Survive your endless Debt problems

Anyone with his common sense intact shall normally stay away from incurring a debt. But situations often drive the majority to fall for some loan program; worse, when you borrow little amounts and notice suddenly one day the accumulated volume. Still we forget one teaching of life: One must learn to live on what he earns.

  • How to manage your debts?

Firstly, you must get rid of the habit of making excuses. The credit card companies are not to blame but your own impulsiveness. Unless you get that straight, no debt management program is going to help. And of course, don’t lie to yourself regarding your spending habits if you want to set up a more realistic budget comprising:

  • Amounts payable to the credit card account exceeding the minimum. Over long run, this shall save you a great deal which would otherwise go for paying the interests.

  • An amount to push into an emergency fund weekly, which could be a savings account. It shall help you to deal with unexpected expenses; if you have to borrow money, borrow from yourself and pay back the withdrawn amount immediately after you receive some money.

  • List all of the debts you’ve incurred. The list should feature the debt with the highest interest rate at the top and the lowest at the bottom, with everything else in between. This shall help you to determine which ones are making you the pauper. Pay as much as you can the highest-rate balances while for the lower rates pay the minimum balances. It shall help you clear them off without making you feel the pressure. Also, use any extra cash to pay down existing debts.

While the above points can allay your agonies up to a great deal, to speed up the debt clearing process, you must also develop a habit to spend less. The best place to develop the habit is to avoid eating outside whenever possible, spend in cash and put a stop to premium cable-TV channels. If nothing becomes possible, then the only option remains is a debt consolidation program.

  • A complete debt management program

There are debt management programs but what we don’t understand is a home-equity loan is not to be used for paying off a credit card debt. Most of us create this mistake since the interest rates are lower than what the credit cards charge, but later on, bigger troubles may loom when legality comes into question. And of course, a complete debt management program won’t also ask you to cash your 401(k).

Instead, it shall ask you to consolidate your debts, make your credit cards retire but one (for dire emergencies) and hold on to your patience to earn big dividends in the near future.

  • Debt consolidation methods

There are lots of debt consolidation methods to suit your needs, but on a broader sense, you may divide them into secured (require a collateral against the money lent; hence attracts lower interests) and unsecured (doesn’t require the collateral; hence, interest rates are more). However, the methods, apart from the above points, are pretty similar.

It’s only a debt management company that shall provide you this service in exchange of a payment of a cumulative amount every month to the creditors. The debt management company shall then distribute this amount accordingly. However, for the commercial setups, the debt management company pays off various creditors first and then breaks up the total amount in equal parts over a certain tenure. The payment terms remain based on customized agreements. A relief from the burden of high interest rates, for sure.


Accountants for Environmental Reporting

Dollar is green and so should be the environment. Accountants seem to have struck upon the idea of recent and James Cowper firm’s newly created specialist team is on the verge of advising businesses to work upon a green economy.

It all took place since James Cowper is a long-time player in the environmental sector and has a strong and proven track record. According to them, the quests for a better environment must become a greater focus now for all mainstream businesses; it’s the scrutinizing procedures that also stay responsible for establishing healthy environmental practices. And James Cowper, with its expertise in several sectors (e.g. technology, corporate finance, agriculture etc.) is ready to advise their clients to bring them maximum benefits.

As per their experiences with all AIM listed businesses in search of innovative energy-related technologies to reassess municipal waste streams, the firm said – ‘Opportunities abound for organizations willing to embrace change and prepared to anticipate and exploit new legislative parameters’. The firm is sure about the green economy to create benefits that are sustainable though costs remain less with a greater assurance for increased profits. However, at the heart of things, it’s an integrated approach that’s pumping in the necessary lifeblood.

Green Team for Accountants

The Green Team created for performing environmental accounting boasts of an auditing standard complying with ISO 14000 and ready to provide the general principles of environmental auditing. Additionally, they are also to put forth the guidelines for EMSs (environmental management systems) auditing as well as setting up the qualification criteria for anyone willing to become an environmental auditor. With specific knowledge on environmental operations and relevant experiences on regulations and technologies, this critical component forms an effective EMS, to be run regularly for measuring any conformance to the policies regarding preserving the environment.

How to find a bookkeeping expert

Accountants, accounting service, accounting firms, local CPA, bookkeeping,

We can bet a million on the people visiting this page on how to find a bookkeeping expert; mostly, they are the ones searching for a step-by-step guide; the rest, are the ones who like to get spoon-fed. But then again, while most of the other such articles offer bare nothings in a most sensible format, we thought of providing the foods for thoughts that are not going to help you find only an appropriate bookkeeping expert, but also a whole plethora of accountants, accounting services, accounting firms and local CPA-s, who can do everything from calculating tax returns to running audits for both individuals and corporations.

The basic requirements towards finding a long-term solution are energy, patience and time. References work magic in these cases and there must be someone doing up the financial calculations for your best buddy or your brother-in-law. That way, things become easier, since it’s the reputation of the client of the accounting & bookkeeping service provider that also stays involved. You are bound to get a good bookkeeping service!

If the references come from business associates or someone you have come to know through business, the question of an interview rises first. It’s not an easy task handling finances and provide a top-notch service, but these two are the defining factors for any good accounting service. Interview him as a potential employee who shall be working from your set-up; if you think it shall put him into an awkward situation, think about the situation you shall land up in if your work misses out on a single, vital part. Stress should be given on the bookkeeping expert’s personality; questions should revolve around in the area of specific business-bookkeeping and notes are to be taken if the person appears nervous or hesitation while answering a question. It’s tough to get accountants fulfilling all three criteria, but the trial should be on.

Now, to the cost part. The problem is, those who know they are good in bookkeeping (it applies both on the individual accounting service providers as well as accounting firms) shall ask a price that often seems hefty to small businesses; if you want to settle for less an amount, you need to hire the mid- or low-shots (colloquially speaking) and stay satisfied with a medium to low level service. And in case the Bookkeeper turns out to be a CPA you can pretty well estimate the costs. Since a CPA is an accountant who has passed certain examinations and have met all other statutory and licensing requirements of a United States state to be certified by that state, he must cover up the cost by digging deep into your pocket. It’s thus better to go on an hourly basis with them. There’s an easy calculation that we can mention on this aspect:

Time required for the hirer to perform the same duties multiplied by the hirer’s income per hour. If that comes up to less than or equal to what the bookkeeping expert is asking for, then please go ahead; else, a visit to Respond shall make you join the three million plus horde whose balance sheets have started dazzling after choosing one from the roster. And that’s not all; if you are interested in anything that relates to bookkeeping even remotely, Respond can make you go the extra miles without burning the extra fuel.

How to find an accounting firm ?

There are many criteria on which you can select an Accounting firm or a Bookkeeping Service provider. The volition depends on what type of service you are looking for like Accounts Management, Financial statements, Bookkeeping, Debt Management, business valuation, Tax preparation, payroll administration.

For simple business accounting or bookkeeping an accountant or a Bookkeeping expert would be perfect. If you are looking for a legal adviser or a corporate  accounting professional for business tax preparation and financial advises, then you need a Public accountant.

There are some states in US where it is mandatory to have a certified public accountant do your balance sheet preparation.

The big firms require to follow some guidelines in selecting an Accounting Service.

The General guidelines that will help you to find a CPA Expert or a Public Accountant are as follows :

1. Search for an Accountant who has passed the certified uniform certified public accountants (CPA) exam. it is a statutory certification for public accountants  in USA.

2. A CPA expert is the only authorized professional who is licensed for tax preparation, auditing and making of balance sheets.

3. Only an accountant who has passed the certified examination can use the designation of CPA for practising.

4. An Accounting service provider should be aware of the accounting conventions .

5. an accounting expert must have very sound knowledge  in the convention of disclosure  that is all material facts must be disclosed in the financial statements yearly.

Other than these factors one must look at the profile of an accountant a get a through credibility check done because do not forget that you will be outsourcing your private and confidential financial information in the hands of a third person. So one should be very careful while choosing a financial accounting firm.

There are some reputed financial Accounting firms providing service in and near Washington area.

OSI Business Services, LLC, 

Davis Accounting and Tax service 

Aiken Financial, LLC

The reputation power of an accounting service provider or an accounting firm solely depends on number of years of its existence and the number of job it gets from referrals.

Tax Preparation:

Tax laws are complicated and it is always a better option to hire a professional tax accountant to work out the tax laws established by local, state and federal government. Having a professional tax accountant to prepare your income tax returns can make a significant reduce the tax time anxiety.

Tax accountants can effectively evaluate your current operations and finances to frame a tax minimization plan. He can also help in evaluating transactions and in providing tax efficient alternatives.

To make an effective tax plan, you should have right tax records at hand. Tax accountants get paid by the hour, so organize your documents to reduce tax accountant’s work.