History has taught many of us an all important lesson of not overly relying on financial measures and other performance measurement metrics that can easily be manipulated by managers and other stakeholders. Traditional performance measurement places too many importance on financially quantifiable variables in order to determine the success or failure of a business or […]

Financial planning is too important in our lives to be left in the hands of many unqualified professionals. Vast majority of people buying into the various financial planning products that are being floated almost on a daily basis are ignorant of the fact that their financial well being is as important as the medical and […]

The importance of cloud accounting cannot be discussed without first of all briefly discussing what cloud accounting is. Cloud accounting is one of the numerous business models of the SAAS (software-as-a-service) business models where vendors provides their clients access to all the features that they need in their accounting department. The idea is to move […]

This article on the importance of accounting in football and other sports is one of the articles on the importance of accounting series like; importance of accounting in schools and importance of accounting in churches.  This is not a traditional debate of what method of accounting is best to show the true financial position of […]

There is no month that passes that you will not hear the news of an accountant stealing from his or her company. You can confirm this by subscribing to Google alert. You will be surprised at the amount of alert you will be getting in relation to situations where qualified accountants have stolen money from […]

What is risk based auditing was one question that I had problem in answering for a very long time before I finally had my breakthrough in understanding what a risk-based approach to auditing is all about.  It won’t be out of order if I make the assertion that many practicing accountants and auditors still have […]

Becoming a qualified accountant is the dream of all students of accountancy. Employers don’t really take you seriously if you are not certified as an accountant;  and it comes as little surprise that  accounting firms can insist on qualifications being completed during a specified period of time. Taking time to study for your professional accounting exams […]

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 […]

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 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 […]

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 […]

Variance analysis is a technical jargon used to explain a situation where actual result or outcome of an event significantly and materially differs from planned, expected or targeted results or outcomes. Note the emphasis on the words significant and materiality. In accounting, materiality is defined as a situation where the omission or inclusion of an […]

Budgeting process or budgetary system is a critical thinking area of managerial decision making that management accountants needs to handle with care else, make grave mistake that may cost the business all it has ever worked for. Budgetary system talks about the steps that should be followed by managers to make a reasonably implementable budget. It […]

Functions of management accounting cannot be fully appreciated if a working definition and explanation of what a management accounting is all about is not reasonably provided. To this end, I would like to start this article by providing a brief description of what management accounting is below. WHAT IS MANAGEMENT ACCOUNTING? Management accounting is the […]

Business ethic is that aspect of corporate governance that has to do with the moral values of managers encouraging them to be transparent in business dealings. Business ethics takes into consideration the feelings of customers in fashioning out the services or goods that is given to our customers. It also takes into account the interest […]

Accounting information system (AIS) is that subsystem of overall management information system that provides information to an organization in the right format, size, time frame, and within a budget. Accountants have many roles to play as far as accounting information system is concerned. In this article, you will learn the various roles that accountants play […]

The importance of accounting in the church is a controversial issue that is giving a lot of clergymen and women concern in our modern world. This is particularly important now that churches have been taken to be a profitable business venture. Without prejudice, this is a fact that may be difficult for some people to […]