Category: Accounting

A Career In Accounting

Accounting is the study of how businesses track their income and assets over time. Accountants do much more than the generic presumptions; they compute costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management.

The career is a highly momentous and versatile. The field is usually divided into three broad areas: auditing, financial/tax and management accounting. Audit: Work in audit involves checking accounting ledgers and financial statements within corporations and government.

Budget Analysis:
Budget analysts are responsible for developing and managing an organizations financial plan.

Financial:
Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers and acquisitions, benefits/ERISA planning and long-term financial projections.

Management Accounting:
Management accountants work in companies and participate in decisions about capital budgeting and line of business analysis.

Tax:
Tax accountants prepare corporate and personal income tax statements and develop tax strategies involving issues such as financial choice, how to best treat a merger or acquisition, deferral of taxes, when to expense items and the like.

Various levels of skill are apportioned dissimilarly amongst the divisions which implies that depending on your position their will be specific demands on your adeptness, while average
speaking skills are requisites for all areas; the ability to synthesize varies from throughout each. Audit accounting requires a medium level of skill, tax and financial demands a low level of skill, and Management accounting a high level of proficiency.

Entry level accountants can expect a very team oriented environment. Often they will start as a junior member of a team responsible for auditing an important account or preparing financial statements. It is imperative that junior members learn to pull their weight, and function as a capable, effective, and useful member of the unit. Anyone interested in the field can prepare for a bright career.

According to the bureau of labor statistics their have been considerable increases in job openings, reflective of the fields growth and competitiveness. With the right skills and education this growth establishes the possibility for an incredibly profitable career.

Top firms include KPMG/Peat Marwick, Ernst and Young, Deloitte and Touche, Arthur Anderson, Price WarterhouseCoopers, Grant Thornton, BDO Seidman, and McGladerly and Pullen. College graduates seeking entry level positions should consider employment with these firms. Most people do not make partner at public accounting firms but the experience and training can be excellent.

From there, many move on to careers with an accounting focus in business or government. Ambitious talented accountants can advance their career with the acquisition of skills and experience along the way and subsequently enjoy a very successful career.

Online Accounting Degree Program

Should there be thoughts of you seeking to venture the accounting area, you have to take up academic certification before you can work towards your objective. The accounting degree program is possibly the perfect ideal choice for you. But need not worry of not being able to go to a conventional higher education university for lectures as the online schools are now made available everywhere. With internet connection and a PC, you are able to complete your degree program via online classes to make the effort towards your goal. With the degree in hand, you need not be worried about jobs as there will be different working opportunities anticipating for you. >

Due to the fact accounting is an efficient industry; the online accounting degree will give you the required skills and knowledge to get ready you for the professional working arena. The range of education consists of subjects such as cash flow, sales, payment methods, marketing, and anything vital in the accounting field. Like the common accounting degree program in regular campus, online colleges do offer coursework given through distance learning. But the classes will be planned according to your advantage and time, giving complete flexibility to you.

Improving the Need of Accountant Services

The art of accounting is one of the most popular professions throughout the world. Approximately everything that linked with money will need an accountant to navigate the accounts. Hence, an accounting degree program is very attractive and valuable in the society. Actually, with the improving need for services, it is said that an accountant can easily be hired more than US $60,000 annually even with low or no practical knowledge. With higher education, you can be promoted to greater profession tracks and higher income. People who want to be a (CPA) Certified Public Accountant can continue their master’s degree program or PhD degree program through the online universities.

Bright Career Opportunities

Aside from the qualified Certified Public Accountant, there are several bright career options with online accounting degree. With an accounting degree, you can select to work as auditors, internal auditors, certified management accountants (CMA), tax professionals, bookkeepers, among the many else. The online degree program is surely worth your time and effort as it can elevate your working level to a higher stage, offering higher financial guarantee and more relaxation in life.

Types Of Accounting Jobs And Accounting Job Description Information 101

If you want to receive a higher salary than most professionals, why not become an accountant? Though accountancy may be viewed by other people as a boring job, the truth is, you can get lucrative earnings, and still be able to enjoy challenging work, dependent upon the kind of accounting you want to do. Take note that there are several types of accounting jobs that you can choose from to ensure that you’ll never be bored when holding an accounting post.

Some Basic Information On Accounting

Jobs for accountants usually focus on the financial aspects of a business such as record keeping, analyzing financial data, and so on. Before you can get accounting work, you should at least have a diploma in Accounting. Some employers may also state in the accounting job description that aside from your Bachelor’s Degree, you should also be knowledgeable on fields such as economic principles, computer applications related to accounting, accounting practices, and the likes.

More often than not, most of the types of accounting jobs may also give hired applicants the following job descriptions:

1.Keep track and compile financial data.

2.Analyze financial information for the creation of accurate reports/statements.

3.Keep a record of financial statements/data and update them when needed.

4.Ensure that the deadlines for giving or explaining financial reports are met.

5.Be responsible for performing audits on-time e.g. monthly, quarterly, and annually, and in the most accurate manner.

Jobs For Accountants: The Types

When you want to become an accountant, you also have to decide which type of accounting work you want to engage in.

Bookkeeping is one of the types of accounting jobs available. It is actually a position best for entry-level applicants or newly-grad applicants. The accounting job description of a bookkeeper is to handle and maintain payments, invoices, and other forms of income of the firm/company.

There is also the so-called general accountant who performs similar duties to that of the bookkeeper. General accountants have the responsibility of making any adjustments as well as any accruals on the company’s accounting records.

The position of Certified Public Accountant, or CPA, is also one of the jobs for accountants. It may be considered as the most popular and most lucrative out of all the types of accounting jobs. A CPA’s accounting job description is to be in charge of auditing financial data accurately and of course, timely. CPAs may also be tasked to compute for taxes either for a company or for an individual.

Before you become an accountant, it is important that you first ask yourself which kind of accounting work you’ll be the most interested in.

Easy Trust legal accounting software – a world class and user friendly software

Easy trust law firm accounting software is rated as top software by users owing to its meticulous and efficient application potential. Easy Trust legal accounting software is popular with law firms , escrow, insurance and real estate agents and accounting professionals to manage client funds. Easy Trust law firm accounting software automates the entire escrow accounting process and helps maintain strict compliance. Law firms can add the Easy TimeBill module to integrate legal time tracking, billing and trust bookkeeping, all in one program. >

Potential benefits of Easy Trust legal accounting software

Easy Trust legal accounting software offers plenty of benefits for its users. With Easy trust law firm accounting software , user can:

Manage multiple bank accounts

Track movement of funds from trust accounts

Create individual client ledgers using Intuitive user interface

Perform error free data management

Divide single trust deposit among multiple matters on a single screen using credit allocation facility

Debit multiple matters and issue a single check using debit allocation facility

Print checks and deposit slips.

Perform monthly bank reconciliations

Generate monthly three-way reconciliation report automatically

Save all reports in PDF/Word/Excel formats.

Utilize User ID/Password based login system

Enjoy per user login account permissions to limit access for certain essential activities

Use Special “Trust Lite” user account with “view only” permission

Inactivate closed matters/client/bank accounts to prevent future inadvertent use

Use One-click database backup and restore options.

Use Built in sample database for initial practice/learning

Utilize Optional Easy TimeBill Module and integrate complete time tracking and billing functions

Considering the above benefits offered by Easy Trust legal accounting software , it is quite obvious that it is top notch software. Delay not! Buy your version today and enjoy these excellent benefits and efficiently save your time and energy.

Author Bio

Easy Soft specializes in helping law firms automate their processes, streamlining repetitive tasks and work flow. Practice management software such as legal billing software and legal time and billing software.

The Dangers Of Accounting Fraud

Accounting fraud is an intentional and illegal way of maneuvering the recording of sales revenue and expenses in a business. Accounting fraud, which may be known with other terms as profit smoothing or creative accounting, is done by some businesses in order to show better profit performance even when it does not actually show. Some elements that may constitute accounting fraud are not recording prepaid expenses and other incidental assets; not listing specific classifications of current assets or liabilities and shrinking into one amount short term and long term debts.

The most typical practice of accounting fraud is the over-recording of sales revenue. For instance, a company may consign products to clients that were not yet placed, on the assumption that these products will be returned back at the end of the year. The business will record the shipments and treat them as if it were actual sales, unless the products are returned. A business can also practice channel stuffing wherein it sends products to dealers or customers which they do not really want but gives them deals such as discounts, incentives and other special privileges if the recipients do not object to receiving these products that were delivered prematurely. Moreover, a business may also postpone the listing of products that have been returned by customers in order to keep these offsets from being recognized against sales revenue in the present year.

Other means by which a business can commit accounting fraud are under-recording of expenses, for instance, not listing depreciation expense and not recording the total cost of goods sold expense for the sales transactions concluded during a given period. These improper practices can increase gross margin and bloat the companys inventory asset with products that are not really present in the inventory since these have already been delivered to customers. Furthermore, a business may not choose to list asset losses like uncollected accounts receivable, even when it should be recognized. It might also not record inventory under the lower of cost market or LCM method as well as understating in the businesss balance sheet the liability amount for a particular expense the full amount of the liability for an expense. All these can result to an overstatement of the businesss profit.

Companies engaging in accounting fraud can be legally held liable for such an offense. It can cause a businesss downfall as well. Accountants must, at all times, live up to the principle of fairness, transparency and accuracy in performing accounting principles and not allow irregularities such as accounting fraud to slide.