Planning shouldn’t be a very difficult term to explain as many academics and professionals have made it look. We all engage in one form of planning or the other on a daily basis without even realising what it is that we do. Planning as far as we live is one function that we cannot avoid. […]
8 (EIGHT) Functions of Management | Roles of Managers in Modern Volatile Business World
Functions of management and what managers must do in order to stay afloat in today’s highly competitive business world has dramatically shifted from the traditional management functions as contained in most management textbooks in the market. Huge changes have taken place in the field play of business-TIKING. Business-TIKING is a new synonymous word replacing politicking […]
Accounting firm insurance | factors to consider before choosing a professional indemnity (PI) broker for accountants
Accounting firm insurance is a necessary evil that every professional accountancy firm must have else, settle in limbo. Accounting firms in recent time are adding more business line to their range of services making their business risk exposure increase at an exponential rate. The traditional business lines of auditing and consulting with narrowed focus was […]
WHAT IS FINANCIAL ACCOUNTING AND REPORTING? MEANING | FUNDAMENTALS | BASICS OF ACCOUNTANCY
Financial accounting is that branch of accountancy that seeks to keep record of the financial activities of a company using specified standards and legal requirement. At the elementary level, it is believed to revolve around ‘debiting and crediting’ items. You debit the receiver and credit the giver. Financial accounting function includes the preparation of financial […]
HOW TO MOTIVATE ACCOUNTANTS AND OTHER FINANCE PROFESSIONALS
Motivating accountants and other finance professionals has never been as important as it is now as the whole world needs more motivated accountants and financial management experts to tackle the fierce financial challenge that is looming in the business world. Professional bodies are busy asking serious questions regarding accounting ethics, governance and business ethics. The […]
WHAT IS ACCOUNTING? |MEANING OF ACCOUNTANCY
What is accounting is a broad question that a lot of people think is as simple as defining the term accounting. In as much as defining accounting is part of the process of explaining what accounting is, it is not a complete answer to the question of what is accounting. In this article, a different […]
Analysis of XBRL as financial accounting reporting format| implementation problems and solutions
XBRL as financial accounting reporting format made its way into the limelight of financial reporting in the mid 2000s with companies given the option of voluntarily producing their annual reports using XBRL. XBRL stands for extensible Business Reporting Language which was developed to meet the real-time accounting information of employees, financial analysts, investors and other […]
ACTIVITY BASED COSTING FACT SHEET |FACTS ABOUT ABC
The central idea that quickly spread amongst both academic and practicing accountants is that ABC tries to allocate overhead costs to cost object more accurately than traditional system. ABC use cost drivers to allocate overhead costs to cost object by firstly identifying those activities that drives costs and then attribute costs to the product based […]
ABC AND PERFORMANCE MEASUREMENT | DECISION MAKING
In the wake of the protracted debate as to which costing method (Marginal or Full costing), activity based costing (ABC) approach to ascertaining the true cost of products appeared as a promising decision support tool in an era where the existing costing methods were being heavily criticised, Geri and Ronen (2005). There was a loud outcry […]
FINANCIAL MANAGEMENT SWOT ANALYSIS
Financial management swot analysis is a new paradigm in finance whereby financial managers are encouraged to simulate on different financial scenarios before applying it to real life situation. It all revolves around finding an optimum financial pressure that a business can bear. This is similar to the financial stress test that banks periodically undergo. WHAT […]
SUCCEEDING AS A FINANCIAL PLANNER | THE 7 STEPS OF FINANCIAL PLANNING PROCESS
IMPORTANCE OF FINANCIAL PLANNING Financial planning is an essential element of the whole process of financial management that one cannot do without if you really want to make a in your quest to achieving financial freedom. It is the foundation upon which every other building of financial empire is built. THINGS TO CONSIDER AS A […]
INTERNET MARKETING AND ACCOUNTANTS | TIPS FOR SELLING YOUR ACCOUNTING SERVICES ONLINE
Internet marketing is one of the most powerful tools that all successful business people of our time employ. It does not matter what kind of business you are into, what matters is your ability to leverage on the enormous potential of the internet to sell your accounting services as an accountant to the entire world […]
DEFINITION OF ACCOUNTING | MODERN BUSINESS PERSPECTIVE
Traditionally, accounting is defined as a process that collect, collate, analyse, interpret and communicate financial/ accounting information in a prescribed format that is easily understood by the intended users. In as much as this definition of accounting is correct, it makes accounting look like a mechanical process that does not interact much with the business […]
SCOPE OF FINANCIAL STATEMENT ANALYSIS |QUANTITATIVE AND QUALITATIVE ASPECTS
By scope of financial statement analysis, we simply mean those vital issues that must be dealt with while carrying out financial statement analysis exercise. Financial statement analysis is a subset of the whole body of business analysis. Financial statements analysis is not all about ratio analysis as many would think. It goes beyond that and […]
WHAT ARE FINANCIAL STATEMENTS USED FOR AND HOW?
The question of what financial statements are used for is an important one as it raises awareness as to the importance accounting as a whole. Many debates went on in the past and are in fact still going on now amongst academics and professional accountants on the relevance of accounting numbers. This whole argument was […]
PURPOSES | BENEFITS OF ACCOUNTING AND BOOKKEEPING TO BANKERS | INVESTORS | UNIONS AND MANAGEMENT
The purposes and benefits of accounting keeps widening as the importance of accounting broadens. I am writing this article in response to a question sent to me by one of my readers in a previous article referred to above. This post will be tailored to meet the specific requirement of the question which I have […]
LEVERAGING ON GLOBAL STRATEGY THROUGH INTERNATIONAL POLITICAL ECONOMY
International political economy is the melting point of both politics and economics as it concerns the states at the global level. In common parlance, international political economy is the interaction between: productions, buying, selling, laws, customs, and beliefs of different countries playing at the international scene to protect our foreign investments. One lesson that was […]
HOW ARE FINANCIAL STATEMENTS USED FOR VALUATION?
Financial statements have a vital role to play in the overall business valuation process. Two kinds of information at least are contained in the financial statement that every financial analyst must always strive to identify/ recognize and put them to maximum use. I would like to make a point clear here: valuation model is not […]
BUSINESS VALUATION METHODS AND TECHNIQUES | MEANING| PROCESSES
Business valuation techniques and methods of valuing a business has in recent time receive lots of attention both from the field of academic and from practitioner with many empirical tests and evidences provided. Most of these empirical evidence conflicts on what the most popular and acceptable method of valuation is. My intention in this article […]
ACCOUNTANTS AND CUSTOMER CARE SERVICES |ROLES AND DUTIES
Customer care services is one skill that today’s accountant cannot do without as business operations continues to integrate. Gone are the days when only customers’ care advisors are seen as the only professionals that can make impact on the life of the customers. The dancing tone has changed and therefore calls for an immediate change […]
CHURCH FRAUDS | CAUSES AND HOW TO DETER IT
Church frauds as weird and unpleasant as it may sound has become part of the system in most church across the world today. People now actively seek opportunities and loopholes in churches to steal money and commit other economic crimes. Some eyebrows were raised when I first wrote on the importance of accounting in churches; […]