The nature of business and the level of development in the market that is partly catalyzed by the advent of financial engineering means that selling goods without collecting money has become normal way of doing business. A lot of buy now and pay later scheme keep springing up everyday as organizations jostle to get the […]

Information technology also known as infotech has become parts and parcels of our daily lives whether we like it or not. The amount of traction that infotech gas gained over the last two decades has made the discipline an overdue candidate for command attention from accountants – therefore, the emergence of infotech accountant. So, this […]

I am still baffled whenever I see businesses still think very narrowly in this day and age where possibilities are boundless. No human being or business can survive these days by thinking narrowly. Borderless thinking has been instrumental in bringing us to this current world that we all love and enjoy. So why would any […]

There is no way in life that anybody can do all that needs to be done in his or her life. So why even attempt to do it all when you can easily delegate all your mundane management functions and focus on the things that really matters in life? The answer to the above question […]

The first thing that anyone who is new to accounting should learn is the accounting equation. In this article in our accounting 101 series, I will be providing a very concise answer to the question ‘what is accounting equation?’ in such a way that anyone can understand it without putting in much efforts. A lot […]

The question of who will audit the auditor has always been in the mind of hybrid accountants who toll the path of internal auditing. A lot of questions have been asked of late about the usefulness of internal audit department in an organization. The above two questions and many more is gradually paving way for […]

Finding errors is usually difficult when many journal entries have been passed and hundreds of ledgers created for different accounts. Although the issue of the volume of transactions recorded being too much may not be an acceptable excuse in this day and age where quantum computing power energized by the availability of big data has […]

We used individual ‘T’ accounts to demonstrate the concept of double entry principles in our earlier article. Nothing stops a company from having as many individual accounts for items as they deem fit. The only caveat is that it should be kept minimally complex so that internal controls and reconciliation derived from analyzing the accounts […]

Underlying assumptions or accounting concept also referred as accounting conventions are those accounting principles (more on this later in this article) that all accountants must abide with to produce a set of reasonably acceptable accounting output. Accountants deal on business whose currency revolves around credibility and accountability. It is the accountability aspect of accountant’s functions […]

I was recently interviewed by a freelancer who was magnanimous enough to share the manuscript of the interview with me. So, I am sharing the raw unedited version here for the benefit of all the readers of this accounting and finance blog. Interviewer: How did you get into internal audit? Me: I got into accounting […]

When it comes to marketing, any organization that is not thinking beyond the 21st century is simply wasting time and resources. The marketing strategies and techniques that worked years back may not necessarily work now and beyond. Being able to set up and establish a suitable marketing department is a critical success factor of doing […]

Traditional qualified accountants that have refused to move ground are already feeling the heat from the effect shakeup caused by the advancement in technology. They are getting worried for the minimal effects that already exists. A more pronounced effect and shakeup is fast approaching the direction of accounting and finance industry. The recent effects that […]

Data is increasingly becoming the new oil and currency of the now age we all find ourselves in. Data driven business leaders are emerging on a daily basis and this is placing more emphasis on the need to properly manage data for maximum benefits. The adoption and implementation of risk-based data analysis process has fueled […]

Risk based auditing approach has become the de facto standard for auditing. Internal auditors and forensic accountants are increasingly being required to apply risk-based approach to all facets of their work. The importance and benefits of risk-based auditing is crystal clear for all who cares to see. In this article on risk-based data analysis, I […]

The interconnectedness of this internet of things (IOT) world that we now live in means that those things that worked in the past would no longer be adequate for today’s fast paced world that is constantly facing the cybersecurity ever increasing threat. The traditional MIS concepts are fast becoming outdated. Therefore, only businesses that are […]

I still remember back in the days when I was still an undergraduate student studying for my first degree in accounting how I struggled to grapple with incomplete record and single-entry bookkeeping. My struggle was simply because I was at lost when it comes to dealing with the relationship between markup and margin. Chances are […]

The functions of management accountants have long been established both in practice and in accounting literature. And management accountants have in all fairness lived up to expectations when I come to delivering n their promises. However, it has become glaring and clear before our eyes that accounting as a profession has caught the disruptive bug […]

What is Social Business? Addressing a Social Problem Unlocks Hidden Gems in Social Media Age A social business is any entity that is created to by design to solve real life social problems. The business be of any structure and size but must have the goals and objectives of fixing social dislocations. All social businesses […]

Small business accountants that are not well grounded in working with incomplete records or single-entry bookkeeping usually always disappoint their clients. It is not that individual business owners do not appreciate the importance of accounting, they simply do not have the expertise of finance people and this is causing a lot of nightmare for accountants. […]

It has long been established that accountants are communicators or at least should be leaders in business communications. However, I have seen on many occasions where accountants fail to communicate properly. No matter how good an idea is or how good one is, nothing gets done without the right kind of communication. Hence, the major […]