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Members:
Princes Kim Aledia
Karlla Mae Avelino
Julie Anne Bilaro
Aerielle Mae Capaycapay
Rica Rose Diamante
Mack Allen Grande
Donna Marie Masancay
Nicole Anne Tribugenia
Section: BSA31KA1
Group 3
INTRODUCTION
Small business owners often try to save money by doing their own taxes. In reality, not
hiring a professional can lead businesses to time-consuming process. You may not claim all the
deductions you qualify for, or you might underpay your tax billleading to penalties and other
fees. Spending the money to hire a professional means youll have an expert who knows what
theyre doing, and can apply the right tactics for your financial situation. They can keep updated
on the ever-changing tax laws and help you plan ahead for potential tax hikes.Paying for a
professional bookkeeper can also help keep your costs of an accountant at a minimum, since they
do all the paper work. Plus having another pair of eyes is never a bad thing, especially when it
comes to finances and taxes.
A competent professional accountant in business is an invaluable asset to the company.
These individuals employ an inquiring mind to their work founded on the basis of their
knowledge of the companys financials. Using their skills and intimate understanding of the
company and the environment in which it operates, professional accountants in business ask
challenging questions. Their training in accounting enables them to adopt a pragmatic and
objective approach to solving issues. This is a valuable asset to management, particularly in
small and medium enterprises where the professional accountants are often the only
professionally qualified members of staff.
The success of your small business depends on the accuracy and organization of your
financial paperwork. Every business is in need of Accounting and Payroll services to take over
for an overburdened owner manager. With limited office staff the accounting and payroll
functions have been suffering. Outsourcing these office activities will all the owners
management to focus on other aspects of the business.
OBJECTIVES
The aim of this proposal is to provide professional accounting and payroll
services in a certain business. In addition, our group sees the possibility of more accurate
financial report for it is prepared by the experts on the field of accounting.
The specific objectives are as follows:
To have more accurate outcome in the statement of financial position, that can be used in
decision-making.
PLAN OF ACTION
Our plan of action is based on the accounting process that is continuous and
systematic working process that begins with the analysis of business transactions and
ends with the preparation of post-closing trial balance.
financial
1. Identification of Transaction
matter of course, at a particular date of period end the accounts are listed in the order in
which they appear in the ledger, with debit balances listed in the left column and credit
balances in the right column. Primarily a trial balance is prepared to prove the
arithmetical accuracy of debits and credits after posting and facilitate preparing financial
statement. A trial balance also uncovers errors in journalizing and posting.
5. Adjustment. Adjustments are needed to ensure that the revenue recognition and
matching principles are followed. To determine operating result of a particular period and
exact financial position at a particular date of a business concern various information
regarding accruals and advances is essential to be accounted. Adjustments are done in the
following
ways:
a) According to accrual concept, payable expense lime payable salary, rent and accrued
income like accrued interest on investment etc. are to be adjusted in the books of
accounts for determining actual income or loss of a particular period.
b) According to income-expense matching concept for determining actual profit expense
incurred for earning income like advance, expense, depreciation expense, uncollectible
allowance
etc.
are
to
be
adjusted
in
the
book
of
account.
6. Adjusted Trial Balance. In this step of accounting cycle adjusting entries have been
journalized and posted in the ledger accounts again for finding out relevant ledger
balances at the end of the period. The trial balance that is prepared again with these
ledger balances is called adjusted trial balance. The purpose of an adjusted trial balance is
to show the effects of all financial events that have occurred during the accounting
period.
7. Financial Statement Preparation. Financial statements are prepared from adjusted
trial balance directly. At first to determine net income or net loss, the income statement is
prepared from the revenue and expense accounts. After that, the owners equity statement
is derived from the owners capital and drawing account and the net income or net loss
from the income statement. Finally, the balance sheet is completed by listing all the
assets, liabilities and owners equity. Assets will always equal the liabilities and equity
that is why this statement is called balance sheet and it shows the financial condition of
the
enterprise
at
a
given
time.
8. Closing Entries. Journalizing and posting closing entries is a required step in the
accounting cycle. Generally, after preparation of financial statements the temporary
accounts such as revenue or expense and gain or loss including balance of income
statement are closed by passing closing journal entries. These accounts are closed to a
temporary income summary account, from which the balance is transferred to the
retained earnings account (capital). Any dividend or withdrawal accounts also are closed
to capital. The necessity of closing expenses and incomes arises as their utilities ended
during the particular accounting period and these are not carried forward to the nest year
like
assets,
liability
and
owners
equity.
MANAGEMENT PLAN
SCHEDULE
Task of Description
S1
S2
S3
S4
S5
S6
S7
BUDGET
Personnel (8 persons)
S8
1,400,000
QUALIFICATION
You need to determine what qualifications your accountant should have before beginning your
search. A non-certified accountant may be precisely what you need to handle your business'
financial statements, analysis, and bookkeeping. However, when it comes to tax advice and
return preparation, business owners usually look to accountants who are certified and licensed.
Here
are
some
of
the
qualifications
you
may
look
for:
Certifications. A CPA has an undergraduate degree, and has met the exam and experience
requirements for state certification. A CPA must take continuing education courses to remain
certified and licensed. A Certified Management Accountant (CMA) is trained to meet the
demands of today's accounting requirements in addition to participating on the company's
management team. As with a CPA, a CMA must pass an exam, have business experience, and
obtain continuing education credits. "In young, growing companies particularly, owners want an
accountant who can help them manage financial business performance and have responsibility
for the internal control function," Chamberlain says. "A CMA is well-suited for this." There are
additional designations that some CPAs have, including Accredited in Business Valuation
(ABV), Certified Valuation Analyst (CVA), and Personal Financial Specialist (PFS), among
others.
Industry expertise. In addition to certifications, you should look for some type of expertise in
your industry -- or a similar industry. "Some firms have a specialty in auto dealers, others
specialize in construction contractors, others work with non profits, and some may have
experience in retail," Koziel says. "Those specialties can be based on type of service they provide
and type of industry." Some accounting firms partner with networks of other firms and can turn
to
specialists
to
resolve
certain
issues
if
need
be.
Size. The array of accountants and firms to choose from can be daunting -- from sole
practitioners to national, marquis firms. Some businesses feel more comfortable employing a
large, name-brand firm. But while one of the Big Four firms might seem attractive, you have to
ask yourself whether a small firm will be overlooked. You also have to know what makes you
comfortable as a business leader. You may feel more at ease with face time with a partner in a
smaller firm. Be aware that large firms sometimes contract out work to smaller accounting firms
--
so
make
sure
you
ask
who
will
be
handling
your
account.
Complexity. Your decision on what qualifications to seek in an accountant must also take into
consideration what services your business needs from an accountant. Maybe you only seek a
firm to prepare your tax return and compile end-of-year financial statements. But if you also
want tax and financial planning advice, or retirement planning advice, you may need to seek
someone with different qualifications or background. Some businesses also require their CPA to
attest to the validity of their financial statements to an outside party, such as a bank. Even with
the latest convenience options in tax preparation, such as eFiling and tax software, it is
sometimes easiest to simply let a tax accountant do the work for you.
CONCLUSION
END MATTERS
Glossary
1. Asset - a financial value that an entity owns from generating income in the business.
2. Accounting - the analytical documentation of business transaction.
3. Equity - the difference between asset and liability.
4. Liability - is the debts or obligations of n entity that presents the creditor's claim on business
asset.
5. Tax - a fee charged by the government from the income of the business.
BIBLIOGRAPHY
1.
Choosing the Right Accountant for Your Business , by Inc. Staff April 19, 2010
http://www.inc.com/guides/2010/04/choosing-an-accountant.html
CURRICULUM VITAE
Gender:
Female
Civil Status:
Single
Citizenship:
Filipino
Height:
411
Weight:
103 lbs
Health:
Excellent
Religion:
Roman Catholic
EDUCATIONAL BACKGROUND:
2013-Present
2009-2013
2003-2009
Secondary Education
Ridge School
Frisco, Quezon City
Primary Education
Gender:
Female
Civil Status:
Single
Citizenship:
Filipino
Height:
56
Weight:
132 lbs
Health:
Excellent
Religion:
Roman Catholic
EDUCATIONAL BACKGROUND:
2013-Present
2009-2013
2003-2009
Secondary Education
Eulogio Rodriguez Jr. Elementary School
Rodriguez, Rizal
Primary Education
Gender:
Female
Civil Status:
Single
Citizenship:
Filipino
Height:
54
Weight:
93 lbs
Health:
Excellent
Religion:
Roman Catholic
EDUCATIONAL BACKGROUND:
2013-Present
2009-2013
2003-2009
Secondary Education
Parang Elementary School
Parang, Marikina City
Primary Education
Gender:
Female
Civil Status:
Single
Citizenship:
Filipino
Height:
51
Weight:
90 lbs
Health:
Normal
Religion:
Roman Catholic
EDUCATIONAL BACKGROUND:
2013-Present
2009-2013
2003-2009
Secondary Education
San Lorenzo Ruiz Elementary School
Manggahan, Pasig City
Primary Education
Gender:
Female
Civil Status:
Single
Citizenship:
Filipino
Height:
55
Weight:
103.4 lbs
Health:
Normal
Religion:
Catholic
EDUCATIONAL BACKGROUND:
2013-Present
2009-2013
2003-2009
Secondary Education
Bagong Silangan Elementary School
Quezon City
Primary Education
Gender:
Male
Civil Status:
Single
Citizenship:
Filipino
Height:
54
Weight:
135 lbs
Health:
Excellent
Religion:
Roman Catholic
EDUCATIONAL BACKGROUND:
2013-Present
2009-2013
2003-2009
Secondary Education
Takipan Elementary School
Takipan Mangatarem, Pangasinan
Primary Education
Gender:
Female
Civil Status:
Single
Citizenship:
Filipino
Height:
51
Weight:
93 lbs
Health:
Normal
Religion:
Roman Catholic
EDUCATIONAL BACKGROUND:
2013-Present
2009-2013
2008-2009
Secondary Education
Leonardo Barrun Elementary School
San Jacinto, Masbate
Primary Education
2003-2008
Gender:
Female
Civil Status:
Single
Citizenship:
Filipino
Height:
51
Weight:
97 lbs
Health:
Excellent
Religion:
Roman Catholic
EDUCATIONAL BACKGROUND:
2013-Present
2012-2013
2009-2012
Secondary Education
Regional Pilot School for the Arts
Angono Rizal
Secondary Education
2003-2009