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If you wish to know how to calculate gross pay for employees hired on an hourly basis, then it is quite simple. You just need to take out the details of the number of hours devoted by the employee at the work and multiply that figure with the pay rate. The resultant amount will give you the gross pay for the contractual employees hired to work for a few hours for the company.

Then, the next step will include knowing how to calculate gross pay for the full-time salaried employees. For this, what figures you need is the annual pay package of the employee as well as the number of pay periods in a year. If you divide the annual salary figure with the number of pay periods, you will easily get the total gross income of the employee in the particular financial year.

Calculating net pay from gross pay and calculating gross pay from net pay is possible if you are aware of what are the mandatory deductions from the total income of the employee. If you wish to know how to calculate gross pay from net pay, then the things you will be needing is a calculator, your monthly salary slip and details of deductions such as tax deductions social security and health insurance amount paid by you. First of all, note down the net salary figure. Then, add all the deductions mentioned above and the resultant sum should further be added to the net income to give you the total gross income. Conversely, calculating net pay from gross pay is easy too. You again need the total of your monthly deductions and subtract the same from the gross income figure to get the net income.

Given below is the formula for gross payment.

Gross payment = Net payment + (social security + tax deductions + state taxes).

Given below is the formula for net payment.

Net payment = Gross payment – (social security + tax deductions + state and local taxes).

Importance of Gross and Net Income Read the rest of this entry »

The way to get started with forensic accounting is to earn a Bachelor’s degree in a field like accounting. This Bachelor’s degree is a regular four-year course that is available at most universities and colleges, and many universities are now offering this Bachelor’s degree as long distance learning program online.

Your next step would be to get prepared for the Certified Public Accountant exam in order to become a CPA. There are many online preparatory courses that are available to assist you in passing your exam.

Once you clear the CPA exam and earn a Bachelor’s degree in accounting, you can formally start practicing as a forensic accountant. However, in order to get started in the best way in the field (and of course, to earn the best salary) you should also consider going to graduate school. These days, a Master’s Degree in Forensic Accounting is also available in two forms – as the traditional Master’s degree and as an MBA program with a focus on Forensic Accounting. Earning this graduate degree will serve many purposes – one being that it can further train you to work in the field and will also serve to fulfill the educational requirements that are required for you to maintain your unique CPA status.

Apart from this, you will also be able to find extra coursework in other areas like criminal justice and law enforcement, which can be of great help, and legal training will also be of use. In addition, you could also go ahead and pursue a CFE accreditation or a Certified Fraud Examiner accreditation from the Association of Certified Fraud Examiners. This accreditation is nationally recognized and is very similar to the CPA exam.

Lastly, you could also pursue a CrFA accreditation or a Certified Forensic Accountant accreditation. This is a relatively new accreditation in the field of forensic accounting and most forensic accountants don’t have it, giving you an edge over the rest. While the industry continues to grow and expand, however, this accreditation may also become standard.

Yes, forensic accountants are experts that use a unique combination of experience and education to apply Read the rest of this entry »

As mentioned above, the hybrid method is an integration of several other methods. In the absence of an established hybrid method, businesses and companies basically formulate and improvise their own hybrid systems of accountancy. The existence of financial accounting software makes the formulation, development, improvisation and operation of a hybrid system quite easy. The following is the usual way in which the hybrid method works.
1.Anticipation and Costing: This is the first step. Any business organization needs to spend money to produce goods or provide services. The business then resorts to the costing of the product, that is, the expenditure is assessed, considering the per unit cost that the company incurs.
2.Actual Transaction, Journal, Ledger: In case if the transaction is sanctioned by the accounts and finance department, it is entered and recorded on a cash transactional basis. All the entries throughout the year go through the journal and ledger. In cases where the direct cash is used, a cash book entry is done.
3.Tax and Duties: This is a salient feature of the hybrid method. Every transaction is taxed or something needs to be paid to the government. Instead of ascertain tax at the year-end, it is calculated right during the transaction. Often a monetary provision for such tax is made as soon as the transaction is made.
4.Predictable Expenditures: This one is similar to the tax provision. There are certain expenditures which can be predicted. In such cases, cost analysis of expenditures such as raw material procurement, maintenance charges, power consumption, liability payoffs is done and provision for the same is made. This also helps in cost and profit ascertainment.
5.Inventory Analysis: The inventory and its worth is frequently analyzed as it is a crucial part of the asset side of the balance sheet.
6.Consolidation of Accounts: Consolidation of accounts is done by companies which own and operate several businesses and establishments. Different accounts, incomes, expenditures, assets and liabilities and other significant accounts are consolidated on a daily basis, so that management personnel can view the entire thing as a single individual company’s statements.
7.Cost Analysis Statements: Preparation of cost analysis statements is a salient feature where financial accounting and costing brilliantly mix. In a said company, there are several processes working at the same time. A statement indicating the expenditures of each process, per unit and per minute/hour is calculated. The total sales and profit figures of every process are also calculated and indicated on the statement. This is done on a daily basis.
8.Final Accounts: The final accounts are often prepared on a daily basis, these usually include an income and expenditure account, a balance sheet and a cash flow statement (which hints the rise and fall in cash flow). Now, these statements are strictly accrual in nature, and contain market prices of all assets and liabilities. The statement indicates the financial status of the company on a daily basis.
9.Indexes: Due to the highly dynamic nature of modern businesses, graphs indicating, three chief components, namely, assets, liabilities, income and expenditures, are updated every day. Read the rest of this entry »

1. Reduction in Tax Liability
Once the transferrer transfers his/her assets to an entity, his/her taxes on the estate are reduced. This is because, those assets will no longer be included in his personal assets anymore.

2. Reduction in Financial Liability
By creating an irrevocable trust, transferrer’s assets are protected from his/her financial liabilities. In case he/she defaults, or undergoes bankruptcy, the assets in the irrevocable trust cannot be confiscated for any legal action.

3. Free from Court Intervention
After the death of the transferrer, the court does not need to be involved in the process of transferring of assets, unless some dispute has occurred regarding it.

Cons of an Irrevocable Trust

1. Permanent Transfer of Estate
Because its a permanent transfer, a transferrer cannot change his/her decision of making the transfer.

2. Transferrer Immediately Loses His Right on the Assets
The transferrer loses his right on the assets mentioned in the trust from the moment he signs the trust/document.

3. Transferrer is Deprived of the Income Generated
Not only does the transferrer lose his ownership on the assets, but is also deprived of the income generated from it. Read the rest of this entry »

First of all, congratulations on your venture! You are soon going to do a lot of people good! Now, before I move onto tips and tricks of the business, let me first throw light on some of the basics, for you cannot and should not get the basics wrong! Here are my 3 basic tips from the customer point-of-view.

The Coffee
Now this might sound too obvious a suggestion, but it isn’t, for the importance of serving GOOD coffee cannot be emphasized enough. Make sure you serve real good coffee, especially if you want to increase the number of regulars frequenting your coffee shop. You can have all different kinds of brew, all different mixes and what not. But if the basic, simple coffee you serve at your coffee shop is not up to the mark, no one is going to come back! Understand the psyche behind this – a new customer always orders something ‘safe’ at a new coffee shop or restaurant. He/she rates the entire coffee shop based on that first cuppa. That might sound unfair, but it is true! Now, if the simplest of the coffees you serve does not live up to the customer’s expectations, why is he/she ever going to come back?
Tip: Practice and practice and practice till you get your brew right, and train and train and train till your baristas gets it right too. Also, learn from feedback. When you take orders, ask your customer if he/she likes his/her coffee black, strong or sweet.

The Mood
A lot of the success of coffee shops is dependent on the overall look, feel and mood of the place. The furnishing and interiors of your coffee shop, and how you have decorated the place, should all make up a harmonious picture, where your customer feels comfortable, relaxed, and welcomed. Make sure you have ample floor space. Do not cram too many tables in a small place. Customers do not want other people to even accidentally eavesdrop on their conversations! Finally (and this is the most important thing), keep your place clean. This includes the tables, chairs, serving and billing counters, displays, and most importantly, the washroom.
Tip: Get friends and family to visit your coffee shop before it is open to customers and rate it for different things – experience, ambiance, etc. Work to improve the feedback. Read the rest of this entry »