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 … [Continue reading]
Internal Audit 4.0 | Are Internal Auditors Ready for The New Auditing Frontier?
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. … [Continue reading]
What is Control Account? Benefits of using a Control Account
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 … [Continue reading]
What is a General Ledger in Accounting? Basic to Advanced Concepts of a Ledger
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 … [Continue reading]
What are the underlying assumptions of accounting? Definitions and explanations of accounting concepts
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 … [Continue reading]
A day in the life of a head of internal audit department
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 … [Continue reading]
How to set up and establish a marketing department that works now and beyond 21st century
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 … [Continue reading]
Traditional accountants should beware of disruptive accountants, they are plotting to take over
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 … [Continue reading]
BENEFITS OF DATA CENTRALIZATION
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 … [Continue reading]
Risk based Data Analysis Process for Internal Auditors and Forensic Accountants
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 … [Continue reading]
What is Management Information System (MIS)? Cybersecurity Age MIS Commentary
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 … [Continue reading]
Understand the Relationship Between Markup and Margin in Ratio Analysis
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 … [Continue reading]
Are Management Accountants Still Needed in this era of Disruptive Accounting?
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 … [Continue reading]
What is Social Business? Addressing a Social Problem Unlocks Hidden Gems in Social Media Age
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 … [Continue reading]
What is Incomplete Record? | Small Business Accountants Nightmare, Master Single Entry Accounting
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, … [Continue reading]
What is Financial Communication?
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 … [Continue reading]
What is Depreciation in Accounting? | Types, Uses and Methods of Depreciation
There is no single equipment that does not suffer from wear and tear as time passes. It will not be in line with accounting ethics and completely wrong for accountants not to take the wear and tear suffered by company’s assets at the time of … [Continue reading]
Double Entry Procedure | How to Record Business Transactions in Accounting
The financial statements are produced at the end of the period as it will be silly and impracticable to produce a financial statement each time a transaction is made. However, every transaction must be recorded and is recorded as they take … [Continue reading]
Accounting Adjustments | when and how to make accounting adjustments
The whole essence of getting involved in the accounting process is to produce valuable, speedy and accurate accounting information that the end users of accounting information can rely on for economic decision making. To do this, business transaction … [Continue reading]
Application of Effective tax rate to employee income | how to correctly tax employee income using Effective Tax Rate
There are always some grey areas in every profession. Taxation in the field of accounting happens to be one area where interpretations and applications of the provisions of the Finance Act / Tax Laws. Understanding the application of effective tax … [Continue reading]
Digital Finance Powered by Fintech | Challenges and Opportunities for Banks
What is digital finance? Digital finance is an umbrella of the many products that Fintech companies are launching into the financial ecosystem all in the bid to fully decentralize financial services. Digital finance includes but not limited to; … [Continue reading]
