Organizations spends too much money looking for ways to improve their financial performance and fortune when all that is actually needed is to tap from the fundamental principles behind Lean Six Sigma which are dead simple. What is Lean Six Sigma Triad? When it comes to improving financial performance of an organization, lean six sigma […]
How accounting and finance team add value to small businesses
This article on how accounting and finance team add value to a business is written as an addendum to an article about accounting and finance department not being a cost centre anymore. Without wasting much time, I will go ahead to state and briefly explain how modern accounting and finance team add value to any […]
HOW TO AVOID EMPLOYEE APPRAISAL PROBLEMS
Attrition level will drastically come down if managers understand how to avoid employee appraisal problems. Understanding how to avoid employee problems will ensure that managers and business owners will not waste precious time micro managing people. Most of employee motivation issues come from wrong kind of employee appraisal and employee reward scheme being administered on […]
Accounting and finance department are no longer cost centres
In my previous piece on the functions of accounting and finance department, I made some point about accounting and finance department being more than just a cost centre and have received over twelve emails asking me to do a brief write up on it. This article is written to elaborate on ‘accounting and finance department […]
Strategy is nothing without result
I have read 100s of books, papers, articles, etc on strategy over the past 10 years to the extent that I can now write my own book on strategy. But, I am not going to do that rather I would ask questions that can awaken the sleeping giants in most people (notice I didn’t say […]
New Thinking is needed to Survive new Digital Economy
New thinking is what the current digital economy requires for proper business management that will guarantee sustainable development especially now that doing business is getting tougher by the day. The goal post has been moved severally and the only sure-fire way to be in competition is develop the habit of new thinking that is hinged […]
6 BUSINESS IMPACTS OF DATA SCIENCE AND MACHINE LEARNING
Business impacts of data science and machine learning are beginning to unfold and only the well positioned businesses will take time to analyse and tap into the insights derived from analysing the business impacts of data science and machine learning. There are other game changers like Blockchain, DevOps, Agile Computing, SaaS, Edge Computing, Analytics, IOT, […]
CHALLENGES FACED BY ACCOUNTANTS OF TODAY AND TOMORROW
CHALLENGES FACED BY ACCOUNTANTS OF TODAY AND TOMORROW This article on the challenges faced by accountants is a modern version a similar piece on the problems faced by accountants in the Google age that wrote some 7 years back. Then things were still relatively done in the business ecosystem. CHANGE HAS COME Things have really […]
How To Attract And Retain Top Accounting Talents
Hire your competition’s best employees before they come hiring yours Attracting and retaining accounting talents is getting harder by the day according to a recent poll by a top recruitment agency (did not include the name as I don’t want this post to serve as any form of endorsement). Companies in this now economy require […]
Discover How To Grow Your Business Using Integrated Thinking And Strategic Thinking
Discover How To Grow Your Business Using Integrated Thinking And Strategic Thinking Integrated thinking and strategic thinking are two powerful business decision making tools that can help even novice managers navigate the business environment unscratched. Small and medium size businesses are increasingly embracing these combos to run successful small business that is envied by all. […]
Data Driven Leadership | what Struggling Businesses need
Data Driven Leadership | what Struggling Businesses need Data driven leadership is all that a struggling business needs for that much expected turnaround. The power of big data analytics coupled with the ever continuously improving Artificial Intelligence (AI) Landscape has provided tools that were once reserved for the few management elites. Becoming a data driven […]
Innovation Process |Right kind of innovation | not all changes are innovative
Innovation Process |Right kind of Innovation | not all changes are Innovative The right kind of innovation is what forward ever companies are doing that stagnant companies are not doing. The fact that things change does not mean they are innovative. In fact some changes are anti-innovative in nature. A lot of small business owners […]
As an Accountant, you must be Disruptive or be Disrupted
It is no longer a news that accounting as a profession is being affected by the disruptive power of modern business technologies. This that were once exclusively reserved for humans with the right accounting skills are now being done by machines. This article is one of the numerous warnings to accounting and finance professionals
BUILDING A STRONGER CYBER SECURITY WORKFORCE
According to Randy Vickers, Today’s cybersecurity landscape is an ever-changing environment where the greatest vector of attack is our normal activities, e-mail, surfing, online gaming, etc. Cyber security never sleeps nor takes holidays. ACCA and PWC in a recent research found out that technology has four established pillars viz: Analytics, Cloud, Collaboration and RPA (Robotic […]
I AM NOW A QUALIFIED ACCOUNTANT – WHAT NEXT?
A newly qualified ACCA accountant came to me last weekend and said “I am now a qualified accountant, what next?” I told him I will get back to him shortly. But on second thought I said “put your-self in the driver’s seat of data driven economy”. To be relevant as a qualified accountant in this […]
Tips on Doing Business without Government Help during Recession
Research suggests that the people who survive disasters are the ones who locate the life jackets and fire exits, followed safety drills or paid attention to cabin crew pre-flight workouts. It is a sad reality that Nigeria has found itself in Stagflation (Stagnation in economic activities plus persistent increase in prices). This unfortunate situation has […]
Accounting Cycles- Preventing Fraud by Understanding Accounting Cycles
Introduction Forensic Accountants in their bid to successfully fight fraud often falls back to exploring accounting cycles in order to understand how fraud can be perpetrated. This is to say that for one to understand how fraudulent activity is carried out, one must understand the accounting cycles in and out. This knowledge is acquired both […]
Meaning and Uses of Branch Accounting
What is a Branch Accounting? A branch accounting is a system of accounting where branch transactional activities are kept separate from each other. There are two methods of branch accounting. In the bid to prepare records that provides insight into the activities of the branches of a business organization, management have a choice of […]
Advantages and Disadvantages of Using Debt Factoring
Advantages and Disadvantages of Using Debt Factoring Advantages and disadvantages of using debt factoring must be considered before a decision is made on whether to use it or not. This is very important as doing this analysis will provide management with useful information for economic decision making. The advantages of using debt factoring must outweigh […]
Fundamentals of Trial Balance
This article on the fundamentals of trial balance is in response to the question asked by a Facebook fan of AccountantNextDoor on our page. ‘Tell me more about trial balance’ was the question. What is a Trial Balance? A trial balance is a bookkeeping tool used by accountants to test the equality of Debt […]
Accounting Treatment of Borrowing Costs in Accordance with IAS 23
Accounting treatment of borrowing costs is the subject matter of IAS 23. IAS 16 which deals on property, plant and equipment (PPE) made provisions surrounding how tangible non-current assets (TNCAs) are treated. It among other things states that borrowing costs MUST be included in the initial cost of an item of property plant and equipment. […]