Stephen Souky

Experienced Professional

The Use of Accounting and Finance Software in Business

Accounting and finance software is very essential in order to succeed in business, regardless of the size and nature of the business. Many businesses have started making use of accounting and finance software as an integral part of their business operations.

Types of accounting and finance software

The two main types of accounting and finance software are;

Generic software: This is the best alternative for small businesses on account of its low cost of maintenance. Typical generic software includes Peachtree, and Great Plains.

Industry specific software: This offers more components and options. They are usually designed to meet specific needs of a particular organization. However, the cost of maintenance is high compared to generic software.

Merits of accounting and finance software

Accounting and finance software helps the management to make better decisions. It also helps in controlling costs, and in analyzing trends. It also helps to sort out information faster, and it enhances search capabilities without having to go through a heap of documents.

Costs

Sometimes, buying and maintaining software can be expensive. A small business may begin with one or two licenses. As the business grows, more licenses can be purchased. The cost of training the workers to use the software should also be considered.

In conclusion, accounting software will not replace genuine accounting knowledge. However, it may accelerate the procedure and make it faster. The fundamental knowledge of accounting is most times needed to setup the software and use it effectively.

Stephen Souky is an accountant; he has worked and thrived in the field of professional accounting for more than 20 years. He is a senior level manager in the Cable/Internet/fiber industry, serving as Controller at MHC. He has a strong background in corporate and personal income tax, business valuation, and various types of accounting software. He is also a member of Great Plains User Group (GPUG).

4 Reasons Why You Should Volunteer your Time to Community Service

Volunteering your time to community service can be fun and inspiring. There are diverse ways to volunteer your time to your local community. You can volunteer your time to coach a local team, raise donations for the less privileged, serve meals at the neighborhood soup kitchen, and so on.

Below is a rundown of how community service can benefit you and the community at large:

You will gain emotional satisfaction and fulfillment

Everybody has the capacity to help others in one way or the other. The fulfillment that comes with knowing that you have added value to someone else’s life is a great reward that cannot be quantified.

You will have the opportunity to connect with other people

You will be able to make new friends and connect with other people. This will help you to develop necessary social and communication skills.

Volunteering your time will help to improve your self-esteem

When you see the impact of your service on the community or an individual, you will have a better feeling about yourself.

Volunteering your time is a good way to fight depression

Social isolation is a key danger element of depression. Volunteering your time to community service will keep you in regular contact with people, this will give you strong emotional support to fight depression in difficult times.

Find out about how you can make impact in your local community, and you will experience the rewards that comes with it. Our acts of generosity, kindness and love are those things that strengthens the community.

Stephen Souky is an accountant and the president of Niskayuna Girls Travel Basketball Team and AAU programs. He is also a part of the community support efforts being undertaken by his church (Grace Fellowship).

A Successful Coaching Record

To be a coach means to be a leader, mentor, parent, nurturer and most importantly, an educator. Coaching requires an adamant amount of dedication, which means working endlessly to the game plan, practice and mentor your student athletes. This task can take a toll on any human being but if you have the drive and passion to develop winning teams, the possibilities are endless. Even the greatest coaches see new and unique challenges at every level. After all the game is constantly changing and evolving and even with technology and media as a centerpiece, you must understand how to build a winning strategy. A winning strategy comes from analysis, experience, and determination.

Often winning requires several lessons that can leave a lasting impression. Sometimes even losing a few games can help you understand your weaknesses that you must improve on.  While of course winning is important, it’s also critical that you preach the enjoyment of the game itself. Confidence is infectious and getting a team to play confidently, proudly and relentlessly can lead to more than just winning. That kind of heart can lead to a bond as great as the bond of a family. It can help develop relationships and friendships that will last an eternity.

Stephen Souky is the proud coach of the Niskayuna Girls Travel Basketball Junior B team. He has coaches this team that has gone from a .500 record to the champions of the Capital District Girls Basketball League tournament. This team of 11 seventh grade girls had come together this past season, compiling an impressive 15-0 regular season record and establishing a position of dominance in the Capital District. Stephen’s daughter is also a member of this team and enjoys working with her father to be league champions.

Stephen Souky – Accounting Leadership

A professional seeks the highest achievements and accolades, fluid teamwork and an equal amount of respect. A top notch accounting leader will always seek to provide a tradition of high-quality management, leadership, and delivery of goals. None of this can be achieved without customer satisfaction and a motivated team of professionals. The best leaders utilize a significant level of skill and experiences to help the company stay on track and to meet its financial objectives consistently.

Leaders must exemplify and encourage a tradition of providing high-quality management and leadership to a professional team. If it existed, the accounting professionals guide to success would mention a great sense of patience, humility, and integrity. Through these qualities, a team leader can encourage his teammates to trust his decision-making and mimic those same qualities. Tasks on the daily grind of leading a team would surmount to focusing on expert management of the company’s financial reporting, accounts payable, budgeting, purchasing, payroll, fixed assets, grant accounting, debt obligations and much more.

Accounting professional Stephen Souky has been in Senior Level Management, including such positions as Controller, his current position, as Senior Vice President, as Comptroller, Finance Director and more. Currently a senior level professional for MHC and Affiliates, Souky continues to continue. He is a graduate of SUNY College at Fredonia, who formerly worked as a Comptroller for the Albany College of Pharmacy and Health Services. He managed a professional accounting team and providing.  He is also the former Director of Finance and HR for Endosoft, providing expert management of all company functions related to Accounting, Finance, and Human Resources for over a year.

Stephen Souky – The Benefits of Volunteering

Stephen Souky is committed to his local community, and is always interested in ways to help make the community stronger, cleaner and healthier for future generations to enjoy. A regular volunteer through his local church, Grace Fellowship, Souky is rewarded by the opportunity to lend a helping hand to others, and to provide support and assistance when and wherever it may be most needed.

The benefits of volunteer work, as Stephen Souky knows are many, not only to the people who depend on the help of nonprofit organizations and volunteers, but also for the volunteers themselves. Below are several examples of how the act of volunteering can be beneficial to those demonstrating their generosity.

Connections with Others

As Stephen Souky knows, volunteer work is a great way to put you in contact with new people, both fellow volunteers and the people you’re serving, affording you the opportunity to establish new connections, make new friends and broaden your overall connection to the local community.

Social Skills

As an activity, volunteer work generally puts you into contact with a variety of different people, providing you the chance to not only expand your connections, but to work on the ways in which you communicate and establish relationships with others.

Physical, Mental and Emotional Health

Volunteering can provide a feeling of empowerment and reward that can often lead to an increase in self-confidence, as well as a decline in isolation and depression. The fact that most volunteer activities are physical can also translate into a great way to stay active and in shape, and to work towards better physical health.

Stephen Souky – GAAP Constraint Principles

Stephen Souky, a knowledgeable accounting and tax preparation professional, is strongly familiar with and adherent to GAAP, or Generally Accepted Accounting Principles, those that ensure the highest standards of professional accountability and performance at all times. As he knows, GAAP Accounting principles are divided up into three basic areas: Assumptions, Principles and Constraints.

Below, Stephen Souky seeks to provide basic explanations of the four GAAP Constraint Principles, those that round out GAAP fundamentals and help to maintain the high professional standards set forth by GAAP.

Objectivity

The principle of Objectivity, says Souky, states that all company financial statements provided by the accounting professional should always be based on and produced as the result of objective evidence.

Materiality

The Materiality principle, says Stephen Souky, places emphasis on the significance of a reported item, as its significance should always be a consideration of the accounting professional when making the report. Significance is determined if the item in question would affect the decision of a reasonable person.

Consistency

The principle of consistency, says Souky, stipulates that the same methods and principles of professional accounting should be used during each financial period.

Conservatism

This principle, as stated by Souky, stipulates that when two solutions are available to choose from, the solution that will lead to the least favorable outcome is always the one that will be chosen.

Rounding out the idea of GAAP Constraint Principles is the concept of Cost Constraint, which states that the benefits of reporting financial information should always be greater than, and should justify, the costs of supplying that financial information.

Stephen Souky – Helping Companies Meetit’s Objectives

Stephen Souky enjoys the opportunity to work for winning teams, one reason he is proud to be a valuable part of successful firms. Serving as a Controller/Senior Financial Professional for many years, Souky is trusted to provide the accounting, budget, strategic planning, tax preparation and overall assistance needed to ensure the firms stay on course, prepared and equipped to meet company objectives.

As a Controller/Senior Finance Professional, Stephen Souky provides invaluable assistance to both the leaders of the firms he has served regarding both strategic business valuation calculations and modeling, responsibilities that include determining the impact of taxes for various business entities and personal returns

Stephen Souky is also responsible for serving as the company liaison with an external auditor during the preparation phases of audited financial statements. In this role, Souky has been instrumental in saving the firms money by preparing financial statements and notes internally. He is proud of this particular accomplishment due to the significant costs it saved the firms throughout the preparation process.

Souky has also been responsible for the oversight of fixed assets/ capital purchases made by firms. He enjoys the responsibility of providing management to both the inventory system and the purchasing process, including the oversight of a warehouse that includes a significant amount of company inventory.

Stephen Souky’s Volunteering Record Formidable

Niskayuna native Stephen Souky has earned himself something of a reputation in the community as a consummate altruist. Stephen Souky volunteers all over the community in various capacities, and has been doing so for such a long time that he cannot even recall when he first started. In addition to his volunteer work in the community, Stephen Souky has been a youth basketball coach and administrator for a number of years, and also maintains an active role in his church, participating in church functions and church activities and staying active in the congregation. With such an active schedule, it is hard to picture Stephen Souky even having any time for himself, but he says it is not an issue.

Perhaps for people like Stephen Souky the volunteer work is its own reward. It certainly can start to seem that way, when one takes a look at all the various organizations and causes to which Stephen Souky has donated his time and energy over the years. Indeed, it begins to seem like volunteering itself must fulfill some kind of need for Stephen Souky. He says that volunteering does make him feel good, but if it were done solely for personal reasons it would feel almost selfish. Stephen Souky believes that the joy of helping others reciprocates itself inside him, and that it enriches his soul in a way that little else can. The same must be true for Stephen Souky’s relationship with his church, in which he is constantly getting involved in various capacities.

Stephen Souky Values His Coaching Experience

Long-time volunteer basketball coach Stephen Souky places a great deal of value in the time he has been lucky enough to spend coaching youth girls’ basketball. Stephen Souky has been coaching girls’ basketball for many of his 43 years, during which time he has had the privilege of coaching many different teams. Most recently, Stephen Souky has been named the President of the Niskayuna Girls Travel Basketball organization, and he has also founded and helped to organize a new AAU Girls Niskayuna Basketball squad. These new accomplishments have been like the capstone on a long and successful coaching and volunteer career for Stephen Souky, who values the time he has spent helping these girls focus and have fun.

According to Stephen Souky, one of the main reasons he values his coaching experience so much is that it has afforded him countless opportunities to influence the lives of great young people in both small and larger ways. Whether it be through leading by good example, or helping to diffuse conflict, Stephen Souky relishes the roles thrust upon him in his capacity as coach and organizer. Now, as President of the traveling organization, Stephen Souky faces an even more diverse set of challenges every day, and he appears to be more than up to the task. The increase in responsibility corresponds to an increase in satisfaction, he says.

In addition to his coaching and youth basketball admistration work, Stephen Souky enjoys volunteering around the community, and keeping an active role in his church.

Girls’ Softball and Basketball Coach Stephen Souky On Positive Fitness

Before Coach Stephen Souky started coaching girls’ youth softball and basketball, he had no idea of the social pressure on girls to diet and work out to conform to a specific image of what they should look like. Throughout his many years of coaching experience, Stephen Souky has seen his commitment to coaching increase as he’s learned that athletics can provide a crucial way for girls to build positive relationships with fitness and health, rather than one based in shame or social pressure.

For the most part, Stephen Souky coaches girls in the middle school age range, who are in many cases encountering the many challenges of growing up as a young woman. According to Stephen Souky, he frequently coaches girls who are exposed to pressure to diet or work out obsessively in order to achieve a skinny physique. With a supportive athletic atmosphere, however, girls can learn to build a positive relationship with their own health and physical activity through learning about healthy ways of achieving physical fitness and increased confidence about their own skills.

Coach Stephen Souky focuses on building respect and sportsmanship among teammates, and that includes respect for one’s self. While many girls show up to his team with poor self esteem, Stephen Souky coaches them to athletic success, helping them feel like a key part of a team. Furthermore, when fitness is coupled with sports and a group-focused sense of participation, as well as a focus on strength and skill rather than personal image, girls can reframe the way they look at themselves and at physical activity. For Stephen Souky, seeing his players begin to reform their confidence in terms of athletic ability, teamwork, and health, rather than image or conforming to a certain stereotype, is one of the most rewarding parts of coaching a girl’s team.

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