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People often misunderstood the accountancy profession as they do not understand much about it and make assumptions according to stereotypes. Some individuals believe that being an accountant (Also see 5 Benefits to Employ an Accountant) is dull and crunches the figures all day. Others might assume that the occupation is to assist the rich prevent … Read moreCommon Myths About Accounting Profession

A chart of accounts is a list that consists of account names used by a company to record different business transactions in the general ledger. It offers guidance to accounting service providers or the business owners to use particular account names when inputting and posting transactions to the ledger. Template or Structure There is no … Read moreStructure of a Chart of Account

Accounting mistakes that take place in double-entry bookkeeping are caused by various factors. These mistakes happen accidentally compared to scams cases, which are deliberate. Some accounting mistakes can be detected quickly, while others are tough to identify. For instance, if a trial balance displays different numbers in the debit and credit side, you must understand … Read more6 Types of Accounting Mistake You Should Avoid

There is a typical assumption among business owners that they can do everything themselves. Irrespective of the size of your company, outsourcing accounting firm in Johor Bahru would help your company to save some costs. You might be wondering how accountants help in your business, here are five benefits of hiring an accountant. Cost Control … Read more5 Benefits to Employ an Accountant

There are many responsibilities for being a business owner or an entrepreneur. These responsibilities consist of product advancement, employing staff, customer care and more. Even though you have different and huge responsibilities, remember that accounting is a vital process as it shows how your business operates. Here are some accounting practices to make sure you … Read moreUseful Accounting Practices for Small Businesses

Liabilities A liability is “promise” made by a business to pay its suppliers, employee or another party that offers services or products to the business. Most of the time, liability accounts will have a credit balance. Here are a few liability accounts that you would see in a standard balance sheet. Deferred Income Account According … Read moreLiabilities and Equity