Quality no doubt saves money but not without its own costs. Costs of quality are broadly classified into conformance cost and non-conformance cost. These are then sub- classified into prevention cost, appraisal cost, internal cost and external cost. From the perspective of managers, costs of quality should be brought down to the minimal level so […]
What are the soft skills of an accountant?
Gone are the days when accountants are known as number crunchers. In today’s modern world where finance professionals need more than just technical competence, it is dangerously important that accountants are equipped with soft skills that are in high demand. Soft skills are those rudimentary ingredients that make someone with finance expertise competent enough to […]
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ONLINE ACCOUNTING DEGREE | A VALUABLE QUALIFICATION TO OBTAIN
Getting business and accounting degrees online has been fully embraced by many in recent years. Traditional universities and business schools now offer one form of internet accountancy program or the other. This new development is made possible by the massive improvement in technology that we have experienced in the last two decades. There are various […]
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DUTIES AND RESPONSIBILITY PUBLIC ACCOUNTANTS IN AMERICAN SMALL BUSINESSES
Accountants in our modern society have repositioned themselves in such a way that the importance of accountants in the overall success of small businesses is becoming more glaring as the day passes. Gone are the days when the duties and responsibilities of accountants are confined to rambling with papers filled with outdated figures. Nowadays, accountants […]
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MARKETING FOR ACCOUNTANTS | HOW TO BECOME AN ACCOUNTING ENTREPRENEUR
Marketing your accountancy expertise can quickly become frustrating if you are not equipped with the right skill sets to effectively and efficiently market your accounting firm. Although marketing as a course is included in the curricular of most accounting degrees, the content of the courses are tailored towards generic marketing strategy rather than helping potential […]
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THE IMPORTANCE OF HAVING A FIXED ASSET REGISTERS
The importance of fixed asset register in an organization cannot be over emphasized. You simply lose sight of your valuable asset if there is no well organised register of your fixed asset. This article briefly discussed some importance of having a working fixed assets register in your small business. FIVE IMPORTANCE AND BENEFITS OF FIXED […]
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DUTIES, ROLES AND RESPONSIBILITIES OF AN ACCOUNTANT IN A MODERN SOCIETY
The duties, roles and responsibility of accountants in modern society are becoming more pronounced and pervasive as the day passes on. Accountants continually position themselves in strategically advantaged position that enables them contribute enormously to the development and growth of our modern economy and society. Accounting in the medieval days revolves only around recording of […]
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HOW TO ASSESS SOFTWARE FOR USE IN YOUR SMALL BUSINESS ACCOUNTING
It is no longer news that we live in a world that is practically controlled by technology. Business and accounting information are no longer kept in their manual form. Selecting the best accounting software is critical to running a modern profitable business. The tips covered in this article will apply to both a standalone accounting […]
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HOW TO ACQUIRE ACCOUNTING INFORMATION SYSTEM (AIS)
The decision to acquire accounting information system has become strategic in nature and now requires carefully planned and well thought out processes if a company is to succeed in it. Corporations spend huge amount of money on acquiring AIS but still have little or nothing to show for it. The main reason for this is […]
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BUSINESS SOCIAL INTELLIGENCE IS A VITAL CONTRIBUTOR TO SUSTAINABLE STRATEGY DEVELOPMENT
Business social intelligence is a relatively new strategic paradigm that most successful companies are now turning their attention to. The fact that social media has come to stay is no longer news. Philip Kotler, a marketing icon years ago predicted that business social intelligence would be the backbone that would hold the success of every […]
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WHAT IS ACCOUNTING ETHICS?
Accounting ethics is a body of good practices that is based on good conscience which accounting professional bodies promote. Professional accounting bodies like ACCA require that you complete an online accounting ethics module in order to be qualified as a chartered accountant in addition to meeting order requirements. Accounting ethics is deeply rooted in the […]
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LIMITATIONS, DISADVANTAGES AND DRAWBACKS OF RATIO ANALYSIS
Limitations of ratio analysis are those characteristics of ratio analysis that acts as drawbacks when using ratios to get value added insights. Ratio analysis which is a powerful tool used by business stakeholders like management, investors, creditors, business analysts to establish useful relationship between variables has some weaknesses that makes it not to be so […]
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ONLINE ACCOUNTING DEGREE IS THE BEST OPTION FOR ENTREPRENEUR
Online accounting degree is one of the best and easiest options for entrepreneurs to get the all important accounting skill that is needed to be successful in managing businesses to greater and enviable height. Research has shown that successful entrepreneurs are those that can tell you the destination and source of every penny that comes […]
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WHAT IS AUDIT RISK ASSESSMENT?
It is no longer news that risk based approach to auditing has come to stay. Risk based auditing is the concept of basing the overall auditing procedures on the foundation that is built through the application of audit risk assessment and procedures. We all know that the aim of auditing any subject matter is to […]
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What is Management Accounting Control System?
Management accounting control systems (MACS) is the collective processes that helps in fine tuning the best method of managing complex variables including managers and employees. The primary aim of MACS is to supports the application of underlying procedures, processes and documentations within a given enterprise in such a way that results are maximised. Management accounting […]
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WHAT IS SENSITIVITY ANALYSIS?
In this article, an attempt is made to provide an answer to the question; what is sensitivity analysis in a very simple and non technical manner. An all encompassing approach is taken to accommodate people of different understanding of the subject matter, so, if you are new to the field of accountancy and you wondering […]
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HOW TO MANAGE PRIVACY RISK IN CLOUD ACCOUNTING
There is no doubt that cloud accounting has begun to find its way into the heart of many board members of corporations. This embracement of outsourcing a company’s accounting services to vendors has brought considerable privacy risks with it that needs to be dealt with if a company is to survive. I am not going […]
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HOW TO GET ACCOUNTING JOB WITHOUT RELATED WORK EXPERIENCE
Getting accounting job as a fresh graduate accountant with no experience is one of the most difficult challenges that you must deal with as a university or other higher education study graduate. You will be competing with both graduates and people that are not graduates but with real hands on experience. The job market has become so […]
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IMPORTANCE OF CHANGE MANAGEMENT IN SUSTAINING THE GROWTH OF A BUSINESS
It was a surprise to me when I was speaking to regional controller of one of the most respected food processing company in Glasgow, UK who still does not appreciate the importance of having an efficient change management process (CMP) in the company. Her reason was that food processing industry does not experience rapid change […]
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COMPONENTS OF ACCOUNTING INFORMATION SYSTEM (AIS)
Accounting information system (AIS) as a sub system of the overall business systems has some components that make it what it is. I have seen some articles on the web where the following; computer, accounting software, scanners and printers are given as the only components of AIS. Are these groups of people right? Well, you […]
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What is Corporate Governance?
Corporate governance in simple language is a phrase used to describe how businesses are directed, managed and controlled. It is the collection of sets of best practices that help stir the affairs of a company. Forces coming from the government and regulatory bodies help to shape the way corporate governance is viewed. Government and powerful […]
