Brand building is no doubt the foundation of every successful business in this modern era of service orientated economy. Many companies with quality products and services have struggled to survive the competition just because they have failed to connect with the emotion of the customers (current and potential). In the past, focus is placed on […]
HOW TO ACQUIRE ACCOUNTING INFORMATION SYSTEM (AIS)
The decision to acquire accounting information system has become strategic in nature and now requires carefully planned and well thought out processes if a company is to succeed in it. Corporations spend huge amount of money on acquiring AIS but still have little or nothing to show for it. The main reason for this is […]
BUSINESS SOCIAL INTELLIGENCE IS A VITAL CONTRIBUTOR TO SUSTAINABLE STRATEGY DEVELOPMENT
Business social intelligence is a relatively new strategic paradigm that most successful companies are now turning their attention to. The fact that social media has come to stay is no longer news. Philip Kotler, a marketing icon years ago predicted that business social intelligence would be the backbone that would hold the success of every […]
WHAT IS ACCOUNTING ETHICS?
Accounting ethics is a body of good practices that is based on good conscience which accounting professional bodies promote. Professional accounting bodies like ACCA require that you complete an online accounting ethics module in order to be qualified as a chartered accountant in addition to meeting order requirements. Accounting ethics is deeply rooted in the […]
LIMITATIONS, DISADVANTAGES AND DRAWBACKS OF RATIO ANALYSIS
Limitations of ratio analysis are those characteristics of ratio analysis that acts as drawbacks when using ratios to get value added insights. Ratio analysis which is a powerful tool used by business stakeholders like management, investors, creditors, business analysts to establish useful relationship between variables has some weaknesses that makes it not to be so […]
HOW TO BECOME A FORENSIC ACCOUNTANT
The continuous rise in accounting fraud and other traditional frauds have recently placed high demand in the services of forensic accountants and their services. This increased demand for qualified accountants that specialises in investigative aspect of accounting has opened up doors of opportunity for those that can combine accounting and fraud examination principles and techniques. […]
ONLINE ACCOUNTING DEGREE IS THE BEST OPTION FOR ENTREPRENEUR
Online accounting degree is one of the best and easiest options for entrepreneurs to get the all important accounting skill that is needed to be successful in managing businesses to greater and enviable height. Research has shown that successful entrepreneurs are those that can tell you the destination and source of every penny that comes […]
WHAT IS STRATEGIC BUSINESS ANALYSIS?
Strategic business analysis are those actions and decisions made by management while trying to understand the impact of strategic events like: introduction or development of new product line, setting up a factory in a new location, employing key staff, selecting organizational structure, investing in new technology, managing risks, complying with relevant laws and regulations, implementing […]
WHAT IS AUDIT RISK ASSESSMENT?
It is no longer news that risk based approach to auditing has come to stay. Risk based auditing is the concept of basing the overall auditing procedures on the foundation that is built through the application of audit risk assessment and procedures. We all know that the aim of auditing any subject matter is to […]
What is Management Accounting Control System?
Management accounting control systems (MACS) is the collective processes that helps in fine tuning the best method of managing complex variables including managers and employees. The primary aim of MACS is to supports the application of underlying procedures, processes and documentations within a given enterprise in such a way that results are maximised. Management accounting […]
Management Accountant’s Role in Business Implementation Strategies
The role of Management Accountants in the development and implementation of strategies in businesses have long been identified and utilised by successful businesses to gain unfair competitive advantage. Gone are the days when management accountants are only called upon when the need for number crunching arises. Today, accountants are business professionals that add immense value to the overall worth of a business.
WHAT IS SENSITIVITY ANALYSIS?
In this article, an attempt is made to provide an answer to the question; what is sensitivity analysis in a very simple and non technical manner. An all encompassing approach is taken to accommodate people of different understanding of the subject matter, so, if you are new to the field of accountancy and you wondering […]
ACCOUNTANTS AND THE USE OF FREE ACCOUNTING SOFTWARE
Accounting software is a set of codes that recognises basic accounting principles when items are entered into the interface that is provided by the developer of the software. Sage accounting software for instance uses what is called nominal code to identify line items in such a way that you don’t have to understand the basics […]
WHAT VALUE DO ACCOUNTANTS ADD TO SMALL BUSINESSES?
The value of a small business largely hinge on the quality of business advisors that input into the decision making process of an organization. An accountant being the professional finance communicators that fluently speaks the language of businesses all over the world knows businesses more than all other business catalysts. The modern day accountants do […]
HOW TO MANAGE PRIVACY RISK IN CLOUD ACCOUNTING
There is no doubt that cloud accounting has begun to find its way into the heart of many board members of corporations. This embracement of outsourcing a company’s accounting services to vendors has brought considerable privacy risks with it that needs to be dealt with if a company is to survive. I am not going […]
HOW TO GET ACCOUNTING JOB WITHOUT RELATED WORK EXPERIENCE
Getting accounting job as a fresh graduate accountant with no experience is one of the most difficult challenges that you must deal with as a university or other higher education study graduate. You will be competing with both graduates and people that are not graduates but with real hands on experience. The job market has become so […]
IMPORTANCE OF CHANGE MANAGEMENT IN SUSTAINING THE GROWTH OF A BUSINESS
It was a surprise to me when I was speaking to regional controller of one of the most respected food processing company in Glasgow, UK who still does not appreciate the importance of having an efficient change management process (CMP) in the company. Her reason was that food processing industry does not experience rapid change […]
COMPONENTS OF ACCOUNTING INFORMATION SYSTEM (AIS)
Accounting information system (AIS) as a sub system of the overall business systems has some components that make it what it is. I have seen some articles on the web where the following; computer, accounting software, scanners and printers are given as the only components of AIS. Are these groups of people right? Well, you […]
What is Corporate Governance?
Corporate governance in simple language is a phrase used to describe how businesses are directed, managed and controlled. It is the collection of sets of best practices that help stir the affairs of a company. Forces coming from the government and regulatory bodies help to shape the way corporate governance is viewed. Government and powerful […]
WHAT IS RATIO ANALYSIS? IMPORTANCE, USES AND SIGNIFICANCE OF RATIOS
Every trade has sets of tools that are used by professionals in that trade so as to deliver on their promises. Ratios are quantitative tools that finance professionals use to analyse sets of financial information. A financial planner or analyst for example uses ratio as part of its tools in carrying out some duties like; […]
INTEGRATING STRATEGIC RISK MANAGEMENT INTO THE FABRICS OF BUSINESS PROCESSES
Conventional enterprise risk management strategy has been well studied, researched and implemented as evidenced by the decent success that most enterprises now enjoy in handling risks that are not strategic in nature. In today’s business environment, no one cares anymore on a company’s ability to identify, classify, and mitigate operational and financial risks that businesses […]