Over the past decade, professionals in many industries have chosen to enhance their careers with degrees earned through online education. Among the many disciplines that have seen a considerable boost in popularity, accounting stands out due to its broad scope of practice and high demand in the business world. That said, let’s delve into the world of online accounting degrees and the benefits one can reap from attaining one.

Necessity of Online Accounting Degrees

Accounting, often referred to as the “language of business,” involves recording, interpreting, and analyzing financial information. With its basis in mathematics and attention to detail, accounting can be a challenging discipline. However, it’s one that can lead to a multitude of promising career paths. An online accounting degree opens up opportunities into a profession that is not only stable but also offers a variety of specialties, such as forensic accounting, public accounting, auditing, tax accounting, and management accounting.

Benefits of Taking an Online Accounting Degree

Online accounting degrees provide several advantages over traditional on-campus programs. First and foremost, they offer unprecedented flexibility, allowing you to establish a study schedule that accommodates work or family obligations. Furthermore, online programs are typically self-paced, enabling some students to complete their degrees faster than in traditional programs.

Earning an accounting degree online will also broaden your understanding of business principles and strengthen your analytical skills. Due to the nature of accounting, you’ll be exposed to a wide range of subjects such as business law, finance, management, and economics.

Technological Influence

Another significant advantage of studying accounting online is the exposure to various accounting and business software. Most programs will include training on widely-used tools like Excel, QuickBooks, and SAP. This hands-on experience with industry-standard software will significantly increase your marketability to employers. For instance, you could become proficient in the use of fixed asset manager quickbooks software, a tool which aids companies in recording, tracking, and recovering expenses associated with long-term assets such as land, building, and machinery.

Conclusion

An online accounting degree is an excellent investment for those seeking a stable, rewarding career in business. The skills you’ll acquire, such as problem-solving, financial analysis, decision-making, will be valuable not just in accounting or finance roles but across a wide array of professions. Plus, the flexibility and convenience of earning a degree online make returning to school a realistic goal for many working professionals.

Combined with the additional edge provided by technology training, in software like fixed asset manager quickbooks software, an online accounting degree truly stands out as a beatific choice for personal and professional growth.

Bookkeeping Essentials You Need to Know

by

Xilch

By maintaining a good financial record, you can easily monitor where your expenses go and which business you owe money to. It also helps you make better decisions, for instance when deciding to expand or offer more products.

As a business owner, what are the basic but important things in bookkeeping that you need to know? We list down five essential tips for you to consider:

Record daily expenses

Never forget to log every expense incurred. Be specific and record all the details including the purpose of the expense as well as the invoice and cheque numbers. Do not leave anything out. Accuracy is always important in record keeping and particularly useful come auditing time.

It s also important to record expenses taken from petty cash. Ask for a receipt every time your business pay in cash and keep them somewhere safe and accessible.

Organize your financial records

Keeping records is not just about saving the receipts and invoices. It is also about organizing them properly so that you ll know where to look for them when you do financial reports. Separate files for income and payroll, accounts payables, loans, and daily operational expenses. Keep them in alphabetical or numerical order. Imagine the amount of time you can save by just keeping your files in order.

In addition, avoid including personal expenses in your business account as this can lead to misappropriation of funds.

Update Receivables on Time

According to accounting experts, this is the most common mistake that small business owners make.

Reconcile your accounts receivables with their corresponding invoices as soon as you receive payment. This way you can track which receivables are paid and the ones that are not. Check for any inconsistencies as well to ensure there are no errors in them.

Keep the receipts of every business purchase

When you spend on things for your business such as office supplies and equipment or gas for the company car, remember to always save the receipts. Keep them in an envelope and bring it with you in your bag or car for easy safekeeping. This will come in handy especially when you re out on the field or on a business trip. File them once a month as soon as you have collected enough.

Sometimes receipts can become unreadable over time so make sure you photocopy them or save digital copies before filing.

Use a bookkeeping software

For easier and better management of your financial records, you can use a bookkeeping software such as Xilch as an alternative. A cloud-based accounting software helps you monitor expenses, process payments and invoices, generate financial reports, backup your files, and more. Xilch s bookkeeping service, in particular, comes with certified tax agents to help you manage your finances.

Small and medium enterprises (SMEs) don t need to be financial experts when it comes to bookkeeping. As long as they are proactive with their finances and possess practical knowledge in managing them, they will be able to handle their business better.

Xilch is your bookkeeping solution in the cloud. We specialise in Xero, Australia s most advanced and easiest to use cloud accounting package. www.xilch.com.au

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Cost Accounting Assignment Helps Online For Qualitative Work for the Students

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Students Assignments Helps

Cost accounting is an extensive subject; it involves the recording and documenting of financial information for any business. The subject has many arithmetic calculations involved in it which makes it a brainstorming subject for the students. Hence the majority of the students are in search for the Cost Accounting Assignment Help Online service provider that can help them in completing their assignment on time.To assist the students with their assignment, these Online Cost Accounting Assignment Help have a huge team of expert and professional writers. They are focusing only on providing the best guidance to the students in need. These experts know their field very well and hence provides the best and the knowledgeable assignment solution. They have proficiency in the cost accounting subject, hence providing the best knowledge is not a big task for them.What is cost accounting?In accounting subject, the cost accounting deals with the cost which is the monetary value of the total amount of expenditure for services, labour, supply, product, equipment and other purchased for the use of business. The cost accounting helps in the process of collecting, analyzing, summarizing and evaluating various alternatives course of actions. It is derived from the field of accounting and provides the actual cost information. Top management requires this knowledge for controlling the current operation and also helps to plan for the future based on current estimates. Cost accounts differ from the financial accounting as it analyses the fixed and variable cost factor.Types of cost• Actual cost• Opportunity cost• Sunk cost• Incremental cost• Explicit cost• Implicit cost• Book cost• Accounting cost• Economic cost• Direct cost• Indirect costUnderstanding the subject makes the assignment of cost accounting easyIn order to understand the subject thoroughly, it’s important and necessary to show interest in the subject matter, which is only possible if the students comprehend the very concept. Cost accounting becomes simple if the professional comes with tips and proper notes and provide it to the students. The university believes in more and more assignment solving so that the students are through with the subject. Students get to learn the subject on their own. The assignment takes a long time and also the problem-solving skills. So with the help of the experts like Cost Accounting Homework Help Online, it becomes easy for the students to complete the flawless assignment and at the same time complete it on time.Benefits to student with online service providerThe experts providing the assignment service all the knowledge of the subject and are having years of academic experience. It provides the students quality work and also shows the improvement in grades.It is necessary to take and use such assignment help to excel in the classroom with timely finishing and good assignment. The assignments are qualitative work of experts who have relevant industry experience and are subject matter specialist in providing Online Cost Accounting Homework Help to students. They do proper research for giving you a qualitative work.

You have solution as Cost Accounting Homework Help Online for the students facing difficulty in completing assignments/projects. Visit to the website for Student Assignments.

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Accounting Cover Letters Beyond The Ordinary

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Heather EagarThe salary levels and the demand for accounting jobs are both going through the roof. All companies need accounting personnel, whether they are pharmaceutical manufacturers, automotive companies, hotels or colleges; this is the reason for this job’s evergreen outlook. Given this background, writing the Get Noticed” cover letter for accounting has been the biggest challenge for candidates.

Accounting Cover Letter Intricacies

The cover letter can be made noticeable by including the three fundamental qualities demanded of an accountant. The first one being the knowledge of the field of accounting; your proficiency in handling different accounting software and your educational background. Your reason for interest in that particular company and a willingness to take on the workload will demonstrate your keenness for the job. You should use action words/phrases such as Reduced non performing assets by 25% within a quarter”, which will project you as a results-oriented person. Another important aspect of writing a good accounting cover letter is that you should match your qualifications to the job for which you are applying. HR managers will always appreciate those who research the company beforehand and before taking action. From your point of view, research may also reveal a few points that you may not like about the company, so you may also end up saving yourself some time.

Don’t Be Boring

Include in your cover letter any extra training or certificates you have had in the past, your job responsibilities and achievements. Many candidates who search for an accounting job forget that they are seeking a position which bestows upon them great responsibility and their cover letter becomes boring and routine as a result, which fails miserably.

Don’t Forget Formatting

The above points must be made in the second paragraph of your cover letter. The first paragraph should be reserved for opening the letter; self-introduction, job-code references if applicable, and greeting. Thank the addressee in last paragraph and end on a positive note. Proofread the letter a couple of times for logic, flow, and spelling and grammar errors. Give your contact information in full at the top of the letter, matching the header of your resume.

On first glance, the field of accounting may seem to be boring and routine. If you look more deeply, you will find that it is an area of great responsibility and good potential for growth. Recruiters are accustomed to seeing boring, drab accounting cover letters. By following the steps above, you can give them something that they aren’t expecting and enhance your chances for an interview.

Heather Eagar is a former professional resume writer who is now dedicated to providing job seekers with resources and products that promote job search success from beginning to end. If you need sample cover letters and tools, go to http://www.NothingbutCoverLetters.com

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By James Leong

Make or Break

Managing working capital is a critical component of financial management. It can make or break a company.

Inadequate working capital can put a company in jeopardy rather quickly due to liquidity problems. On the other hand, excessive working capital strains the company’s finances.

Accounting Definition

Accounting defines working capital as Current Assets less Current Liabilities. It is also known as Net Current Assets. Current assets are those which are considered liquid and are convertible or expected to be realizable in cash within a period of 12 months from the date of the financial report. Common examples include cash, inventories, accounts receivables, prepayments and marketable securities. Current liabilities are those which are expected to be repaid within a period of 12 months. Examples include bank overdraft, short term borrowings, accounts payables and accrued expenses.

Operating Standpoint

Operationally, working capital indicates the ability of the company to finance its current operations and to meet obligations when they mature. It measures the company’s ability to pay daily bills from a liquidity

standpoint.

When it is Inadequate

If there were more current liabilities than current assets, the result is called Net Current Liabilities, Working Capital Deficit or simply Negative Working Capital.

If all the liabilities were to become due and payable immediately, the company does not have sufficient liquid resources to pay them. This could potentially lead to a going concern problem, which means that the company may not have the ability to continue in operations if it could not successfully find sufficient liquid resources to settle its obligations quickly.

From a financial ratio perspective, a company’s working capital position is also represented by its current ratio. Current ratio is calculated using current assets to divide by current liabilities. A current ratio of

less than one means that working capital is negative. For example, if current assets were $100 and current liabilities were $120, the working capital deficit calculated would be ($20). The current ratio is computed as 100/120, giving 0.83, which is less than one.

Remedial Strategies:

To relieve working capital deficit, the following strategies are commonly adopted:

a. Raise Equity

A company can issue more shares to existing or new investors to bring in fresh funds. This infusion of equity will help to raise cash. The side effect of this may be to dilute the interest of existing shareholders who do not wish to inject further equity into the company.

b. Selling Non-current Assets

Non-current assets are those which are not expected to be convertible into cash within a period of 12 months from the financial report date. These are typically fixed assets such as property, plant and equipment. Included

here are also long term investments in other companies. A company can sell its non-core assets to raise cash to enhance its working capital position.

The other way of liquefying its balance sheet may be to enter into a sales and leaseback transaction of its property. This would result in cash infusion into the company.

Ceasing further capital expenditure would be wise till the cash situation and working capital position improve.

When Having Too Much is Bad

On the other hand, having too much working capital may not be ideal either. This is particularly so if the expansion of working capital is due to the rise in inventories and trade debtors, especially when they are

rising faster than sales revenue.

Inventories

Excess inventories pose several problems for businesses. The first is that of obsolescence risk. It could mean physical deterioration as well as technical or market obsolescence.

The second problem is that inventories drain cash. Liquid cash is tied up until the products are sold and the money collected from customers.

The third problem is that inventories require storage facilities. This takes up valuable space and may cost a business in terms of rental expense or opportunity cost in terms of facilities tied up.

If a business has old inventories, it would be advisable to clear them out quickly and free up the cash so that it can be redeployed for better uses.

Trade Debtors

Trade debtors represent financing by the company to its customers. Most often, this is interest and collateral free. On the other hand, the company may need to obtain bank financing on which it incurs interest.

When trade debtors build up, it may also be an indication of lax credit policy and poor follow up on outstanding debts. It may be worthwhile to engage additional resources to recover these receivables more quickly than letting customers take their time to settle their invoices way beyond the credit limit given.

It Boils Down to Efficiency

The more efficient a business can manage its inventories and trade debtors, the better it is for liquidity. More cash would then be available for growing the business, reducing finance costs and paying shareholders

dividends.

Conclusion

As we can see, it takes prudent financial policies, management discipline and vigilant monitoring to ensure that a fine balance is maintained for working capital. But the effort will pay off handsomely for the business

with the will to do so.

About the Author: James Leong is the MD and principal consultant of VisionsOne Consulting Pte Ltd. James can be reached at jamesleong@ visions1.com.sg or

visions1.com.sg

. Catch James in action on YouTube under: ‘jamesleongtraining’.

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By Terry Lessig

The Past As Prologue

If you are one of the mega-publishers of the last 30 years, this doesnt really apply to you. Deep pockets allowed you the freedom to invest resources into producing audio books from those manuscripts your research said would be profitable, hire top named talent, fill the pipeline with product, and wait for sales. In reality, it was to your advantage, as it moved the earn-out goalpost further downfield and delayed additional author royalties by that much more. You also had the freedom to sell the audio rights to an audio-only publisher in cases where such practice made economic sense.

This is for mid-sized and small publishers who rarely, or never ventured into the full exploitation of audio rights. You might have sold those rights whenever and wherever you could to provide an immediate return on your investment, caring little if it earned you and your authors further royalties. You published books, not tapes or CDs. Your world was the tactile, printed page, and you were happy to allow niche companies to handle the spoken step-child.

How It Has Changed

The digital revolution altered every aspect of communications. The proliferation of personal computers spawned an Internet that was not possible before, and this new taste of instant accessibility fostered dreams of even greater flexibility when combined with cell phone technology. New wireless devices were developed to deliver books directly to consumers, without brick and mortar stores, without a distribution pipeline, and even without printing a page.

Publishers quickly became comfortable with the idea that sales revenue could be made without having a tactile product move from their warehouse to a readers bookshelf, as a book could now travel almost directly from an editors workstation to a consumers handheld reading device. In a very short amount of time, a remarkable percentage of titles are sold this way.

Audio Book Publishing Evolution

Since the advent of audio books more than three decades ago, they have consistently accounted for about 15% of a titles revenues, on average. Major publishing houses saw them as a necessary evil for their major titles, and hoped the audio version would at least earn back its production costs, which could be substantial. Big name talent were often employed to read, and the cost of analog audio production was high due to the cumbersome methods of editing that had to be used.

The use of computers in audio production significantly sped up the process, but something else drastically reduced the cost of audio production across the board, including how audio books are processed. Hardware and software costs created an ease of entry such that a teenager could now accomplish on his desktop a job that used to require rooms full of sophisticated machinery, and a team of specialists to keep it operating at peak performance. What they lacked in artistic judgment was quickly dismissed in favor of the cost savings, and it wasnt long before the artistic value was restored, as the learning curve of computer editing was nil compared to the old analog ways.

It is interesting to note that despite the printed page predating its audio counterpart by a number of centuries, audio book downloading to a personal listening device was nearly a decade ahead of the Kindle and its cousins. Audio downloading remains one of the fastest growing segments of the publishing industry.

Audio Books Now

Audio book publishing is no longer a niche market, nor is it a step-child. With an abundant number of personal devices able to receive, store, and play digital audio books, and the growing number of host platforms and sites, some offering a 60% split, it is a serious profit center.

Downloading now accounts for greater than 50% of all audio book sales, and it is growing rapidly. No longer is it necessary to manufacture CDs to publish audio, and by saving this cost, along with the associated costs of inventory logistics, a distributor, freight, and returns processing, the only cost to bear is productiona one-time, finite charge for a process that has also been revolutionized and streamlined by digital technology.

An audio book can now earn back its costs with as little as a few hundred units sold. This puts profitability within the grasp of small, medium, and now for the first time, self publishers.

The Case for Retaining Your Audio Rights

A standard publishing contract feature provides for an equitable split of fees earned on subsidiary rights, so when figuring the profitability of audio, you must also factor in that by retaining them, they only cost you one-half of their true value.

By combining the unlimited virtual bookshelf, reduced production costs, and zero manufacturing, shipping, or warehousing, it is easy to envision how audio book versions can be more profitable by retaining and exploiting them rather than subjecting them to a subsidiary sale, which also depends upon the existence of a buyer. A good thing to keep in mind is that a subsidiary rights buyer must believe there is a profit to be made with that right.

Review

So far we have learned that digital technology has revolutionized every aspect of the publishing business, and that the Internet, combined with wireless technology, has created a method of instantaneous sales, void of any physical product.

We learned that a number of personal devices exist to receive and reproduce both printed and audio books, and that the number of host sites serving them is growing.

We learned that these factors create significant savings throughout the publishing process, including the associated costs of accounting and logistics for books and audio books in physical form.

We learned that audio book downloading has surpassed the tipping point, and accounts for more than one-half of sales.

And we learned that it takes fewer sales than ever to have a title in the black.

Conclusion

Many opportunities exist for publishers today to monetize their audio rights, but the creation of audio books is as much an art as it is a science. While it might be tempting to buy a USB microphone and download some audio freeware, audio recording and editing needs the skill set of a professional producer who can envision the end product and guide the project to completion.

About the Author: Terry W. Lessig is the Executive Producer and Publisher at

AudioBookMan

, an audio book production and publishing company. To learn about AudioBookMan’s different options available to authors and publishers, please send an email to

terry(at)audiobookman.com

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