Skip to content

Petcal Bookkeepers - Reasons To Hire Bookkeeping Service

Regardless of the size of your business in Calgary, you are required to have some sort of bookkeepers at any time. At Petcal Bookeeping we help you control your inputs and outputs. If you sell, manufacture, or simply provide a service there will always be a need of accounting. For finances to be healthy, you need to take control of your earnings and expenditures. In addition, it is necessary that the accounting is legally supported.

Accounting is an act of recording correctly day to day business transactions and finances. It is a method of keeping the business books in most systematic and regular way so as to know companys result with minimal problem. Therefore, it is said to be summary, classification and collection of financial information.

Accounting requires technology, criteria and plans. Many small and medium businesses that cannot handle this responsibility push it under the table or give it to unqualified. There are some over looked benefits that business owners will gain if he hires Accounting/bookkeeping service provider. Inadequate accounting can lead to costly mistake that can cost your business a lot of money.

Many companies are not aware of the reality of their financial and economic situation. The ability to hire an accounting/bookkeeping firm will help you to understand your numbers.

Here is a list of reasons that encourage employers to hire accounting firm for their company:

1. Accounting consultants , if properly selected, would have met the necessary academic and professional background needed to confront the likely hurdles in your accounts. There is a certain degree of complexity in the accounting world, despite the many routine tasks and simple.

2. Both education and experience are what the qualified Accounting/bookkeeping service must have. Accounting firm that have handled several companies would have great knowledge on many issues than an accounting firm that just started.

3. A professional accountant has great potential to assist and advise the administrative and financial staff. A constant contact with the accounting professionals will make your staff to be well knowledgeable in the field. By and by, your staff will have a better understanding of accounting and can stop making small mistakes.

4. Reports generated by accounting professionals enable your company to make better decisions. You would be able to see the information in very different ways such as; graphs, statistics, ratios etc. These type of lists can make you make more informed decisions.

5. The accounting professionals hired will incorporate order into your cost control and you company would have a greater outlook of other expenses and indirect cost.

Useful Benefits Of Hiring A Mortgage Broker

Some people would go directly to a lender and apply for a mortgage loan, while experienced borrowers would hire a mortgage broker to help them with the application. If you are planning to get a new house, there are many reasons why you would want to get the services of a broker instead.

Reduce Your Work Load

When hiring a mortgage broker though, give high consideration for someone who is well-experienced or works for a well-known agency. Experienced brokers, like the ones you can find at have qualified knowledge of how home loans work in the country. They are able to recommend the type of loan you can get, and find a lender who can finance the purchase of your dream property. A good broker can also assist you in filling out and submitting all the necessary paperwork.

Increase Chances of Saving Money

In most cases, a broker from can ask for a discount on your interest rate and other mortgage expenses. With years of solid experience in the industry, they have already established valuable relationships with some of these lenders. A lot of them would not mind extending some financial relief to a deserving borrower, especially if the latter is backed-up by someone theyve been working with for a considerable amount of time and has brought them a number of quality clients in the past.

Save Time and Avoid Credit Rating Inquiry

Employing a mortgage broker could also save you time from interviewing and visiting lenders, credit unions and banks just to check what your loan options are. Since an experienced broker would have already established an effective way of going around and negotiating with these institutions, they can do the mortgage shopping for you. They would just report and provide you recommendations that fit your property needs and financial standing. Moreover, the knowledge and assistance of a broker could avoid any financial institution from making any inquiry on your credit standing, which could adversely impact your credit score.

Getting the services of an experienced mortgage broker is as essential as finding a reputable realtor. You can probably work your way around a mortgage loan without a broker, but the additional benefits these professionals can provide cannot be underestimated. Just make sure you review the profiles and portfolios of these brokers before entering into any agreement with them. A family member or a friend who recently bought a property could also refer you to someone or to an agency.

Mistakes To Avoid When Hiring Accountants In London

If you are not very good with numbers, whether in your personal or business life, you should hire an accountant. Whether you have accounts payable problem, a tax discrepancy or issues with payroll, they are there to help. With that said, here are a few mistakes to avoid when you are trying to hire accountants in London.

Choosing The Cheapest Accountant Available

The reality is that many of the accountants that are willing to work for pennies are the ones you should try your best to avoid. In many cases, this is an indication of the quality of work you can expect. Inexperienced accountants in London tend to charge lower fees in order to lure in new clients. It is not necessary to select the most expensive, but price often correlates with skill and expertise.

Hiring Without A Background Check

You should never hire anyone without running a thorough background check. This will help you learn more about them, including their educational background, work history and license information. Without all of this information, it will be hard to tell if the candidate is even worth considering.

While you want to find someone who has a solid university background, you should never hire someone based solely on their ability to get passing grades. Their skill level, specialty and relevant experience are far more useful when weighing your options.

Assuming All Accountants Have The Same Knowledge

It is not actually possible to make an assumption about a person's knowledge simply because they are an accountant. For example, if you are experiencing a tax-related conundrum, it would not be very useful to hire someone who is far more skilled when it comes to accounts receivables and analyzing ledger accounts. Even if there is some brief allusion to a certain specialty when speaking with them, hire someone else if they do not have a solid background.

Ignoring Experience In Other Fields

When you look at the resume of someone who is applying for an accounting position, everything needs to be taken into consideration. This means that experience that is out of the scope of the job requirements should still be kept in mind. This is very useful since it takes more than being good with numbers to be a successful accountant.

Areas that may seem irrelevant but can offer a little insight into who you are hiring include the following:

- Management

- Customer Service

- Data Entry

Having these particular skills is useful across a broad spectrum of available positions; not just accounting. Consider all of this the same way you would with any experience that seems particularly relevant.

The financial arena is one that can be very overwhelming and confusing to people who are not very familiar with it. This is why it is so important for you to hire an accountant to take care of this for you. If you want to hire the best possible option in the area, you should avoid making any of these mistakes.

Assessing the Recent Behavior of Inflation

Inflation has remained below the FOMC’s long-run target of 2% for more than three years. But this sustained undershooting does not yet signal a statistically significant departure from the target once the volatility of monthly inflation rates is taken into account. Furthermore, the empirical Phillips curve relationship that links inflation to the size of production or employment gaps has been roughly stable since the early 1990s. Hence, continued improvements in production and employment relative to their long-run trends would be expected to put upward pressure on inflation.

The Federal Open Market Committee’s statement of longer-run goals indicates that a 2% inflation rate, as measured by the 12-month change in the price index for personal consumption expenditures (PCE), is consistent with the Committee’s statutory mandate for ensuring stable prices (Board of Governors 2015b). The FOMC’s preferred measure of inflation has remained below 2% for more than three years, even though both production and employment have improved substantially over the same period. In its statement following the June 17 meeting, the FOMC said it “expects inflation to rise gradually toward 2% over the medium term as the labor market improves further and the transitory effects of earlier declines in energy prices and import prices dissipate” (Board of Governors 2015a).

This Economic Letter compares the recent behavior of PCE inflation with earlier periods going back to the early 1990s. It turns out that recent inflation behavior departs only mildly from earlier patterns. Taking into account the volatility of monthly inflation rates, the recent departure of 12-month inflation from the 2% target rate does not appear particularly significant or permanent in comparison with earlier episodes. Moreover, since the early 1990s, the empirical Phillips curve relationship that links inflation to the deviations of production or employment from their longer-term trends appears roughly stable. Hence, continued improvements in production and employment relative to their long-run trends would be expected to put upward pressure on inflation.

To illustrate inflation’s recent behavior, Figure 1 shows monthly inflation rates as measured by the one-month percent change in the PCE price index from January 1992 to May 2015. The horizontal dashed line at 0.165% is equivalent to a 12-month compound inflation rate of 2%, which corresponds to the FOMC’s long-run inflation target. In other words, if monthly inflation were 0.165% for 12 consecutive months, the resulting 12-month change in the PCE price index would exactly equal 2%.

The gray bars show that monthly inflation rates are highly volatile, fluctuating above or below the target-equivalent rate of 0.165%. The red line shows the trailing 12-month geometric mean of the monthly rates. This statistic measures the average compound monthly inflation rate over the past year—corresponding to the FOMC’s preferred measure of inflation. The 12-month mean also spends considerable time above or below the target. From May 2012 until the end of the data sample in May 2015, the 12-month mean has remained below target for 37 consecutive months. While this is a long spell, it is not entirely out of line with previous episodes shown in Figure 1. For example, from April 1997 to December 1999, the 12-month mean remained below target for 32 consecutive months. And from April 2004 to August 2006, the 12-month mean remained above target for 29 consecutive months.

One way to gauge whether a departure of inflation from target is statistically significant is to show how much uncertainty surrounds recent inflation readings. While the 12-month mean measures the recent level of inflation, the trailing 12-month standard deviation measures the recent volatility of inflation. Adding and subtracting the 12-month standard deviation from the 12-month mean defines a range of inflation rates—known as an uncertainty band—that takes into account the fact that monthly inflation, like any economic statistic, is subject to temporary random shocks and measurement error.

Going back to the early 1990s, the uncertainty band surrounding the 12-month mean (defined by the area between the yellow lines in Figure 1) has almost always included the target rate of 0.165%. Small and brief exceptions occurred in early 1998 and late 2007. An interesting feature is that the uncertainty band has become noticeably wider since 2000, mainly due to the higher volatility of energy prices, which are included in the PCE price index. The uncertainty band continues to include the target rate toward the end of the data sample, meaning that the recent sustained departure of the 12-month mean from the target does not yet signal a permanent downward shift in the level of inflation. Rather, the departure remains within the range of typical fluctuations in monthly inflation that arise from temporary factors.

Read Full Story: