Different Branches of Accounting

Accounting is the process of recording, classifying and summarizing in a significant manner in terms of money, transactions and events which are part of a financial aspect. Its function is to provide quantitative information, primarily the financial in nature that is intended to be useful in making economic decisions to who the information would be transmitted. This would be important to statement users so that they can make informed judgment and better decision in the financial standing of a company or business.

Accounting is called "the language of business" because it is the vehicle for reporting financial information about a business entity to many different groups of people. There are different groups in accounting like, management accounting, and financial accounting.

Branches of Accounting:

Management Accounting - They are concerned with the provisions and use of accounting information to managers within the organization. This would be the process of preparing management reports and accounts that provide accurate and timely financial and statistical information which is required by managers in order to make daily and short-term decisions. The reports technically shows the amount of available cash, amount of orders in hand, accounts receivable, sales revenue, state of accounts payable, outstanding debts, raw material, inventory and other statistics.
Financial Accounting or General Accounting - This is a field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. The main purpose of financial accounting is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities.
Auditing - Is a systematic process of obtaining and evaluating the accounts or financial records of a governmental, business, or other entity based on criteria. Auditing focuses largely on financial information and the process may also involve examination of non-financial documents that would show information about a business's conduct.
Tax Accounting - This is the method of accounting that focuses on tax issues. This would include the preparation of tax returns and the consideration of the tax consequences of proposed business transactions.
Cost Accounting - Emphasizes the determination and the control of costs particularly the costs of manufacturing processes and of the manufactured products.
Government Accounting - Non-commercial accounting in which budgets and encumbrances form parts of the accounts, and assets are restricted for specified purposes. It mainly focuses on the proper custody of government funds and their purposes.
Budgetary Accounting - Represents the plan of financial operations for a period and through accounts and summaries, provides comparisons of actual operations with the predetermined plan.
Internal Auditing - Gives you an insight into a company's compliance issues, risk assessment, fraud prevention, corporate governance, IT auditing, and many other topics. This is done by an independent firm in order to give an objective assessment of the company's finance situation.

Include A Cash Advance

What are your financial goals? Are you looking to get away from needing a cash advance? Would you like to be credit card debt free? How would you use a budget to help achieve these goals? Before you can even start working on these goals, take a good look at where your finances are now and begin to think about what sacrifices can be made in the process.

*Focus on one or two objectives at a time. Unless you have lots of money to be spread out across many areas, keep it simple. When you do identify financial goals, take a few moments and prioritize them. When you concentrate your efforts into selecting goals at the top, you will have a better chance of achieving success.

*Don't assume the easy goals should be at the top of the list. You can't prioritize based on convenience. Don't let the undesired goals sit at the bottom. Getting rid of those may make the biggest difference. Look at all your debt and compare outstanding balances and interest rate.

*Be ready for problems. If all your goals are met without a glitch, then awesome for you! Most people do experience financial conflicts, especially when it comes to money and bills.

*Give yourself some time. We all would love debt to disappear tomorrow. Set realistic time goals to each of the objectives. If one of your goals is to save for retirement, start that one first. The longer you spend putting money away, the more you will have at the end.

*Reevaluate the list as you go. Don't let your focus blind you from seeing trouble brewing with other objectives. Did you use a cash advance and not plan the payoff properly? Did you max out a credit card and then have the interest go up? You need to keep track of every bill each month in order to efficiently monitor your finances.

*If you have a family, make them accountable for money as well. Your spouse should be in on the plan and the children should be given their own goals. Simplify the children's roles but make them meaningful. They could help keep the electric bill low by working at shutting off lights when they leave the room. Make each goal age appropriate.

*Just because you are making a dent in your debt, don't start thinking you can afford large purchases. Keep yourself on task and don't add to your debt unnecessarily.

*Don't think small purchases won't hurt. Remember, all those little things you feel you can now afford will build debt back up sooner than you realize. We all deserve a treat, so budget a certain amount to spend and stick to the plan.

*Be prepared for emergencies or a quick change. You can't control some factors in life. Loss of a job, relocation or medical problems will greatly impact finances. If you can build a savings account which holds at least six months of expenses, it would be the most ideal way to help keep your progress safe and secure.

Your Buy a Prepaid Card

Prepaid gift cards are everywhere. Since Congress passed legislation restricting bank fees under the CARD Act, banks have been looking for ways to make extra money to make up for the short fall in fees. Since reloadable prepaid cards are less regulated, they've become a news source of revenue for financial institutions. Here is what to look out for before you buy one:

1. What out for Fees

Despite claims to the contrary, re-loadable cards still come with fees. There is activation fees that are charged when you buy the card and this ranges from $4.95 to $9.95. Some prepaid charge as much as $14.95 for activation. If you are buying a non-re-loadable card, it's important to consider the fees before you buy since they are one time use only. If you plan to use the card for a long period of time, it may be best to buy a re-loadable one since you can add money to the card once the initial balance is exhausted - without the need to pay another activation fee.

2. Expiration Date

Congress passed a law extending gift card expiration on closed loop gift cards to 5 years from the purchase date. Closed loop gift cards are the ones that are merchant specific. For example if you buy a Macy's card, you can only use it at their store. However the law did not cover open loop gift cards, which are issued by banks - Visa, American Express, Discover and MasterCard - which can be used anywhere the issuer cards are accepted. When you buy an open loop version, be aware of the expiration date and be sure to use the card before it expires, otherwise you forfeit the remaining balance on the card.

3. Another thing to watch when buying a prepaid card is the whether that card is for one time use or is re-loadable. A non-re-loadable card means that once the initial balance on the card is spent you cannot add any more money to the card so if you're looking for a card that can be used for a long time, this is not your option. With re loadable prepaid cards, you can I add money to the card when the initial balances is spent and you can keep adding money until the expiration date. These cards are usually best for people who are looking for credit card substitute., however, due to the convenience and longevity, re loadable prepaid cards come with a lot of fees so be sure to check all the fees that come along with the card before you buy it.

4. Functionality

The last thing to consider is functionality of your prepaid card. Some prepaid cards cannot be used to shop online or cannot be used on eBay or with Pay Pal so be sure to check it before you buy. Also, even with the prepaid card that's approved for online shipping, you have to register it with the merchant and add your billing address to before you can use it online. In addition, not all prepaids offer direct deposit or bank transfers. If you plan to have your paycheck deposit onto your prepaid or plan to transfer money from your bank account to the card, you should be sure that you are allowed by the issuer to do that.

Your Property Isn't Selling

If your home has been on the market for some time, and buyers are just not interested, there could be some significant reasons why. Here are a few things to consider:

Poor condition

This is the most obvious reason. It may be that you don't see the point in fixing up your home, as you plan to move on, so feel it's not worth bothering with. But, put yourself in the buyer's shoes and ask yourself if you would be interested in buying your property, at the price you are asking, in the condition it is in. If the answer is no, then either need to drop the price enough to encourage buyers to overlook the condition, or you need to make some changes.

Firstly, make sure your property is clean and tidy. A dirty home is off-putting and potential buyers will be focusing on how untidy your home is, rather than the house itself. If you have some very unsightly problems such as peeling wallpaper and chipped paintwork, it's worth investing in redoing, to make your home more attractive and presentable. Make sure there are no bad smells, or unkempt rooms, particularly the bathroom and kitchen. If the garden looks like it is used as a dumping ground, then clean it up, clean the guttering, and wash the windows.

Presentation of your home is important in making a sale, so spend some time sorting this out. If you don't wish to carry out the work yourself, contract someone to do it for you. It will be more expensive than doing it yourself of course, but in the end it will make your property much more saleable, which is the goal. If you still do not wish carry out any work on the property, then drop the asking price. If buyers are aware you have dropped the price to reflect the condition it is in and the work that will be needed to fix up, they are more likely to be OK with taking on the work required.

Marketing

If your home is in good condition, but you are just not getting enough potential buyers through the door, It may be down to a lack of marketing. Poor advertising will mean your property will be overlooked. Check too that your property is listed correctly otherwise it will not be noticed. Use good photographs to catch potential buyer's eyes. A well-presented photo should intrigue the buyer enough to want to see more.

If you are using an agent, make sure they are doing their job in promoting your properties well enough, if not, find a new one. A professional experienced selling agent is crucial for selling your property quickly, so choose well and find out how he intends to go about promoting your property.

Lastly, when you do finally sell your home, and are moving onto a new property, take a look at the various remortgaging options, as you may find a better deal. Look into the best mortgage refinance options out there, and compare what the best mortgage loans available are, and what your best refinance mortgage rate is.

When to Sell Your Home

Whether scaling up or downsizing, selling your home in order to buy a new property can be daunting. Before taking that step, here are three important factors to consider:

Your reasons for selling

In many cases, selling your home for practical reasons, either to scale up because your family needs more room to grow or downsizing when your family have grown older and flown the nest. For some, it boils down to location needs, such as needing to move to where a good school is or closer to work for less commuting time. If you love your home then it can be a very difficult decision to make, so consider all the alternative possible options before taking that drastic step of selling. For example, if you are considering the move due to the need for more space, look into remodeling your home or renovating your loft, basement, or garage instead. Remodeling or renovating could give you that extra space you crave, without the need to up sticks and move. There are many companies who can provide you with a free quotation on renovations and remodeling, so it could be worthwhile to check out that alternative first.

The best time to sell

Studies have shown that the most productive season for selling your home is spring. In the spring season, buyers are more relaxed and comfortable, as viewing properties during clement weather is preferable over harsh and cold winters or sweltering summers. Spring is also when tax rebates are in the bank, so buyers have more financial buying power and you will have a lot more viewers during this period. The downside is competition, as spring is peak selling time, with a lot of houses on the market competing for a sale with yours. So make sure your home is clean and presentable to help its saleability.

Financial

Consider the current market to decide if it makes sense to sell. If it's a buyers' market, you won't be able to ask for too high a buying price. If you are scaling up, consider if the market is good for you and what the effect a larger, more expensive property will have on your income. A larger property may seem like a good idea until you work out the financial outlay. Use a mortgage calculator to help work out what you can realistically afford. A search online for the best mortgage calculator will turn up many results, of which most are free. So take advantage of this tool to help you plan ahead.

If you do decide to sell, make sure you check out all the different remortgaging options available, as you may find a better deal than your existing mortgage. Find out what the best mortgage refinance company is for your current situation, what your best refinance mortgage rate could be, as well as the best mortgage loans available. Have a search online or look in the local paper to find out what banks and loan companies are offering, as you may find yourself financially much better off if you change over to a different mortgage.

Make Your Home More Sellable

There are a several things you can do to make your home more sellable. Here are a few suggestions:

Appealabilty

Enhance the attractiveness of your home. Firstly, make sure it is clean, spotlessly clean, from top to bottom. That means those hard to reach and forgotten areas such as attic/loft areas, basements, cupboards, corners and crevices. Make sure windows are spotless, and wood is polished. Don't forget to work on your outside area too. Clean out the guttering, clean up the garden, mow the lawn, trim overrun hedges, and scrub up garden paths. Make sure the garage is cleaned also, throwing away any unused cans of paint etc, unless still useful. Keep your home neat and tidy, as clutter can be very off-putting to potential buyers and can distract their ability to visualize living there. If you don't have time, hire a company to do the cleaning work for you.

Invest

May seem like a strange idea to invest money into developing your property when you wish to sell, but outlaying even just a little cash can potentially increase your property salability, and can even increase the asking rate. A lick of paint over fencing, window frames, doors and walls, can help your home take on a fresh appearance. Buyers like to visualize themselves living there, so creating a fresh, clean, tidy look can help them do this.

Enhance Selling points

Ensure you know what your homes selling points are, such as a bay window, a marble fireplace, a large bathtub, and highlight these features. A selling point can also be your location. If your home is located near a local beauty spot for example, or if you are near a very good school (which will appeal to a family).

Timing

Knowing when to sell your home, can help you sell it fast and at the best rate. Choosing the best season to sell, which is usually spring and summertime, will put potential buyers in the right frame of mind. Property sales studies show that sales drop during winter months.

A few other tips and tricks to consider when selling:

Place large mirrors in small rooms or spaces. Mirrors give the illusion of space and help reflect light.

Put on a pot of coffee when potential buyers are scheduled to view. A study done indicates most people enjoy the smell of freshly brewed coffee as it adds a homely touch. Using scents can help buyers project living in your home.

Use scents around the home. Nice smells in the rooms have an enjoyable effect on the senses. Potential buyers may not even be acutely aware of the scent, but when recalling your home on their list of viewed properties will recall it with a good feeling.

Consider placing fresh flowers and plants around your home. Visual touches such as flowers and leafy green plants make your home inviting, and these touches will have a lasting memory on potential buyers when recalling your property.

Remove items that are overly personal. A large wedding photo, or personal items of clothing, for example, can detract the buyer from visualize living in the property, so keep personal items at a minimum.

Now that you have a few tips, hopefully you will see your property sell fast. As for moving on yourself, ensure you have the best mortgage deal available. Check out what the best remortgage refinance company for you is, and what your best refinance mortgage rate is. Using a search engine or local adverts can help you find out what refinance mortgage rates are available.

First Time Buyers

Buying your first home can be an exciting prospect and owning your own property, rather than renting, can give peace of mind and a feeling of security. Before you start picking out kitchen appliances, however, consider some of the initial factors involved in buying your home.

How much money do you have to put forward as a deposit?

Most mortgage providers will request you pay up at least 5 percent of the purchase price. However, the larger percentage of deposit you are able to pay, will increase your mortgage plan options, and can get you a much better deal. The ability to contribute 15 percent or more towards your mortgage will greatly increase your options.

Set-up fees The first kind of fee you will incur is what is known as an "arrangement fee", which can either be paid up front or added to your mortgage. This fee is an arrangement fee which is used to cover administration costs.

Expect to pay a property evaluation and survey free. This fee depends on the value of the property and level of survey you choose. Choose the level of survey that you think is most suitable for the property and keep in mind that a thorough survey, although more expensive, can give you peace of mind. The knowledge that the property you are buying has no potential problems and costs after purchase can be invaluable.

Another possible fee is a search fee. This is a local council fee for searching if there is any future planning or local problems or issue with may affect the property value. This application is usually carried out by your legal representative rather than on your own.

Lastly, legal fees need to be factored in. Your legal representative will need to be paid for the legal work carried out on your behalf.

What mortgage to go for?

Well, there are two main types of mortgages available: a fixed-rate mortgage and an adjustable-rate mortgage (ARM). Fixed-rate mortgages have the interest fixed for a set amount of years, after which the balance is paid in full or you can refinance to a new mortgage. The benefit of fix-rate mortgages is that you have a set amount each month to pay, so you know exactly how much you need to budget for each month. However, if interest rates go down, you won't be able to enjoy the lower rate. ARM mortgages will fluctuate monthly depending on interest rates. There is a minimum and maximum cap rate however, so you have some security if rates shoot dramatically up. With an adjustable-rate mortgage, most repayments are set much lower than fixed-rate mortgages, particularly at the start of the loan agreement. However, remember to budget for the increased rate after the initial adjustment period. You will need to factor that into your repayments.

Now that you are aware of the basics, you can start shopping around to see who is offering you the best mortgage loans available and the best mortgage company for your requirements. It's worth using a mortgage calculator too, which can be found online if you search keywords "best mortgage calculator".