Planning shouldn’t be a very difficult term to explain as many academics and professionals have made it look. We all engage in one form of planning or the other on a daily basis without even realising what it is that we do. Planning as far as we live … [Continue reading]
8 (EIGHT) Functions of Management | Roles of Managers in Modern Volatile Business World
Functions of management and what managers must do in order to stay afloat in today’s highly competitive business world has dramatically shifted from the traditional management functions as contained in most management textbooks in the market. Huge … [Continue reading]
Accounting firm insurance | factors to consider before choosing a professional indemnity (PI) broker for accountants
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 … [Continue reading]
WHAT IS FINANCIAL ACCOUNTING AND REPORTING? MEANING | FUNDAMENTALS | BASICS OF ACCOUNTANCY
Financial accounting is that branch of accountancy that seeks to keep record of the financial activities of a company using specified standards and legal requirement. At the elementary level, it is believed to revolve around ‘debiting and crediting’ … [Continue reading]
HOW TO MOTIVATE ACCOUNTANTS AND OTHER FINANCE PROFESSIONALS
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 … [Continue reading]
WHAT IS ACCOUNTING? |MEANING OF ACCOUNTANCY
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 … [Continue reading]
Analysis of XBRL as financial accounting reporting format| implementation problems and solutions
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 … [Continue reading]
ACTIVITY BASED COSTING FACT SHEET |FACTS ABOUT ABC
The central idea that quickly spread amongst both academic and practicing accountants is that ABC tries to allocate overhead costs to cost object more accurately than traditional system. ABC use cost drivers to allocate overhead costs to cost … [Continue reading]
ABC AND PERFORMANCE MEASUREMENT | DECISION MAKING
In the wake of the protracted debate as to which costing method (Marginal or Full costing), activity based costing (ABC) approach to ascertaining the true cost of products appeared as a promising decision support tool in an era where the existing … [Continue reading]
FINANCIAL MANAGEMENT SWOT ANALYSIS
Financial management swot analysis is a new paradigm in finance whereby financial managers are encouraged to simulate on different financial scenarios before applying it to real life situation. It all revolves around finding an optimum financial … [Continue reading]
SUCCEEDING AS A FINANCIAL PLANNER | THE 7 STEPS OF FINANCIAL PLANNING PROCESS
IMPORTANCE OF FINANCIAL PLANNING Financial planning is an essential element of the whole process of financial management that one cannot do without if you really want to make a in your quest to achieving financial freedom. It is the foundation … [Continue reading]
INTERNET MARKETING AND ACCOUNTANTS | TIPS FOR SELLING YOUR ACCOUNTING SERVICES ONLINE
Internet marketing is one of the most powerful tools that all successful business people of our time employ. It does not matter what kind of business you are into, what matters is your ability to leverage on the enormous potential of the internet to … [Continue reading]
DEFINITION OF ACCOUNTING | MODERN BUSINESS PERSPECTIVE
Traditionally, accounting is defined as a process that collect, collate, analyse, interpret and communicate financial/ accounting information in a prescribed format that is easily understood by the intended users. In as much as this definition of … [Continue reading]
SCOPE OF FINANCIAL STATEMENT ANALYSIS |QUANTITATIVE AND QUALITATIVE ASPECTS
By scope of financial statement analysis, we simply mean those vital issues that must be dealt with while carrying out financial statement analysis exercise. Financial statement analysis is a subset of the whole body of business analysis. Financial … [Continue reading]
WHAT ARE FINANCIAL STATEMENTS USED FOR AND HOW?
The question of what financial statements are used for is an important one as it raises awareness as to the importance accounting as a whole. Many debates went on in the past and are in fact still going on now amongst academics and professional … [Continue reading]
PURPOSES | BENEFITS OF ACCOUNTING AND BOOKKEEPING TO BANKERS | INVESTORS | UNIONS AND MANAGEMENT
The purposes and benefits of accounting keeps widening as the importance of accounting broadens. I am writing this article in response to a question sent to me by one of my readers in a previous article referred to above. This post will be tailored … [Continue reading]
LEVERAGING ON GLOBAL STRATEGY THROUGH INTERNATIONAL POLITICAL ECONOMY
International political economy is the melting point of both politics and economics as it concerns the states at the global level. In common parlance, international political economy is the interaction between: productions, buying, selling, laws, … [Continue reading]
HOW ARE FINANCIAL STATEMENTS USED FOR VALUATION?
Financial statements have a vital role to play in the overall business valuation process. Two kinds of information at least are contained in the financial statement that every financial analyst must always strive to identify/ recognize and put them … [Continue reading]
BUSINESS VALUATION METHODS AND TECHNIQUES | MEANING| PROCESSES
Business valuation techniques and methods of valuing a business has in recent time receive lots of attention both from the field of academic and from practitioner with many empirical tests and evidences provided. Most of these empirical evidence … [Continue reading]
ACCOUNTANTS AND CUSTOMER CARE SERVICES |ROLES AND DUTIES
Customer care services is one skill that today’s accountant cannot do without as business operations continues to integrate. Gone are the days when only customers’ care advisors are seen as the only professionals that can make impact on the life of … [Continue reading]
CHURCH FRAUDS | CAUSES AND HOW TO DETER IT
Church frauds as weird and unpleasant as it may sound has become part of the system in most church across the world today. People now actively seek opportunities and loopholes in churches to steal money and commit other economic crimes. Some … [Continue reading]