Supporting you during COVID-19
working from home
Working from home has become the new normal in 2020. We’ve reconfigured our home offices and found ways to make our new working environments as productive as possible
Accounting handover checklist for not for profit CEOs
Every individual within an organisation has their set of responsibilities. But what happens when a key staff member leaves and no one else in the company has access to the information that person managed?
SVA and CSI COVID charity financial health check
Social Ventures and the Centre for Social Impact have teamed up to model the potential impact of COVID-19 on the financial health of charities, with the report released in June 2020.
EOFY tips for not for profits
The end of the financial year is looming and we know that this year has been unusual, to say the least. We want to make sure you are well prepared for 30 June and the coming audit season… so we have a selection of tips that will help you get organised.
Strategies for NDIS providers facing financial challenges
AFG’s NDIS clients are actually in a very good position despite COVID-19 – one has even been able to extend the reach of their online group programs to regional NSW for the first time – so it is possible to survive or even thrive in the circumstances.
BASIC ACCOUNTING SKILLS EVERY PROFESSIONAL ACCOUNTANT MUST HAVE!
The world of knowledge is infinite, which means that there is no end to learning, unlearning and relearning new skills that are in sync with the changing times. The same is in the case of accounting, where managerial accountants need to have varied basic accounting skills and need to keep themselves abreast of the new developments in the domain.
There is a misconception that an accountant’s work involves purely number crunching. But along with strong quantitative skills, an accountant should also possess great interpersonal skills such as empathy, client management, negotiation skills, etc. Being an accountant, they have regular meetings with several clients, colleagues and professionals. Hence, good interpersonal skills are vital to the success of an accountant.
Taxation is a very volatile and dynamic subject. It requires advanced knowledge, which is only possible through rigorous reading and strong experience. It is an accountant’s responsibility to help and navigate their customers through taxation procedures in the most ethical and hassle-free way. An accountant should have an in-depth understanding of various taxes, tax income limits, taxable items, tax rates, etc.
To become an ace accountant, he/she also needs to conduct variance analysis, price and volume analysis, product profitability, cost analysis, life-cycle cost analysis, capital budgeting, strategic planning, forecasting, allocation, etc. to ensure the best allocation of resources and achieve management goals.
An accountant should know how to prepare financial statements and accounting reports for planning, controlling, budgeting and decision-making.
Accounting skills to list on your resume
If you’re working toward a degree in accounting, the next thing on your mind should be preparing your accounting resume for a job in the field. Whether your goal is to be an accountant or to work in business management, an accounting degree can be the crucial key to helping you find success.
There are three main types of accountants; tax accountants, auditors, and industry accountants. Each of these different types of accounting careers has very different job responsibilities, and different skills that are needed to succeed. Tax accountants are just what it sounds like, accountants who do taxes. Audit accountants perform audits on companies, internally or externally, to ensure that proper financial and accounting practices are being performed, and that the financial statements of an organization are correct. Industry accountants work in public or private sectors for individual companies handling their overall finances.
There is a distinct difference between hard skills and soft skills in the workforce. Hard skills are the specific tasks and abilities you need to be able to do to in order to perform your job functions, and perform them well. Hard skills translate to the tasks you’ll need to be able to do day in and day out.
Performing accounts payable and receivable functions. This is an industry accounting function that boils down to writing checks and managing the budgets for your vendors. It means working with department heads to understand what the vendors do, establishing budgets with departments, and working directly with the vendors to send them their checks when they submit invoices. Skills in accounts payable and receivable are extremely relevant for those in industry accounting and is a great skill to list on your resume
Managing vendor accounts. Accounting departments in industry accounting are often responsible for managing all the vendor accounts that need to be paid. This means loading them into whatever software system you use, making sure they’ve delivered their goods or services, and more. On your resume it’s smart to list that you have direct experience in working with vendor contracts, tax documentation, and invoices. All of these elements are used by accounting departments every day, especially in industry accounting.
The Role of Accounting in Business and Why It’s Important
The term accounting is very common, especially during tax season. But before we dive into the importance of accounting in business, let’s cover the basics – what is accounting? Accounting refers to the systematic and detailed recording of financial transactions of a business. There are many types, from accounting for small businesses, government, forensic, and management accounting, to accounting for corporations.
Why Is Accounting Important?
Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.
There are three key financial statements generated by your records.
The income statement provides you with information about the profit and loss
The balance sheet gives you a clear picture on the financial position of your business on a particular date.
The cash flow statement is a bridge between the income statement and balance sheet and reports the cash generated and spent during a specific period of time.
It Helps in Evaluating the Performance of Business
Your financial records reflect the results of operations as well as the financial position of your small business or corporation. In other words, they help you understand what’s going on with your business financially. Not only will clean and up to date records help you keep track of expenses, gross margin, and possible debt, but it will help you compare your current data with the previous accounting records and allocate your budget appropriately.
It Ensures Statutory Compliance
Laws and regulations vary from state to state, but proper accounting systems and processes will help you ensure statutory compliance when it comes to your business.
Accounting Vs Finance: Which Should You Study?
The popularity of FAME subjects (finance, accounting, management and economics) comes from their vital role in the world of business, particularly those first two letters of the acronym: accounting and finance.
The primary difference in the battle of accounting vs finance is that accounting has a relatively narrow focus, while finance is wider-ranging, covering an array of specializations in the world of business, economics and banking.
Accounting vs finance
At undergraduate level, it’s possible to take a joint accounting and finance degree, in order to gain a more general knowledge of both accounting and finance professions. However, those who study further will usually specialize in either one or the other, in order to gain more advanced expertise in one particular field.
What do accounting degrees cover?
An accounting degree will provide a foundation for specialized accounting careers, as well as many other related careers. Accounting careers typically involve analyzing and utilizing financial information in order to evaluate a business’ financial position. This can involve anything from basic book-keeping to managing balance sheets and income statements. Accounting careers often have a large focus on past records and present reports, involving the creation and analysis of these records, and now often also extend to encompass planning, controlling, decision-making, stewardship, accountability and more
What do finance degrees cover?
A finance degree, on the other hand, is a great starting point for careers in financial services, across business, banking and consultancy sectors. According to US salary data gathered by PayScale, finance careers also have the potential to be slightly more lucrative than most accountancy routes. This is due to the fact that finance careers typically focus on the management of current and future figures of a business or organization, as opposed to just the recording of past and present income and expenditure. This means that those in finance careers often have the added responsibility of predicting and analyzing the potential for profit and growth, assessing monetary resources, utilizing accounting statistics and reports, and also looking externally for future funding options.