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Valuable what not to do's
Helpful comments for me (a marketing assistant within a firm of accountants) to consider when posting updates in the future. Thank you.
I was sceptical
And I probably still am. Mark you are so right to bring us all back down to earth, as I don't believe social media is the new quick marketing fix. I do believe it is one of a number of useful tools within the big marketing strategy picture. I write as one who is starting up from scratch. I have to keep a strict eye on the money, and make sure that not a penny is wasted, particularly on fruitless advertising.
Be careful what your employees say.
http://road.cc/content/news/84212-norwich-police-seek-driver-who-tweeted-about-collision-cyclist
A very good article!
An excellent article, Mark - well done.
I would add to this article, that social media used as part of your networking strategy can be a real winner.
Of course, this feeds into point number 1 - have a plan. If you don't have a plan for how you will generate work via your network and networking activity, adding social media into the mix is not going to help. In fact, it will make it worse, as it will be another interesting way to waste time.
The questions you want to ask are simple:
1) Who do I need to meet to win new clients?
2) Who are the people who are well connected to my ideal client?
3) What is an easy way to meet these people? (This is where social media can be really helpful)
4) How will I take the contact offline when I meet them online?
Help on accounting treatment
Dear all,
Please could someone suggest the correct accounting treatment to the following question:
1. Company A is a charity which is not subject to Corporation Tax.
2. Company A decides to provide £10,000 to individual(s) and/or other organization(s) to run a charitable project which is relevant and beneficial to Company A.
3. This project may run over several financial year. There is no time restriction to complete the project.
4. All unused grant on completion of the project are to be returned to Company A.
5. Questions:- With the possibility of unused grant being returned to Company A on the completion of the project, what is the best way to show the 'Grant Given' in the Profit and Loss account ?
MY VIEW: Based on the concept of prudence I would assume that the entire £10,000 should be declared and written off as a cost in the year of the outlay even if the project runs over a few years. This argument is strengthend by the fact that as there is no time constraint on project completion it is impossible to distribute the writeoff of the expenses into various financial years.
My concern is when at the completion of the project there is a residue of unspent funds of say £1000 which is to be returned to the coffer of Company A. How does this 'incoming funds' be treated based on the above?
To add another complexity into the foregoing hypothesis let us suppose Company A offers £10,000 of grant every year for a different project. Let us suppose we are in year 3 since the inception of the first grant, and at year 3, the first project comes to a completion with a residue of £1,000. In other words, bearing in mind that as there is an outlay of £10,000 Grant Given in Year 3, could or should the £1,000 returning grant be setoff against the third-year-Grant which would result in a net outlay of £9,000 being shown in the Profit and Loss account? Or should the returned grant be shown separately as a concept of an income as part of the incoming resources - this idea appears to be incorrect as it is not an 'real incoming resources' or could it actually be defined as such ?
Please could anyone shed some light and discuss what is the best way to treat the initial outlay of the grant, how to treat the returned grant, should there be a setoff between the returned earlier grant against subsequent grant for totally different projects, should there be a distribution of each grant outlays (would be impossible to do without knowing the duration of the life of the project unless some Einstein on here has cracked the problem of time-travel) ?
Thank you.
Cowboy Accountant.
11 June 2013
@ Cowboy Accountant
This is the wrong place to ask a question. Try re-posting it in "Any Answers".
This is very interesting as it was just today that I decided to give Twitter a go.
@johnlharris65 if you want to have a look.
I think I have already fallen into the trap of getting a bit too excited with followers etc.
If anyone has any more tips and advice that would be wonderful.
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