Does your business require an independent financial audit?

When a business that is privately owned brings on board the assets for the business owner or other investors, the latter are considered as shareholders. Companies that are privately held and have been formed as C-Corporations have an allowance to have an unlimited number of shareholders, and this makes it ideal for larger private companies. C-corporation companies are not subjected to the regulations of the Securities and Exchange Commission. Also, unlike public companies, the private corporations may not require a mandatory independent financial audit although banks and other entities may require audited statements for purposes of industry regulation compliance and debt covenant.

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What you should know about financial audits for private companies.

An audit for a privately held company is done by a third party, and it solely focuses on evaluating the credibility and accuracy of financial statements for the company. The auditors are to ascertain if the accounting processes executed adhere to corporate procedures and policies. Also, the auditors determine whether the financial statements of the private company follow the acceptable standard principles of accounting. Once the exercise is complete, it is mandatory for a written report to be issued by the audit firm to the company. The written audit report should give an opinion concerning the dependability and fairness of the financial statements of the company. The audit process for a private company differs in type and scope to that of public companies. The audit process for public companies is more complex than for C-corporations due to the regulations of the Securities and Exchange Commission.

Planning for an audit for private companies

The auditing process follows a standard procedure guided by a plan laid out by the International Auditing and Assurance Standards Board. The process follows the following three key steps:

The first step of the process requires the auditors to familiarise themselves with the systems of internal control, the operating environment, and the business in general.

In the second step, the audit firm uses the data gathered to evaluate the possibility that the financial statements of the company contain misstatements and significant errors.

In the final stage of the process, the audit firm comes up with ways to tackle the internal control risks found during the planning stage.

Implementing the external audit plan

This section is the action phase of the audit process for private companies, and it targets to implement the audit plan. Some of the activities involved in the execution of an external audit plan include the following: random samples of accounting records and financial statements are inspected, creating an audit blueprint by tracing transactions from sender and receiver, comparison of the financial information gathered from the company and the financial statements that already exist.

Furthermore, the standard corporate procedures are also reviewed by the auditors, and this can be achieved through interviews of various institutions in the company.

Presentation of the audit results

The final report of this exercise should contain three primary sections. The first paragraph entails general information including the process followed … Read More

Do You Need an Accountant for Your Business?

If you are a business owner who has yet to decide whether or not to hire an accountant, you have already asked yourself: do you really need an accountant for your business? Whether your business is involved with jobs in Canada, jobs in the UK, jobs in the USA, jobs in Australia, there are many situations where hiring an accountant will be beneficial for your business now—and in the future. If you do end up deciding that an accountant will be a good fit for your business, consider using a site such as Joblang that will give you access to countless job applicants at your fingertips.

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Do you have accountant experience?

First: do you have any accountant experience yourself? In other words—could you do the job on your own? If you have zero accountant experience and you are facing any sort of complex issues, you will quickly find yourself in over your head. And when it comes to business, being in over your head can quickly spiral downwards; if you have no accountant experience, it’s best to hire an account for at least crucial financial aspects of the business in order to avoid mistakes that could spell disaster for your business’s finances.

How big is your business?

Do you run as small brick and mortar business? A local franchise with 3 retail shops? An extensive international business? As a general rule of thumb, if your business has extended beyond a hobby in your own home, then you can benefit from hiring an accountant. The larger and more complex your business, the more essential hiring someone in this role becomes.

How many clients do you manage?

Another factor to consider is the amount of clients you currently have at your business. It can be difficult tracking the many financial aspects involved with clients when you have dozens of them, each with their own orders and contracts and other factors that could impact your finances if left unmanaged. If you find yourself with an extensive client roster, then bringing in an account is the way to go.

Do you plan on expansion?

You need to ask yourself: what are your plans for the future of your business? If you plan to expand at all in the near future, then you will almost certainly need the guiding hand of an experienced accountant that will be able to help you at various steps along the way. The more complex your business goals, the more you need to bring in a professional.

Just about every business can benefit from hiring an accountant at least on a part time basis. If your business has moved on from being a hobby you run from your house into a full-fledged company, if you lack accountant experience and if you hope to expand your company in the future, look into hiring a professional accountant as soon as possible. Your business—and future income—will definitely benefit the moment that you bring in a knowledgeable professional to handle your finances.… Read More

3 Important Types of Cuts to Improve Business Videos

Business videos are rarely recorded as single takes, and most are cut together from separate clips to create the final video. The manner in which those clip are cut and transition from one to the next can have a big impact on the pace, flow, and structure of the video itself.

That is why there are several important types of cuts that you need to know if you are creating business videos. Each can help you to improve your videos in different ways, and on the whole should make them smoother and less jarring for viewers:

  • L cut and J cut

The L cut and J cut are similar to one another. To use the L cut you will cut the video from one clip to the next, followed by the audio a few seconds later. The J cut however requires that you cut the audio to the audio from the next clip first, followed by the video a few seconds later.

Both of these cuts can be very useful for business videos as they’ll help you to preserve the flow of the audio – especially during conversations. With either type of cut you can show reaction shots without interrupting the conversation itself.

Aside from conversations the L cut and J cut can be useful in any situation where you want to cut the audio independently of the video so that you don’t disjoint it.

  • Cut on action

Few types of cuts are smoother than the cut on action – but it can only be used in specific situations. It relies on the same action (i.e. movement) taking place across two clips, and matching that action to transition between them.

Essentially this type of cut aims to keep viewers focused on the action that is taking place in order to conceal the transition itself. In that way viewers find it less jarring than it otherwise would be, and the video seems to be smoother.

  • Cutaway

As its name suggests a cutaway is a type of cut that quite literally cuts away from the main scene in order to show a different clip. Typically that clip consists of B-roll footage that can provide additional information or context about the main scene.

Knowing about cutaways is important in business videos due to the additional visual information that it can provide. On top of that it is a useful way to hide the presence of jump cuts (i.e. cutting to the same clip) that can be very jarring for viewers.

Ideally you should experiment with each of the types of cuts listed above. All you need is a simple video editor to do that, and for example you could use Movavi Video Editor (https://www.movavi.com/videoeditor/).

It can take a bit of time for you to get used to when and how each type of cut should be applied. That being said now that you know about each cut, you should be able to start using them to improve your business videos significantly.… Read More

Real Estate Is the Best Investment

Investing in the property market has been and continues to be a lucrative venture for investors across the globe. Whether you opt for commercial or residential properties, one thing about the property market is that you will be guaranteed of excellent returns on investment.

If you are looking to diversify your investment portfolio, investing in real estate is a perfect investment option as it promises to offer lucrative tax advantages while at the same time providing you with the opportunity to leverage your investment in real estate to build wealth.

Besides, an investment in the real estate market is one great way to start earning passive or residual income. While there are many ways to earn passive income, real estate is one of the investments that can offer the high returns you would need to ditch your 9-5 job and you can use a website like Orlando multiple listing service to find the right property suiting your investment needs. Let us look at some of the reasons factors that make real estate an excellent investment.

High Returns with Minimal Risk

To explain this point, let us look at two investors, one in the property market, and the other in the stock market. An investment made in the stock market comes with high risks due to the high volatility of the market when compared to an investment in the real estate (property) market.

As a fact, an investor in the real estate market gets to enjoy better returns while without being exposed to much market volatility. If the real estate market does not offer the returns you need on your property, you can always wait for it to improve. and since it is a tangible asset, you have the chance to use it for other income generating streams, while simultaneously enjoying capital appreciation.

The Value of Tangible Assets Is High

The value of intangible assets such as stocks can dip to zero if the markets are badly hit. on the other hand, your land, your property (commercial or residential space) will always have value despite the hit taken by the market thanks to property insurance that act as a safety net for the worst possible scenario.

Property Market Value Will Always Appreciate Over Time

If you find your current position in the real estate market unfavorable, there is hope if you continue holding onto your asset for longer time. Historically, real estate values appreciate over time even after being subjected to terrible market dips during recessions, this can’t be said for tangible assets such as stocks.

The property or housing market has always recovered from the bubbles that made the market’s appreciation to slip, investors who hold on to their property during uncertain times end up reaping big when the market normalizes.

Real Estate Offers a Perfect Opportunity to Diversify Your Portfolio

One of the most important rules of investing is diversifying your investment portfolio as it gives you an opportunity to spread your risks. With this in mind, an investment … Read More

3 Skills You Need to Become a Front-End Developer

If you want to change careers or improve your skills in the current career field, tech skills are things you can do quickly. Apart from three main reasons such as higher pay, creative work, and flexible schedules, there are many other reasons why working in the technology is very interesting.

Studying front-end development is the fastest way for a career in technology. You will have specific basic skills that make you attractive to the company, but these skills are also quite extensive so you still have many job choices. If you are still in doubt, Scottsdale SEO Company LinkHelpers can help you in learning tech skills especially as a web designer. Believe me, the demand for work for front-end developers is very large.

For some people, the above is enough to make them sure to start learning coding. But it would be better if you can visualize things specifically before you start something. An overview of what skills you need to become a front-end developer will certainly be very helpful.

You will be familiar with the terms above when you start learning tech skills. To make it easier for you, here are some important skills needed for each front-end developer.

1. HTML / CSS

These two things always exist in the qualifications of front-end developer jobs.

Let’s see and understand the meaning:

HyperText Markup Language (HTML) is the standard markup language used to create web pages. Markup language is a way to make notes in digital documents. HTML is the most basic thing you need to develop a website.

Cascading Style Sheets (CSS) is a programming language used to represent HTML files that you have created. HTML functions to build the foundation of your website, while CSS is used to manage website layout, colors, fonts, and all other styles.

Both of these programming languages are basic skills that are very important for a front-end developer. In short, without HTML and CSS, there will be no web development.

2. JavaScript / jQuery

One other basic tool for front-end development is JavaScript. JavaScript determines the functions that are on a website.

If you only want to build a simple website, then HTML and CSS are enough. But if you need interactive features like audio, video, games or animation, you need JavaScript to implement it.

In JavaScript, there are libraries for various plug-ins and extensions called jQuery. jQuery makes using JavaScript faster and easier. Common tasks that must be written in rows of code in JavaScript, can be written with only one line of code using jQuery.

3. CSS and JavaScript Framework

Isn’t CSS and JavaScript discussed above?

Yeah right, but you need to know that CSS and JavaScript are a big part of front-end development so that it will become the basis of other skills you need. CSS and JavaScript frameworks are collections of CSS or JavaScript files that help you perform certain tasks through the distribution of common functionality. For example, when you log in to a website or search for … Read More