Author: David J Hoare MSA
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Business Barriers
No business is instantaneously successful. There are multiple obstacles referred to as business barriers all owners and managers have to overcome. There are three primary groups of barriers for every business out there.
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Bookkeeping – Departmental Accounting (Lesson 71)
One of the goals of accounting is to report to management performance results, specifically financial performance. Since most businesses sell more than one product or render more than one service, management is interested in understanding the performance of the respective products or service. To successfully report this information, the accountant uses departmental accounting to divide the products or…
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Feedback Loop in Business – Identification and Parameters
The goal of accounting is to make continuous improvements in operation by monitoring economic results over a period of time. Any changes to economic value is analyzed for impact and the source of the change. In effect, management is constantly tweaking the business to gain marginal improvements via financial results.
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Occupancy Rate – How to Evaluate
Temporary housing includes hotels, motels, resorts, apartment complexes and rental homes. The number one tool to measure performance is occupancy rate.
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Bookkeeping – Advanced Skillsets (Lesson 70)
The next section of bookkeeping (advanced skill sets) introduces the bookkeeper to the different organizational methods and explains why certain kinds of transactions are handled differently than standard entry practices.
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Bookkeeping – Closing the Books (Lesson 69)
The closing process is designed to finalize the financial information for that period of time. It involves correction of errors, posting omissions and confirming balances of accounts.
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What Startup Owners Can Learn from Expert Traders
When it comes to managing a successful business, expert traders can teach entrepreneurs a thing or two about how to gain from a competitive market. It may not be too obvious, but trading and entrepreneurship have much in common. In fact, some of the most successful investors and traders have started their own profitable companies,…
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Bookkeeping – Trial Balance Advanced Concepts (Lesson 68)
The trial balance is a special report used by accountants and bookkeepers. It is NOT a management nor a financial report. Its primary purpose is verification of account balances and compliance to the dual entry system (debits equal credits). It is generally utilized as the first step in the closing process for interim and annual reporting.
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Bookkeeping – Adjusting Journal Entries (Lesson 67)
One of the many tasks for bookkeeper in their daily operations is reconciling accounts including bank accounts, accounts receivable, accounts payable and many others. Invariably, the balances are off and need adjusting. To reset or balance the account the bookkeeper must use an adjusting journal entry.
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Bookkeeping – Complex Entries Expanded (Lesson 66)
A journal entry with multiple lines of entry affecting several different ledgers (accounts) is commonly referred to as a complex entry.