Blog - Page 3 of 13 - Accountant Jamaica

The Basics of Bookkeeping

Whether you're a new business owner or have a more established company, the basics of bookkeeping are important to understand. Having a basic understanding of these concepts will help you make the best decisions for your company and its future. These principles include the basics of revenue, assets, liabilities, and journal entries. Liabilities Keeping track of liabilities in bookkeeping can help you to understand your business' cash flow. They also play a vital role in organizing your operations. If you fail to manage your liabilities well, they can lead to financial trouble. But if you manage your liabilities well, they…

The Basics of Accounting

Accounting, Bookkeeping

Whether you are just starting out in your first business or looking to upgrade your existing business, the basics of accounting are important to know. You want to make sure that you have a basic understanding of how accounting works, how to record transactions, and how to prepare a financial statement. Accounts payable Managing accounts payable is a key component of business finances. It helps businesses to make payments on time and helps them to accurately evaluate their financial status. Accounts payable also helps to plan for future growth. It also helps to eliminate unnecessary expenses. Accounts payable is the…

Jamaica Implementing International Public Accounting Standards

Accounting

Regardless of how you feel about the issue of corruption in the country, one thing is for certain - the new International Public Accounting Standards (IPSAS) have the potential to create a more accurate picture of the Government's financial health. This is because the new IPSAS will replace cash-based accounting with accrual accounting. Accrual accounting eliminates the need for financial transactions to be kept in check and will ensure that there is a more accurate accounting of government expenditure. This will also reduce the risk of corruption, because transactions will be more accurately recorded. Accrual accounting replaces cash-based accounting Several…

Jamaica Tax Audit

Taxation

Currently, the Income Tax Department is undertaking an audit of all taxpayers. This audit is meant to identify tax evasion and to deal with non-compliance. In addition, it is meant to ensure that all tax returns are filed on time. It is also meant to prevent overcrowding of the tax offices. Aims of the program Among the aims of the Jamaica Tax Audit Program is to reduce taxpayer exposure to tax administration and to enhance tax compliance and the efficiency of tax collection. In addition, the program encourages innovation and problem solving. The program aims to strengthen the capacity of…