2018-06-06 by Mark Harrington
When beginning their studies, students may sometimes be tempted to procrastinate. Far from a sign of laziness, procrastination can serve as a kind of escapism or avoidance of a task or duty that seems too difficult or challenging to complete. In fact, everyone procrastinates from time to time. However, while the prospect of checking your emails or Facebook might seem like a welcome break, it may actually increase your stress and have a negative effect on your studies.
Below are four practical ways to nip procrastination in the bud over the course of your studies and career in accounting and payroll administration. Read on to find out what they are!
1. Notice and Understand Why You Are Procrastinating
Before you begin to work on a strategy to overcome procrastination, it’s important to recognize those moments when you are procrastinating and why. How did you feel, and what were you thinking? Questions like these can be useful in identifying the triggers that inevitably get you to procrastinate.
Are you procrastinating because a certain task feels intimidating? Are you worried about failure? Do you feeling nervous about the future? Addressing these feelings will help you understand the causes behind moments of procrastination, and will help you avoid them in the future!
2. Use Time Management Strategies During Your Accounting Training
Effective time management can be an excellent way for you to avoid procrastinating as you earn your accounting and payroll diploma. Instead of creating excuses to delay your work, practice using a few time management techniques, such as setting and prioritizing goals. You could set aside some time each day for study, and then reward yourself afterwards with a well-deserved break. You can also improve your time management skills by creating a comprehensive to-do list of all the tasks you need to accomplish. Stay resilient and maintain your set times for each task and you’ll find yourself completing your work quickly and on time!
Learning time management strategies can help you excel in your studies and beyond!
3. Cultivate Mindfulness Techniques to Relieve Stress
Stress is often one of the main reasons why students and professionals procrastinate, which makes adopting great stress management techniques important to maintaining productivity. During moments of stress, try practicing “mindfulness” along with deep breathing exercises. Mindfulness involves taking a pause and focusing your attention on the present moment rather than future consequences, which can help you feel calm and improve your focus.
Beat procrastination with mindfulness techniques!
4. Let Go of Perfectionism and Self-Doubt
Students as well as professionals with accounting training may sometimes procrastinate if they have little confidence or are perfectionists. In both cases, perfectionists and those with low confidence alike may worry that their work isn’t up to par. Some perfectionists might procrastinate by over preparing. Meanwhile, professionals with low-self esteem may hesitate to approach their work for fear that it would fail to measure up to expectations.
Therefore, one excellent way to avoid procrastination is to remind yourself that nobody’s perfect, and that an important part of being a student is taking risks and learning from mistakes. Top colleges know this, and work hard to create a supportive environment. Instructors are there to offer guidance and support, so that students can build up their confidence and remember that they are capable of tackling whatever challenges come their way. As a result, they can let go of worries and self-doubt, and instead focus on achieving their goals.
Are you ready to start your career in accounting?
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2018-04-25 by Mark Harrington
Money isn’t the only way to measure the success of a particular business, but it has to be towards the top of the priority list. Making a profit is essential in most sectors, to allow employees to get paid and to generate a healthy return for investors. It’s also important to recognize what pitfalls or opportunities may be lying ahead in the future, and to carry out a thorough financial analysis of the business to prepare as best as possible.
Financial analysis is used to assess whether a business or project is profitable enough to encourage investment. Accounting and payroll administrators may sometimes assist in this research, and it can be an excellent way of gathering a deeper understanding of the business and the industry in which you’re working. The duty requires a good knowledge of financial documents, and it’s also important to relay the findings in a clear way with useful comparisons. Here are some important points to consider with regards to financial analysis.
What Documents Are Used in Financial Analysis?
Graduates of an accounting college know there are three files that are essential when carrying out this task. The first of these files is the balance sheet. This document includes the financial and physical resources that a business has available for the future. It doesn’t, however, mention if these resources are being well utilized, so it’s a good way to measure current financial performance rather than future growth.
The second document, the income statement, offers information about performance over a particular time period. It includes information on revenue, expenses, and profits/loss, and is a better indicator of future viability.
The other essential document is the cash flow statement. This is similar to the income statement, as it records performance over a period of time. It doesn’t include items such as depreciation, so it is seen as a more streamlined way of measuring a company’s ability to pay bills, creditors, and much more.
Analyzing Revenue After Receiving an Accounting and Payroll Diploma
The overall revenue coming into a company can be an easy way to spot financial performance, but it’s vital to look more deeply at the income streams. Professionals with an accounting and payroll diploma know revenue growth should not include one-off sources of income, which can distort findings.
Revenue concentration assesses whether a company is over-reliant on one or multiple clients. If those clients pull their business, it could leave the company in a dangerous position. Revenue per employee is another common ratio used. This measures revenue compared to employee numbers, and the highest possible ratio is preferred.
The Comparisons to Use During Financial Analysis
A straightforward way of judging financial performance is to compare current results to the company’s findings in previous years. Looking back at the previous three years is usually seen as enough, but older data should also be analyzed if available.
Previous financial analysis results are a key point of comparison
Benchmarking is also necessary to compare the company’s performance to direct competitors. Profit levels may be much higher at other businesses, which could highlight opportunities which haven’t yet been seized.
Are you interested in taking on a career in payroll accounting?
Find out more about how payroll training at the National Academy of Health & Business can give your career a kick-start.
2018-02-14 by Mark Harrington
For the employee who mistakenly gets a little extra money on their paycheck, the error might seem like a nice surprise. For the payroll or accounting professional on staff, though, it’s a problem that needs to be dealt with.
Fortunately, graduates of accounting programs are equipped to deal with this situation, possessing the skills necessary to achieve a quick and fair solution that gets everybody and everything back on track. Curious about what it is that they do? Here’s a look at how graduates of good accounting programs can go about fixing an overpayment.
Pros With Accounting Training Know Different Salary Overpayments Have Different Solutions
There’s more than one way to overpay an employee. There might have been a clerical error, for instance, or a system failure leading to an employee either being paid too much money, or being paid when they are on leave or no longer with the company. Repayment is the ideal solution, but delays and refusals are not unheard of, and lead the situation to become more complicated. Further, the specific manner in which the overpayment occurred can lead to different legal requirements during the pursuit of a resolution.
For professionals with accounting training, it’s a straightforward thing to resolve these different issues of salary overpayment. A combination of training in bookkeeping and accounting ensures graduates have a grasp of the specific processes demanded in financial management for a business. Training in standard applications like Quickbooks add to this an ability to pursue the correct solution quickly, and ensure all parties are made aware of the correct next steps as early as possible. It’s an ideal combination for nipping issues of overpayment in the bud as quickly and stress-free as possible.
Software savvy and accounting training combine to help accounting pros resolve overpayment issues
Over-Deduction Is Another Common Issue That Can Be Encountered in a Career in Accounting
It’s standard practice for employers to deduct employment insurance premiums from each pay check, sending the funds to the government on the employee’s behalf. It can happen, however, that an error is made and too great of a deduction is taken in a given pay period. Similarly, underpayment might also occur, with the company deducting too little in a given pay period. Both situations call for resolution, which can take the form of either reimbursement to the employee or making extra deductions from their later pay. Depending on the time frame over which these processes are meant to take place and the extent of the problem, however, finding a way to solve it can be a tricky thing to pull off.
Success in a career in accounting means being prepared to deal with these kinds of problems, and there’s no better way to achieve this readiness than through a good training program. These offer enrollees the chance to engage with experienced professionals who can offer real insight into a multitude of different accounting problems, something which can help steer them toward the correct solutions. If you know you want to do computerized accounting work for a business and want to be prepared to help resolve some of the payment issues that can arise, it’s important that you go into it with this type of education behind you.
Insight from experienced accounting trainers can help you resolve payment problems
Do you want to learn more about resolving payment issues?
Contact National Academy of Health and Business to learn about our accounting and payroll diploma!
2016-06-29 by Mark Harrington
Careers in accounting offer both job stability and good pay, and are an excellent fit for students with an eye for detail. If you enjoy math, like using new software, and are looking for a rewarding career, then the right payroll training program could help you start your dream job sooner than you think. In fact, focused programs like the one offered at the National Academy of Health and Business (NAHB) are just 44 weeks long. That means that in just nine months, you could be graduating with your diploma and well on your way to a bright new career.
Taking advantage of the lucrative job market in accounting and landing a job after your training is made easy with the resources and support provided by NAHB. Continue reading to discover how our accounting college can help you launch an amazing career after graduation.
1. Accounting and Payroll Diploma Holders Get Guaranteed Co-Op Job Placement
When studying towards your accounting and payroll diploma, you will have a chance to put all the theory you’ve learned to use with a co-op job placement. Cooperative education allows you to take the knowledge you’ve gained in the classroom and use it in the real world, gaining important experience and confidence in the process. A co-op job placement is the opportunity to push yourself—and at NAHB, every single student in accounting and payroll is guaranteed a co-op job placement.
A co-op job placement is a great way to kick-start your career!
2. Accounting Training Prepares Students to Use Important Software Programs
ACCPAC is the accounting software of choice for many of the largest accounting firms in the world. It’s one of the top software programs that students need to know, and NAHB provides comprehensive, hands-on training so that students feel confident using it. With the help of our expert instructors, you’ll learn useful shortcuts and how this program can keep the books balanced. Not only that, but the ACCPAC training comes with a Recognition of Achievement that will greatly assist in finding employment after graduation.
3. Accounting and Payroll Diploma Grads Get Job Search Support
The skills you’ll gain through your accounting training at NAHB will make finding prospective employment an enjoyable and seamless experience after graduation. On top of that, our college makes your transition into the workforce all-the-easier with the help of our resume and cover letter development assistance, interview preparation assistance, and networking advice. Plus, NAHB can refer you to external career resources after graduation, helping you make a smooth transition into your career in accounting.
The sky is the limit with proper accounting training
Attending an accounting college is a wise decision right now because of the hot job market, as well as due to the plethora of services and career development assistance skills provided in accounting training—a rewarding career may be just around the corner.
Ready to begin education that really adds up?
Contact an advisor today to find out more about our accounting college.
2016-04-06 by Mark Harrington
Processing a company’s payroll requires taking many different factors into consideration. Accounting and payroll professionals have to keep benefits, hours worked, sick days, and taxes in mind—among many other responsibilities. As a result, it’s only normal that a payroll error will happen from time to time. But whether a payroll blunder works out in favor of the employee or the business, they can be costly mistakes that sometimes take extra time to fix. That’s why knowing which mistakes happen often—as well as how to avoid making these mistakes in the first place—can be a huge time saver during your future career.
If you’re planning to pursue accounting and payroll training, read on to learn some of the most common payroll mistakes professionals make in the industry, and how you can avoid making them.
1. Pros with Payroll Training Should Always Record Employee Bonuses
One common error that professionals with payroll training sometimes make is that they forget to record employee bonuses. They might hand out bonus pays, commissions, and gift cards but then forget to record them in the payroll system.
Employee bonuses need to be recorded in the payroll system
These mistakes could throw the system off-balance if you don’t make note of them. That’s why if you hand out bonuses during your career, make sure that they’re recorded in the processing system to ensure that your books stay in balance, and that your tax deposits stay in order.
2. Pros with Payroll Training Should Deposit Taxes on Time
Most companies are required to deposit taxes on a bi-weekly or monthly basis. When taxes reach certain amounts, however, they might need to be deposited on the next business day. Sometimes payroll professionals forget to stay on top of these important dates, which is why this is another common mistake you’ll learn to avoid during your payroll training.
You’ll learn during accounting training that when you miss a tax deposit deadline, you may be subject to late deposit fees and interest. That’s why it’s important to remember tax deposit dates so that you avoid having to pay any penalty rates.
3. Pros with Payroll Training Should Remember Expense Reimbursements
While some companies provide employees with expense accounts to cover costs while they travel, others choose to reimburse employees for any business-related costs instead. Common expenses include hotel costs, meals, and car rental expenses—which can be pricey for employees.
That’s why one mistake that can cause frustration is when these expenses aren’t calculated by and reimbursed on time. Nobody wants to have to continuously ask their employer for money owed, so you can avoid this uncomfortable situation by making sure that you process expense reimbursements in a timely fashion during your career.
4. Pros with Payroll Training Should Always Calculate Overtime Correctly
Every company should have specific guidelines for overtime pay. As you start your career, make sure to become familiar with these guidelines quickly so that employees who have extra hours accrued are always paid what they’re owed. When overtime pay is miscalculated, it can lead to frustration for employees or extra costs for the company. That’s why you’ll want to make sure you’re familiar with both provincial regulations and your employer’s overtime policies when you start your career.
Looking to earn your accounting and payroll diploma in Ontario?
Visit NAHB for program information, or to speak with an advisor.
2015-11-04 by Mark Harrington
Demand for trained professionals in Canada continues to grow.
Few jobs offer the seamless transition between sectors like positions within the Accounting and Payroll industry. The majority of skills acquired at one organization are transferable to the next and so on – giving you tremendous flexibility when searching for employment. And, some good news if you’d prefer to work from home – Canadian census data shows there is a growing trend among employers to outsource Accounting and Payroll positions in the areas of accounting, tax preparation, bookkeeping and payroll services1.
An Accounting and Payroll Diploma gives you the opportunity to gain knowledge in an area virtually no company can do without. With ever-changing federal and provincial legislative requirements and laws employers are increasingly counting on trained accounting and payroll administrators to handle payroll duties, remittances and benefits. Employees rely on your skills to ensure their payments are made timely and accurately – their livelihood depends on it. The demand for experienced payroll administrators is high and is projected to grow through to 20171.
Payroll training gives you an understanding of tasks relating to employee payroll management. This includes hiring employees, calculating deductions such as the Canada Pension Plan, Employment Insurance Premiums and Income Tax Deductions. You also learn about remitting (sending) these deductions along with the employers share of these deductions by the organization’s remittance due date(s). Additionally, you are responsible for reporting the employees’ income and deductions on the appropriate T4 or T4A slip.2
Accounting training involves some bookkeeping activities such as recording financial transactions, producing invoices and competing payroll. However, the scope of this responsibility goes beyond basic bookkeeping – it includes the action or processes involved in maintaining financial accounts. This encompasses the preparation of financial entries and statements, analyzing costs, completing tax returns and developing reports to help business owners assess the impact of financial decisions.
Salaries and Common Career Paths
Average salary figures in this discipline range from $35,000 to over $100,000 depending on experience, capabilities and tenure within the industry. Individuals who excel in this area have the room to progress into positions with more responsibility and higher salaries.
Common Career Paths in Canada3
Industry Accreditation and Support
Should you choose a career in this field you can easily add credibility to your resume and help build your career by joiningthe Canadian Payroll Association (CPA).
Memberships are available to students, graduates and those employed within this field. Additionally, you will benefit from leading-edge support in your new career including these benefits:
- Toll-free hotline to answer your toughest payroll-related questions
- Federal & Provincial Legislative Updates
- Payroll Best Practices Guidelines,
- Forms, Checklists and Reference Material,
- Payroll Mall (list of suppliers/vendors)
- JobConnect (online job and resume posting service).
As well, your CPA membership provides you with regularly produced publications, professional development and certification program offerings as well as conferences and networking opportunities.
Are you interested in obtaining your Accounting and Payroll Diploma? Visit the NAHB for more information or to speak with an advisor.
For more information please visit: https://nahb.schools.consulting/
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