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Ugh, budgeting is one of those topics we’d rather avoid, but in business, it’s an absolute necessity. To prepare a reasoned and thoughtful budget, an accountant must start with a broad-based critical analysis of the most recent actual performance and position of the business by the managers who are responsible for the results. Then the managers decide on specific and concrete goals for the coming year. It demands a fair amount of management time and energy. Budgets should be worth this time and effort. It’s one of the key components of a manager’s job.

To construct budged financial statements, a manager needs good models of the profit, cash flow and financial condition of your business. Models are blueprints or schematics of how things work. A business budget is, at its core, a financial blueprint of the business. Budgeting relies on financial models that are the foundation for preparing budgeted financial statements. Those statements include:  Read more...

Financial managers can do certain things to increase or decrease net income that’s recorded in the year. This is called profit smoothing, income smoothing or just plain old window dressing. This isn’t the same as fraud, or cooking the books.

Most profit smoothing involves pushing some amount of revenue and/or expenses into other years than they would normally be recorded. A common technique for profit smoothing is to delay normal maintenance and repairs. This is referred to as deferred maintenance. Many routine and recurring maintenance costs required for autos, trucks, machines, equipment and buildings can be delayed, or deferred until later.

A business that spends a significant amount of money for employee training and development may delay these programs until the next year so the expense in the current year is lower.

A company can cut back on its current year’s outlays for market research and product development.  Read more...

Indpendent CPA auditors are like referees in the financial reporting arena. The CPA comes in, does an audit of the business’s accounting system and methods and gives a report that is attached to the company’s financial statements. Publicly owned businesses are required to have their annual financial reports audited by independent CPA firms and any privately owned businesses have audits done as well because they know that an audit report will add credibility to their financial reports.

An auditor judges whether the business’s accounting methods are in accordance with generally accepted accounting principles (GAAP). Generally everything is in place and the financial report is a reliable document. But at times an auditor will wave a yellow or red flag. Some indicators of potential trouble include when the business’s capability to continue normal operations is in doubt because of what are known as financial exigencies, which could mean a low cash balance, unpaid overdue liabilities, or major lawsuits that the business doesn’t have the cash to cover.

An auditor must exercise professional skepticism, meaning the auditor should challenge the accounting methods and reporting practices of the client in order to make sure that its financial statement conform with accounting standards and are not misleading – in short, that the financial statement are fairly presented. Indeed, the words “fairly presented” are the exact words used in the auditor’s report.  Read more...

No one likes to come down with a cold or flu. Getting sick and missing work or school can be very inconvenient. But when you are on vacation, the last thing in the world you want or expect is to contract some sort of illness. When traveling outside the country for a vacation in Mexico, you should keep in mind these habits and tips that will help to keep you healthy.

Before you even leave for your vacation in Mexico be sure to hydrate yourself by drinking lots of fluids. Once you arrive at your destination be sure to drink only distilled or bottled water. Climate and altitude changes can have an effect on your body. Give your body time to acclimatize to its new environment and don’t go overboard your first day in Mexico. Eat sparingly the first day and only what your body is fairly familiar with. Make sure that any fruits or vegetables that you purchase get washed in distilled or bottled water and peel them if possible.

Washing your hands often can also keep you remain healthy. Taking along some antibacterial soap would be a wise idea. To go along with that you should have a small first aid kit that would include several different sizes of band-aids, antibacterial ointment, alcohol swabs, and any over the counter pain medication you might need. It is advisable to check with your physician before you leave the country to see if there are any preventative medications you should take to help in preventing common illness to that region. This is an important step to take especially if you are over 65 years of age, have an acute or chronic illness, or are pregnant. And any prescription medications you have should be kept in their original bottles with legible labeling that will prevent any misunderstandings.  Read more...

The especial province of the mother is the prevention of disease, not its cure. When disease attacks the child, the mother has then a part to perform, which it is especially important during the epochs of infancy and childhood should be done well. I refer to those duties which constitute the maternal part of the management of disease.

Medical treatment, for its successful issue, is greatly dependent upon a careful, pains-taking, and judicious maternal superintendence. No medical treatment can avail at any time, if directions be only partially carried out, or be negligently attended to; and will most assuredly fail altogether, if counteracted by the erroneous prejudices of ignorant attendants. But to the affections of infancy and childhood, this remark applies with great force; since, at this period, disease is generally so sudden in its assaults, and rapid in its progress, that unless the measures prescribed are rigidly and promptly administered, their exhibition is soon rendered altogether fruitless.

The amount of suffering, too, may be greatly lessened by the thoughtful and discerning attentions of the mother. The wants and necessities of the young child must be anticipated; the fretfulness produced by disease, soothed by kind and affectionate persuasion; and the possibility of the sick and sensitive child being exposed to harsh and ungentle conduct, carefully provided against.  Read more...