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.
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/
National Academy of Health & Business
Phone and email:
2014-09-15 by Mark Harrington
National Academy is proud to announce that it will be running a VIP $1,000 Bursary week from Monday, September 15 to Saturday, September 20 (yes, we’re open Saturdays!).
What does this mean for you? Anyone who registers during the VIP Bursary week will receive a $1,000 bursary cheque 30 days after your start date (some conditions apply). You must enroll for a September or October, 2014 start date. It’s that simple!
What does this mean for friends and family? If you know someone who is interested in enrolling, send them this email and if they enroll, you will receive a $500 referral cheque. Each referral will also be entered into our monthly gift card draw.
Call to speak with one of our experienced career counselors for more information on how you can begin training towards your career of choice as well as which funding option best suits your situation (including Government Assistance, to those who qualify).
Mississauga campus: 1 888 306 0991
Hamilton campus: 1 888 446 4649
Toronto campus: 1 866 797 6312
2014-09-10 by Mark Harrington
Say you’re starting a new business and want to know the first thing about finances. Well, a good place to start would be the basics of good bookkeeping. Proper bookkeeping ensures that you will collect, keep track of, save, spend and invest wisely. Some businesses will prefer to save money and do their own bookkeeping, but most business owners have not undergone money handling education like payroll training. Bookkeeping will usually be done by an accountant who you have hired and is certified following many an accounting course. The accountant will go through your sales and transactions, and analyze the data to let you know how well your business is doing, how much money is being made and whether or not there are errors or missing paperwork in your data. As an accountant working for a business, there are some basics you should know to ensure good bookkeeping for your client.
How will the financial transactions be filed? The entire accounting process consists of a fully organized system which information goes in and out of. It is a good idea to file all papers immediately after they are received, then again once they are entered in the system. To ensure there are no blunders in the numbers, make sure every little business expense is filed, as even a dollar or two can add up and make a difference. Although most accounting and payroll duties can now be accomplished with a computer, it is advisable to file and make back-up copies of receipts and important forms. The trick to organized books is to ensure you are easily able to reach files from months back, and that you are able to work as quickly as possible.
Data entry will be one of the main jobs of a bookkeeper, particularly at larger companies. Incoming bills should be entered daily, along with any business credit card purchases. It is important to have accurate data in order to track how well your business is doing over time, and how much money is being gained and lost. Accurate data entry ensures your taxes are in order and business owners can make better informed investments with their money. Well-ordered data entry will also ensure that businesses can easily pull reports to see where finances stand at all times.
Ensure Your Bookkeeping is up to CRA Requirements
In order to avoid audits and further issues if there is an audit, keep your books up to the Canadian Revenue Agency standards. The following is a list of records which must be kept:
- Spreadsheets and working papers
- A business journal
- Tax reports and records
- Ledgers and journals
- Any other documents that support your claims
Supporting documents should also be well-maintained and kept on hand. Here are some supporting documents a bookkeeper should have on hand:
- All business purchase receipts
- Legal and government correspondence
- Deposit slips, cancelled cheques and bank statements
- Sale invoices and receipts
Because bookkeeping is such an extensive and often time-consuming part of a business, more business owners smartly choose to hire an employee who has taken accountant training to balance their books, rather than take on the task themselves.
2014-07-16 by Mark Harrington
In Canada, the supply chain sector is currently on an upward trajectory. The market is experiencing growth, and experts predict that there will be employment opportunities in this field in the coming years. Professionals who possess supply chain and logistics training can help companies manage goods around the world through acquisition, storage, inventory management and more. Training in this field will teach you skills like:
- Forecasting & Purchasing
- Evaluating Cost & Quality of Goods
- Inventory Management
- Contract Negotiations
- Freight Forwarding
- International Trade & Customs
- Project Management
- Technology in Supply Chain
- Customer Service
And much more. If you’re looking a career that’s satisfying, challenging, fast-paced and well-remunerated, the supply chain sector could be just what you need. It will make good use of your logistic, planning and coordination skills, and you’ll get to join a dynamic industry that’s constantly evolving. There are literally hundreds of career paths in this sector, but here are a few of our favourites.
The Operation Manager plans, controls and directs the operations of a manufacturing establishment or distribution centre. They ensure that strategic operational plans are properly implemented and evaluate performance by reviewing data related to current stock, expected arrivals and more. The operations manager often works with numbers, but also with clients and other managers, meaning he or she must be a good communicator able to coordinate with others. Leadership skills and good judgement are also important for this type of position.
Inventory Auditors ensure the quality, accuracy and quantity of the physical inventory. When a shipment arrives, for example, they must evaluate its content to make sure nothing is missing, damaged or mislabelled. Moreover, they are also responsible for auditing and correcting internal inventory issues, such as, for example, when an item is missing. To be efficient as an inventory auditor, you must be vigilant and able to concentrate on your task without getting distracted. Though inventory auditing can sound simple, it’s actually a very important role within the supply chain industry.
A warehouse manager is responsible for an entire warehouse of stock. This means he or she must plan and direct the activities of the warehouse workers to ensure that the daily operations run on time. A warehouse, and by extension its manager, can be tasked with receiving, shipping or sorting out stock, assisting with an inventory audit and more. Lastly, the warehouse manager must be well-organized and a good team worker, as many of his or her duties will involve communicating and collaborating with others.
The procurement clerk is responsible for contacting suppliers to schedule deliveries and to resolve shortages, missed deliveries or any other problems that can occur. They work with numbers and logistics and often have to review requisition orders, process purchases, calculate costs and forward invoices to the appropriate accounts. Over time, some procurement clerks choose to pursue additional training, such as payroll training or accounting courses, to continue advancing in their careers.
2014-06-18 by Mark Harrington
Effective communication in the workplace can improve work ethic, creativity and time management for overall productivity improvements. Communication skills are valuable in every office environment, whether you are taking medical office assistant training or business courses. Office communication in this age of technology is evolving so fast it can be hard to keep your head wrapped around all the new changes, but with a couple of these great tips you’ll have the office more efficient in no time flat.
Even if it’s just a quick “Good job” after one of your co-workers’ presentations, giving other employees in the office feedback helps open up the channels of communication in the office. If you’re looking to share criticism and tips for improvement, consider the proper time and place, and the proper tone to phrase it in. Most of the time, if someone asks for your feedback, it’s okay to give them constructive ways to improve something, but spouting unsolicited criticism when you’re not asked to comment is not only rude, but disruptive.
Know When to Email and When to Talk
These days, with computers being an essential element of any office, a lot of our communication is done online. While sending people tasks or giving feedback on a submission are things that are sometimes better done through email or another text based messaging format, there are times where actually going over and engaging and talking to another employee is a much better way of communicating.
If you need to ask one or two short clarifying questions, emailing can be a waste of time while sending the message that you don’t have the time to simply walk over and engage someone. Not only this, but actively talking with people in the workplace creates a more open and relaxed environment than one where everyone is just silently plugging away on computers.
In the information age, we frequently think we have little time to spare, when that’s not really the case. One of the implications of this belief is that we often do a lot of talking – telling people something, describing what we want, talking about what we think should happen – and not a lot of time listening to others’ input. This creates a one-sided state of mind where everyone is pushing their own ideas and imagination on others, but not listening to what they have to say.
In everything from pursuing payroll training to running accounting courses to teach new hires, collaboration should allow better ideas to flourish while creating more efficient work flows, so opening yourself up and really listening to people is absolutely essential for good teamwork. Often there are mistakes that could have been easily avoided if communication was clearer from the beginning. Relationships in an office are all about give and take, so when all you’re doing is taking, you’re just making the situation more muddled and inefficient.
When it all comes down to it, making more of an effort to engage in open and honest communication is the secret to an efficient and happy office. Just taking the time out of your day to talk to your co-workers, even if it’s not work related, makes the atmosphere that much more positive.
2014-06-11 by Mark Harrington
A career in law enforcement is an exceptionally rewarding one, for a growing number of reasons. Not only do law enforcement officials enjoy benefits like great job stability, a varied job description and the satisfaction of protecting the community, but they are also well compensated for their time. When it comes to a career in law enforcement, here are the top advantages you can look forward to.
The Diversity of Job Options
In the realm of law enforcement, there are a ton of different facets of the job that are available to you. The titles “police officer” or “law enforcement official” are a catch-all term for a wide variety of jobs within law enforcement, ranging from jobs that put you right in the middle of the action to jobs that are much more desk and paperwork oriented. Everything from a homicide detective tasked with tracking down suspects to the press relations officer for the regional police is available to those interested in law enforcement. If you’re more into the action and engagement, there’s a position for that, however if accounting courses and payroll training are more up your alley then there’s a position for that too.
While it’s not necessarily a fact we should be celebrating, we have a crime rate that’s not dropping as fast as we’d like it to. What this means of course is that there is a continuously high demand for skilled individuals to assume roles in the police and law enforcement sector, and there likely will be for quite some time. The National Academy of Health and Business can have you career ready in just nine months with our law enforcement and police foundations diploma while helping with job placement, meaning you’ll land yourself in a secure job sooner than you think.
The benefits you can earn from a career in law enforcement and related fields are very competitive compared to other careers out there. Beyond the more than fair salary, you’ll have access to a maternity or paternity leave plan, daycare assistance for children, three to six weeks of vacation time depending on your seniority, an excellent pension plan, medical, dental and eye care plans as well as life insurance. Having most everything taken care of is a huge load off of your shoulders.
A Sense of Pride and Community Service
One of the greatest perks of a career in law enforcement, and one that will get you out of bed every morning is the knowledge that you’re helping to make your community a safer place. There’s no more rewarding feeling than knowing you’re contributing to the overall safety and security of people you know and care about.
2014-06-04 by Mark Harrington
Today’s offices offer their services to clients around the world as well as to the global online marketplace. An office without a skilled office administrator would be like a ship without a captain. Employees need structure and to be able to rely on various administrative structures in order to perform to the best of their abilities while keeping up with the challenging pace of business. To be successful as an office administrator, you’ll need specialized training, such as payroll training and accounting courses, as well as:
- Good communications and coordination skills
- A knack for managing your time well
- The ability to learn new software to process documents
- Be attentive to details
- Be a people person
- Show initiative
- The ability to work well under pressure
- Be able to juggle tasks and priorities
- Be a team player!
Office administrators often work with to-do lists, adding or crossing out items as the day goes on. This system can be very satisfying, such as when crossing out all items from a list on a given day of work. Though an office administrator’s exact job description will change depending on the employer, his or her duties can include payroll tasks, adjusting the budget, producing reports, training staff members, or personnel decisions like conducting interviews or having to let someone go.
The office administrator’s position also allows them to interact in person with people at different levels of the company, from the lowly intern to the professional with medical office assistant training to important upper-level management. This means the office administrator will need to hear the suggestions and ideas of staff members on the office floor, yet understand and implement management’s priorities. Lastly, this type of position offers great possibilities for career advancement over time, as the office administrator will become familiar with many different roles in the company.
The office administrator, then and now
As the office workplace has evolved over time, so too has the role of the office administrator. At one time, even as recently as two or three decades ago, the duties related to administration and support went to secretaries, and though they possessed plenty of experience and a proven track record, they rarely advanced to a leadership position, instead being tasked with personal assistant duties like preparing coffee, scheduling meetings and bringing clothes to the dry cleaners.
Today’s office administrator, in comparison, is a dedicated professional whose expertise and skillset can allow him or her to stand out in the eyes of upper management. The role is now much more focused around improving office efficiency to generate higher revenues. The administrator is usually encouraged to be proactive and put in place new action plans that will ensure that the office runs smoothly at all times. In the end, office administrators are usually one of the most visible employees on the office floor. Their ideas, efforts and skills often determine the culture and tone of the entire company.
2014-05-21 by Mark Harrington
Although it may be challenging for healthcare providers and health services offices to fully comply with the law at all times, it’s important for them to regularly readjust and refresh their operations in order to better serve patients. For example, some healthcare providers are unclear as to their legal obligations to provide language services. In the context of Canada’s growing multicultural population, it’s important that all healthcare services make appropriate preparations to accommodate diversity.
The right to privacy
For the health services office, one of the most important legal requirements regards personal information and privacy. This applies to all occupations in the health services office, including professionals who have taken accounting courses or professionals with payroll training. Information needs to be collected by professionals with medical office assistant training, used and disclosed in a manner that’s consistent with provincial legislation. Personal health information means information about an individual in oral or recorded form that relates to topics like:
- The physical or mental health of the patient, including information about the history of the patient’s family’s health
- Healthcare services provided to the patient
- Patient’s healthcare card number
- Any other information about a patient that is included in a record containing personal health information that is maintained for the purpose of providing healthcare or health services
Moreover, employees of a health services office must inform a patient of what they do with their personal health information. In certain situations, they must ask the patient’s permission before they can collect, use or disclose the information. Privacy legislation also gives the patient the right, with some exceptions, to see their personal health information and to ask for it to be changed or corrected, if they feel it’s inaccurate or incomplete.
Except as when required by law, the personal health information collected by the health services office can’t be offered to outside services like:
- The patient’s insurance company or employer
- A healthcare professional who isn’t providing the patient with healthcare
- Academic advisors, professors, university administration, family or friends
Protecting health information
To ensure privacy, certain steps have to be taken to ensure that a patient’s health records are secure and protected against theft, loss, unauthorized use and more. Some rules of thumb include:
- Paper records containing personal health information are either should be secured in a locked or restricted area
- Electronic records that contain personal health information should be stored on a password-protected network and are accessed by hardware that is also password-protected and locked in a restricted area when not used
Lastly, in the event of any unauthorized use or disclosure of personal health information, the professionals who work in the health services office have to inform the patient at the first reasonable opportunity. A note will also be made in the individual’s record of personal health information.