I recently attended an interview for the position of accounting business partner (I got an offer from the company but didn’t accept as we were not able to agree on remuneration – more on that in another post) where the hiring MD asked me to tell him … [Continue reading]
Delayed gratification is the master key to success | keep investing in secret to reap in the open later
‘All the money you see me spend today, I worked for yesterday, investment is still very important but when done intentionally’ Chinweike Okwuduche 2022. There is never such thing as an overnight success as many wrongly believe. What we have is the … [Continue reading]
What is Profit First? | do accountants really need certification to implement profit first?
I was surprisingly surprised when I noticed that there is a certification body for accountants that specializes in implementing profit first philosophy. I didn’t make any attempt to understand what the whole certification process (so I might be … [Continue reading]
Twelve (12) ways of Dealing with difficult business partners
All individuals cannot always agree on all matters at all times – in fact, disagreement is a veritable ingredient that refines our interactions and improves our ingenuity, shrewdness and productivity which in turn leads to success. Dealing with … [Continue reading]
Tips on how to revive a dying business using the five pillars of economic recovery model
Business environment continues to increasingly grow tougher as the day passes with increasing number of business going burst every day. This rather ugly trend would not give way anytime soon. But there are tips on how to revive a dying … [Continue reading]
What is Accounts Receivable? Meaning and Accounting Treatment of Receivables
The nature of business and the level of development in the market that is partly catalyzed by the advent of financial engineering means that selling goods without collecting money has become normal way of doing business. A lot of buy now and pay … [Continue reading]
Who is an infotech accountant? A new breed of Technology Accountants
Information technology also known as infotech has become parts and parcels of our daily lives whether we like it or not. The amount of traction that infotech gas gained over the last two decades has made the discipline an overdue candidate for … [Continue reading]
What is Borderless Thinking? | Borderless Thinking as New Frontier of Normalcy in Business Management
I am still baffled whenever I see businesses still think very narrowly in this day and age where possibilities are boundless. No human being or business can survive these days by thinking narrowly. Borderless thinking has been instrumental in … [Continue reading]
What is delegation of duty? Advantages and disadvantages of delegation of duties
There is no way in life that anybody can do all that needs to be done in his or her life. So why even attempt to do it all when you can easily delegate all your mundane management functions and focus on the things that really matters in life? The … [Continue reading]
What is Accounting Equation? A Very Simple Explanation of Accounting Equation
The first thing that anyone who is new to accounting should learn is the accounting equation. In this article in our accounting 101 series, I will be providing a very concise answer to the question ‘what is accounting equation?’ in such a way that … [Continue reading]
Internal Audit 4.0 | Are Internal Auditors Ready for The New Auditing Frontier?
The question of who will audit the auditor has always been in the mind of hybrid accountants who toll the path of internal auditing. A lot of questions have been asked of late about the usefulness of internal audit department in an organization. … [Continue reading]
What is Control Account? Benefits of using a Control Account
Finding errors is usually difficult when many journal entries have been passed and hundreds of ledgers created for different accounts. Although the issue of the volume of transactions recorded being too much may not be an acceptable excuse in this … [Continue reading]
What is a General Ledger in Accounting? Basic to Advanced Concepts of a Ledger
We used individual ‘T’ accounts to demonstrate the concept of double entry principles in our earlier article. Nothing stops a company from having as many individual accounts for items as they deem fit. The only caveat is that it should be kept … [Continue reading]
What are the underlying assumptions of accounting? Definitions and explanations of accounting concepts
Underlying assumptions or accounting concept also referred as accounting conventions are those accounting principles (more on this later in this article) that all accountants must abide with to produce a set of reasonably acceptable accounting … [Continue reading]
A day in the life of a head of internal audit department
I was recently interviewed by a freelancer who was magnanimous enough to share the manuscript of the interview with me. So, I am sharing the raw unedited version here for the benefit of all the readers of this accounting and finance … [Continue reading]
How to set up and establish a marketing department that works now and beyond 21st century
When it comes to marketing, any organization that is not thinking beyond the 21st century is simply wasting time and resources. The marketing strategies and techniques that worked years back may not necessarily work now and beyond. Being able to set … [Continue reading]
Traditional accountants should beware of disruptive accountants, they are plotting to take over
Traditional qualified accountants that have refused to move ground are already feeling the heat from the effect shakeup caused by the advancement in technology. They are getting worried for the minimal effects that already exists. A more … [Continue reading]
BENEFITS OF DATA CENTRALIZATION
Data is increasingly becoming the new oil and currency of the now age we all find ourselves in. Data driven business leaders are emerging on a daily basis and this is placing more emphasis on the need to properly manage data for maximum … [Continue reading]
Risk based Data Analysis Process for Internal Auditors and Forensic Accountants
Risk based auditing approach has become the de facto standard for auditing. Internal auditors and forensic accountants are increasingly being required to apply risk-based approach to all facets of their work. The importance and benefits of risk-based … [Continue reading]
What is Management Information System (MIS)? Cybersecurity Age MIS Commentary
The interconnectedness of this internet of things (IOT) world that we now live in means that those things that worked in the past would no longer be adequate for today’s fast paced world that is constantly facing the cybersecurity ever increasing … [Continue reading]
Understand the Relationship Between Markup and Margin in Ratio Analysis
I still remember back in the days when I was still an undergraduate student studying for my first degree in accounting how I struggled to grapple with incomplete record and single-entry bookkeeping. My struggle was simply because I was at lost when … [Continue reading]