Job Title or Task Function - Which Is the More Accurate Base to Value Time On?

A crucial decision to be taken when planning the implementation of a new integrated job costing and accounting system in a creative agency is what to base the rate cards on. This applies to rate cards for both, creating fee proposals as well as - and even more important - applying a value to actual time recorded by staff.

The majority of systems will offer the ability to set up rate cards for different clients or projects, which are then used to generate project fee proposals as well as populating monetary values for actual time spent on project work and recorded via a timesheet module. In most cases those billing rate cards - unlike cost rate cards, if in existence - are not based on named individuals within an organisation, but on descriptions of work.

Two options for this description of work come to mind: The job title of an individual as in "Account Handler" or "Copywriter" or the task an individual performs as in "Account Handling" or "Copywriting".

Protecting Law Firms With Effective Trust Fund Accounting

A client trust account (TA) is an important part of any law firm's business. These accounts are used to cover the expense of a client's involvement with the firm. As such, these trust accounts (TAs), no matter their size, have specific limitations placed on them that the law firm must abide by. Failing to do so can result in serious legal sanctions and even the possibility of disbarment.

The most important fact when considering how to handle a trust funds accounting is the iron clad rule that the trust fund cannot be used to benefit the lawyer or the law firm. This includes direct payments, or the use of trust fund monies to assist in the operation of the law firm. In addition, any use of a TA must be noted as such, including the purpose for which it was used and the name of both the client and lawyer. Should a question be raised about the use of the trust fund, the lawyer or law firm must be able to provide accurate records that demonstrate that at no point have any of the funds been used for disallowed purposes.

What Form Of Financial Forecasting Works Best?

Financial forecasting is one way to predict how well your business will do in the future. You can use financial forecasting to:

- Take an educated guess of how successful a new product launch might be

- Decide whether to take specific financial actions, such as hiring more employees, giving raises, or leasing new office space

- Solicit funding from investors or loans from banks

There are two types of financial forecasting:

General Transfer Pricing Information

When one part of a multinational organization in one country sells goods or services to another part in another country, the price charged for these goods or services is called a 'transfer price'. Not long ago, transfer pricing was a subject for tax administrators and one or two other specialists. But recently, politicians, economists and businesspeople have been waking up to the importance of who pays tax on what in international business transactions between different arms of the same corporation. Globalization is one reason for this interest, the rise of the multinational corporation is another. Once you take on board the fact that more than 60% of world trade takes place within multinational enterprises, the importance of transfer pricing becomes clear.

Transfer pricing is a great way to move goods from one company division or department to another without generating a lot of postings on the Accounts Receivable and Accounts Payable books. The value of the goods is simply moved from one division to the other, a process that greatly simplifies the process.