Numia allows you to access your files and perform your work online by the use of selected browser without limitations to place and time. The context of migrating your data and other work to the web is to enhance productivity and improve work efficiency. Many people are becoming aware of the importance of migrating your data and workstation to the internet.
Installing the accounting software to the local computer hard disk drive may be good if you are just using one computer for your business. This may be inconvenient and costly if you have multiple computers using the same business software because you need to buy one software for each computer you need to install unlike the Numia where anyone can access anywhere by their individual user names. Software limits mobility and most likely controls productivity because of user physical space limitations.
Numia allow you to collaborate, work your project online, and communicate in a secure medium online. This online accounting software practically saves time, money, and work force installing software to different computers across the globe.
If you do small business or large business, you don’t want to hire personnel for software and want to low cost account software. For that it is best that use Numia so you don’t worry about changing computers, storing the data and lost of data. Data in Numia is always secure. And important thing is you can access it at any time.
Happy Christmas
Depreciation in Numia
Most assets lose their value over time and must be replaced once the end of their useful life is reached. Decrease in value of your asset due to obsolescence or use is termed as Depreciation. It is considered an expense and is listed in an income statement under expenses.
For Instance, consider that you buy a Computer for your organization. The computer loses value from the minute you bought it. Computer is considered as a fixed asset of the organisation. Each year the value of the computer keep on reducing . Measuring the value being reduced is called as depreciation. This depreciation value may vary depending on the type of asset you own.
Depreciation is calculated in two methods namely, Percentage method and Straight-line method. In the former method, a percentage will be fixed according to the type of asset and that percentage of amount will be reduced every year from that asset. In the later method a formula is used to calculate the depreciation value.
Strainght line method is the most commonly used method. Numia ,our free Online Accounting Software uses both these method for calculating the depreciation value of assets. We provide you an option to select time period like full-year, quarterly and half-year for calculating the depreciating value.
To find the annual depreciation cost for your assets, you need to know the initial cost of the assets. You also need to determine how many years you think the assets will retain some value for your business. In the case of a computer, it may only have a useful life of ten years.
For Instance, consider that you buy a Computer for your organization. The computer loses value from the minute you bought it. Computer is considered as a fixed asset of the organisation. Each year the value of the computer keep on reducing . Measuring the value being reduced is called as depreciation. This depreciation value may vary depending on the type of asset you own.
Depreciation is calculated in two methods namely, Percentage method and Straight-line method. In the former method, a percentage will be fixed according to the type of asset and that percentage of amount will be reduced every year from that asset. In the later method a formula is used to calculate the depreciation value.
Depreciation value = (cost of the asset - expected salvage value)/ Years of estimated useful life
Strainght line method is the most commonly used method. Numia ,our free Online Accounting Software uses both these method for calculating the depreciation value of assets. We provide you an option to select time period like full-year, quarterly and half-year for calculating the depreciating value.
To find the annual depreciation cost for your assets, you need to know the initial cost of the assets. You also need to determine how many years you think the assets will retain some value for your business. In the case of a computer, it may only have a useful life of ten years.
Chart Of Accounts
A Chart of Accounts(COA) is a list of all account names and numbers in your company's general ledger . The chart of accounts contains the account number, account name, and the information that controls how an account functions and how a G/L account is created in a company code.
Chart of Accounts is classified into one of the five categories :
1. Assets - It is the group of things that you own. Assets could include a car, cash, a house, stocks, or anything else that has convertible value.
2. Liabilities - It is the group of things on which you owe money liabilities could include a car loan, a student loan, a mortgage, your investment margin account, or anything else which you must pay back at some time.
3. Equity - It is same as "net worth." It represents what is left over after subtracting your liabilities from your assets.
4. Income - It is the payment you receive for your time, services you provide, or the use of your money.
5. Expenses - It refers to money you spend to purchase goods or services provided by someone else.
Each account in the chart is assigned as unique identifier, typically an account number.For very small businesses, three digits may suffice for the account number. COA should be designed to capture financial information to make good financial decisions.
Whether you run a business or a student of business, Our online Accounting software Numia ,will help you to maintain your accounts easily.In Numia , we have many default accounts which covers almost all small scale business needs.
According to your business You can create your own accounts and account types too.
Chart of Accounts is classified into one of the five categories :
1. Assets - It is the group of things that you own. Assets could include a car, cash, a house, stocks, or anything else that has convertible value.
2. Liabilities - It is the group of things on which you owe money liabilities could include a car loan, a student loan, a mortgage, your investment margin account, or anything else which you must pay back at some time.
3. Equity - It is same as "net worth." It represents what is left over after subtracting your liabilities from your assets.
4. Income - It is the payment you receive for your time, services you provide, or the use of your money.
5. Expenses - It refers to money you spend to purchase goods or services provided by someone else.
Each account in the chart is assigned as unique identifier, typically an account number.For very small businesses, three digits may suffice for the account number. COA should be designed to capture financial information to make good financial decisions.
Whether you run a business or a student of business, Our online Accounting software Numia ,will help you to maintain your accounts easily.In Numia , we have many default accounts which covers almost all small scale business needs.
According to your business You can create your own accounts and account types too.
FEEDBACKS on our Accounting Software
Accounting is complex and difficult to understand – especially for individuals with minimal accounting experience. Even the accounting basics like credits, debits, assets, and so on get confusing to some and can be the kind of things that turn people off from accounting, despite the importance of it. This is why it is important to find software that makes entering transaction easy and possible without knowledge of what kind of transaction was just completed.
However, in most cases, businesses do not want to spend time doing something that is complicated that they may not completely understand if there is software available to do it for them.
For most small businesses, Numia, online accounting software is something that is easy to use and powerful. Information should be easy to input and reports should be easy to understand.
For example, most accounting software will include an invoicing feature. Some software will begin with the accounting ledger and give users the option to create a custom invoice from the ledger. However, this is not the easiest method to complete this task for most users.
An easier manner is, to create the invoice and have the software automatically update the ledger like Numia. Finally, you will be using our software. If you find the interface simple/difficult or any other feedbacks, give your valuable inputs . In nearly all cases, new software will require some training. And we need the training(suggestions) from 'YOU'.
However, in most cases, businesses do not want to spend time doing something that is complicated that they may not completely understand if there is software available to do it for them.
For most small businesses, Numia, online accounting software is something that is easy to use and powerful. Information should be easy to input and reports should be easy to understand.
For example, most accounting software will include an invoicing feature. Some software will begin with the accounting ledger and give users the option to create a custom invoice from the ledger. However, this is not the easiest method to complete this task for most users.
An easier manner is, to create the invoice and have the software automatically update the ledger like Numia. Finally, you will be using our software. If you find the interface simple/difficult or any other feedbacks, give your valuable inputs . In nearly all cases, new software will require some training. And we need the training(suggestions) from 'YOU'.
Reports in Numia
Numia provides facility to generate and print out reports. These reports may include payment summary or any other type of information about your business in a summarized or easy-to-understand format. In addition to these, you can also generate management reports to calculate profit and loss for a given month or year. Remember to create a back up at the end of each financial year so that valuable information is not lost. This data helps to make intelligent business decisions later on in order to increase profits and control or mitigate loss. Keep all documents in one place so that they are easily found whenever needed.
How to Get The Best Accounting Software For Your Small Business
This topic have been discussed in many areas like forums, blogs, different account related websites. So I thought to write a few lines about Numia with other online accounting softwares.
Buying accounting software is a major investment. It's an important decision and you need to be sure of all the facts before you buy.You certainly wouldn't want to get accounting software and then find a few months later that the software can't handle your growing business.And worst of all you don't want to get software with little or no support.
Software Prices
The cheapest software cost US $90 and the most expensive software cost US $1,500. But Numia absolutely a Freeware and mainly it has all the features as many paid services.
Software Features
As per our analyzing team each accounting software package has been thoroughly analyzed and there is a detailed breakdown showing the features of each. Most packages offer all the most important accounting modules. It was interesting to note that the most expensive software did not offer some of the modules offered by Numia.
Software Support
The most important feature in our opinion is the support. In Numia we give instant reply for your e-mails and also there are Video tutorials to guide you to use our product very easily.
Thus, Numia have all the features and also it can compete with other major accounting softwares in future.
Buying accounting software is a major investment. It's an important decision and you need to be sure of all the facts before you buy.You certainly wouldn't want to get accounting software and then find a few months later that the software can't handle your growing business.And worst of all you don't want to get software with little or no support.
Software Prices
The cheapest software cost US $90 and the most expensive software cost US $1,500. But Numia absolutely a Freeware and mainly it has all the features as many paid services.
Software Features
As per our analyzing team each accounting software package has been thoroughly analyzed and there is a detailed breakdown showing the features of each. Most packages offer all the most important accounting modules. It was interesting to note that the most expensive software did not offer some of the modules offered by Numia.
Software Support
The most important feature in our opinion is the support. In Numia we give instant reply for your e-mails and also there are Video tutorials to guide you to use our product very easily.
Thus, Numia have all the features and also it can compete with other major accounting softwares in future.
Reverse Journal entry in Numia
Last week we had discussed about the multi currency,options for choosing number formats in Numia. Here comes an another updation. We dint have reverse journal entry in our older version of our accounting software. Now this option has been added.
Mainly Reverse Journal entry changes the signs on the original entry, (i.e), change the Debit to credit and vice-versa then re-post the journal. Reversing entries are an optional accounting procedure which may prove useful in simplifying record keeping. A reversing entry is a journal entry to “undo” an adjusting entry.
Reversing entries would be appropriate for those adjusting entries that involve the recording of accrued revenues and expenses; specifically, those that involve future cash flows. Importantly, whether reversing entries are used or not, the same result is achieved.
FREE ONLINE ACCOUNTING SOFTWARE
Bank Reconciliation with Numia
The process of tallying the organization's own accounting records with the bank statement is called Bank Reconciliation. This is done on the end of every month and the main objective is to reduce the differences arised between the two records (bank statement and the own accounting statements maintained).
When the process of Bank reconciliation is done regularly and carefully, can reduce error free accounting system.
Reconcile Bank account page of Numia, allows to enter the Bank account details such as Bank interest earned, service charge, etc. A click on the button "Start Reconcile" starts the Bank reconciliation process against the accounting records maintained in Numia. Taking the balance on the bank statement adding the total of outstanding receipts less the total of the outstanding payments, this new value should reconcile to the balance of the accounting records.
Numia, compares your accounting records maintained, with the bank statement. A list is generated showing the outstanding, if any. Make adjustment entries, where ever necessary and finish the reconciliation process.
This process is outsourced in larger organization. But Numia, provides you with quicker, reliable, safer and error free Bank reconciliation.
When the process of Bank reconciliation is done regularly and carefully, can reduce error free accounting system.
Reconcile Bank account page of Numia, allows to enter the Bank account details such as Bank interest earned, service charge, etc. A click on the button "Start Reconcile" starts the Bank reconciliation process against the accounting records maintained in Numia. Taking the balance on the bank statement adding the total of outstanding receipts less the total of the outstanding payments, this new value should reconcile to the balance of the accounting records.
Numia, compares your accounting records maintained, with the bank statement. A list is generated showing the outstanding, if any. Make adjustment entries, where ever necessary and finish the reconciliation process.
This process is outsourced in larger organization. But Numia, provides you with quicker, reliable, safer and error free Bank reconciliation.
Profit & Loss Account
In Accounting , the term Profit refers to , A financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity.It is calculated as :
Profit is the incentive for business; without profit people wouldn't bother. So in business, Profit and Loss are monitored as a separate accounts. The Profit & Loss Account has three parts, The Trading Account , The Profit and Loss Account proper and The Appropriation Account.
The uses of this account is to measure profit , if the profit(loss) has been accurately calculated, this can then be used for comparison of business in the past . Profit & Loss Account can be accurately calculated with the help of Numia, Online Accounting and Bookkeeping software.
Profit = Total Revenue –Total Expenses
Loss refers to , A negative difference between Total Revenue and Total Expenses. It is a condition in which a company's expenses exceed its revenues.Profit is the incentive for business; without profit people wouldn't bother. So in business, Profit and Loss are monitored as a separate accounts. The Profit & Loss Account has three parts, The Trading Account , The Profit and Loss Account proper and The Appropriation Account.
The uses of this account is to measure profit , if the profit(loss) has been accurately calculated, this can then be used for comparison of business in the past . Profit & Loss Account can be accurately calculated with the help of Numia, Online Accounting and Bookkeeping software.
Reports can be viewed as charts , can be customized in Excel sheets , e – mailed and can be printed.
Customize Profit and Loss Account
Numia provides advanced features like Profit Analysis based on timeperiod , customers and also for various products.
Analyze your Profit and Loss more efficiently using Numia.biz .
Setting Preferences for currency & number formats
As per user suggestions last month there had been few changes in setting preferences for multi currency options . Numia had only ten settings for setting currencies for handling the bookkeeping. We had a TO DO in future for adding those currency options but anyway it is added now. Now you can add any type of currency while setting your preferences.
And also there had been few suggestions regarding selecting the number format as per user defined in generating reports. Besides, changes has been made by which user can set in any number format he/she needs.
Managing Budget with Numia
BUDGET is nothing but a financial plan to manage the spending and saving of money.It lists all the revenues and expenditures for a period of time in advance. Budget is one of the fundamentals to run any kind of business , government or a family.
There could be a budget for specific purposes, e.g., for the bank, for the head office, optimistic budget, realistic budget, pessimistic budget, etc. Departmental Budgets such as Marketing Budget, Finance Budget, Sales budget , Production budget , Cash Flow/Cash budget , Project budget , Revenue budget , Expenditure budget can also be created.
A budget may be prepared simply using Ledgers , or on computer using a spreadsheet program like Excel, or with a Online Accounting Software like Numia . Time periods can be alloted for the budgets depending on our requirements such as monthly or yearly budgets. Preparing Budgets with our online software Numia.biz is much easier task when compared to other resources.
We provide Multiple Budgeting options along with the time period limit as Month , Quarter-year and Year
This is the create budget form of numia.biz for monthly budgeting.
This is the form for quarter-year budgeting.
This is the form for Yearly Budgeting.
Make your budget and save your precious time being wasted.
Double Entry Bookkeeping Method – An accurate recording of transaction
Accounting should be concentrated, as small errors can have huge impacts. To resolve this the concept of Double entry bookkeeping is used where single transaction will always have impact in at least two different accounts. It serves as a kind of error detection; i.e. "if at any point, the sum of debits do not equal to the corresponding sum of credits" , an error has occurred.
Numia, use this method of Double entry bookkeeping to record transactions, i.e. one entry as a debit in one account and the other entry as a credit in another account. These two entries needs to balance the accounting equation, thus helps to have an error free transaction recording process.
Numia, use this method of Double entry bookkeeping to record transactions, i.e. one entry as a debit in one account and the other entry as a credit in another account. These two entries needs to balance the accounting equation, thus helps to have an error free transaction recording process.
Find out what's new in Numia accounting (Ver 2.0)
Numia is a free online Accounting service . Numia has many
features and it is updating . All these updates are still available for free whereas other online accounting services are having very little features as free and the updates as paid
service.
Look at what's new in Numia accounting @
http://numia.biz/newfeatures.html
features and it is updating . All these updates are still available for free whereas other online accounting services are having very little features as free and the updates as paid
service.
Look at what's new in Numia accounting @
http://numia.biz/newfeatures.html
You are lucky if you want more in numia , Numia acconting Version 3.0 is due in short period.
Numia has special feature of adding transaction from
mobile by just sending a SMS.
Want to know more about that?
Just have a demo @ http://numia.biz
Video Tutorials - Accounting made easier
During past the accounting was more of book keeping done in huge ledgers. But at present everything had changed. Accounting is much more widely accepted as a business function and general people also look for the accounting details of the firms they are associated with.
In day to-day business maintaining book keeping in ledgers is hard in few situations(both for small and large business). Huge amount of time and man power is required for maintaining those kind of records. So Online accounting service, viewed as merely experimental a few years ago are now becoming the vital role to run a business.
These softwares becomes more transparent for businesses where limited time & man power is required. Our main aim is to make numia easier and comfortable for user/business. So we had a team to create these video tutorials for you to get a clear picture on what you are working into. Each process has a video tutorial so go ahead and come out with any suggestions.
Video Tutorials in Numia is intuitive and makes everything easy. The step-by-step instructions that map out each accounting task. This makes managing finances easier, especially for the beginner who doesn't understand every step in each task. Getting started is easy using the Setup Guide and instructional video demos.
In day to-day business maintaining book keeping in ledgers is hard in few situations(both for small and large business). Huge amount of time and man power is required for maintaining those kind of records. So Online accounting service, viewed as merely experimental a few years ago are now becoming the vital role to run a business.
These softwares becomes more transparent for businesses where limited time & man power is required. Our main aim is to make numia easier and comfortable for user/business. So we had a team to create these video tutorials for you to get a clear picture on what you are working into. Each process has a video tutorial so go ahead and come out with any suggestions.
Video Tutorials in Numia is intuitive and makes everything easy. The step-by-step instructions that map out each accounting task. This makes managing finances easier, especially for the beginner who doesn't understand every step in each task. Getting started is easy using the Setup Guide and instructional video demos.
Ago a go - Slow startup for Numia
Its been since 2 years Numia was launched, An Online accounting software. Started with a team of young, youthful software engineers who always had a thirst to succeed. Now this online accounting serves more than 1k companies and 850 individual users. This is low when compared with other services but numia always had trusted users.
Being a Free Online accounting software, this has all options compared with other paid accounting softwares. With in two years Numia team had learn't a lot in developing the software more easier and flexible for the end users.
As there are many giant paid accounting softwares and also they have huge number of customers, its very tedious for numia to reach the online customers without promotion. Even though numia had very nice features compared to other paid sites it has lacked in reaching customers for a while. But for the past 4 months numia is having a rapid growth both in system level and also in user level.
The main objective for creating a blog is to have the technology in its place and all about providing an insight in order to build an audience. Mainly learn from sharing, Numia want to be conversational, personable and transparent.
From now there will be multiple authors to write blogs about the product, features and usage of Numia. So keep reading our blogs to know the day to-day updates and also comment on anything you like... Suggestions invited. Only you people are going to use our Free Online Accounting Software - Numia.
Being a Free Online accounting software, this has all options compared with other paid accounting softwares. With in two years Numia team had learn't a lot in developing the software more easier and flexible for the end users.
As there are many giant paid accounting softwares and also they have huge number of customers, its very tedious for numia to reach the online customers without promotion. Even though numia had very nice features compared to other paid sites it has lacked in reaching customers for a while. But for the past 4 months numia is having a rapid growth both in system level and also in user level.
The main objective for creating a blog is to have the technology in its place and all about providing an insight in order to build an audience. Mainly learn from sharing, Numia want to be conversational, personable and transparent.
From now there will be multiple authors to write blogs about the product, features and usage of Numia. So keep reading our blogs to know the day to-day updates and also comment on anything you like... Suggestions invited. Only you people are going to use our Free Online Accounting Software - Numia.
Jokes about Big 4
Sharing the following jokes with you only:
Your alarm rings, signalling another brand new day. You get up, looking
forward for another new day of challenge, another new day to learn.
After washing up, you put on your office outfit, giving you that
professional look, one that you believe many out there envy. Breakfast
follows (perhaps), and you head off to your office. You're one of the
earliest to arrive, ahead of all your superior and when they come in
later, they greet you and you feel all charged up for another productive
day. Plenty to do and learn and hence, you are prepared to stay back
late to do all that is necessary.
If you're currently doing a degree in finance, accounting or law, the
above is probably what you've been waiting for all these years. You work
your ass off (well... most of you) in university because it's your dream
to join one of those big glamorous firms out there in the market.
Lawyers and accountants are the usual suspects for this curse. Once
graduated, all of them will run like headless chicken towards those big
firms. If you're an accounting student... you want to be an auditor in
one of the Big-4 right?
Well, if you do make it, it's like a dream come true. In such firms, you
get a personal computer, maybe a notebook (wow!). All your stationeries
are free, and it's also the first time you step into a 'pantry', where
you can make your own coffee, just like those nice offices in TVB
series. Next, you get an exclusive e-mail, the domain after your name is
not the ordinary @ gmail.com
not, it's your-name@a-big-and-glamorous-firm.com
. You can't wait to tell
that to your friend.
Then comes the feeling of giving a business card with your name on it,
and it's not any other business card, it's one with your name on it,
it's one that signifies you're an employee with
a-big-and-glamorous-firm. And... the word below your name is not a lowly
"accounts executive"... the word below your name is exclusive... the
word below your name is... "Associate". And when your friend gives you
the "Wow, you're an associate with this firm?"... you get into instant
orgasm.
3 or 6 months into your job, you will then be experiencing the euphoria
of saying... I-am-very-busy... I-have-a-lot-work...
I-worked-till-very-late-last-night...
I-can't-make-it-for-the-gathering-cos-I-have-to-work-this-weekend. Yeah,
it's an euphoria because to you, it's a privilege to be busy, it's very
cool to work late, you're very proud to work in during weekends. When
you utter such words, a sense of arrogance and pride radiates from you.
You feel great because working so hard means you learnt a lot of things,
those not in the professional industry somehow looks lowly to you. You
feel big, you feel you're a level smarter than them .Reality will tend
to sink in within 2 years or so, though the duration seems to be getting
shorter and shorter now with the younger generation.
First, you will probably ask yourself, how come a graduate like you must
do all sorts of donkey jobs such as photocopying, checking invoices,
going through pile and pile of documents and filing. You will also be
wondering how come your superior whom you once looked up to have to suck
up to clients. Oh yeah... most all clients are unreasonable.
If you're an accountant, you will probably realise that there is no such
thing called a 'balance' sheet. It's balanced because you did the
balancing act so that your big boss can sign on it and certify it as
'true and fair'.
Yeah... signing on accounts, the job that you once dreamed of... isn't
exactly all a bed of roses. You then realise that you will probably
never reach that "just-need-to-sign-only stage" but hey... it's ok, you
probably hate that job by now. When you tell your client something,
chances are you are just as blur and confuse as them. But you have to
act as though you're an expert because you're the con-sul-tant. This is
just a glimpse of it.
Now, all the late nights and irregular meals will probably caused you to
age 8 years in 2 years. Those I-am-very-busy... I-have-a-lot-work...
I-worked-till-very-late-last-night...
I-can't-make-it-for-the-gathering-cos-I-have-to-work-this-weekend will
take its toll on your body and it will show. You will probably look very
skinny... or very far... you will certainly look old and worn out.
Working late and spending weekends in the office is no longer a cool
thing but absolute stupidity. But hey... you will still have to do it,
because there's still much work to be done.
By now, all your friends who ended up as salesmen or doing other thing
except being a professional, those whom you felt superior to are driving
anything but a proton. But for you, it's time to think whether you
should buy a proton cause your perodua is beginning to give you problem.
Of course, if your father is well-connected fella, things can be
different.
But if you're not, tough luck. You'll be wondering how come you're
generally under-paid. Those exposure and learning curve that you once
craved are no longer relevant. You want to make more money. But unless
you're a partner of the glamorous firm, money can be a lil tough to come
by.
At this point of time, probably after 3, 4 or 5 years, you finally
realised that document you signed when you first joined the glamorous
firm was nothing but lies. Then, you decide to ply your trade in the
commercial world, you leave those glamorous firm. You think joining a
commercial firm will bring about a good change, not knowing that such
move means you switched from being a 'profit centre' to a 'cost centre'.
One of the main effect of the switch is that you will be working doubly
hard compared to the profit centre, which probably includes a lot of
late nights too... but your salary and bonus is much lower compared to
profit centre. What does this mean... a story for another time.
One thing for sure... your morning will now be something like...
Your alarm rings, signalling another day... another weekday. You get up,
after snoozing the alarm a million and one times. You hope today is
Friday, but it's not, and you feel like shit. You think of a million and
one reasons to take MC, but you realised you have to go to office
because you failed to finish the report due today though you stayed till
10pm last night. You tell yourself you need to change job, just like how
you have been telling yourself in the last 1 year. Once in office,
you're in a dilemma cause you want time to go slower so that you can
finish your work but yet, you want time to go faster so that you can
leave the office and go for lunch.
During lunch, you will b**** with your colleagues about work and
probably the bosses. You will all talk about so many people who seem to
be doing so well except for you. You realised you should have done
something else while in university. You realised you may have made a
mistake in life... a mistake in being a professional... you have made...
a professional mistake.
Your alarm rings, signalling another brand new day. You get up, looking
forward for another new day of challenge, another new day to learn.
After washing up, you put on your office outfit, giving you that
professional look, one that you believe many out there envy. Breakfast
follows (perhaps), and you head off to your office. You're one of the
earliest to arrive, ahead of all your superior and when they come in
later, they greet you and you feel all charged up for another productive
day. Plenty to do and learn and hence, you are prepared to stay back
late to do all that is necessary.
If you're currently doing a degree in finance, accounting or law, the
above is probably what you've been waiting for all these years. You work
your ass off (well... most of you) in university because it's your dream
to join one of those big glamorous firms out there in the market.
Lawyers and accountants are the usual suspects for this curse. Once
graduated, all of them will run like headless chicken towards those big
firms. If you're an accounting student... you want to be an auditor in
one of the Big-4 right?
Well, if you do make it, it's like a dream come true. In such firms, you
get a personal computer, maybe a notebook (wow!). All your stationeries
are free, and it's also the first time you step into a 'pantry', where
you can make your own coffee, just like those nice offices in TVB
series. Next, you get an exclusive e-mail, the domain after your name is
not the ordinary @ gmail.com
not, it's your-name@a-big-and-glamorous-firm.com
that to your friend.
Then comes the feeling of giving a business card with your name on it,
and it's not any other business card, it's one with your name on it,
it's one that signifies you're an employee with
a-big-and-glamorous-firm. And... the word below your name is not a lowly
"accounts executive"... the word below your name is exclusive... the
word below your name is... "Associate". And when your friend gives you
the "Wow, you're an associate with this firm?"... you get into instant
orgasm.
3 or 6 months into your job, you will then be experiencing the euphoria
of saying... I-am-very-busy... I-have-a-lot-work...
I-worked-till-very-late-last-night...
I-can't-make-it-for-the-gathering-cos-I-have-to-work-this-weekend. Yeah,
it's an euphoria because to you, it's a privilege to be busy, it's very
cool to work late, you're very proud to work in during weekends. When
you utter such words, a sense of arrogance and pride radiates from you.
You feel great because working so hard means you learnt a lot of things,
those not in the professional industry somehow looks lowly to you. You
feel big, you feel you're a level smarter than them .Reality will tend
to sink in within 2 years or so, though the duration seems to be getting
shorter and shorter now with the younger generation.
First, you will probably ask yourself, how come a graduate like you must
do all sorts of donkey jobs such as photocopying, checking invoices,
going through pile and pile of documents and filing. You will also be
wondering how come your superior whom you once looked up to have to suck
up to clients. Oh yeah... most all clients are unreasonable.
If you're an accountant, you will probably realise that there is no such
thing called a 'balance' sheet. It's balanced because you did the
balancing act so that your big boss can sign on it and certify it as
'true and fair'.
Yeah... signing on accounts, the job that you once dreamed of... isn't
exactly all a bed of roses. You then realise that you will probably
never reach that "just-need-to-sign-only stage" but hey... it's ok, you
probably hate that job by now. When you tell your client something,
chances are you are just as blur and confuse as them. But you have to
act as though you're an expert because you're the con-sul-tant. This is
just a glimpse of it.
Now, all the late nights and irregular meals will probably caused you to
age 8 years in 2 years. Those I-am-very-busy... I-have-a-lot-work...
I-worked-till-very-late-last-night...
I-can't-make-it-for-the-gathering-cos-I-have-to-work-this-weekend will
take its toll on your body and it will show. You will probably look very
skinny... or very far... you will certainly look old and worn out.
Working late and spending weekends in the office is no longer a cool
thing but absolute stupidity. But hey... you will still have to do it,
because there's still much work to be done.
By now, all your friends who ended up as salesmen or doing other thing
except being a professional, those whom you felt superior to are driving
anything but a proton. But for you, it's time to think whether you
should buy a proton cause your perodua is beginning to give you problem.
Of course, if your father is well-connected fella, things can be
different.
But if you're not, tough luck. You'll be wondering how come you're
generally under-paid. Those exposure and learning curve that you once
craved are no longer relevant. You want to make more money. But unless
you're a partner of the glamorous firm, money can be a lil tough to come
by.
At this point of time, probably after 3, 4 or 5 years, you finally
realised that document you signed when you first joined the glamorous
firm was nothing but lies. Then, you decide to ply your trade in the
commercial world, you leave those glamorous firm. You think joining a
commercial firm will bring about a good change, not knowing that such
move means you switched from being a 'profit centre' to a 'cost centre'.
One of the main effect of the switch is that you will be working doubly
hard compared to the profit centre, which probably includes a lot of
late nights too... but your salary and bonus is much lower compared to
profit centre. What does this mean... a story for another time.
One thing for sure... your morning will now be something like...
Your alarm rings, signalling another day... another weekday. You get up,
after snoozing the alarm a million and one times. You hope today is
Friday, but it's not, and you feel like shit. You think of a million and
one reasons to take MC, but you realised you have to go to office
because you failed to finish the report due today though you stayed till
10pm last night. You tell yourself you need to change job, just like how
you have been telling yourself in the last 1 year. Once in office,
you're in a dilemma cause you want time to go slower so that you can
finish your work but yet, you want time to go faster so that you can
leave the office and go for lunch.
During lunch, you will b**** with your colleagues about work and
probably the bosses. You will all talk about so many people who seem to
be doing so well except for you. You realised you should have done
something else while in university. You realised you may have made a
mistake in life... a mistake in being a professional... you have made...
a professional mistake.
#87- Disposing capital-intensive business
What's happening in the corporate world now?
Capital-intensive require heavy investment of resources, including, but not limimted to: cash, human resource,management's effort, etc. As part of the restructuring exercise to scale down, there are evidence that a lot of corporate are disposing off capital-intensive business.
How would disposing capital-intensive business benefit the corporate?
- immediate liquidity ( i.e. proceeds from disposal)
- better working capital management
- allow management to evaluate other business opportunities
- lesser resources are required, which allow the business to scale down
- higher return on asset ("ROA") ratio
However, it's always not easy to dispose off a capital-intensive business unit/ busines during this business environment, unless a substantial discount is given to the potential buyers.
Capital-intensive require heavy investment of resources, including, but not limimted to: cash, human resource,management's effort, etc. As part of the restructuring exercise to scale down, there are evidence that a lot of corporate are disposing off capital-intensive business.
How would disposing capital-intensive business benefit the corporate?
- immediate liquidity ( i.e. proceeds from disposal)
- better working capital management
- allow management to evaluate other business opportunities
- lesser resources are required, which allow the business to scale down
- higher return on asset ("ROA") ratio
However, it's always not easy to dispose off a capital-intensive business unit/ busines during this business environment, unless a substantial discount is given to the potential buyers.
Why Accounting In MBA Is A Coveted Specialization Program?
Accounting MBA is a popular as well as profitable management label career in the present corporate world. These days, increasing number of students are opting for a career in accounting and people, already in this stream, are looking forward to develop their skills by enrolling into different professional courses.
In such a scenario, accounting MBA is the perfect choice for people who want to create their own identity in this sector. In fact, it is the ideal way to build a successful career in accounting administration. The accounting MBA program also has many other related career fields such as financial management, accounting, accounting administration, etc.
Different Branches of Accounting MBA and their Functions in Business Organizations:
Accounting is related to the service activities of an organization that are principally related to finance and economic entities. The function of accounting executives is to provide useful information that is crucial for making financial decision and making reasoned decisions from diverse courses of actions. Different branches of accounting have different purposes in the business organizations.
For instance, financial accounting is one branch of accounting that is primarily related to process financial information on how businesses are recorded, summarized, classified, interpreted and communicated. Management accounting, basically, deals with the information used within an organization that is accessible only to the authorities. Tax accounting is the field related to accounting management of an organization that complies with the authorities of tax regulations.
Scope of Accounting MBA:
The huge demand of skilled and trained professionals in the field of accounting make the program a popular career options for many job aspirants. The program can create many opportunities for people who are in the field and want to grow with their skills. Individuals with professional qualification in accounting MBA have various opportunities for working as managers.
Accounting managers are high in demand in every organization and in every industry. A degree in accounting MBA can widen your scope to bag better jobs with hefty salaries even in recession period. The designations of an executive with accounting MBA degree may vary anything from accounting manager, corporate controller, chief financial officer, cash manager to management consultants.
How Can Accounting MBA Programs Help you?
Accounting managers in the corporate sectors are responsible for tax reporting and management, and developing income statements. The professional accountants in the public accounting companies perform the job of independent audit or tax consultants. An accounting MBA program offers you the exact coursework required to manage the accounting needs of an organization.
The MBA colleges in India provide strategically developed programs that cater to the need of business organizations in different industries. The programs in the B-schools include learning financial assessment and reporting, planning, implementation, tax management and risk management. Completion of accounting MBA program helps you develop detailed and practical learning about the business organization.
These days, recruiters are in dire need of managers who are dynamic and comfortable with working in areas such as marketing, finance and management. A career in accounting MBA can give you extensive opportunities to meet the demands of the recruiters.
Visit BMAIndia.com for further details.
================================================
The author is a lecturer of business management; working in India with a business school. He writes frequently in business magazines to help students of management; he also has several years of industry experience behind him. Check Accounting MBA for more information.
![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vwYGwAdwiBOvImqkiej08sVrXD5U49C0veNLdJ7QuMzCxmouaYATFTlqVc5miuJ0_NrhjiZU7NM5HbJ9R4IA6G9TRjqDX9ag7e0UtqgKTSLy9iEPpMMzl7oe-s4KxCH0BnpjQTBZXKaxModwjqy38T=s0-d)
In such a scenario, accounting MBA is the perfect choice for people who want to create their own identity in this sector. In fact, it is the ideal way to build a successful career in accounting administration. The accounting MBA program also has many other related career fields such as financial management, accounting, accounting administration, etc.
Different Branches of Accounting MBA and their Functions in Business Organizations:
Accounting is related to the service activities of an organization that are principally related to finance and economic entities. The function of accounting executives is to provide useful information that is crucial for making financial decision and making reasoned decisions from diverse courses of actions. Different branches of accounting have different purposes in the business organizations.
For instance, financial accounting is one branch of accounting that is primarily related to process financial information on how businesses are recorded, summarized, classified, interpreted and communicated. Management accounting, basically, deals with the information used within an organization that is accessible only to the authorities. Tax accounting is the field related to accounting management of an organization that complies with the authorities of tax regulations.
Scope of Accounting MBA:
The huge demand of skilled and trained professionals in the field of accounting make the program a popular career options for many job aspirants. The program can create many opportunities for people who are in the field and want to grow with their skills. Individuals with professional qualification in accounting MBA have various opportunities for working as managers.
Accounting managers are high in demand in every organization and in every industry. A degree in accounting MBA can widen your scope to bag better jobs with hefty salaries even in recession period. The designations of an executive with accounting MBA degree may vary anything from accounting manager, corporate controller, chief financial officer, cash manager to management consultants.
How Can Accounting MBA Programs Help you?
Accounting managers in the corporate sectors are responsible for tax reporting and management, and developing income statements. The professional accountants in the public accounting companies perform the job of independent audit or tax consultants. An accounting MBA program offers you the exact coursework required to manage the accounting needs of an organization.
The MBA colleges in India provide strategically developed programs that cater to the need of business organizations in different industries. The programs in the B-schools include learning financial assessment and reporting, planning, implementation, tax management and risk management. Completion of accounting MBA program helps you develop detailed and practical learning about the business organization.
These days, recruiters are in dire need of managers who are dynamic and comfortable with working in areas such as marketing, finance and management. A career in accounting MBA can give you extensive opportunities to meet the demands of the recruiters.
Visit BMAIndia.com for further details.
================================================
The author is a lecturer of business management; working in India with a business school. He writes frequently in business magazines to help students of management; he also has several years of industry experience behind him. Check Accounting MBA for more information.
Pursuing a Career in Accounting
| Accountants are the people who are delegated the responsibility of auditing and accounting the financial activities of a business. Some of the accounting activities they undertake include payroll, tax compliance, overseeing books and others. If you believe that you are good with numbers, then consider taking accounting courses. It could just be the start of a lucrative and an exciting career path. Accounting courses include a study of the all aspects of accounting including auditing, cost accounting and such topics as corporate and individual taxation. It will also be necessary to hone one’s skills in the use of accounting information systems. If you are thinking of a career in this direction, it will require you undertake a four-year degree or even more to be a certified public accountant. Today however, there are many accounting courses online programs that allow you to take even one or two years of online account coursework and get you ready for a para-professional accounting position in either taxation or in auditing. One of the accounting courses that are available is book keeping. This involves keeping track of financial records that includes such things as debited and credited accounts and updating the company’s general ledger. Book keeping is essential since it ensures that the trial balance document balances with the debit and credit balance accounts. Before the company’s account can prepare any financial statements, these two documents must tally. Book keeping also involves keeping track and preparation of invoices and the updating of inventory accounts. Another of the accounting courses available is a specialized branch of accounting called financial accounting. This coursework allows one to keep track of a company’s financial transactions. These transactions are then summarized and presented in a financial statement. Financial statements are usually issued on a routine schedule and are considered external since they are widely circulated among the primary as well as the secondary recipients. These statements provide enough information to help others assess the value of a company. Other accounting courses include payroll accounting, managerial and cost accounting. Payroll accounting courses include the study of payroll-related accounts such as salaries, wages, bonuses, social security costs, state income taxation among others. Since payroll accounting includes items that are subject to state and federal laws, a study of certain laws is necessary as part of the accounting courses. There are many online accounting courses being offered and many organizations recognize them just as traditional certifications. Check out what they have to offer and you may just be on the road to an exciting career in accounting. |
| Author Resource:- p>Gary has been writing articles for about 6 months now. If the subject is something he likes, he writes about it. You can also check out his latest website on Water Cooler Dispensers |
| Article From ArticleCue.com Free Article Directory |
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3 Most Wanted Tips to Start Your Accounting Career
When it comes to the most well paid jobs, the finance jobs are the ones to look for. A career in accounting is more satisfying along with well paying. According to different statistics, the demand for accounting professionals has reached its peak through the recent years. People have a misconception that, in this nose dived economic conditions, the accounting career has no charm. According to the market research professionals, the need for accounting professionals is really need during the current economic condition. Nevertheless, surviving in the career and moving to the next level of the accounting career depends on several factors. Just keep reading on the article to know the 3 most wanted tips to kick start a successful accounting career.
Choosing the Degree program based on your current Job condition
There are various kinds of accounting degree programs available online today, associate’s degree and diploma programs. You should select the type of accounting degree based on the availability of time and your work conditions. Online accounting degree programs will be the best option if you have only a limited time to spare. It is always good to go for Associates Degree program in accounting if you want to gather lots of knowledge. Joining the associates degree programs in accounting will help you to shine in your career.
Selecting the Location
The fact is that the associate’s degree programs in accounting are available everywhere. However, when it comes to the best quality education, the associate’s degree programs available in the training schools of Washington DC are the ones to look for. The associate’s degree will prepare the candidates with the essential skills required for a successful Para-professional accounting career analyzing transactions, preparing journal entries and managing a company’s payroll or books. The well experienced faculty of the training schools of Washington DC will teach you the knowledge required to shine in an accounting career.
Accreditation and career support
Though there are many Accounting training schools around Washington DC, not all of them are nationally accredited. It is very much important that associates degree you choose for getting ahead with the accounting career should be nationally accredited. It has to be noted that, only nationally accredited training colleges will be able to make the candidates appear in the CPA exam. Once you complete the associate’s degree and pass the CPA exam, you can get into an accounting career with ease. Getting trained in the best colleges will let your career grow rapidly than you expect.
Bottom Line
Once all the three factors mentioned above fall in place, you can get an aspiring accounting career in no time.
About the Author:
Potomac College offers a Bachelor’s Degree in Accounting. This is an opportunity to learn an advanced program in accounting who wish to earn a master’s degree and advance their career. You can finish your program of studies quickly and receive the career training. Apply now!![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uZDA3-RJSLEI4-tC7Jo_iN_qN4JKpIgxWZQ4JR0NhSxn6LC9Yqq8cg1ArX3Hp1heW37RDs5o9-y9sr-kKJdUxvOdwtIKPhB4PxLKqt8u97tfsPonAZuUU7y52bvt5Lw7RRvEULzOvzVGr0WZZXr7Kl=s0-d)
Choosing the Degree program based on your current Job condition
There are various kinds of accounting degree programs available online today, associate’s degree and diploma programs. You should select the type of accounting degree based on the availability of time and your work conditions. Online accounting degree programs will be the best option if you have only a limited time to spare. It is always good to go for Associates Degree program in accounting if you want to gather lots of knowledge. Joining the associates degree programs in accounting will help you to shine in your career.
Selecting the Location
The fact is that the associate’s degree programs in accounting are available everywhere. However, when it comes to the best quality education, the associate’s degree programs available in the training schools of Washington DC are the ones to look for. The associate’s degree will prepare the candidates with the essential skills required for a successful Para-professional accounting career analyzing transactions, preparing journal entries and managing a company’s payroll or books. The well experienced faculty of the training schools of Washington DC will teach you the knowledge required to shine in an accounting career.
Accreditation and career support
Though there are many Accounting training schools around Washington DC, not all of them are nationally accredited. It is very much important that associates degree you choose for getting ahead with the accounting career should be nationally accredited. It has to be noted that, only nationally accredited training colleges will be able to make the candidates appear in the CPA exam. Once you complete the associate’s degree and pass the CPA exam, you can get into an accounting career with ease. Getting trained in the best colleges will let your career grow rapidly than you expect.
Bottom Line
Once all the three factors mentioned above fall in place, you can get an aspiring accounting career in no time.
About the Author:
Potomac College offers a Bachelor’s Degree in Accounting. This is an opportunity to learn an advanced program in accounting who wish to earn a master’s degree and advance their career. You can finish your program of studies quickly and receive the career training. Apply now!
Business and Accounting Careers in New York
Looking for a reputed job in one of the major cities of the world? Business and Accounting jobs is one of the top careers today. You won’t find a better option out there than business and accounting careers.
Globalization and considerable advancement in the technology over the decades has made a marketplace full of golden opportunities for those who are highly skilled and qualified in the area of business and accounting.
If you have polished yourself in the area of business, then you have surely won half of the battle. A 2 year college degree course will give you a specialization in the field. The best business and accounting positions go to people who have a degree in the respected field.
A 16 month course in this career also paves your way into this exciting area. One of the best paid jobs around the world, it also makes your job profile satisfying and alluring.
Once you get a pass certificate in any of the two areas, you will have a wide array of professions to choose from. Some of the options include- tax preparer, accounting assistant, bookkeeper, billing coordinator, payroll clerk, and accounts payable and receivable clerk.
The areas in which you will be skilled by taking a course in business and accounting careers are accounting, federal income tax, business management, business law and cost accounting.
In the present scenario, New York is one of the best and most important places in the world map. Here you can find any job that will suit your need, at any position and level in different companies.
Become a financial analyst of a senior position or a manager of a reputed bank only though a career in business and accounting department.
So go ahead! Get the best for yourself and your life and you surely wont have any regrets on your decision. Please feel free to visit us for more information - http://www.bestcareersny.com
Globalization and considerable advancement in the technology over the decades has made a marketplace full of golden opportunities for those who are highly skilled and qualified in the area of business and accounting.
If you have polished yourself in the area of business, then you have surely won half of the battle. A 2 year college degree course will give you a specialization in the field. The best business and accounting positions go to people who have a degree in the respected field.
A 16 month course in this career also paves your way into this exciting area. One of the best paid jobs around the world, it also makes your job profile satisfying and alluring.
Once you get a pass certificate in any of the two areas, you will have a wide array of professions to choose from. Some of the options include- tax preparer, accounting assistant, bookkeeper, billing coordinator, payroll clerk, and accounts payable and receivable clerk.
The areas in which you will be skilled by taking a course in business and accounting careers are accounting, federal income tax, business management, business law and cost accounting.
In the present scenario, New York is one of the best and most important places in the world map. Here you can find any job that will suit your need, at any position and level in different companies.
Become a financial analyst of a senior position or a manager of a reputed bank only though a career in business and accounting department.
So go ahead! Get the best for yourself and your life and you surely wont have any regrets on your decision. Please feel free to visit us for more information - http://www.bestcareersny.com
Career to Count On: Accounting Is More Popular Than Ever
If the enrollment numbers are any indication of its widespread appeal, crunching numbers is cool. According to the American Institute of CPAs, more than 64,000 students graduated with bachelor's and master's degrees in accounting in the 2006-2007 school year, the largest number of accounting graduates in at least 36 years.
Rock-Solid Jobs
"Accounting is a very stable and well-anchored career path," says Denny Reigle, director of academic and career development of the AICPA, a national professional association of CPAs with more than 350,000 CPA members.
Jody Queen-Hubert, executive director of co-op and career services at Pace University, adds, "Businesses always need accountants; the demand is there. Understanding how an organization manages its finances is critical to understanding how the business operates, and students need to cut their teeth in the trenches of an organization."
Supply and Demand
"The issue is really this: Accounting firms need more accountants than ever directly related to regulation," says Karen A. Berger, associate dean and director of undergraduate programs at the Lubin School of Business at Pace.
In fact, the already stable profession increased in demand thanks to the passage of the Sarbanes Oxley Act, also known as Sox. This legislation was passed in 2002 in order to reduce and eliminate abuses in financial reports, accounting and transactions, and other activities that have damaged credibility in the field. For instance, CEOs and CFOs must sign statements confirming their review and judgments that the financial statements are accurate.
Recession-Proofing
Although strict regulatory requirements in effect for several years created an increased need for more accountants, the sizzle appeal right now may be attributed to the capricious financial industry.
Marjorie Platt, professor and head of the accounting department at the Northeastern University College of Business Administration, explains, "As Wall Street faces serious layoffs, quantitatively oriented students may decide to focus on accounting rather than finance. We've seen our number of majors continue to grow over that past year while the number of finance majors is flat or trending down a bit. Since the two subjects are highly related, it may not take a lot of extra effort or coursework to refocus one's major."
Rah-Rah Recruitment
Another factor contributing to the appeal of accounting, says Queen-Hubert, is a focus on recruiting students on campus. "Accounting firms recruit heavily from college campuses and have been trying to jazz up their image. They have worked hard at trying to attract younger students with sophomore summer leadership programs, internships for juniors, and job offers before students hit their senior year. The image of a boring bean-counter is no longer what firms are projecting."
As students meet recruiters on campus and learn more about opportunities, they may also learn about the variety of paths to pursue. Reigle notes that once you earn your accounting degree, the sky's the limit. "Within the accounting discipline, there are an increasing number of specialties such as personal financial planning and risk assessment."
Accounting for an Adrenalin Rush
Tracy Coenen, forensic accountant and author of "Essentials of Corporate Fraud," knows about one such specialty, "Fraud investigation sounds sexy, especially to the younger generation. It's a bit of a twist on traditional accounting roles, which are often seen as boring. The idea of chasing down the bad guys sounds much more interesting than adding up a column of numbers."
Forensic accountants typically put together a puzzle by piecing together a situation, reconstructing financial records, and following a trail of evidence. "Who knew I'd get an adrenaline rush from doing accounting work?" Coenen steps into a client's business to get a quick education as to how things work there and the suspicions of fraud. Next, she gathers data to help prove or disprove fraud, which is contrasted to the role of a traditional accountant who closes the books each month and reconciles accounts.
Many curriculums like Pace University include a forensic accounting class. Their forensic accounting course is a core requirement as part of the internal audit minor.
Full Speed Ahead
As enrollment reached at an all-time high over the past three decades, it seems the popularity of the accounting profession has no intentions of slowing down among students.
Queen-Hubert attributes this to the financial crisis. "In today's world and with the high price tag of a college degree, parents and students are looking for careers that offer long-term prospects and skills that can be portable amongst industries." And right now, accounting seems to add up.
Programs and Courses for Careers in Accounting and Payroll Administration
| For those that are good with numbers and are looking for a highly lucrative career, Accounting and Payroll Administration might be the right path for you. Accountants and Payroll Administrators hold highly responsible positions in the companies they work for and need a variety of specialized skills, including auditing, payroll, bookkeeping, accounting, tax compliance knowledge, etc. The accounting programs available today range from full Master's degrees to Associates degrees, to certificate programs. In 2005, accountants were the most in-demand of all college graduates, with beginning Accountants with a Bachelor's Degree in Accounting earning an average of $44,000 annually, and experience Accountants for large corporations earning about $75,000-80,000. In addition to a career as a certified Accountant, there are a variety of options for those interested in working in the financial field without a Bachelor's Degree, and there are programs and courses available for each. One of the more popular training programs available is the Accounting and Payroll Administrator Program. Accounting and Payroll Administration Unfortunately, in order to work as a certified Accountant, one must at least have completed a Bachelor's Degree in Accounting. Still, there are many opportunities in the lucrative accounting and payroll administration field for those who are willing to take a few short courses. These job opportunities include but are not limited to: - Payroll Administrator or Manger - Payroll Coordinator - Payroll Clerk or Assistant - Accounting Analyst - Bookkeeper - Administrative Assistant - Accounts Payable/Receivable Clerk - Credit Officer - Leasing Consultant - Benefits Coordinator - Collections Officer Many of these highly responsible positions are quite lucrative, and provide a good basis for career advancement. The best way to obtain this type of accounting or payroll administration position is to sign up for a career training program. Career Training Programs There are a variety of Accounting career training programs available, both on the web and in a classroom setting. Most Accounting and Payroll Administration courses take anywhere from 8-12 months, and will teach you all you need to know to begin your accounting career. This includes basic training in payroll and tax compliance theory, overviews of accounting-related computer programs and an idea of debits and credits. In addition to basic theories, Accounting and Payroll Administration programs are specially designed to give you the specialized skills for an accounting career, as well. Many even include an internship or practicum intended to give you the final skills you will need to be a success in your chosen career. Others specifically offer a Payroll Management Certification program, which is an attractive bonus for potential employers. |
| Author Resource:- triOS College offers Accounting & Payroll Administrator diploma programs - located in Toronto, Ontario. www.trios.com |
| Article From New Ezine Articles |
Interested In An Accounting Career
Some of the most satisfying and well paying jobs of 2006 are in medicine and finances. Here, we will discuss what an accounting degree can offer you in todays job market. Where finance and accounting careers have had rather spotty projections over 2004 and 2005, the year 2006 has been living up to projected rises in financial positions.
An accounting career could be just the thing to bring you satisfaction and a sense of accomplishment. Along with medical and health related careers, accounting professionals are among the group of professions that are projected to see a lot of growth over the next few years.
Graduates of four year accountancy programs are earning 3.7% more in terms of starting pay straight out of college. Masters degree holders are seeing a 4% increase in starting pay over the last couple of years.
There are many top notch two year accounting degree programs as well. Your choice really depends on many factors, including career objectives, the amount of money that you have to invest in an education or your ability to attain student loans, as well as what your schedule is like.
If you want to educate yourself on accounting in order to better manage your own small business or non-profit organization, chances are youd do best with some classes from the local community college or other type of learning center.
In many larger cities and some towns, there are learning centers that offer a wide variety of classes, from cooking and home improvement to accounting. Ask around at your local public library or community college to find out about all the learning opportunities that your community has to offer.
For more serious study to put toward managing the finances of your business or organization, you may find that a community college has just the combination of classes that youre looking for.
If you want to pursue an accounting career further, a community college is still one of the best places to start. If you have children or must work while attending school, community colleges are going to offer you the most flexibility in terms of scheduling.
For more information on the projected outlook for those in accounting careers, take a look at the governments Occupational Outlook Handbook found at the U.S. department of labor website. There is a great wealth of information here that can help you decide how satisfying various degrees and professions are likely to be over the coming years.
An accounting career could be just the thing to bring you satisfaction and a sense of accomplishment. Along with medical and health related careers, accounting professionals are among the group of professions that are projected to see a lot of growth over the next few years.
Graduates of four year accountancy programs are earning 3.7% more in terms of starting pay straight out of college. Masters degree holders are seeing a 4% increase in starting pay over the last couple of years.
There are many top notch two year accounting degree programs as well. Your choice really depends on many factors, including career objectives, the amount of money that you have to invest in an education or your ability to attain student loans, as well as what your schedule is like.
If you want to educate yourself on accounting in order to better manage your own small business or non-profit organization, chances are youd do best with some classes from the local community college or other type of learning center.
In many larger cities and some towns, there are learning centers that offer a wide variety of classes, from cooking and home improvement to accounting. Ask around at your local public library or community college to find out about all the learning opportunities that your community has to offer.
For more serious study to put toward managing the finances of your business or organization, you may find that a community college has just the combination of classes that youre looking for.
If you want to pursue an accounting career further, a community college is still one of the best places to start. If you have children or must work while attending school, community colleges are going to offer you the most flexibility in terms of scheduling.
For more information on the projected outlook for those in accounting careers, take a look at the governments Occupational Outlook Handbook found at the U.S. department of labor website. There is a great wealth of information here that can help you decide how satisfying various degrees and professions are likely to be over the coming years.
BlueWaterArticles.com: - Interested In An Accounting Career
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#86- Unpresented Cheque- Part II
In our previous post #80 Bank Reconciliation Review- Unpresented Cheque, we posted the following example and question:
Susan is the accountant of Company ABC, who has a December year-end. On 31 December 2008, Susan has approved a few cheques payable to their creditors, amounted to US$200k. Account executive has input the payments into the systems after Susan has approved the cheques. However, the cheques payable to their creditors are not delivered to their creditors until after year-end.
Is there any financial impact to the financial of the Company? Yes or No? If yes, what would be the impact then ?
Answer:
Apparently, cheques are dated before 31 December 2008 while the cheques are only delivered to the supplier after year-end. Susan has posted the following entries and recorded in 2008's book:
Dr. Trade Creditors
Cr. Cash
From accounting point of view, cheque should not be deducted from the above cash account until cheques have been delivered to the supplier. In above example, cash and trade creditors balance have been understated. A re-classification entries should be reversed out.
Auditor's Responsibility
We should inquire our clients that there are no cheques not delivered to supplier as at balance sheet date.
Susan is the accountant of Company ABC, who has a December year-end. On 31 December 2008, Susan has approved a few cheques payable to their creditors, amounted to US$200k. Account executive has input the payments into the systems after Susan has approved the cheques. However, the cheques payable to their creditors are not delivered to their creditors until after year-end.
Is there any financial impact to the financial of the Company? Yes or No? If yes, what would be the impact then ?
Answer:
Apparently, cheques are dated before 31 December 2008 while the cheques are only delivered to the supplier after year-end. Susan has posted the following entries and recorded in 2008's book:
Dr. Trade Creditors
Cr. Cash
From accounting point of view, cheque should not be deducted from the above cash account until cheques have been delivered to the supplier. In above example, cash and trade creditors balance have been understated. A re-classification entries should be reversed out.
Auditor's Responsibility
We should inquire our clients that there are no cheques not delivered to supplier as at balance sheet date.
#85- Seagate Technology Singapore to retrench 2000 employees
Seagate Technology, hard disk drive manufacturer, has 3 facilities in Singapore, namely: Woodlands, Ang Mo Kio and Science Park.
Seagate Singapore has announced that they are going to lay off 2000 employees in Ang Mo Kio plants by end of 2010. Ang Mo Kio plant is principally involved in disk drive manufacturing. Employees being laid off will be offerred retrenchment benefit in line with industry standard.
In our opinion, the shifting of manufacturing operations out from Singapore is in line with general industry trend. In recent years, Singapore entities tend to shift their production plant out from Singapore, especially those labour-intensive manufacturing process, to China, Thailand, Malaysia. This is because labour costs are much lower in those countries, and the Singapore entities will be able to achieve cost savings in medium term.
Seagate Singapore has announced that they are going to lay off 2000 employees in Ang Mo Kio plants by end of 2010. Ang Mo Kio plant is principally involved in disk drive manufacturing. Employees being laid off will be offerred retrenchment benefit in line with industry standard.
In our opinion, the shifting of manufacturing operations out from Singapore is in line with general industry trend. In recent years, Singapore entities tend to shift their production plant out from Singapore, especially those labour-intensive manufacturing process, to China, Thailand, Malaysia. This is because labour costs are much lower in those countries, and the Singapore entities will be able to achieve cost savings in medium term.
#84- Market capitalization vs book value
In accounting, we look at net asset of the Company as an estimated guide of the value of the Company. However, the market value of the Company might differ from the book value (i.e. net asset of the accounting record).
Auditor can request management to analyze the difference between market capitalization and book value.
If market capitalization > book value. Auditors should consider what are the premium the investors are paying? Any figures on the balance sheet does not reflect true picture? Does the figure stated in accordance to accounting standards?
If market capitalization < book value. Auditors should consider the impairment issue for all assets and goodwill.
Auditor can request management to analyze the difference between market capitalization and book value.
If market capitalization > book value. Auditors should consider what are the premium the investors are paying? Any figures on the balance sheet does not reflect true picture? Does the figure stated in accordance to accounting standards?
If market capitalization < book value. Auditors should consider the impairment issue for all assets and goodwill.
#83 - Auditing Body: PCAOB
In audit career, it is always useful to know what can be improved further in order to deliver an efficient, effective and satisfactory audit.
The Public Company Accounting Oversight Board ("PCAOB")is a non-profit corporation, created by Sarbanes-Oxley Act 2002. PCAOB oversee the auditors of public companies in order to protect overall public interest. PCAOB has a unit, called "Inspection unit". This unit is responsible in inpecting the audit works of registered public accouting firms who met certain criterias.
There's one particular section you might find interesting: PCAOB prepare and release inspection report on their website. The report written would briefly describe the audit deficiencies, departures from accounting/ auditing standard they have identified after conducting review. Audit works of Big 4 (PWC, E&Y, KPMG, Deloitte) are inspected too!
The reports are resourceful and provide a guide on what can be done further to improve our audit.
The website of Public Company Accounting Oversight Board ("PCAOB")is as follows:
http://www.pcaobus.org
You can view the inspection report by:
> Go to "Inspection" section
> Click on "Inspection Reports"
The Public Company Accounting Oversight Board ("PCAOB")is a non-profit corporation, created by Sarbanes-Oxley Act 2002. PCAOB oversee the auditors of public companies in order to protect overall public interest. PCAOB has a unit, called "Inspection unit". This unit is responsible in inpecting the audit works of registered public accouting firms who met certain criterias.
There's one particular section you might find interesting: PCAOB prepare and release inspection report on their website. The report written would briefly describe the audit deficiencies, departures from accounting/ auditing standard they have identified after conducting review. Audit works of Big 4 (PWC, E&Y, KPMG, Deloitte) are inspected too!
The reports are resourceful and provide a guide on what can be done further to improve our audit.
The website of Public Company Accounting Oversight Board ("PCAOB")is as follows:
http://www.pcaobus.org
You can view the inspection report by:
> Go to "Inspection" section
> Click on "Inspection Reports"
#82- Auditing: Annual Budget vs Actual Results
Company prepare budget and use budget as a performance benchmark and monitoring tools. For instance, senior management can question sales department if their actual yeat-to-date entertainment has exceeded the budget before the end of the year. Budget is , usually, prepared and approved at the beginning of the year or before that.
Budget has incorporated management's forecast, estimation and outlook of the business in the coming times.
Is management's budget useful to auditor?
The answer is yes. Budget, which represents management's expectation, should be compared against the actual results. Significant variances should be investigated. Apparently, management would have to explain the variances. It's important for auditor to find out the reason of the variances to identify potential changes in business operation, significant developments during the year.
Understanding how management view the business (by looking at the budget) is a crucial stage in audit planning, it enhance our knowledge and understanding on the business, the industry and the overall economy as a whole.
Budget has incorporated management's forecast, estimation and outlook of the business in the coming times.
Is management's budget useful to auditor?
The answer is yes. Budget, which represents management's expectation, should be compared against the actual results. Significant variances should be investigated. Apparently, management would have to explain the variances. It's important for auditor to find out the reason of the variances to identify potential changes in business operation, significant developments during the year.
Understanding how management view the business (by looking at the budget) is a crucial stage in audit planning, it enhance our knowledge and understanding on the business, the industry and the overall economy as a whole.
Forensic Accounting The Detective Breed of Accounting Careers
When you ask people to give you a list of exciting careers, accounting is never near the top. The accounting career field tends to draw the sedentary folks: steady, analytical types who value security above all else. You're basically there to keep the wheels of business turning; a plumber directing the flow of money instead of water.
However, the growing shape of the global business market and the scandals wracking the business world have highlighted the increasing need for a rare breed of accountant; the forensic accountant is either an internal or external auditor who is brought in to investigate the scene of a fraud, bankruptcy, securities scandal, or other conflicted situation and prepare a report identifying what happened. It is called a forensic function primarily because it's results can be used in a court of law.
What's the job like?
There are actually many scenarios in which a forensic accountant might be needed: disputes and litigation, insurance claims, personal injury claims, construction audits, insurance fraud, royalty audits, or Wall Street scandals are some of the specialties in this field. Most accounting firms have a cabinet of forensic accounting specialists. These people are sent in the aftermath of a fraud to assess if the numbers in the books reflect reality, and if not, then identify what's really going on.
A forensic accountant does not have the luxury of being able to disregard anything that doesn't happen on a spreadsheet. They have to take the big picture into account, dealing with the whole reality of the business situation. A forensic accounting procedure will usually include investigating and analyzing financial evidence, using computerized applications to present the financial evidence, delivering the findings in the form of reports, collecting and exhibiting documents, and perhaps testifying in court as an expert witness. In addition to knowledge of accounting, a forensic accountant must also be familiar with legal concepts and procedures.
The two sides of forensic accounting - investigation and litigation support, break down into several smaller steps:
In the investigation, you might review the situation and suggest possible courses of action, assist with the protection and recovery of assets, and work hand-in-hand with private investigators, forensic document examiners, and consultants. People may lie. The books may be cooked. Keep your eyes open!
During litigation support, you may be responsible for providing the documentation necessary to support or refute a claim, presenting the initial assessment of the case identifying areas of loss, assisting with the examination for discovery, reviewing the testimony, reviewing the opposing expert's report, and assist with the settlement discussions and negotiations. Attorneys and witnesses may contradict you. You might have to keep digging deeper into a cover-up. Most of all, you will have to convince one judge and twelve jurors that you're the right person to be testifying about the case.
By no means are forensic accountants confined to an office or a courtroom. There are a wide range of industries which retain the services of a forensic accountant. Matrimonial disputes, in which a divorce proceeding needs mediation to verify the state of disputed assets, is one area you might not expect. Other scenarios might be investigating claims of business negligence, or personal injury claims.
Business economic loss investigations might cover expropriations, product liability claims, trademark and patent infringements and losses stemming from a breach of a non-competition agreement. The growing technology industry is an example of an expanding need for services relating to product liability claims and patent infringements. It's easy to show whether or not a car's defects could lead to an accident, but how would you prove that the bugs in a computer operating system led to the loss of assets when the business which used it was hacked? It's easy to show that a competitor copied your patented design for your camera, but how exactly do you defend a patent on a cursor?
A forensic accountant combines the skills of a record-keeper, paralegal, and a detective rolled into one. To be good at it, you have to have a good dose of curiosity, persistence, creativity, and discretion. You'll need sound professional judgment and confidence that you know your job so well that your knowledge and discoveries will stand up under cross-examination. Companies will live or die and defendants may go to prison based on the work that you do, so you are challenged to be at your best. It is the most challenging of accounting careers.
Some facts about Business Fraud Detection:
Small businesses are the most vulnerable to occupational fraud and abuse. Larger businesses will have a broad number of employees preventing losses and performing internal audits, while smaller companies are more trusting of their own employees.
Surprisingly, the average fraud at a small company nets more money than the average fraud at a large company! This is due to the fact that there are fewer people watching and less control over who has access to the bookkeeping. Put yourself in the place of a start-up entrepreneur: Starting your own business already requires you to work so hard that you might as well be three people already. You won't have the time to check up on every action of everybody you hire when your business is small. You have no choice but to start out with a handful of people you trust, and hope you can go on trusting them!
Companies with fraud hotlines or other ways to report anonymous tips tend to cut their fraud losses by a flat fifty percent. And more frauds are uncovered by anonymous tips than any other source. As a fraud investigation accountant, you may have to rely on the occasional "deep throat". If you have someone tipping you off to a shady practice, you will need to be sure that the information is detailed enough to give you a good lead.
Losses due to an employed perpetrator aged 50 and above are usually much higher than the losses caused by an employee in their 20's or 30's. This is obvious considering that older employees have obtained a higher level of trust and responsibility within a company. In addition, an employee nearing retirement feels that they have less risk, since they may be out the door by the time their fraud is discovered.
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However, the growing shape of the global business market and the scandals wracking the business world have highlighted the increasing need for a rare breed of accountant; the forensic accountant is either an internal or external auditor who is brought in to investigate the scene of a fraud, bankruptcy, securities scandal, or other conflicted situation and prepare a report identifying what happened. It is called a forensic function primarily because it's results can be used in a court of law.
What's the job like?
There are actually many scenarios in which a forensic accountant might be needed: disputes and litigation, insurance claims, personal injury claims, construction audits, insurance fraud, royalty audits, or Wall Street scandals are some of the specialties in this field. Most accounting firms have a cabinet of forensic accounting specialists. These people are sent in the aftermath of a fraud to assess if the numbers in the books reflect reality, and if not, then identify what's really going on.
A forensic accountant does not have the luxury of being able to disregard anything that doesn't happen on a spreadsheet. They have to take the big picture into account, dealing with the whole reality of the business situation. A forensic accounting procedure will usually include investigating and analyzing financial evidence, using computerized applications to present the financial evidence, delivering the findings in the form of reports, collecting and exhibiting documents, and perhaps testifying in court as an expert witness. In addition to knowledge of accounting, a forensic accountant must also be familiar with legal concepts and procedures.
The two sides of forensic accounting - investigation and litigation support, break down into several smaller steps:
In the investigation, you might review the situation and suggest possible courses of action, assist with the protection and recovery of assets, and work hand-in-hand with private investigators, forensic document examiners, and consultants. People may lie. The books may be cooked. Keep your eyes open!
During litigation support, you may be responsible for providing the documentation necessary to support or refute a claim, presenting the initial assessment of the case identifying areas of loss, assisting with the examination for discovery, reviewing the testimony, reviewing the opposing expert's report, and assist with the settlement discussions and negotiations. Attorneys and witnesses may contradict you. You might have to keep digging deeper into a cover-up. Most of all, you will have to convince one judge and twelve jurors that you're the right person to be testifying about the case.
By no means are forensic accountants confined to an office or a courtroom. There are a wide range of industries which retain the services of a forensic accountant. Matrimonial disputes, in which a divorce proceeding needs mediation to verify the state of disputed assets, is one area you might not expect. Other scenarios might be investigating claims of business negligence, or personal injury claims.
Business economic loss investigations might cover expropriations, product liability claims, trademark and patent infringements and losses stemming from a breach of a non-competition agreement. The growing technology industry is an example of an expanding need for services relating to product liability claims and patent infringements. It's easy to show whether or not a car's defects could lead to an accident, but how would you prove that the bugs in a computer operating system led to the loss of assets when the business which used it was hacked? It's easy to show that a competitor copied your patented design for your camera, but how exactly do you defend a patent on a cursor?
A forensic accountant combines the skills of a record-keeper, paralegal, and a detective rolled into one. To be good at it, you have to have a good dose of curiosity, persistence, creativity, and discretion. You'll need sound professional judgment and confidence that you know your job so well that your knowledge and discoveries will stand up under cross-examination. Companies will live or die and defendants may go to prison based on the work that you do, so you are challenged to be at your best. It is the most challenging of accounting careers.
Some facts about Business Fraud Detection:
Small businesses are the most vulnerable to occupational fraud and abuse. Larger businesses will have a broad number of employees preventing losses and performing internal audits, while smaller companies are more trusting of their own employees.
Surprisingly, the average fraud at a small company nets more money than the average fraud at a large company! This is due to the fact that there are fewer people watching and less control over who has access to the bookkeeping. Put yourself in the place of a start-up entrepreneur: Starting your own business already requires you to work so hard that you might as well be three people already. You won't have the time to check up on every action of everybody you hire when your business is small. You have no choice but to start out with a handful of people you trust, and hope you can go on trusting them!
Companies with fraud hotlines or other ways to report anonymous tips tend to cut their fraud losses by a flat fifty percent. And more frauds are uncovered by anonymous tips than any other source. As a fraud investigation accountant, you may have to rely on the occasional "deep throat". If you have someone tipping you off to a shady practice, you will need to be sure that the information is detailed enough to give you a good lead.
Losses due to an employed perpetrator aged 50 and above are usually much higher than the losses caused by an employee in their 20's or 30's. This is obvious considering that older employees have obtained a higher level of trust and responsibility within a company. In addition, an employee nearing retirement feels that they have less risk, since they may be out the door by the time their fraud is discovered.
BlueWaterArticles.com: - Forensic Accounting The Detective Breed of Accounting Careers
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