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 … [Continue reading]
6 (SIX) GROUPS OF PEOPLE THAT USES ACCOUNTING INFORMATION
Accounting information is used by different stakeholders for different reasons. The users of accounting information are summed up into six groups. This article is written in response to a question asked by one of the readers of the original articles … [Continue reading]
THINKING LIKE ACCOUNTANTS: THE ONLY WAY OUT OF FINANCIAL CRISIS AND DEBT
Very many people have accused accountants for being frugal and cost conscious. But let’s face the fact, fortune are never built on careless spending and poor financial management. Accounting in its broadest sense is all about cost savings, … [Continue reading]
EFFECTIVE RISK MANAGEMENT CONTROLS FOR ELECTRONIC BANKING
The implementation of effective management controls for e-banking is the best way that banks can survive the overwhelming pressure that comes from the unprecedented rapid improvement in technology. Advancement in technology no doubt brought business … [Continue reading]
MAJOR CAUSES OF BANKRUPTCY | CORPORATE AND PERSONAL
Causes of bankruptcy should get the required attention at this time of our modern economic cycle as more cases of bankruptcy is continuously making headline on a daily basis. Finding out what the major causes of both personal and corporate … [Continue reading]
GOLDEN RULES OF BUSINESS ETHICS
The golden rules of business ethics are the pillars that hold the success of every vibrant and successful business. You cannot make any reasonable headway in business if you do not appreciate the importance of business ethics. In fact, business … [Continue reading]
IMPORTANCE OF CLOUD ACCOUNTING AND HOW TO SELECT FINANCIAL SAAS VENDOR
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 … [Continue reading]
WHAT IS RISK MANAGEMENT ACCOUNTING? IS IT SAME AS ACCOUNTING FOR FINANCIAL INSTRUMENTS?
Risk management accounting is one of the most debated and controversial topic amongst recent accounting thinkers. This is so because of the increased use of derivatives to manage complex financial transactions. The accounting profession was thrown … [Continue reading]
IMPORTANCE OF A BUSINESS PLAN | WHY PLANNING YOUR BUSINESS EXPLOIT IS IMPORTANT
Importance of a business plan cannot be overemphasised. During my years of consulting for small and medium businesses, I realise that over 47% of my clients find it very difficult to grasp the significance and importance of business plan. They see it … [Continue reading]
WHAT IS CASH MANAGEMENT? MEANING AND DEFINITION| HOW TO SAFELY MANAGE YOUR MONEY IN BUSINESS
Cash and finances are the living cells in businesses. A living thing becomes dead immediately the living tissues stop working. This is applicable to our businesses. Without proper cash management, the entire business model will ultimately come to a … [Continue reading]
IMPORTANCE OF ACCOUNTING IN FOOTBALL AND OTHER SPORTS
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 … [Continue reading]
WHAT IS ACCOUNTING FRAUD? MEANING | TYPES AND CHARACTERISTICS
I checked my mail this morning and was greeted with this email from Jude “Good day Mr. Chinweike, What is accounting fraud? Please sir help me “. I initially did not want to respond to the mail as I considered it a cheating if I help provide an … [Continue reading]
ACCOUNTANTS STEALING | 8 REASONS WHY ACCOUNTING PROFESSIONALS STEAL
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 … [Continue reading]
What is Risk Based Auditing? Meaning | Process and Importance of Risk Based Audits
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 … [Continue reading]
TWENTY ATTRIBUTES | TRAITS | CHARACTERISTICS OF SUCCESSFUL MANAGERS
Succeeding as a manager is a function of: attributes, traits, and characteristics of managers. This can mathematically be represented thus (A x T x C = SM). You can call it successful management equation if you wish to. The debate as to whether … [Continue reading]
IMPORTANCE OF INVESTMENT | INVESTING
The importance of investment cannot be fully appreciated without firstly coming to terms with the meaning of investment. To get better insight on the meaning and definition of investment, please kindly refer to the hyperlinked article on what is … [Continue reading]
WHAT IT TAKES TO BECOME A MODERN QUALIFIED OR CERTIFIED ACCOUNTANT
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 … [Continue reading]
7 IMPORTANCE OF ACCOUNTING SOFTWARE IN SMALL AND MEDIUM SCALE BUSINESSES
7 IMPORTANCE OF ACCOUNTING SOFTWARE IN SMALL AND MEDIUM SCALE BUSINESSES The importance of accounting software in small and medium size businesses became one of my favourite topics after spending some time working with small business owners in … [Continue reading]
What is the best small business accounting software? Selection criteria that enables you to make good choice
Sometimes, a business owner needs more than a free efile to keep things running smoothly. When this is the case, it is time to find a piece of software that combines all of your accounting obligations into one easy-to-use technology. Finding the … [Continue reading]
WHAT IS PERFORMANCE MEASUREMENT SYSTEM IN OUR CONTEMPORARY TIME AND BEYOND?
A performance measurement system is a traditional way of keeping track of what goes on in your business. The aim of performance measurement is to help managers and business owners analyse successes and failures of individuals or group of individuals. … [Continue reading]
CHARACTERISTICS OF ACCOUNTING INFORMATION SYSTEMS | QUANTITATIVE AND QUALITATIVE | COMPONENTS AND CATEGORIES OF AIS
Characteristics of accounting information systems are those features that distinguish an ordinary system from a system that is designed to provide management of all levels timely, relevant, reliable and unbiased processed data that is suitable for … [Continue reading]
