Accounting

You business is judged by the transparency of you accounts. You if your accounts are all laid out in a clear manner without tax evasions and loans then the net worth of you business goes up automatically. Hence it is imperative to hire a very good set of accountants. Most of the major companies take help from accounting consultancy firms. Hence the business of such accountancy firms is also growing rapidly. The process of accounting is highly specialized and requires highly trained personnel. Therefore accountants are in demand all over the world and they play a vital role in global economy.

New Accounting policies Taken by India

In a step to drive out corruption from the country, the government of India recently undertook several pointers in order that the companies maintain a proper accounts book and if it has subsidiaries in different fields, it is necessary that the accounts of these subsidiaries be included in the balance sheet of the mother company as well. This was done in light of the events leading up to the Rs 176,000 crore telecom scam that highlighted how companies used loopholes in the policy of the government and floated companies as a front to acquire business. But with the policies and new methods of accounting, there is every hope that it will be able to stem corruption somewhat.

Accounting Scandals

Every now and then a financial scandal comes into limelight. More often than not the person instrumental in bringing off the misappropriation of funds is the accountant. No financial scandal can ever be possible if the accountant is not taken in to confidence. Hence the accountants of major companies are always under the scrutiny. It is also common that the accountant is made the scapegoat if the scandal is somehow exposed. Hence it is very important for a business firm to have a very honest accountant whose background is thoroughly checked before handing him over the important task to managing the accounts.

American Businesses and Black Money

In the United States of America recently, there was a law passed for the proper maintenance of accounts by business concerns. This was seen as an attempt by the Obama government to control the flow of black money that is being siphoned by foreign industrialists as well as criminals to American firms in order to keep their balance sheets in check. But these firms in America are using this money to run their businesses without properly accounting for the source of the capital and as a result, the administration hopes that this new circular will limit the use of illegal sources of income for these business concerns.

Accounting Made Easy

Previously, accounting was done manually. But, with development of science and technology, various accounting softwares are available in the market. In a business farm, it is very essential to manage the account. Proper accounting helps to track the business. The loss and profit of the business must be tracked regularly, in order to prosper the particular business. Previously maintaining accounts of the company was a boring and lengthy job. But, now the computer softwares have reduced the labour of the accountant. All they need is to learn the manual of the respective software. In 21st century, computer learning is must for every individual. The accounting software reduces the labour and can perform work in a very short time span. Tally is one of the popular accounting software.

Forensic accounting

An interesting field of forensics has branched out and this one relates to the monetary system. Whit the heavy rise in the system of monetary transactions these days there has to be regulative body that would keep a tab on the inflow and the out flow of money. This branch is called forensic accounting.
The primary function of this structure is to regulate the engagements that results in some sort of dispute or litigation on the basis of hard factual references or through anticipation. The people employed under it are called forensic auditors or forensic accountants and their job is to give expert evidences on the date of the trail pertaining to the case of forgery or fraud.

Tips on How to Select to the Most Effective Accounting Degree

Firstly, you must select a trustful accounting school like one’s which are backed by a strong reputation. Secondly, you must select the kind of teaching environment you will be suitable to. This depends on whether you prefer an online accounting course or standard, regular classes in an educational facility. Thirdly, you must think ahead of the present, you must think of the future. Once you conclude your accounting course and receive an official accounting degree, you would want to pursue higher education in the accounting field of study.
To add it all up, to attain the most effective accounting degree you must possess information on the finest accounting colleges to attend and along with that all the new developments occurring in the accounting field.

Growing Demand of Financial Advisors

Nowadays financial advisors are found in abundance. All that one needs to do in order to become a financial advisor is to at least attain the bachelor’s degree, preferably in the field of accounts and finance. The degree helps one to get the basic knowledge about finance and what are the pros and cons of this field, through the teachings of experts. The financial advisor has to identify the untamed situations, find analysis on them and then recommend the solutions to the business firm. It is not an easy task, as the slightest mistakes might cause huge loses in monetary terms.

The importance of a Budget

A budget is an essential factor when planning the financial statement of a company or even for the country. For a smooth running in the operational activities of the company or the country, the budget is required for a standard knowledge of the funds requirements. The time span of the budget is maintained so as to help maximize the profits for that span of time. It shows the paths to various investment procedures and other gains from the various finances. The budget is usually delivered through the internet or television, so as to allow the people to have an overview of the financial estimate.

IFRS

International Financial Reporting Standards (IFRS) are a set of principles-based standards and interpretations which have been adopted by the International Accounting Standards Board (IASB). The accounting methods and standards used prior to the IFRS were categorized under the International Accounting Standards (IAS). In India, the Institute of Chartered Accountants (ICAI) has announced that the adoption of IFRS in the tabulation of accounts would be made mandatory for financial statements prepared for accounting periods beginning on or after 2011. This has been a revolutionary step in the world at large, and India in particular. The IFRS is another attempt to standardize accounting procedures all over the world.

Accountancy- Past and Present

The seemingly boring accountant’s job is one of paramount importance in all fields of business. Keeping accounts dates back to almost 7000 years ago in Mesopotamia where the earliest traces of accounts have been found. Accountancy forms an integral part of all business and accountants are in demand all over the world. Not only is the job demanding, but also very lucrative. Financial Accountants are highly paid and highly sort after. From the early days of Vedic, Islamic and Roman era, accountancy has come a long way. Business firms from Microsoft to McDonald’s nobody can function without proper bookkeeping and inventory management.

Is Accounting Really an Art?

Accounting, a word synonymous to men and women in formals of the highest order, lots of ledgers and registers, a calculator (for obvious reasons) and a personal computer. Is it an art? Well, if you look at it from a perspective where these brave souls, or accountants, are endowed with the responsibility of maintaining every minuscule detail about millions of dollars worth of assets and business then it truly does seem justifiably definable as a form of art. Accounting has gained immense value in today’s times. It has always been like that actually. You see, it takes time for art to be appreciated. The older it is the more value and pricey it becomes.

Financial Accounting-An Overview

Accountancy consists of many fields. One of the most lucrative ones is financial accounting.
It is concerned with the creation of financial statements for stockholders, government agencies, banks, employees and other decision makers. It is concerned with maintaining finance, the records of which can be maintained in regular monetary units, or constant purchasing power units. Financial accountancy is used to provide financial statements to those people that are not within the organization.
To summarize, this field of accounting is involved in gathering information about the financial dealings of a company, and provide them to the outside world for their benefit.