Accounting And Audit Exemptions For Small Companies In The UK

To qualify for being able to file shortened accounts a small company should satisfy at least two of three conditions. The three exemption conditions prior to April 2008 were that annual turnover is less than 5.6 million pounds, balance sheet total is less than 2.8 million pounds and the average number of employees is less than 50. Where the financial year started after April 2008 the parameters increased to, annual turnover less than 6.5 million pounds, balance sheet total less than 3.26 million pounds and average number of employees less than 50. Medium sized... Read more »

The Benefits Of A Medical Billing Company

You might be under the false impression that because someone owns a medical practice they are very wealthy. It might be true, but just as easily it might not. If a physician isn′t making the kind of money he should it might be because he doesn′t have the skills necessary to take care of the business side of his business. A physician who recognizes this weakness will use the services of a medical billing company to take care of the details of his office. These companies have a trained staff of medical billing professionals who are trained to take care of every billing need a medical practice would have. They can handle the insurance details as well as the medical coding part... Read more »

Enterprise Risk Management: No Company Is Spared

“Just when you thought Sarbanes Oxley concerns had been sufficiently addressed so that non-public companies could take the issue off their dashboard, things have changed, ” says Gary W. Patterson, Enterprise Risk Management expert and speaker. He forewarns that Enterprise Risk Management (also referred to as ERM) will soon become a business issue for almost every business on the planet, including family-owned businesses, private companies, and nonprofits. This is a strategy shift for many of these organizations, which up until this point thought Sarbanes Oxley (sometimes affectionately known as Sarbox) applied only to public companies, and big ones at that. One major reason for this sea change... Read more »

Audit Firm Rotation as a Good Governance Practice for Non Profit Organizations

The following item was reported in a recent American Institute of Certified Public Accountants communication: “The Exempt Organizations Division of the IRS had posted on the IRS web site a controversial document setting forth the Service’s view on what constitutes good governance practices for tax-exempt entities. Included in the document was the suggestion that audit firms be rotated on a regular basis, with five years as the suggested term. The Institute protested the inclusion of this item in face-to-face meetings and in writing. Last month, the IRS dropped the... Read more »

Through A Microscope - Look Who’s Watching Now! (Part 2 of 3)

This article examines the impact on taxpayers and appraisers as well as their advisors of the new Federal provisions of the Pension Protection Act. For appraisers performing valuations for federal tax purposes in accordance with the Pension Protection Act (PPA), signed into law in August 2006, stipulates new penalties and stiff sanctions if the appraisers or appraisals fail to meet the new qualifications. New Appraiser Penalty The new regulations have started to have a unsettling effect on the appraisers, primarily because it raises many questions, including what kind of tax (gift and estate tax, income tax, or both) is affected, and who may be hit by penalties. Further, PPA added the new Section 6695A to the Internal Revenue Code. Section 6695A includes new penalties,... Read more »

Leading From Within

Much like the lighthouse that provides guidance and direction for sea-bearing vessels, leaders must become the beacon of light in their own lives before they can effectively lead others. As we have come to learn, true leadership is not about a title or a position in an organization. Nor is it about a person’s genetic make-up, level of education or socio-economic status. Leadership is a way of being. Effective leaders are those who lead by a set of core values that reflect who they want to be in the world as well as the contribution that they want to make. These leaders show... Read more »

Choosing An Internal Auditor

Recently hailed as the number one career for the year 2007, Internal Auditors are very well sought after and compensated accordingly. Because of stricter laws and enforcements due to corporate accounting scandals, like that of Enron, companies are offering top dollar compensation to accounting and finance professionals to provide internal audits. As an internal audit can be expensive, it is wise to allocate and ensure the availability of funds prior to hiring an internal auditor. As most companies typically conduct annual or bi-annual... Read more »

What Is An Audit?

When you own your own business it is important to enlist the help of an accountant in order to provide audit services. This is because it provides documentation that you are dealing with the financial aspect of your business in the correct way and can be used as evidence if any issues arise. Some people don’t even know what audit services so they don’t bother using them. However, once you understand it is very easy and can be very beneficial to your company. An audit is an independent check of a company’s financial... Read more »