“I have recently sought a position in the pharmaceutical industry. I stumbled across your website while searching for advice on how to prepare for possible interviews explains Aron Govil. I’m a CPA with an MBA and experience in pharmaceutical sales, receivables and general accounting. Should I consider pursuing the field of finance and how would… Read More »Aron Govil- Getting a Job in the Pharmaceutical Industry: Questions Asked by an Accountant
More than nine million people are self-employed throughout the United States and they account for more than 52 percent of all businesses explains Aron Govil. Self-employed professionals include doctors, lawyers, chiropractors, architects, engineers and other occupations that require a license or certification to practice. These professionals are not employees of their firm but rather are… Read More »Aron Govil: Accounting for Self-Employed Professionals
The account receivable aging report is a list of all invoices and the customer to whom they are owed says Aron Govil. This report provides the following benefits: Cash flow – Businesses can anticipate their future cash flow by knowing how much money is expected at a given date. This report also helps businesses plan… Read More »Aron Govil: Are There Any Benefits of an Account Receivable Aging Report?
Although the 2008 financial crisis has passed, state and local governments continue to downsize their budgets due to high unemployment rates says Aron Govil. As a result, some cities are doing more with less by outsourcing core services like accounting functions to its citizens. Here is how one municipality made outsourcing its finance department work… Read More »Aron Govil: ABCs of Accounting & Wiki how to Manage Company Finances despite the Budget Crunch
Aron Govil: Why Is the Top Line on Income Statements Important to Compare With Other Financial Reports?
The top line of an income statement provides information that is important to investors, creditors, analysts, and other stakeholders says Aron Govil. Investors are looking for the business to be profitable over time. Creditors are interested in how likely it is that they will get repaid. Analysts carefully monitor top-line revenue growth because it can… Read More »Aron Govil: Why Is the Top Line on Income Statements Important to Compare With Other Financial Reports?
A distributor does not actually take orders for a product or do the shipping of that product explains Aron Govil. Rather, a distributor is a company who provides order fulfillment services to ecommerce companies by receiving the product from the manufacturer, warehousing and shipping those products to consumers. Companies such as Amazon (Fulfillment by Amazon),… Read More »Aron Govil: What Is a Distributor and When Should You Use One to Manufacture Your Products?
Accountants use financial statements to provide an accurate picture of the financial position of a business, organization or individual explains Aron Govil. There are three major types of financial statements: These financial statements are different in the information they provide, but they are all prepared according to established accounting principles. The following are brief explanations… Read More »Aron Govil: What Are the Different Types of Financial Statements?
Here are some Tips for Getting a Job in an Accounting Firm: 1. Choose an area of specialty so that you can become more valuable in the eyes of potential employers and earn higher wages in your career says Aron Govil. 2. Get to know the principals and most senior staff members of local firms… Read More »Aron Govil- What Are Some Tips for Getting a Job in an Accounting Firm?
The web is largely an open-source database. Anyone can contribute, edit or update anything at any time says Aron Govil. Wikipedia has become an established source of information for many people and the site’s “openness” means that anyone can be a contributor to it. But does having an open-source database mean that it’s possible for… Read More »Aron Govil on Using Wikipedia as a Research Tool: Pros & Cons of an Open-Source Research Database
This article discusses how pharmaceutical companies recognize revenue on sales of their products. The US Securities and Exchange Commission (SEC) defines revenue recognition as “an accounting principle used to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in… Read More »Aron Govil- Understanding Revenue Recognition in the Pharmaceutical Industry
For more than two decades, I have been researching the dark side of personal financial planning. I’ve talked with people who had their first and often only interaction with a financial advisor on the day they made out their will says Aron Govil. It sounds like an opening line from a bad joke: A new… Read More »Aron Govil- The Dark Side of Accounting
Aron Govil: Small Business Bookkeeping: Step-by-Step Instructions for Successful Recordkeeping and Reporting
Small business bookkeeping is one of the most important and challenging tasks that any small business owner faces explains Aron Govil. It involves keeping track of receipts, invoices, accounts payable, payroll taxes, inventory management, banking records and more in order to produce accurate financial statements. If you are an entrepreneur who has decided to take… Read More »Aron Govil: Small Business Bookkeeping: Step-by-Step Instructions for Successful Recordkeeping and Reporting
At its most basic level, a profit and loss statement tells you how much money your business made in a period of time versus how much money was spent says Aron Govil. An income statement is very similar but it also includes any non-operational income or deduction that has affected the net income of the… Read More »Aron Govil- Profit & Loss Statement vs. Income Statement: What’s the Difference?
Provides a solid foundation of payroll concepts and procedures for employers who want to handle the payroll function themselves says Aron Govil. Learn how to set up your own payroll, determine whom you have to pay, calculate how much you owe them, and produce reports that will help your business succeed. The book shows how… Read More »Aron Govil- Payroll Accounting: A Guide for Business and Nonprofit Employers
Aron Govil explains How to file a complaint if a tax preparer has committed malpractice – Have you been victimized by a tax scoundrel? Learn how to report them here.
Your chance of getting ripped off by a bad tax preparer is still pretty high. Last year, the IRS put out an updated report on its efforts to combat abusive practices by paid tax preparers says Aron Govil. The new data show that there are still plenty of crooks in the business who would love… Read More »Aron Govil explains How to file a complaint if a tax preparer has committed malpractice – Have you been victimized by a tax scoundrel? Learn how to report them here.