What Does an Accounts Assistant Do?

What Does an Accounts Assistant Do?

The accounts department is an important function for any business, but for small businesses where cash flow is the lifeblood, the accounting section can really make a big difference to understanding where the money is being made and where it's being spent, this is an area where Gilmour & Co can […]

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Startup Owners: Be Sharp On Your Accounting

Startup Owners: Be Sharp On Your Accounting

The first thing a paramedic does when responding to a person who is unconscious is check their pulse. That rhythm of blood pumping through the veins is a necessity for life. Just like life, your startup company also needs a steady and consistent pulse. That pulse is your accounting department and […]

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Auditing Mistakes that May Cost Your Company

Auditing Mistakes that May Cost Your Company

The existing business market is tough enough in today’s global economic climate, without being forced to tackle internal issues that have the potential to undermine your chances of achieving long-term success. Take business compliance, for example, which is a key component across multiple industries and establishes regulations which individual companies […]

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Small Business Challenges: Collecting on Unpaid Invoices

Small Business Challenges: Collecting on Unpaid Invoices

For most businesses to thrive, extending payment terms, rather than collecting payment up front for products and services, is necessary. Unfortunately, not all customers are great with paying their bills on time, and outstanding invoices can put the pinch on your cash flow and negatively impact your operation on numerous […]

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Why Use Invoicing Software? Benefits For Business.

Why Use Invoicing Software? Benefits For Business.

The business landscape is rapidly evolving. If a business plans to outshine and outperform the competition, it is crucial that it uses the fastest and newest technology available in the market. Such tools will not only allow it to get an edge over their competition but provide them the means […]

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Tips for Improving Cash Flow in Business

Tips for Improving Cash Flow in Business

Cash flow is a very crucial aspect that determines the magnitude of success your business is capable of achieving. When it's high it means things are good but when it's low, you need to get worried. Many are the times that sustaining the required cash flow become a major challenge. […]

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Non-profit Accounting Vs. For-Profit Accounting

Non-profit Accounting Vs. For-Profit Accounting

If you are a recent accounting graduate or looking to change careers, you have a few decisions to make. One of these decisions is what kind of organization you wish to work for. While there are many types of organizations who can use your accounting skills, you can generally break […]

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Why Become a Certified Public Accountant (CPA)?

Why Become a Certified Public Accountant (CPA)?

Becoming a Certified Public Accountant is a challenge. You will have to endure 150 hours of education and undergo a grueling exam. After that, you will have to continue your education to stay up to date on the information you need for your license. While contemplating this workload you may […]

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Components of the Cash Flow Statement and Example

Components of the Cash Flow Statement and Example

In accounting, the balance sheet is a snapshot on a company’s finances at a fixed time; accordingly, the cash flow statement reflects the changes in company’s finance over a considerably longer time. The statement reflects both the cash inflow and the cash outflow for a specific period of time. The […]

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What Is The Income Statement And Examples

What Is The Income Statement And Examples

Compared with the balance sheet reflecting the activity of a company at some point, the income statement shows the company’s financial situation over a long period of time. In other words, the income statement deals with the company’s revenues and expenses, presenting a summary of its financial activities from 3, […]

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Types of Fixed Assets

Types of Fixed Assets

Also called “tangible assets”, the fixed assets are used for the business operation, having a price higher than a predetermined threshold dollar amount when purchased and supposed to last at least one year. One of the generally accepted accounting principles-materiality-speaks about the importance of an accounting event concerning the financial […]

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What is a Balance Sheet

What is a Balance Sheet

The Balance Sheet depicts the financial situation of a company, measuring how healthy and profitable the company actually is. At the end of the accounting period (year, quarter, month), the balance sheet lists the company’s assets and the liabilities it owes. In other words, the balance sheet is about: – […]

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