Test Your Knowledge of Accounting Scandals

Test Your Knowledge of Accounting Scandals

     

    Accounting scandals are those accounting irregularities proven in court to have been implemented deliberately in order to mislead the investing public, the employees, the regulatory bodies, and various financial institutions.

    Most of the high-profiled corporate scandals that happened in the history of America led to stock market crashes, bankruptcies and job loss. Read more

Common Accounting Mistakes

Common Accounting Mistakes

For many small businesses, the bookkeeping process can be one of the most time consuming activities required to keep the company going. The fact that many small firms have a limited staff also means that there is a good chance an employee with little to no accounting background is in charge of the bookkeeping. This leaves the door open for the possibility of multiple mistakes, especially if the accounting duties get pushed to the back burner. Read more

The Many Faces of Management Accounting

The Many Faces of Management Accounting

Management accounting is a vital subfield which provides information to management employees in a company. It allows managers to make important, informed business decisions on a daily basis while maintaining said information confidentially. By using management information systems combined with a company’s own internal rules and controls, management accountants create information which will be utilized in future transactions- and never intending to be used as a record keeper of past transactions.

Cost, industrial, managerial, private, and corporate accountants are all entities that perform some kind of management accounting. Read more

Remote Accounting

Remote Accounting

What is Remote Accounting?

Remote Accounting is becoming increasingly popular among UK based businesses as it provides a number of advantages to the busy owner/director/partner.

The main advantage of Remote Accounting is of course cost. Every meeting that you have with your accountant goes onto the time sheet and is charged at the end of the year, t5hat chat over a cup of coffee could end up costing you a lot of money. Read more

How Management Accounting Can Be Used to Help Your Business

How Management Accounting Can Be Used to Help Your Business

Management accounting is the technique of gathering and recording information which aids the decision-making capability of management. Indeed, management accounts can help management and business owners make better operating and strategic decisions. Furthermore, banks and other financial institutes sometimes require management accounts on a regular basis to assess their continuing lending terms and conditions.

A good management accounting process is one that helps to tackle four key aspects of a business:

PlanningDirectingDecision MakingControlling

The following are ways in which management accounting can help a business:

    It provides accurate information related to the budgeted and actual figures, thus enabling the managers and business owners to take proper cost controlling measures.Provides timely feedback related to current operational activities, therefore helping in reassessing the operational decisions and gaining better control over the activities of the business.Assists in measuring the performance of various departments and sub- units within an organisation. Read more

3 Main Areas of Public Accountants

3 Main Areas of Public Accountants

Public accounting firms are extremely useful when it comes to helping your business succeed. They provide a variety of services in multiple areas of commerce and can be a great resource when it comes to business assistance. Although these large public firms are very diversified, they mainly specialize in three specific areas of business.

1. Advisory services. In the current business market, many companies are facing short-term issues such as cutting costs, inventory management, and overall improved efficiency. Read more

What Information is My Accounting System Not Receiving?

What Information is My Accounting System Not Receiving?

Most small business owners understand about entering information into their accounting systems to help regulate and reconcile their business earnings and expenses. This also helps to make things easier at tax time.

However there are sometimes some things that aren’t entered into your accounting system that really should be.

The core entries are usually the same for most businesses. Read more

Effective Accounting Transactions Require Accounting Software

Effective Accounting Transactions Require Accounting Software

In this fast growing world, that time has gone when people used to work on papers and clutter piles of files to record the business information and fill more and more file cabinets as time passes. This way of performing tasks is very time consuming. The problem starts when one needs to retrieve old information from those piles of files. Read more