My Accountability Coach

Frank Johnson asked:


The global economic recession may have had an unfavorable effect on many fields of work all over the world; however, the need for competent accounting and financial services professionals is now greater than ever. An online bachelors/associate degree in accounting provides prospective and existing accountancy professionals a boost in their careers from the comfort of their own homes.

Online accounting programs have many benefits for prospective professionals, who can work around their schedules and gain valuable knowledge in order to improve their competency in accounting and open the doors to better opportunities. Generally accounting has varied applications for individual corporate business models; there are however some general areas in accounting that are widely recognized as being inherently and individually separated.

Types of Accounting

General Financial Accounting:

This is the recording, retrieval and summarization of corporate/individual financial data. This involves auditing, generating a periodic profit and loss summary, balance sheets and cash flow statements and includes the aspects relating to legal and business requirements.

Management Accounting and Open Book Accounting

This form of accounting is the representation of data and financial summaries for corporate financial decision makers. Open book accounting is an accounting principle to ensure accounting transparency in democratic organizations as well as others.

Tax Accounting:

This is corporate of individual accounting that is meant to ensure compliance with tax laws and regional tax regulations.

Financial Audits

Financial audits can be both internal and external. Internal accounting is similar to management accounting, as it also provides audit summaries to internal corporate decision makers. These audits are carried out by employees of the corporation itself. The external audit is the audit of a corporate entity by external – independent auditor(s); auditors examine financial records and summaries in order to verify their adherence to generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS).

Accredited Online Accounting Certifications

Traditional campus based and online accounting colleges and schools have recently been offering more customized study programs for students who wish to learn using blended courses and study-from-home programs. Here is a list of some of the major accountancy related programs available in online study formats from major colleges and universities. These courses are accredited and are being offered in a variety of blended/ online formats. Many of these courses mentioned vary in levels of practical versus theoretical knowledge, with emphasis on further opportunities in either the field itself as a professional, as an entrepreneur or in academia.

Online Graduate Programs in Accounting:

- Master of Science in Accounting

- Master of Accountancy

- MBA Accounting

- MBA in Professional Accounting

- MBA/Accounting and Finance

- Master of Science in Accounting - Public Accounting/ Taxation

Online Undergraduate Program in Accounting:

- Bachelor of Science in Business Administration – Accounting

- Bachelor of Science in Accounting

- Bachelor of Arts in Accounting

- Bachelors of Arts in Organizational Management / Managerial- Accounting

- Bachelors of Science in Accounting in Public-General Accountancy/ Tax Accountancy/ Auditing-Forensic Accountancy

- Bachelors of Science in Multidisciplinary Studies - Accounting

Online Associate programs in Accounting

Associate of Science in Accounting

Associate of Arts in Accounting

Associate of Applied Science in Accounting - Financial Accounting/ Financial Investigation/ Banking

Associate of Science in Business- Accounting

Resource Area:

DISCLAIMER: Above is a GENERAL OVERVIEW and may or may not reflect specific practices, courses and/or services associated with ANY ONE particular school(s) that is or is not advertised on SchoolsGalore.com.

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Peter Terry asked:


Every business organization, whether small or large, needs to maintain a dexterous accounting system in the office premise. This will enable them to calculate the revenues earned and capital invested. This is the reason accounting department of a firm forms its backbone. It is definitely a tedious task to keep accounts and bookkeeping work updated on day-to-day basis. The accounting work needs acute concentration and diligence so that no error occurs while calculating or recording the financial data.

New York accounting firm can be of immense help to your business in handling accounting work on regular basis. Instead of setting up a separate accounting department with number of professionals employed just to fulfill the bookkeeping and journal entries, you can hire the lucrative services of a New York accounting firm New York.

The best part of modern day working strategy is that you can get lost of work outsourced from various outsourcing companies which

Some of the advantages that your business can reap from a New York accounting firm:

• You need not invest money in hiring number of accountants in your organization. Since, maintaining a whole department separately needs lots of investments. You can save this money and utilize it for other business purposes.

• Accounting work involves journal entries, ledgers, bookkeeping work, taxing, billings, and financial reports. All this work involves huge figures thus even a slight error in calculation may lead to big loses. Accounting firm New York professionals have acumen in bulk accounting work that needs accurate calculations.

• Accounting firms have large number of accountants and bookkeepers who are expert in working under pressure as well. They are trained to handle multiple accounting tasks.

• Once, you have made contract with an New York accounting firm then you need not hire extra personnel to handle accounting job and set up a whole set of accounting system within the premise of office. By paying certain amount of money you can get your accounting tasks handles on day to day basis.

• Accounting firms have high-tech techniques and accounting software that enables accountants to manage huge bookkeeping data neatly.

• All of the accounting professionals working in an accounting firm New York are certified chartered accountants with brilliant career experience backing their skills.

Now, that you have understood what all benefits you can gain from outsourcing your accounting jobs to an accounting firm, it is also important for you to look into certain considerations before making contract. Some of the points you need to keep in mind while signing contract with an accounting firm:

• Make sure that you read the whole contract carefully so as to avoid future forgeries.

• Conduct a background research of the image of the company so that your company’s accounting data remains in safe hands doesn’t gets leaked out of the firm’s premises.

• Do not make hasty decision, check with various outsourcing firms so that you can avail maximum services in less amount.

Danbro - Accounting Solutions for Contractors asked:


Blackpool-based specialist accountants for contractors, Danbro, is bucking the trend of decreasing sales and rising unemployment by continuing to grow its business in 2009.

The town has suffered a big rise in its jobless total in recent months, with latest figures showing over 3,300 people now claiming jobseekers’ allowance, following cutbacks at several high-profile firms and the abandonment of job creation schemes such as the ‘super casino’.

But Danbro’s success has continued, with eight new members of staff recruited so far this year, buoyed by strong demand for its umbrella and limited company services, aimed at the thousands of temporary and freelance workers in the UK.

The firm opened an office in London last July, and expanded into Manchester earlier this year. It also acquired rival firm Safe Business Solutions (SBS), bringing its client base to around 2,700 active contractors and just over 1,000 limited companies.

It also recently achieved ISO9001 accreditation, which confirms it adheres to an internationally-agreed set of standards for its management systems, and an Investors in People award in recognition of the training and development of its staff, while it has continued to invest in IT with the launch of a new website and back office within the last six months.

Danbro’s Gareth Richardson said: “Blackpool’s unemployment figures are increasing at a higher rate than the national average and potentially undesirable job creation exercises such as the ’super casino’ have failed. Danbro is creating and safeguarding long-term, highly skilled and highly trained jobs in the region.”

Danbro is not resting on its laurels, and is set to continue its expansion with plans to open a second office in London as well as one in Birmingham later this year.

For more information contact Danbro on:

Head Office: 01253 600140

London Office: 0207 836 84000

Manchester Office: 0161 238 4918

or visit www.danbro.co.uk

Terry Cartwright asked:


Accounting software can vary from multi million pound solutions for major public companies to simple managed lists of income and expenses. Simple accounting solutions are most suitable for small business.

The most comprehensive financial accounting packages incorporate financial reporting information and managed by teams of qualified accountants supported by accounts clerks, bookkeepers and substantial input from automated data sources. At the other end of the scale a self employed sole trader might use accounting software themselves and produce a set of financial accounts for the year in an afternoon.

Different accounting standards are required from accounting software dependent upon the fitness for purpose and client needs. Double entry bookkeeping automated through a database system and probably arranged in financial modules would normally be the choice of the majority of public companies. Single entry bookkeeping would not be an acceptable accounting solution for a limited company due to audit requirements and statutory obligations.

Single entry bookkeeping does however have its place in the market place for the smaller less complex businesses who maintain financial control through a close intimate knowledge of every financial transaction. The main objective of a sole trader is more likely to be the production of the tax accounts and complete the periodic and annual tax return forms.

The most sophisticated level of accounting software in the largest companies mirrors the accounting functions in those organisations with various financial modules for accounts receivable, accounts payable, stock control, general ledger and fixed assets. These accounting modules may also be integrated with non accounting functions such as production and dispatch functions and also divided into separate modules within the accounting function.

In larger companies the sales daybook and data entry of sales turnover would often be the responsibility of one department while the accounts receivable function might be split with a specialist credit control function within that accounting module. A further division may also include sales administration and customer records. Accounts payable would normally be multi functional of the purchasing department, purchase invoice accounts department and a legal function for overdue payments.

Accounting software for smaller companies and organisations is commonly a system of data entry of prime transactions which include sales income, purchase expenses and cash and bank transactions. The prime entry of these documents being to a database which automates the double entry accounting principles and produces both accounts receivable, accounts payable and general ledger databases.

Some accounting knowledge is usually required tom operate a database accounting software system and that financial knowledge is usually available within the company as most companies that use database accounting software also employ a bookkeeper or accounts clerks to input data and in slightly larger small companies also qualified accountants to manage the accounting function.

The need for accounting knowledge in a database system is partially to understand the data entry principles and the relevancy of the rules that need to be followed but essentially understanding of accounting principles is required to understand what is happening ton the information after input. And most important, a qualified accountant has the financial knowledge, training and experience to know what the system should be producing and how to query the database to retrieve that information.

A database accounting software system not only produces high quality financial records but offfers numerous financial control alternatives for both junior and senior business management. The accounting function also has the security of producing trial balances, periodic profit and loss accounts, balance sheets and other financial and statements for tax and control purposes.

Accounting solutions requiring little bookkeeping or accounting knowledge are available usually based uponh spreadsheets as this is the most transparent method of viewing the accounts.

Small limited companies must obtain accounting software based upon double entry accounting principles as in addition to producing a profit and loss account and a trial balance to demonstrate accuracy and integrity of the financial records plus a balance sheet is required for reporting purposes. Accounting standards require the limited company to have a system of financial control and accounting software is an essential tool in achieving this.

Some accounting knowledge either from the management or outsourcing the bookkeeping services is usually required with even the simplest database accounting solutions eve3n if this requires the understanding of what accounts receivable ledgers, accounts payable ledger and control accounts mean.

There are other possibilities and those businesses with a minimum of accounting knowledge can consider spreadsheet based accounting software. Accounting software compiled from spreadsheets is less flexible and often does not have the range of options a database system has due to the lack of database queries available. These disadvantages of flexibility being compensated by the fact that all entries are visible, transparent and changes can be made more easily.

Financially at the sole trader and self employed end of the business spectrum then the requirements from accounting software may be completely different. Gone are the sophistications of control accounts, trial balances and many aspects of financial control. The most important aspect of self employed accounting software is often to produce a set of accounts for tax purposes.

Self employed small business that do not require a balance sheet can use accounting software based upon single entry bookkeeping rather than double entry and with the reduced requirement for financial control then less financial queries to the system are required. In these respects the simpler an accounting solution the better and in this market an accounting solution written on spreadsheets that can produce the net taxable profit would meet the requirements.