Best New Business Ideas for 2020 Accountant Create a flier outlining your services. Before you do that, you need to know what those services will be. Do you want to simply do bookkeeping for a small business? A more involved level of accounting would be do actually work up balance sheets, income statements, and other financial reports on a monthly, quarterly, and/or annual basis, depending on the needs of the business. Other specializations can include tax accounting, a huge area of potential work. Many business owners don’t mind keeping their own day-to-day bookkeeping records but would rather get professional help with their taxes. Most small businesses don’t have a full-time accountant, so the task of record keeping often falls to the business owner. A highly organized, trustworthy, part-time bookkeeper can really alleviate the stress of sorting through receipts and tax returns. You’ll most likely only need to put in one or two days a month for each client, depending on how many sales and expenses they have. Knowledge of QuickBooks is a plus, but not necessarily a requirement for, this side business. And if you don’t already have a relevant degree, you can take bookkeeping classes at a local community college. You can also become a certified bookkeeper through organizations like the National Association of Certified Professional Bookkeepers. Read on: A well researched article on “Small business ideas that’ll make you money” by Dawn Matthews  that throws light on realistic business ideas that’ll work out in the long run. It’s the year of the entrepreneur. Thanks, in part, to social media, crowdfunding and alternative lending options, and the constant evolution of technology, it’s a great time to start a business. Here is a great post on “Some very specific mistakes which can create big problems for Small Businesses“, compiled by John Hawthorne based on his research and experience. Read the Article for great insights on how branding has to be done the right way ! https://www.davidtaylordesign.com/youre-small-business-do-not-make-mistakes/ Attractive Business Ideas for Accountants Some of the most important business ideas for accountants are given as under. Bookkeeping: Bookkeeping is a lucrative business alternative for accountants. Both and small business firms require to maintain updated bookkeeping. With the availability of various software and computers equipped with the latest technology, bookkeeping has become easier than before. Accountants can engage themselves educational bookkeeping, this kind of business venture require both experience and education which the accountants usually have. Payroll Service: Payroll service which is a subsidiary of bookkeeping service is a very good business idea for accountants. Payroll services are necessary for most of the companies, and accountants can engage themselves into this kind of service which will help them earn good profits. Tax preparation: Tax preparation service can prove to be a very fruitful business idea for the accountants, for this kind of business grows very easily and appeals to numerous clients. Accountants taking tax preparation service as a business plan means that both individuals and firms will act as clients. Hope you found this article informative and useful…. Leave your feedback and...

An Analysis to Understand the Art of Accounting Objectives of an Accountant: The pure objective of an accountant would be to record all business transactions that are monetary in nature, in order to ascertain if the company has earned profit or suffered loss during a financial year. The financial position of the company as on a particular date can thus be understood from the accounting journals and ledgers. We are talking about the conventional purpose of accounting. But with the lapse of time, more and more is being expected from accounting, in that, it has to meet the demands and requirements of tax authorities for the purpose of income tax and sales tax returns, government regulations, investors, owners and the management. Thus it can be aptly defined as the art of recording, classifying and summarizing events in a significant manner, that involve money transactions and/ or events that are of financial character, for interpretation. Systematic records for future reference: Book keeping is an accounting practice that tells us how to keep a record of financial transactions. A firm deals with its customers and suppliers, where numerous business transactions take place every day. It is not possible for us to remember every transaction, which we might need it for our reference at a future date. Especially, if it happens to be a credit sale, definitely the necessity of systematic book keeping arises. The owner would like to know, what amount is due from whom, from time to time. To know the financial position of the firm: Every merchant is in business to earn profits. So systematic recording of factual and financial information will facilitate the owner to understand where he stands financially at the end of a financial year, what is his net profit and to pull the ropes tight if credit margin is wide. Further more, he can also understand the nature of his business growth by comparing the accounting records of two consecutive years. Taxation purposes: Some people evade tax, but no one can avoid tax. The main source of revenue generation for government is tax payments from business merchants and corporate companies. You need to pay a percentage as tax, in accordance with profit arising from sales. The accounting records that you maintain contain facts that are taken into account by the taxation authorities as a basis for assessment. https://amzn.to/2sl5aL7 Good evidence in the court of law: To prove your genuinity, in case of some disputes between yourself and the customer or supplier, your records and vouchers, if authentic and valid, are going to speak for you in the court of law as solid evidence. Accounting also answers some of these questions: How well the different departments of business have performed all along? What is the most profitable product line? What are the products whose production has to be increase and what is to be stopped in order to avoid losses? Is the cost of production reasonable or excessive? Is there a need to revise policy decisions to improve the profitability? What will be the future plans of business in the wake of existing results presented to the management? Overall, is the firm proceeding towards the right direction in terms of productivity, profitability and growth? Accounting is not only about recording and classifying, the interesting features being analysis and interpretation, which are the key factors for the development of the organization as a whole. Note: The Comptroller and Auditor General of India (CAG),is the head of the Supreme Audit Institution of India (SAI) CAG is the sole auditor of the accounts of the Central (Union) Government and the State Governments. CAG is also responsible for the audit...

Small Business Startup Checklist Establishment of a small business and successfully running it is definitely by no means a small achievement. It is a commendable achievement as entrepreneurs are the backbones of a country’s economy and its growth. Proper planning and understanding the significance of critical factors and determinants affecting a small business paves way for the smooth functioning of your enterprise. What are the prerequisites for running a small business? Any plan or idea to be transformed into a product or a service needs to be categorically put into experimentation and subject to inquiries. Prepare a detailed project report With the help of an external expert consultant get it appraised Let the product be innovative which has hitherto not hit the market, for instance flying cars Plan your geographical area of operations Go for a detailed market survey through questionnaires and giving out free samples Try to gauge the pulse of your target customers Launch your product at the right time Plan your marketing strategy regarding price and promotions Fix up proper capitalization that would meet your financial requirements. Definitely you have to bring in initial working capital of your own and don’t rely solely on bankers for the entire funding. Asset management, fixed capital and working capital management must be absolutely preplanned. Man power requirements -Right person for the right job and the appropriate number of persons needed to complete a job has to be planned. Their recruitment, selection, training and development forms part of the package. Location and Layout Most important criterion is the location and layout of your manufacturing facility. It should facilitate easy movement of materials to bring the product out to the market in the shortest possible time. Avoid bottlenecks or try to resolve them for smooth production. As we all know technology feeds on itself and more the delay, more competitors and better products throng the market. Keep in mind the end product should always reach the buyer or the consumer at the right time. Plan your re order level, delivery schedule and lead times in accordance with the orders in hand.   Picture Courtesy : Yourcityenterprise.com   Production Inputs Smooth supply of production inputs, uninterrupted supply of power, copious water supply, the nature of the soil( if your product is agro based), proximity to the market and transportation facilities have to be given due importance. Your product has to be compliant in such a way that it should not pollute the environment. So a proper waste disposal management system should be designed right at the start of your operations. Book-Keeping Proper book keeping and maintaining your accounts will please the tax authorities by which you create goodwill for your company and also keep your credit management under controllable limits. Any product centered around the consumer will be a hit and that is “marketing”. If you plan your success formula from your product that is “selling” that might not always be successful. Your distribution channels should be continuous with unbroken links and strong. The kind of self confidence that you exuberate makes you a reliable person and in the long run you become iconic. Technology Updates Businessmen have trained the customers to expect something new everyday, because such is the power of technology and the competitor force. So it is better to keep yourself updated with the latest technology available in the market. Take your product to your customers in a convincing manner by which it proves to be a win-win situation for both sides; profit making and customer satisfaction for the entrepreneur and buying products the money’s worth and the real benefits of the product for the...