Daily Archives: January 18, 2017

Archive of posts published in the specified Day

Jan
18

Accounting Finance – The Heart of Any Successful Business

At the core of any successful business is a well organized management. Financial accounting is a very important tool for business. Aside from knowing strategies such as bookkeeping, marketing, advertising and production, a good and stable business must also have a competent system for accounting finance.

Whether you like it or not, accounting finance is one thing you cannot dispense with in the world of business. It is a very important tool in determining where and how exactly your money is being spent. Also, it is most important in terms of taxes and other pecuniary obligations.

Good Accounting Means Good Business

Accounting ensures you how much you have, how much you owe, and helpful in assessing the value of your business. Are you generating any profit or operating at a lost? Accounting records will answer your questions. Accounting serves as the proper recording tool of the financial status of any business. Fiscal dealings are best kept right on track with an effective accounting department.

A good accounting system within one’s business is a great help in making business decisions. This also shows how credible you are with other companies. Accounting does not only place you in a very knowledgeable stance, but it gives you that confidence by being armed with the facts and figures revolving around your business. Knowledge is power.

Professional Accountants

It is to your advantage if you are an accountant by profession. But if not, you can still do your own accounting if you are operating a small-scale business. However, if you have a big company it is advisable to hire a professional accountant especially if you do not have the time and the skill for it. You must realize that there are various strategies in keeping various kinds of accounts in a business.

It is also best to check the accounting firm’s competence, credibility and confidentiality issues. It is very important that in any business, you would be able to trust your accountant with sensitive information, including profits and sources of income your business is accumulating.

Accounting standards you should know

To the untrained and unsuspecting eye, accounting principles might seem hard, intimidating and complicated, but it is in reality very simple if you get past all those figures. All you have to know in accounting are these: Accounts are always divided into three types, namely assets, liabilities and equity. Each account is unique and simple yet forms part of the very foundation your business is operating on.

“T” accounts can be managed by drawing a T like figure with a left and right section divided by a vertical line. On the left side, you can place all your debits or the so called assets. On the other side, you can list down all your liabilities or what we call credits.

The general rule is that for every liability, there must also be a corresponding asset so that a balance will be achieved. If the credit is more than your debit then perhaps you are already …

Jan
18

Legal Malpractice Insurance – Quick Overview

With the customer's exposure and awareness towards legal malpractice, many legal professionals have to face lawsuits frequently. If we look at the statistics, every four to five law professional out of hundred have to face a lawsuit in a year. For law firms, which typically employ more than 20 lawyers, are likely to face at least one lawsuit every year. Well, the figure is pretty impressive to make one realize that one must have a Legal Malpractice Insurance for good risk coverage in this profession. Let us have a quick look at the various aspects of it.

How does this insurance protect a legal practitioner?

When a legal practitioner defends himself against a lawsuit, he not only loses money but also valuable time. The average figure may vary from 250 to 300 hours per case that can be billed. This insurance protects a lawyer for each lawsuit he has to face.

Is it like other type of insurance?

The difference between regular insurance and this insurance is that a regular insurance gives coverage in case a certain event like hospitalization or accident occurs while this insurance covers a lawyer only for a lawsuit against him within a policy period. So, that means this insurance company may overlook the case history except for policy duration.

What is the cost of buying a policy?

The cost of a policy is directly influenced by the degree of risk involved in your profession. For example, if you are into banking or real estate, the cost may be quite higher than a regular cost of a policy. But, in my view, you should focus more on the fact that policy covers your areas of operations.

How do I get one policy?

There are many insurance players available in the market that offers such insurance. Ideally, there are two ways to approach these companies. First, you can find a broker; second, every company has its Managing General Agent (MGA). You can search for an MGA online as well. …