I add 30% profit onto the cost of stock, but my accountant tells me I am only making 23% profit ?
OK so say my stock costs £100 - I add on 30% profit and sell it for £130. Why does my accountant tell me that I am only making 23% profit ?? I'm confused - Maths never was my strong point ! No it is not his fees !!
Other - Business & Finance - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Cos you forgot the Accountant's commission charges.
Answer 2 :
his fees, of course!
Answer 3 :
His fees oops
Answer 4 :
£30 of £130 is 23% (30 / 130) * 100 To make it easier, if you bought it for £100 and added £100 you would make £100 profit for every £200 sold which would be 50% profit
Answer 5 :
this is because you profit is taken from your sales price and not your cost price. If you wanted to make 30% profit, what you need to do is to divide the cost price by the remainder of the profit as a decimal... (easier to write than explain)... so if you want to make 30% profit... the remainer of the percentage is 70%.. written as decimal is 0.7 divide the cost price £100 by 0.7, and this gives you .... £142.86. This is your selling price to make 30% profit. If you wanted to make 25% profit, you would divide £100 by 0.75... and so on... You need to MARK UP your stock, not just add a percentage. Happy selling !
Answer 6 :
Depends, Ok so you buy stock in and sell it at profit. First thing do you take into account any delivery charges in both recieving the purchased stock and sending it on to those who have purchased it...? Do you use any other materials, packaging etc that you pay for but don't add on to your prices to reflect this...? Do you factor in any utilities if used, ie electricity, gas, telephone...? This is all taken into account by your accountant in basic income and expenditure calculations, what may be taken for granted in your business by you is in fact eating into your profit margin without you realising it.
Answer 7 :
You can easily bring in a lot of legitimate cash completing free offers on GPT sites. GPT (Get Paid To) websites are a good and easy way to make fast and free money online. A good site to learn about them is http://www.gptcentral.net/.
Answer 8 :
One word: TAXES, the purpose of an accountant is to give you after-tax information, hence your 23%
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Sunday, July 28, 2013
Sunday, July 14, 2013
Help, I'm gonna visit my accountant dad and I need some basic info?
Help, I'm gonna visit my accountant dad and I need some basic info?
Last time I visited him he mumbled about all sorts of things I didn't get. What's a P.E? The only P.E I know is Physical Education......... Can anyone tell me some basic things? I'd be really grateful....
Small Business - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Penis Enlargement?
Answer 2 :
..
Answer 3 :
ASK HIM!!!! He's YOUR DAD for chrissakes...!
Answer 4 :
Just call his bluff and say "fully diluted?" or "do you mean historic or prospective?" It means prat/education ratio or how much of a Prat you can be expressed as a ratio to your Education. OK so I'll get reported for abuse but it's only a joke and I am top Investing answerer (when MuncieBird isn't)!
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Last time I visited him he mumbled about all sorts of things I didn't get. What's a P.E? The only P.E I know is Physical Education......... Can anyone tell me some basic things? I'd be really grateful....
Small Business - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Penis Enlargement?
Answer 2 :
..
Answer 3 :
ASK HIM!!!! He's YOUR DAD for chrissakes...!
Answer 4 :
Just call his bluff and say "fully diluted?" or "do you mean historic or prospective?" It means prat/education ratio or how much of a Prat you can be expressed as a ratio to your Education. OK so I'll get reported for abuse but it's only a joke and I am top Investing answerer (when MuncieBird isn't)!
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Sunday, July 7, 2013
what do I need to do the wages myself for my staff so I don't have to have my Accountant do them?
what do I need to do the wages myself for my staff so I don't have to have my Accountant do them?
Small Business - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I would suggest Quickbooks.
Answer 2 :
You can get all the info from HMRC if you are self employed. I had 6 staff and used a local payroll office for a minimum fee each month.
Answer 3 :
I'm a payroll expert and ex Revenue, I advertise on various freelance sites - I'll do them for you - or - try Quickbooks as previous poster stated - its very easy to use and will also do the rest of your book-keeping for your company, much simpler than Sage. For a small employer the Revenue do offer the service as the other poster stated, but it is handy if you get some experience so you know this area of the business. Good luck
Answer 4 :
The best person to speak to is your Accountant- if he's even half decent he will explain it all to you and help you through the first couple of payments. The Revenue helpline (look it up on internet) is excellent. They will send you loads of information and tell you what paperwork you need and where to get it. Payroll isn't difficult for a small company, just take advantage of all the information that the Revenue will supply and make sure that you keep your paperwork up to date.
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Small Business - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I would suggest Quickbooks.
Answer 2 :
You can get all the info from HMRC if you are self employed. I had 6 staff and used a local payroll office for a minimum fee each month.
Answer 3 :
I'm a payroll expert and ex Revenue, I advertise on various freelance sites - I'll do them for you - or - try Quickbooks as previous poster stated - its very easy to use and will also do the rest of your book-keeping for your company, much simpler than Sage. For a small employer the Revenue do offer the service as the other poster stated, but it is handy if you get some experience so you know this area of the business. Good luck
Answer 4 :
The best person to speak to is your Accountant- if he's even half decent he will explain it all to you and help you through the first couple of payments. The Revenue helpline (look it up on internet) is excellent. They will send you loads of information and tell you what paperwork you need and where to get it. Payroll isn't difficult for a small company, just take advantage of all the information that the Revenue will supply and make sure that you keep your paperwork up to date.
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Monday, July 1, 2013
Trainee Accountant in Cardiff?
Trainee Accountant in Cardiff?
I live in Cardiff and I am studying for the ACCA qualification. So far I sat for the first 3 papers and did exemplary well. I am now looking forward for more. I have not had real live accounting practise. Anybody knows how I can find my way into practise? I have applied for Junior accounts jobs but they all require experience of which I dint have. Anybody knows how I can go about it? I just want a job that is related to what I am doing. Any advice will be appreciated. Thanks.
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Hmm, try doing some interning. That may give you some experience that you need. Or audit firms. They are always short handed. Especially now during year end
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I live in Cardiff and I am studying for the ACCA qualification. So far I sat for the first 3 papers and did exemplary well. I am now looking forward for more. I have not had real live accounting practise. Anybody knows how I can find my way into practise? I have applied for Junior accounts jobs but they all require experience of which I dint have. Anybody knows how I can go about it? I just want a job that is related to what I am doing. Any advice will be appreciated. Thanks.
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Hmm, try doing some interning. That may give you some experience that you need. Or audit firms. They are always short handed. Especially now during year end
Read more other entries :
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