This post confirms my ownership of the site and that this site adheres to Google AdSense program policies and Terms and Conditions: ca-pub-6662900607413536
Things CA Students should learn during Articleship
Jan 6, 2012
Things CA Students should learn during Articleship - Especially for Indian Students
Your Articleship is the golden time of your period as a CA Student. How you go through it will have an impact on what type of CA you are destined to become. Taking your Articleship too seriously or too lightly will have an adverse impact on your training and your overall learning experience. Here I will discuss the 5 conventional things and some basic points regarding it that every Article should learn during his Articleship tenure.
1. Audit- it’s highly likely that the day you join your Articleship, you’ll be sent out for the first phase of an audit called Vouching.
What you should learn
The point here to know is that developing a working knowledge of Standards of Audit, and getting to know the History of Accounting errors and system problems at a particular client’s place can easily benefit you in understanding how things are done in the real life.
What you should learn
The point here to know is that developing a working knowledge of Standards of Audit, and getting to know the History of Accounting errors and system problems at a particular client’s place can easily benefit you in understanding how things are done in the real life.
2. Accounting- “What’s a Chartered Accountant who hasn’t done some real accounting work” that’s what my Boss said. Simple data entry of client’s can help you understand fundamental accounting concepts better
What you should learn
Familiarise yourself with the two basic accounting software in use- Tally and Busy, however keep in mind both are powerful software and misjudging them for just simple accounting tolls would be imprudent. Both not only offer powerful reporting facilities but also assist in business management. Learning from them you can also develop managerial and reporting capabilities useful in the long run.
What you should learn
Familiarise yourself with the two basic accounting software in use- Tally and Busy, however keep in mind both are powerful software and misjudging them for just simple accounting tolls would be imprudent. Both not only offer powerful reporting facilities but also assist in business management. Learning from them you can also develop managerial and reporting capabilities useful in the long run.
3. Communication skills- Although this is stressed upon by CA’s, speakers etc but has been more or less neglected by the masses as most of them chase marks. Know this much that an average CA with good communication skills will fare much better than the topper with poor communication.
How to go about it
Start small, taking initiative such as requesting your principal that he allows you to attend his meetings with the client regarding audit etc can be helpful, or if you’re in the second year you yourself can hold regular meetings and develop communication while discussing your audit related queries etc. You can also go big and take part in ICAI’s student Conventions held regularly throughout India
How to go about it
Start small, taking initiative such as requesting your principal that he allows you to attend his meetings with the client regarding audit etc can be helpful, or if you’re in the second year you yourself can hold regular meetings and develop communication while discussing your audit related queries etc. You can also go big and take part in ICAI’s student Conventions held regularly throughout India
What you should learn
When you’re in a meeting you should realize the person you’re dealing with holds a vast amount of knowledge regarding his company and matters related to it. If you got a good query but your presentation is bad he can outwit you easily. Have you ever realized that if you’re a practicing CA with the same communication problem, how adversely it can affect you. Start now
When you’re in a meeting you should realize the person you’re dealing with holds a vast amount of knowledge regarding his company and matters related to it. If you got a good query but your presentation is bad he can outwit you easily. Have you ever realized that if you’re a practicing CA with the same communication problem, how adversely it can affect you. Start now
4. Dealing with the Babu- One of my all time favourite, your articleship training is not complete until you’ve witnessed the reality of a government office. If you’ve seen the movie “Chala mussaddi office office” then you’ll probably know what I am hinting at. Government offices working at snail paces, double sided drawer’s for easy transfer of bribes, constant running around to submit ITR at the Central Revenue office, standing in queues for hours and trying to set up an appointment with a higher rank officer for days only to get it after paying 1000 to the peon are some of the things I witnessed during my time.
What you can learn and gain
Your biggest learning will be that you’ll be able to come out of your shell and become a tougher and more confident person. That constant running around will also force you to understand the system and deal with it in a better way. Knowing what to do and how to do it.
What you can learn and gain
Your biggest learning will be that you’ll be able to come out of your shell and become a tougher and more confident person. That constant running around will also force you to understand the system and deal with it in a better way. Knowing what to do and how to do it.
5. Take the Chill Pill- Remember that your three years of articleship may be the most important, but they’re not the only three years of your career. Learn when to relax. Some people are unable to cope up with too much work and study pressure all pressing on them at the same time. Also know that you may be asked to go over and above your capacity. While that is acceptable at times, you should know where to draw the line and ease yourself.
Why you need to learn this
Young Indian professionals are the most stressed out lot in the world. Their ambition of money takes a toll on their health, and leads to restlessness, depression, heart problems and many more. Just tell me one thing, what good is that extra money you make when you can’t even be happy with it? Learning this important point and relaxing when you should, during your training, will complete your experience of becoming a successful CA later on.
These are some of the major points to be learn during Articleship. I may have missed out on a few less important ones as it is these major points that form the core of your learning experience. I would love to hear from you regarding what all you learn during your Articleship
Why you need to learn this
Young Indian professionals are the most stressed out lot in the world. Their ambition of money takes a toll on their health, and leads to restlessness, depression, heart problems and many more. Just tell me one thing, what good is that extra money you make when you can’t even be happy with it? Learning this important point and relaxing when you should, during your training, will complete your experience of becoming a successful CA later on.
These are some of the major points to be learn during Articleship. I may have missed out on a few less important ones as it is these major points that form the core of your learning experience. I would love to hear from you regarding what all you learn during your Articleship
Your Home Business Tax Deductions
Nov 25, 2011
If you operate your own home business, then you are probably aware that
there a few drawbacks to being self-employed, just as there are a few
drawbacks to any major decision you do in your life.
Being an entrepreneur and self employed often means that you lose some workplace benefits, such as group insurance, sick leave, paid vacations, etc. However, the government does provide solace balance to those who have an entrepreneurial spirit, and this solace comes in the form of tax breaks, because you the home worker small business owner, are the largest source of employment in America.
There are many possible tax deductions for home businesses; you simply have to be well-informed about them to make use of them.
There are good reasons for you to go through the trouble? Because you?ll earn more money that way. By knowing all the possible tax deductions, and more, that you can take, you?ll come away with more of the benefits that your business generates, instead of getting cleaned out by the government. When it comes to taxes, make no mistake about it ? knowledge is power. The government needs you to have this power to keep it working also so they will help you when they can.
Being an entrepreneur and self employed often means that you lose some workplace benefits, such as group insurance, sick leave, paid vacations, etc. However, the government does provide solace balance to those who have an entrepreneurial spirit, and this solace comes in the form of tax breaks, because you the home worker small business owner, are the largest source of employment in America.
There are many possible tax deductions for home businesses; you simply have to be well-informed about them to make use of them.
There are good reasons for you to go through the trouble? Because you?ll earn more money that way. By knowing all the possible tax deductions, and more, that you can take, you?ll come away with more of the benefits that your business generates, instead of getting cleaned out by the government. When it comes to taxes, make no mistake about it ? knowledge is power. The government needs you to have this power to keep it working also so they will help you when they can.
If you run a home business, some of the possible tax deductions for you are:
Home office costs, such as those that involve office repairs and maintenance. Expenses racked up through janitorial services, for example, when shown to be needed by the business, are deductible, as are waste management and garbage disposal services. Business furniture and equipment may also qualify for deductions in their year of purchase, as long as the amount does not exceed a certain limit.
Utility costs, such as electricity and water. The deduction applies to those areas that are used regularly and exclusively for business.
Telephone costs. This only applies if you have a separate line for use in business. A single line that is used for both business and personal calls does not qualify. However, if you make long distance calls and/or incur fax transmission fees, those expenses are deductible no matter which type of phone you use. You need to make honest percentage estimates of how much is used and keep good records based on your bills.
Rent or lease payments. A percentage of your rent, lease, or mortgage interest payments can be deductible provided that you are using the property regularly for business purposes.
Employee wages and employee benefits. If you are an employer of labor, you can deduct a portion of your salary and benefit expenses. Employee education and training costs are also deductible.
Education costs necessary in your line of work. This applies especially to professionals. Those who need continuing education to maintain their expertise may deduct the cost of this education from their tax returns.
Real estate taxes on business property. A portion of real estate taxes are considered deductible by the IRS.
Personal expenses. Some personal expenses, when conducted in conjunction with business affairs, are deductible. A portion of your automobile expenses, meal allocations, and travel and entertainment cots may qualify for deduction, as log as they are related to your business.
A final reminder: Try to maintain as accurate records as is possible. Document your deposits, income, expenses and deductions. This way, you will have proof validating your tax deductions. Because tax laws are complex and often changed, it is often advisable to consult a professional. This will allow you to claim as many possible tax deductions for home businesses as you can. Keep a stenographers notebook with separate pages for every deduction you feel you might have coming. Even if you don't know if it is a deduction, for now, record it.
The above is very powerful. If you think something might be a deduction, write it in your notebook.
Have a CPA do your taxes for you. They cost more but you will get more back and have less trouble with the irs.They will find deductions you did not know you have coming from your possible list of deductions and they will also take off deductions you do not have coming. Some things they will be able to carry over for years in the future.
Your CPA will give you tips that will save you time and money and make your business better. They have software that will make your tax work far more efficient. If you get called in for an audit your CPA will do all the talking and you say nothing. I let the IRS call my CPA, regarding my taxes, if they have any questions.
You are less likely to get audited directly by the IRS because your CPA has a reputation to keep up and will keep your taxes straight. You will even save the IRS some money because they know your CPA will do better tax work than you.
Overseas tax services cannot go to an audit with you. This is a very important benefit of a CPA for you. Even though their charges are less they cannot know your business as well as your CPA to help you with many problems and questions. Buy Americans when it comes to taxes.
If you are going to be an entrepreneur the CPA will serve you better than an automatic tax software program and yes the software programs will result in mistakes. By the way, I am not a CPA or trying to sell you any tax services.
references; irs, cpa and 40 years of tax record business experience
Accounting Degree Benefits for Businesses and Firms
Now that you've finished your studies you are looking for accounting degree
employment. Theoretically, you should not have too much trouble in
this search. There are many unorganized businesses out there which
could use a professional accountant. A certified public accountant does just that: keeps track of financial transactions and records in the business.
The majority of business owners ask themselves if they should hire an accountant or not. Having an unorganized business is not an option, because that would lead to bankruptcy. Of course there is also the possibility to use an accounting software, but not anyone can use that either. The best thing to do is to look for a person with an accounting degree.
The first obvious choice for a business owner would be to look for a professional in an accounting firm. This has the advantage that you can find accountants who are well trained and experienced. This is not mandatory though, and you can as well hire an accountant who works on his own. This should be your own decision based on what type of accounting job you need.
How can one become certified public accountant? In America, you need to meet a few requirements, as in most of the countries worldwide. Usually, you need about 150 accounting college hours. You will also have to pass an exam. But this is only if you want to become a certified public accountant.
If you, however, are at the other end of the deal, meaning a business owner, you have more than one option when hiring an accountant. You can do it as a long term arrangement, or, as some business owners do, with the only purpose of him paying the taxes. But why hire a professional accountant with the sole purpose of paying taxes?
The answer is simple. Accountants are the ones who know best how to increase business deductions and maximize profit. You could be familiar yourself with some of these procedures but accountants are those who know them all. In the end, it's your choice whether you permanently want to hire an accountant, hire one for short periods of time, or even learn accounting yourself.
If you decide that you want to hire an accountant make sure you check his qualifications. You can work with a local accountant or look for one in an accounting firm.
Whatever you decide, you have to make sure that the respective person has an accounting degree. And hiring a professional to keep your financial situations in order is a very wise thing to do. You need to have the correct tax returns if you want not to get in trouble with the law. After all, there are many professionals out there who are looking for accounting degree employment.
The majority of business owners ask themselves if they should hire an accountant or not. Having an unorganized business is not an option, because that would lead to bankruptcy. Of course there is also the possibility to use an accounting software, but not anyone can use that either. The best thing to do is to look for a person with an accounting degree.
The first obvious choice for a business owner would be to look for a professional in an accounting firm. This has the advantage that you can find accountants who are well trained and experienced. This is not mandatory though, and you can as well hire an accountant who works on his own. This should be your own decision based on what type of accounting job you need.
How can one become certified public accountant? In America, you need to meet a few requirements, as in most of the countries worldwide. Usually, you need about 150 accounting college hours. You will also have to pass an exam. But this is only if you want to become a certified public accountant.
If you, however, are at the other end of the deal, meaning a business owner, you have more than one option when hiring an accountant. You can do it as a long term arrangement, or, as some business owners do, with the only purpose of him paying the taxes. But why hire a professional accountant with the sole purpose of paying taxes?
The answer is simple. Accountants are the ones who know best how to increase business deductions and maximize profit. You could be familiar yourself with some of these procedures but accountants are those who know them all. In the end, it's your choice whether you permanently want to hire an accountant, hire one for short periods of time, or even learn accounting yourself.
If you decide that you want to hire an accountant make sure you check his qualifications. You can work with a local accountant or look for one in an accounting firm.
Whatever you decide, you have to make sure that the respective person has an accounting degree. And hiring a professional to keep your financial situations in order is a very wise thing to do. You need to have the correct tax returns if you want not to get in trouble with the law. After all, there are many professionals out there who are looking for accounting degree employment.
The Facts About Accounting and Accountancy
Oftentimes when I meet someone for the second or third time, they say, arent you in accounting? While I am into accounting, which is the methodology and measuring aspect of my work, the profession as a whole is better labeled as accountancy.
Accountancy is the profession and accounting it the methods by which accountants measure, track and report on financial information so that resource allocation decisions can be made by, well, whoever the decision makers are.
For a small business owners personal finances, as an example, I may be measuring the finances of a few people (the family), and reporting the necessary information to the small business owner. In this situation, the decision maker is the small business owner and his decisions involve deciding how much money he has to put toward family necessities.
Generally speaking, there are two main types of accounting. There is financial accounting and there is auditing. Financial accounting typically involves processing of financial information about a business operation where information is recorded, organized, summarized, interpreted and finally communicated.
Auditing, on the other hand, is there process that an independent auditor examines accounting records and financial statements so that he or she can express a professional opinion about the financial records and answer questions about projections.
At the heart of accountancy lies the need to take stock of the day to day state of various sales and expenses. In the modern world when many contracts are partially fulfilled at varying times, bookkeeping is the only way to know where you and your business stand in the greater scheme of things.
If you operate your own small business, you may be able to do just fine with some accounting software. Take a look around for some flowchart templates. These can make monthly financial recording and reporting, dare I say it, fun. Simply enter in the various types of income and expenses, then each subsection updates the appropriate fields. Before you know it youve got proof that all bills have been allotted for and youve got your bottom line.
If you find you can manage your business finances on your own, then, by all means, stick with the system that you know works for you. If, however, you start running into complications that make it hard for you to see where discrepancies are coming from, it may be time to enlist the services of a professional accountant.
Talk with colleagues and friends. You may know someone that knows a tax accountant or other type of financial consultant who may be willing to look over your taxes for a friendlier rate than if you were to cold call them.
Accountancy is the profession and accounting it the methods by which accountants measure, track and report on financial information so that resource allocation decisions can be made by, well, whoever the decision makers are.
For a small business owners personal finances, as an example, I may be measuring the finances of a few people (the family), and reporting the necessary information to the small business owner. In this situation, the decision maker is the small business owner and his decisions involve deciding how much money he has to put toward family necessities.
Generally speaking, there are two main types of accounting. There is financial accounting and there is auditing. Financial accounting typically involves processing of financial information about a business operation where information is recorded, organized, summarized, interpreted and finally communicated.
Auditing, on the other hand, is there process that an independent auditor examines accounting records and financial statements so that he or she can express a professional opinion about the financial records and answer questions about projections.
At the heart of accountancy lies the need to take stock of the day to day state of various sales and expenses. In the modern world when many contracts are partially fulfilled at varying times, bookkeeping is the only way to know where you and your business stand in the greater scheme of things.
If you operate your own small business, you may be able to do just fine with some accounting software. Take a look around for some flowchart templates. These can make monthly financial recording and reporting, dare I say it, fun. Simply enter in the various types of income and expenses, then each subsection updates the appropriate fields. Before you know it youve got proof that all bills have been allotted for and youve got your bottom line.
If you find you can manage your business finances on your own, then, by all means, stick with the system that you know works for you. If, however, you start running into complications that make it hard for you to see where discrepancies are coming from, it may be time to enlist the services of a professional accountant.
Talk with colleagues and friends. You may know someone that knows a tax accountant or other type of financial consultant who may be willing to look over your taxes for a friendlier rate than if you were to cold call them.
Subscribe to:
Posts (Atom)