Make a blog

kidskartsxblog

2 months ago

10 Blogs Every Accountant Should be Reading

10 Blogs Every Accountant Should Be Reading

As professional accountants, it's important to be kept up breast on the latest news and information about what's new in the industry. Getting a different view and reading about thought-provoking insights on topics ranging from auditing, fraud, tax accounting and regulations will keep you on your toes and help you make informed decisions in the workplace.

Here's a list of 10 must-read blogs by experts, associations, former college professors, and members of professional networks that are geared specifically to provide accountants and aud

2 months ago

Simon, the mbira player - Inspiration from an unexpected source

Society often dictates how we perceive certain professions as well as how we define success. I'd like to challenge these ideals through the introduction of a couple of interesting characters. If you can identify with the qualities of these characters, please reflect for a moment on whether this is who you really want to be.



A young man named Simon plays diligently on his mbira near the parking lot machine of an upmarket shopping centre in Northern Johannesburg. From what I can tell, he's quite skillful, as his fingers dance magically between the rigid wires to generate the musical notes that reverbe

2 months ago

Why Did I Become an Accountant?

First of all, because, at that time, this is the only

profession I know. Both of my parents are accountants. My sister and some of my

aunts, uncles, cousins and even in-laws are accountants. Majority of my

parents' friends are accountants. So, in short, this was the only world I know.

Second of all, it was a good idea as any. Since I didn't

know my own mind, I decided this course was as good as any. Never really

imagined what I was getting into and, come to think of it, I never really

thought to ask my parents what this profession entails. Although with them

being biased for accounting, they would have told me the positive side and not<

2 months ago

Don't hire a financial advisor until you do this

Many advisors and financial institutions would love to manage your 401(k) account after you terminate employment. Of course, they'll charge you for this service, so you need to ask yourself if you'll be receiving good value for the fees you'll be paying.

Many advisors charge a percentage of your assets under management, with 1 percent per year being typical. Usually, this charge is on top of any investment expenses that come with mutual funds and/or the transaction costs of trading individual securities. One percent seems like such a small number -- it can't really make much of a difference, right? Wrong!

Let's look at an example that demonstrates how much money you'll be shell

2 months ago

Association of International Certified Professional Accountants Urges South Africa’s Audit Regulator to Reject Mandatory Audit Firm Rotation



NEW YORK & LONDON--(BUSINESS WIRE)--The Association of International Certified Professional Accountants (the

Association) has voiced its strong opposition to a plan by South

Africa's Independent Regulatory Board for Auditors (IRBA) to implement

mandatory audit firm rotation (MAFR).

In a written

response to IRBA's Consultation Paper, the Association, which has

offices in locations including Johannesburg, Colombo, Kuala Lumpur,

London, New York and Shanghai, wrote that MAFR "may have a negative

impact on audit quality, increase market concentration to a more limited

number of auditing firms, and will hinder, rather than promote,

transformation of the profession."

The letter, signed by Association CEO Barry C. Melancon, CPA, CGMA,

includes analysis of the most significant factors supporting the

profession's longstanding position. It notes that mandatory audit firm

rotation:

Negatively impacts audit quality

Causes loss of institutional knowledge and experience

Limits auditor specialization

Creates resource strains

Could increase audit market concentration

May result in unintended costs

Limits the audit committee's ability to determine the best audit firm

for the company

Limits ability to attract and retain talent

"The Association believes that each of these factors demonstrates that

MAFR should be rejected," the letter stated. "It is clear from at least

some of the regulatory regimes that have adopted it that MAFR has not

had the intended benefits and its continuation is either being

questioned or discontinued. MAFR takes away the key responsibility of

audit committees which, along with the board of directors, are in the

best position to watch management actions and ensure that companies are

obtaining high quality audits to protect the investing public."

Concluding that MAFR is not in the public interest, risks harm to audit

quality, would impose significant costs on businesses and shareholders

without commensurate benefit, would be economically disruptive and

create other negative consequences, the Association asks that IRBA

reject a move to require it.

About the Association of International Certified Professional

Accountants

The Association of International Certified Professional Accountants (the

Association) combines the strengths of the American Institute of CPAs

(AICPA) and The Chartered Institute of Management Accountants (CIMA) to

power opportunity, trust and prosperity for people, businesses and

economies worldwide. It represents 650,000 members and students in

public and management accounting and advocates for the public interest

and business sustainability on current and emerging issues. With broad

reach, rigor and resources, the Association advances the reputation,

employability and quality of CPAs, CGMAs and accounting and finance

professionals globally.

2 months ago

Accounting Help Adds To Your Organizational Growth by Alvis Brazma

Every little expense or income can make a difference in the ledger books of a business. It is therefore crucial to maintain accurate accounts of the daily transactions of a business to ensure maximum optimization of resources. An organization often employs well qualified accountants to maintain the daily transactions record. This results in the firm blocking a good amount of human and financial resources in accounting regular business transactions. In these circumstances it would make practical sense for the business to employ outsourced accounting help to maintain the regular accounts. This not only helps in better utilizing the available resources but also ensures accurate maintenance of accounts.

A firm offering accounting help to various organizations must employ professionally qualified accountants who can competently handle the latest accounting software to maintain the financial data of the client. The team of accountants must also be reliable enough to handle sensitive data of the client that includes critical information about the company finances. The accounting help professionals must also be efficient enough to provide a day to day account of the transactions of the organization so that an accurate record of the financial status can be given to the firm at a short notice. The financial analysis and consultancy provided to the client by the firm offering accounting help can prove to be of invaluable assistance while developing business strategies for growth and expansion.



The accounting help firms provide customized services to each and every client that they cater to. So the business house can rest assured that its accounts will be maintained using the same software and processes that the in-house finance division was using earlier. The easily available accounting records at the time of audits and taxation ensures the firm achieves a financial credibility in the market. Even when the firm wants to apply for a loan it is easily sanctioned as the accounting help vendor ensures that each and every transaction is accurately maintained throughout the financial year. Any scrutiny of the financial data can be carried out by the lending house at a short notice.

Day journals, trial balances, profit and loss statements, balance sheet and financial reports formulated on the basis of the accounts statements can seem a daunting task for a firm that has just started out. Even for these small organizations employing accounting help from outsourced vendors might be a good move. The accounting help firm can help any business manage its financial data in many ways starting from the very set - up, getting the processes in place and using the apt software that is compatible with the records that need to be maintained. Also outsourcing accounting help will enable a corporate to cut down on their expenditure as the firm would not need to pay employee salary including house and medical allowances and bonus, etc. to the accounting help vendor.

A work overload could result in some discrepancies in the daily accounts as a result of mistake or malice. A business cannot afford to have such mistakes, no matter how minute in their financial records. Hence, employing accounting help would take off the additional burden from the corporate to maintain accounts accurately. A business can therefore concentrate on other areas such as profit generation; growth and expansion when it has outsourced accounting help to give it the competitive edge.



2 months ago

Why Did I Become an Accountant?

First of all, because, at that time, this is the only

profession I know. Both of my parents are accountants. My sister and some of my

aunts, uncles, cousins and even in-laws are accountants. Majority of my

parents' friends are accountants. So, in short, this was the only world I know.

Second of all, it was a good idea as any. Since I didn't

know my own mind, I decided this course was as good as any. Never really

imagined what I was getting into and, come to think of it, I never really

thought to ask my parents what this profession entails. Although with them

being biased for accounting, they would have told me the positive side and not

much on the negative side.

Third, because I chose my university first before I chose

this course. Honestly speaking, I don't know why. All I know is that I wanted

so badly to study in my chosen university here that I told myself whatever

course they placed me after the entrance examination, as long as it's in my

chosen university, that will be my course. And since I was placed in the accounting

program, that is the course I enrolled in and stayed in until I graduated from

college.

Fourth, because I enjoyed the number-crunching side. Okay,

I'm not good in Math (this one is reserved for my brother who graduated with a

B. S. Math degree). But heck, I enjoyed the number-crunching stuff. Some of my

highest grades in college were in those that entailed a lot of calculations.

Plus, the field I am in right now is also into calculations and analysis. So,

I'm in good company.

Fifth, it's a 'practical' course. I can just hear my father

(God bless his soul) telling me - take up accounting because you will get a lot

of work after college. Of course, being a dutiful daughter, I took him up on

his advice. And I found out that he was right. There are a lot of choices out

there. There's auditing. There's finance. There's tax accounting (although I

really hated this part). There's the analysis part. There's government

accounting and private accounting. There's the public practice (auditors,

accountants and bookkeepers) and there's the private sector accounting. Even in

this recession, there is still work for us accountants. Practical? Definitely,

yes.

Sixth, because it's dynamic. If you're an accountant, your

knowledge is not static (unless you want it to be). In fact, we're required to

have a continuing professional education even after we get our licenses. Plus,

lately, the profession has been going through a lot of changes, from the

accounting standards, to the auditing standards, to taxes, to professional

requirements, etc., etc. Believe me, if you want to exercise your minds,

accounting is definitely one way to do it.

Seventh, because I love studying various businesses. Being

an accountant, and one in the public practice at that, I get to be exposed to a

lot of businesses and study them. The math, the calculations - all of these are

actually becoming automatic. But learning about your clients' businesses and

applying what you learned in accounting for their transactions, now that's

something else. Through this course, I have learned a lot of things about

businesses that I know I won't learn if I took on another (non-related) field

(unless, of course, I enter into business myself).