balance have to balance if not there a possibility of an error made in the original postings of the figures to the ledgers. In that situation the bookkeeper have to go back and check all figures and rectify the mistake. When the trial balance work is finished the senior staff will work out the profit and loss. Now based on the trial balance senior staff will prepare the trading profit and loos account. The
- 3. profit and loss account reviews the expenses, purchase and income during a particular accounting period. These figures only shows you whether you have made a profit or loss during the particular period. It is important that you have to get this report right as the calculation of tax liability based on this report. I will show you a small sample of the profit and loss report. Year Ended 31st January 2013 Profit & Loss Account 2013 $ $ Fees 19,248 Other Income - Total 19,248 Subcontractor Labour Costs 8,000 Use of Home 235 Motor Running Costs 1,728 Travel 1,302 Insurance 146 Telephone 379 Computer costs 187 Postage, packaging & stationery 326 Depreciation - Advertising 295 Accountants Fee 1,100 Bad debts - Bank charges 88 Sundry 57 Total - 13,843 Profit before tax 5,405 Corporation tax - 1,135 Profit after tax 4,270 What is a Balance sheet.? A balance sheet is a statement which is massively important to the business. It comprises three parts, assets, liabilities and retained earnings, known as capital and reserves. It is the balance left over when the assets less the liabilities and it shows the financial position of the company. The year end process includes the preparation of trial balance, profit and loss account and the balance sheet. These are done at the end of a particular financial year for a business to do tax calculations. And then the work for the
- 4. next financial year that starts with the bookkeeping procedures. The profit and loss and balance sheet statements used in the preparation of the budget and cash flow forecasts. Now here I will show you a sample copy of the balance sheet. Year Ended 31st January 2013 Balance Sheet 2013 Notes $ $ Fixed Assets Tangible assets 6 Current Assets Cash at bank and in hand 2453 Debtors 7 4106 6559 Creditors: amounts falling due within one year 8 1135.05 Net current assets 5423.95 Total assets less current liabilities 5423.95 Capital and reserves Called up share capital 9 100 Profit and loss account 10 5405 5505 Shareholders' funds 5505
- 5. 35.00 Add stock unsold 5.00 Less Stock b/f 10.00 Purchases 20.00 Actual profit 10.00