taxes Archives - Seibert Consulting Group

What Is The Role And Operational Duties Of Government Accountants?

Thu, 13 Aug 2020 15:24:53 +0000

As a NetSuite ERP-focused agency, the Seibert Consulting Group works with a number of public and private-sector organizations, as well as a number of GSEs, or Government Sponsored Entities, both here in North America and also with government agencies abroad. These financial accounting contracts have necessitated at times our team’s interactions with these government agencies and their accounting and auditing finance teams. These experiences have informed our group’s expanding knowledge of working with government accountants:

When people think of accountants, government accountants are not the first type of accountants that come to mind. However, government accountants play an important role in the accounting industry. Government accountants have many duties and functions that serve different purposes. These different functions of government accountants not only help the government, but also protect the public at the same time. Government accountants work hard to make sure that businesses operate honestly and ethically. Government accountants also make sure that the citizens within that government are fulfilling their tax obligations. Here is a overview regarding how government accountants operate.

With businesses, government accountants make sure that a businesses stays completely honest to its investors and to the public. Government accountants do this in more then one way. The first way government accountants oversee businesses, is to cross reference their records to make sure that all of the businesses accountants have reported the businesses finances accurately. This is important, especially for publicly traded companies, because these records can be viewed by the public or by private investors. If the information is not recorded accurately, or if a government accountant sees something that is not right with the business records, then government accountants can report it and take action. Government accountants also make sure that businesses pay their taxes on time and do not cheat the government with tax evasion. This role of the government accountants keeps businesses honest with their records and also ensures that the businesses are paying their taxes to the federal government as they should be.

Government accountants also play important roles with the public. This role not only includes that the citizens of that government pays their taxes on time, but also prohibits illegal methods for obtaining money. This is a very important aspect of government accountants, because like a business, they have the ability to check your financial records to make sure that you are also fulfilling your obligation to paying your taxes as well as making your money legally. This helps the government fight against illegal income methods and encourages its citizens to provide a income from a acceptable way in that society. Because of government accountants constantly monitoring the public, government accountants can identify suspicious activities form individuals and report it. This helps fight against criminal activities. This service from government accountants also helps the government obtain as much money as possible from its citizens with such things as taxes, which helps the government function.

Government accountants play a very important role with businesses, the government and the public alike. Without government accountants in place, there would be no financial monitors for the government, resulting in governments facing many problems. Government accountants also play a vital role to ensure the protection of the the governments and public’s best interest. There is no dispute that without government accountants, there would only be disastrous results. Government accountants help ensure the financial balance and honest financial reporting within a government. This is why a governments accountants role is so important and why it holds a great deal of value to the government.

To find out more about government accountants, financial audits and audit procedures for government agencies and working with U.S. Government specifications for financial management and accountancy standards, particularly in respect to working with the Oracle | NetSuite ERP cloud-based software suite, please contact the Seibert Consulting Group at 760-205-5251 or email the SCG team at hello@seibertconsulting.com.

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Three Reasons Oracle | NetSuite OneWorld is The Perfect Tool For Your Enterprise’s Global Business Expansion

Sat, 18 Jul 2020 21:21:36 +0000

The most successful companies in the world were once startup businesses. Many ambitious

visionaries always view global expansion as limitless. However, it is not easy because there can

be several obstacles that can stop or slow your business progress on the way. Some of those

obstacles may include cultural and language barriers, compliance issues, currency exchange, etc.

NetSuite OneWorld comes as a highly integrated business management option that helps the

edges of transformation in the journey to take the business to the international level. Basically,

OneWorld is a business management system and a cloud-based ERP which is designed for

businesses that have multi-subsidiary and multinational operations. It helps companies in

adjusting to legal compliance conflicts, taxation and currency exchange at both local and

international levels.

To clearly understand how NetSuite OneWorld catalyzes your process of expanding your

business to the international markets, it is prudent to vividly describe how it combats the

common challenges which companies face during expansion. Here is how…

1. Differences in Language and Culture

Communication is indeed very core in every business because it facilitates every activity that is

meant to broaden the business. Proper communication is the beginning of a strong partnership

and understanding of the major business dynamics of the geographical area concerned.

As a result, NetSuite OneWorld is designed to support 27 languages which include French,

Chinese, Japanese, German, etc. Therefore, companies can utilize those languages while

negotiating for partnership, tenders and contracts. More importantly, NetSuite continues to add

new languages as per the customers’ demand

Since the business expands to different markets around the globe, every market may require

different monitoring of KPIs to meets the goals of the company. To solve such problem,

OneWorld grants its customers role-based dashboards based on real-time insights

Besides, NetSuite is designed to operate via cloud hence accessing OneWorld anywhere in the

world is easier provided there is an internet connection. This feature is important for every business because processes can be deployed instantaneously within the parent company and its

subsidiaries.

2. Varying Exchange Rates and Taxation

The currency exchange is traded every minute, it is hard to keep track of the exchange rates

hence affecting the taxes owed especially when a business receives thousands of transactions

online and in-store. For the case of companies that have a global presence, the stakes are usually

high.

NetSuite OneWorld offers multi-currency management features for over 190+ currencies and

rates of exchange. The tax engine also calculates and reports tax for more than 100 countries.

Besides, it contains a preconfigured tax codes for more than 50 countries and also a configurable

indirect tax engine which allows coverage of almost 90% world’s GDP. Therefore, OneWorld

helps the company to expand with confidence in the international market.

3. Compliance, GDPR and Regulatory Issues

Each country and region has a different requirement for compliance, GDRP and regulations

which are core in bumping most of the international companies. NetSuite OneWorld was

developed to solve all these problems.

With OneWorld, your company can easily meet time-consuming and critical financial

compliance requirements such as SOX, IFRS and GAAP. This because the adjustment of the

legal differences, taxation, currency and language can be done on multiple levels. Therefore, you

can accelerate your financial steps with real-time roll up and multi-currency consolidation across

accounts receivable, accounts payable, inventory, billing, payroll, etc.

In terms of GDRP, NetSuite is like a data processor that acts on behalf of its customers and has a

professionally developed functionality that assists in EU Data Subject Rights under GDRP.

In a nutshell

With all the features mentioned, it is clear that NetSuite OneWorld possesses real-time visibility,

actionable intelligence and capabilities which you need to run your business smoothly. Take a

firm stand today and choose OneWorld as a surefire tool to jumpstart your business at the

international level.

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Everything You Need To Know About Accounts Receivable Financing And Tax Write Offs, Including: ‘What Does It Cost’?

Wed, 15 Jul 2020 20:29:03 +0000

Banks won’t lend money to a business seeking to acquire larger contracts because its not viewed as an asset. So if you are a small start up company, funding for expansion may be hard to obtain. Accounts Receivable Financing could be the key to funding for a start up with desires to bid on large Government (or Corporate) contracts.

So what is Accounts Receivable Financing? It is the selling of your accounts receivable invoices for cash versus waiting 30-60 or 90 days to be paid by your customer. Accounts Receivable Financing is also know as Factoring.

Securing the services of an Accounts Receivable Financing Company will allow a small company to bid on almost any contract within reason. A small company would know in advance that the funds needed to produce goods or provide services are available once they win the contract. In fact, some A/R Companies will advise you on which companies they will Factor Invoices from and which to avoid! (Federal Government contracts are considered “gold” however not all Factoring companies can handle Government Receivables)

One of the major concerns for most small business owners is how much does Accounts Receivable Financing cost? Between 1 to 5% generally speaking. Since Accounts Receivable Financing rates depend on the credit-worthiness of your customers, your average invoice, average payment cycle, and factoring volume, its hard to predetermine the exact cost of the money. However, you should remember, whatever the cost is: Its TAX DEDUCTIBLE and this is important. This means that the cost to factor is offset by IRS.

Not all Factoring companies are created equally (you can’t tell that by looking at their web pages). A Cash Flow Consultant or an Accounts Receivable Broker can stir you in the right direction. There are issues such as: process to acquire funding, will the Accounts Receivable Financial company (factoring) company handle your collections, will they provide the funds through a credit card or will they wire the monies into your business checking account, will the Accounts Receivable Financial company factor with recourse or without recourse? (Meaning will they take responsibility for the debt or will you the client take ultimate responsibility? The rates are different)

Sometimes an A/R Broker has a choice, but not all the time. For instances, there are not that many companies that provide Accounts Receivable Financing for health care or construction. It all depends on what type of business you have and what your needs are.

Want to learn more about Account Receivable Financing? Drop us a line and let’s talk!

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