Accounting is process of identifying, measuring, and communicating economic information to various users.
The main goal of accounting is to provide a company with clear, comprehensive, and reliable information about its economic activities and status of its assets and liabilities. This information is presented in the form of accounting reports like the balance sheet, income statement, statement of changes in equity (also called shareholders’ equity statement), and statement of cash flows (also called cash flow statement). By means of accounting reports it is possible to perform the following (list non-inclusive): Continue reading
Enterprise resource planning (ERP) is a cross-functional enterprise system driven by an integrated suite of software modules that supports the basic internal business processes of a company. ERP gives a company an integrated real-time view of its core business processes such as production, order processing, and inventory management, tied together by ERP applications software and a common database maintained by a database management system. ERP systems track business resources (such as cash, raw materials, and production capacity) and the status of commitments made by the business (such as customer orders, purchase orders, and employee payroll), no matter which department (manufacturing, purchasing, sales, accounting, and so on) has entered the data into the system. ERP facilitates information flow between all business functions inside the organization, and manages connections to outside stakeholders.
What I am going to discuss with you today will be the roles of the financial controller and his importance, and he is a designation capable of setting financial policies and directions of the organization. Further financial control is required to manage all the financial affairs of the organization.
The financial controller is responsible for the business accounting activities. he plans the finance, prepares financial statements, budget for the organization, and does the presentation of statements to the members of the organisation. He may also be involved in negotiations with the insurance companies on behalf of the organisation. The financial controller oversees the daily activities of the finance team and ensures the companies finance function is organised and efficient and produces accurate financial and management accounts. Continue reading
Basic Accounting Concepts 2 – Debits and Credits
A tutorial to help you understand the bookkeeping/accounting concepts of Debits and Credits
Most people don’t find the math of Accounting as difficult as understanding the concepts of accounting, and for many there is no more difficult concept to grasp than that of Debits and Credits. Now the concept of Debits and Credits is actually more than 500 years old, being used extensively by the Venetian merchants of Italy in the 15th century Renaissance period. The concepts were first documented in Latin in the 1400’s and were later translated into English in the 16th century. Continue reading
During the recent years, being an accountant had become an ambition for all students, today I want to set the light on the challenges that are facing accountants all the time, and understanding these challenges will help you to work harder for becoming a good one
What do you consider to be the biggest challenge facing the accounting profession today?
One of the challenges that are facing the accounting profession is keeping up to date on the daily challenges of accounting and auditing such as IFRS and ISA.
As being an accountant, you have do accounting of complex transactions like fair values and valuations, and you can’t be a good accountant unless you have a technical knowledge of the advance technological applications for accounting goals, as in SAP, Oracle and Spreadsheets.
Accounting is one of the professions that are facing a lot of challenges.