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Why Do Acs & What Kind?

Why Do Acs & What Kind?

Hit#  451

  rightgood  Do Monthly Management Accounts for Understanding & Control   

   wrongbomb Don't do Accounts just for Tax Filing without supervision  wrongbomb

What is Management Accounting

■  Monthly Reporting; not just to meet tax e-Filing deadline

■  Costs Classified into Variable, Direct / Semi &  Overheads for understanding biz

■  Chart of Accounts design that support HR Accountability & Internal Control

■  Balance Sheet focus to show Financial Status / Viability of Enterprise

■  Monthly or/& Yearly Trending Reporting 

■  Confidently braveUnderstanding your business to face braveTax Audit

Business Reason

  • All businesses must do Account to plan & control its operation.
  • Account ensures HR Accountability to the Objectives set for the Enterprise.(Management by Objectivesclick ►read Manage by Objectives
  • Make use of the Accounting records to manage efficiently if you have not being doing so.
  • Accounts is for management not a nuisance to be settled by accounts clerk.

Statutory or Legal Reason

  • All business need to do Tax Filing, so keeping accounts is a must.  Pay special attention to Tax issue because you can be easily fined during the Tax Audit  click ►read Tax Audit
  • For limited companies, Accounts must be audited.  Auditors need to sign off that proper accounting records are kept and the financial statement reflect a true and fair representation of the state of company.

Most small business thinks that doing Accounts is for Audit & Tax avoidance
                              (do pay your tax .. don't be like US Trumpet!). 

Following should be bosses' practical reasons for doing pro Account.

  • Know your Cash Flow profile at your finger tips, PRO Accounts track this easily.
  • People don't pay you, you can know who owes you and for how long instantly ... Aging & Set Off.
  • Your money may be taken by your own people within 家賊难防, fraud & CBT  .. Internal Control.
  • Tax "friends" wants to Tax Audit Track for 7 years .. Do you have your answers easily ready?
  • Do company meet all Legislative Deadline to avoid fines .. Tax Planning
  • Do you know what you own and what you owe? .. Assets & Liabilities in your Balance Sheet.
  • Why you are not making money & how to correct it?.. Productivity, Costs or Productive Activity.
  • Do you have Accountability Account to be costs effective & not waste?  .. Manage by Objectives through Planning & HR Organistion
  • Do you have a performance record and profile to Talk to a Bank to get Financial Support to even out the ups & downs?

 

 

 Click ►Optimal LAN system lan1for Apps to run your business

pro AccountAcAp + support

Dummies just Input Data 

 

 

◄Back to portsum1 Biz Practices

 

Date

18 August 2020

Tags

Manage

Bosses' Worries

  • Cash Flow, AP/AR Aging, CBT
  • SST/GST Accounting & Returns
  • Salary/Daily Workers Accounts
  • Tax Estimation CP204/500
  • Operation/Project: Gross Profit%
  • Staffing / HR Turnover Problems
  • Legal Deadline, Comply & Fines
  • Government Audit (Tax/GST/SST)
  • Operation Control (HR/Reports)
  • Future of your Business . SWOT

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