In the bustling world of accounting, where precision and attention to detail are paramount, it’s essential to have a guiding philosophy that not only drives success but also fosters a resilient and proactive mindset. At Cairn Accounting, we have adopted a unique and powerful core value inspired by Scott Alexander’s book, “Rhinoceros Success” — we […]
A part-time job is a great opportunity for kids to learn a new skill, learn about responsibility and also make a little extra money on the side. For years, family-owned businesses have benefited greatly by putting their children to work, not only to address labor concerns, but from a tax standpoint. Your business can employ
Benefits Of Hiring Your Kids; Taxes & Beyond Read More »
What is an income statement? An income statement is a financial statement that is used to summarize all the incomes and expenditures of a company over a given period. It takes into account the cumulative impacts of revenues, gains, expenditure, and loss transactions. The income statement is also known as a profit and loss statement
Percent Income Statement Read More »
What is Inventory? The term inventory has different meanings to different people. The word inventory has a different meaning in the UK and the USA. In American English and the context of accounting, the term inventory refers to the materials and goods that are held by a business for the main purpose of re-sale. In
Inventory – A Deeper Look & How It Affects Financial Reports Read More »
What do you think is the role for the Human Resources (HR) managers? Do you know that HR is one of the biggest challenges when operating a business? Human resources personnel have a very critical role in keeping the business in compliance with regulations while also managing payroll, employee relations, onboarding, and a myriad of
Human Resources, Employees vs 1099 and other Employment Requirements Read More »
How do judges arrive at their results, especially in a dancing competition? What factors do they consider? This calls for the need for valuation. In the business world, understanding the outcomes of a valuation report can be a great challenge. They might be questions such as reaching the concluded value and understanding the valuation methods
Business Valuation, 3 Methods, Basic Concepts of Each Read More »
What is Asset Tracking? Also called asset management is the process of locating a firm’s physical assets by use of various means that include barcode labels, RFID or GPS to keep constant awareness about their location. The importance of asset management has been equated to managing one’s inventories because the management will always need to
Asset Tracking & What That Involves Read More »
What are Financial Reports? Financial reports can be defined as financial statements that are prepared by business organizations to disclose crucial financial information to various stakeholders such as creditors, public, investors, government and regulatory agencies to give them a picture of the actual financial capability of the business at a given period (Thakur and Vaidya,
What is the 80/20 Rule? The 80/20 rule is also called the Pareto principle. Having been invented by an Italian engineer, socialist and an economist, in general terms, the rule asserts that 80% of the output or results is generated by 20% of the input or the effort. Vilfredo Pareto is said to have come
Applying the 80/20 Rule for Expenses Read More »
But What are Goals? Goals are simply defined as the aims or objectives that an enterprise or individual strives to accomplish within a certain period of time (Latham, Ganegoda and Locke, 2013). According to the goal-setting theory, the higher the goal, the higher the performance and the lower or easier the goal the lower the
Goals, Financial and Enterprise Targets Read More »
