General Accepted Accounting Principles | accounting

The differences of financial accounting and managerial accounting are very prevalent. Some of these differences include precision, mandatory external reports and emphasizing financial consequences of past activities. These characteristics are describing financial accounting. Financial accounting is a way of measuring economic performance. This type of accounting summarizes data to prepare balance sheets and income statements for the firm. The specific difference discussed in this piece will be the difference of the Generally Accepted Accounting Principles (GAAP). Financial accounting must follow GAAP, while managerial accounting does not need to follow GAAP.The Generally Accepted Accounting Principles help steer firms in recording business transactions. The GAAP are not rules, but guidelines for a firm to follow for recording. The principles set a minimum level of regularity in statements. There are many positives in compliance with the GAAP. The principles maintain creditability because it informs outside companies that this company using the GAAP is being portrayed precisely. Stockholders and analysts can read a report knowing that it abides with the accounting principles.There are many principles to be discussed for the GAAP. The six principles to be discussed during this article are economic entity assumption, accrual basis accounting, revenue recognition principle, relevance, reliability and consistency principle, materiality principle, and cost principle. Economic entity includes any organization in the economy. Examples can include schools, hospitals, governments and churches. Every event must be recorded by a specific entity. Another part to this principle is that records can not include any personal assets or liabilities relating to the owners. The second principle is the accrual basis accounting principle. Accrual basis accounting captures financial aspect in each event in the period of occurrence. Revenues are recognized when the business receives the cash. Expenses are recognized when the business pays with cash. Furthermore, the revenue recognition principle is when revenues are earned upon the finishing of a product or service, but without view to the timing of cash flow. The last principle in the GAAP discussion is relevance, reliability, and consistency. Information must be useful. To be useful, this information in accounting must be relevant, reliable and in a consistent method.Relevant information will help a decision choice understood properly by examining the businesses past performance, and the future position. Detailed information is needed for internal users to estimate the company’s value. Reliable information must be confirmable. Otherwise, this information cannot be used or trusted in preparation of financial statements. Lastly, the information must be consistent. This means that the methods must be the same for each accounting period. Comparisons can be made between accounting periods if consistent. Consistency will help a company evaluate the methods of the accounting periods. The materiality principle states the requirements of any principle may be ignore, if and only if, there is no consequence on the users of the financial information. An example of this principle would be tracking individual staples used in a department of an office. There is no definitive gauge to calculate the staples used. This judgment of dollars is not a significant entity to a large corporation, but it may to a small, privately owned business. It will depend of the size of the company. The cost principle is dealing with the recording of the company’s assets. The assets equal the value exchanged at the time of their attainment. Assets consisting of land or buildings value with time. Land and buildings do not need to be appraised for reporting.So what is the difference of why managerial accounting does not need to follow GAAP but financial accounting need to follow the principles? Managerial and financial accounting is two separate types of accounting, so each one needs a specific method for financial reports to help that type of company. Managerial accounting is not bound by the General Accepted Accounting Principles. In managerial accounting, managers set their own rules for financial report methods. Using the General Accepted Accounting Principles set a common ground for external users to rely on when evaluating a company. The GAAP help reduce fraud and catch misrepresentations on financial reports. Managerial accounting prepares reports only for internal use of the manager. This information helps to make decisions on the company’s future. There are no specific required reports, only the reports what the manager sees fit to help make decisions. The reports are normally focused on departments of the organization, not as a whole. Financial accounting relies on reports for perspective of the organization. It focuses on specific information because it is used outside the company. This is why financial accounting must follow GAAP for external reports.

Get to Know Answering Service Companies | business services

Preventing missed calls from customers who need our product or service, answering service companies categorized as a business service that answers the clients’ telephone calls and conveys messages to the clients. Usually they provide inbound (calls initiated by the customer) and outbound call center service, order taking, customer service assistance, and answering services. Bilingual outbound and inbound call center service allows callers to order products, take surveys, and get important information about our products and services.Today’s harsh and competitive market where customer satisfaction is one of the crucial requirements in surviving the business world, businesses must provide a 24 hour point of interaction with their customers. If we run a business company or industry, it is essential to deliver the highest level of customer satisfaction and responsive professionalism to customers. By using the answering service companies, we can easily capture sales, provide outstanding and on-demand customer support, and reduce staffing costs, 24 hours a day. An answering service can help maintain a business’ existence without expense such as overhead and payroll costs from constant staff. They also provide round the clock support and operator services to ensure that our business keeps running no matter the time of day. They give our business an edge that voicemail or automation cannot provide. Answering service company utilizes the latest in advanced call center technologies and equipped with powerful and user-friendly software applications.The staffs who work in this company, should be professionally trained and have abilities to:o Answer every caller live, 24/7 in bilingualo Reliably provide coverage for every phone line during holidays and weekendso Take urgent callso Process messages through many channels such as telephone, e-mail, voicemail, and wireless deviceso Control every calls and messages.The answering service company has so many choices of answering service feature. They offer web chat, web on-call, web messaging, live phone answering, live relay via text, fax or even e-mail, RSVP service, and patching, which puts the caller directly through us. We can say it’s like a virtual receptionist who will help our business succeed by professionally answering calls, scheduling appointments, dispatching to our on-call staff, and providing customers with things they need. You can tell if the answering service company was good or not by their customer’s holding time, the longer they keep the customers waiting for the operator to help them, the worst the company is.If you were searching on the internet for answering service company, you will find so many of them; for example, there is Answer Connect, Messages Plus, Apple Tree Answers, Americall, Map Communications, Concorde Communications, and still many more to be mentioned.This service can be customized according to different business needs, from a small business to a corporate-level one. Therefore, ultimately it depends on our company requirements.

Five Common Reasons To Consult An Elder Law Attorney | laws and issues

You may have heard of the term ‘elder law’ and wondered what, exactly, it meant. Simply put, an elder law specialist has taken the time to learn as much as possible about any laws affecting the lives of senior citizens and their families. There are many different issues that fall under the elder law heading, but some of the most common are outlined here.Protecting Seniors From AbuseThis is one of the most distressing examples of why you may want to consult an attorney specializing in concerns of the elderly. If you have an aged parent who is in a nursing home, receiving skilled nursing care, or being cared for by someone else and you suspect that your parent is being neglected or abused, you must consult with a litigation attorney as soon as possible who specializes in cases of elder abuse. They can give you the guidance and support you need while investigating and filing suit against the abuser or abusers. Protecting the dignity and welfare of seniors is one of the most rewarding aspects of handling legal issues for the elderly.Helping With Financial PlanningIf you’re getting ready to retire, an elder law specialist who has experience in financial planning can help you develop a solid, long-term financial plan that will protect your finances while allowing you to live comfortably in your golden years. Estate lawyers can also help you choose an appropriate nursing home or assisted living facility when the time comes and oversee your finances to make sure your bills are paid and your property is handled correctly.Estate PlanningIt’s crucial that a properly executed will is prepared for you in order to make sure your estate is handled properly after your death. Meeting with estate lawyers to discuss your heirs and last wishes is crucial if you have an estate of any size. A will that clearly and concisely states who will inherit what and how your estate is to be distributed can prevent your heirs from squabbling about your estate after you’ve passed away. Writing a will and structuring an estate in order to protect your assets even after your death is one of the most common reasons people consult with elder law attorneys.Social Security DisputesSocial security is a financial safety net for many seniors after retirement. Depending on the monthly checks you receive from social security can be difficult, particularly if you don’t feel you’re receiving appropriate benefits. If you have a dispute over your social security payments, an elder law litigation attorney can represent you and protect your interests, helping you get the social security benefits you deserve.Grandparents’ RightsLitigation attorneys can represent grandparents who have lost contact with their grandchildren through no fault of their own. A divorce or separation is always heart wrenching, but when parents use their children as weapons in an unpleasant divorce, it is often the grandparents who suffer when an unhappy parent won’t let children visit grandparents who are the family of their ex-spouse. Fortunately, there are elder laws that cover such situations, and an experienced litigation attorney can work with family courts to ensure you are able to continue enjoying a relationship with your grandchildren.If you or a loved one is facing an elder law issue, consulting with experienced estate lawyers or getting a litigation attorney who is familiar with legal issues concerning the elderly is your best bet for resolving the issue to your satisfaction.