The Association Of Chartered Accountants

Since 1996, the term “chartered certified accountant” has been used to define a British qualified accountant and is awarded to qualified applicants by the Association of Chartered Accountants. This elite group of accountants, granted Royal Charter by the Queen, specializes in business accounting, management accounting, financial accounting and even forensic accounting, among others. While many choose to take the private business route, others prefer the organized confines of a government agency.

Not surprisingly, the Association of Chartered Certified Accountants, or ACCA, is the world’s fastest growing accountancy groups. Currently, there are more than 140,000 members, more than 400,000 affiliates and the association is present in at least 150 countries. The group is headquartered out of London, England and dates back to the early 1900s. It initially began as the London Association of Accountants and its goal was to provide transparency in the financial industry. It was not until 1930, however, that the group was finally given the green light to audit companies. After several merges and reformations, in 1974, the Royal Charter was extended and in 1995, the name that is now known was bestowed onto the association and the elite members were allowed to use the designated Chartered Certified Accountant.

The standards are the highest found in any country in the world and current qualifications include fourteen professional examinations, thirty six months of supervised accountancy experience and upon completion of Part 2 of the Professional Scheme, a degree in Applied Accounting is then required from students. The minimum guidelines are quite definitive and unyielding. While there are the occasional exemptions from at least part of the fourteen examinations, students are required to prove their knowledge in financial accounting, management accounting, taxation, company law, financial management, corporate reporting, audit and assurance and financial reporting prior to any exemptions being extended.

A new syllabus, passed in December 2007 and put into effect right away, updated the qualifications as a result of the accountancy field and its advances. It is not uncommon, and in fact, is even expected, every several years and in accordance with the changes and updates in a global financial market. At one time, examinations were held on an annual basis; now, however, they are held bi-annually and in several countries. It is likely this could change as well as demand dictates from an ever expanding field.

Besides the United Kingdom and the Republic of Ireland, legal acknowledgement of the ACCA is left to each country. Members are afforded the option, in those countries that choose not to acknowledge the association, to apply for advanced standing when applicable. And too, there are those countries that don’t require this application and simply choose to extend the courtesy.

Finally, the ACCA offers its members certain access to those committees that acknowledge the body. The Financial Services Institute of Australasia recently signed a partnership agreement, as has the Institute of Internal Auditors, the Chartered Institute of Taxation and those professional bodies in Canada, the United States and several other European countries.

Accounting Advantage- Free Related Guideline About Basic Accounting Concepts

Are you searching for information related to accounting advantage or other information somehow related to federal whistle blower act, or accounting practice sales? If yes, this article will give you helpful insights related to accounting advantage and even somehow related to financial accounting software and accounting software programs that you might not have been aware of.

The purpose of the accounting system is to communicate. It produces useful information (not raw data) that tells specific things about the company. To those who understand what this intricate system is saying (,and you’ll be one of them by the end of this book), it’s like money in the bank.

The Association of Government Accountants grants the Certified Government Financial Manager (CGFM) designation for accountants, auditors, and other government financial workers at the Federal, State, and local levels. Candidates must have a minimum of a bachelor’s degree, 24 hours of study in financial management, 2 years of experience in government, and passing scores on a series of three exams. The exams cover topics in governmental environment; governmental accounting, financial reporting, and budgeting; and financial management and control.

Many of the small business managers now view accounting this way. It’s overhead and really doesn’t contribute to the bottom line. Or does it? The people who run the accounting system speak in an unintelligible blur of debits and credits. They have been little grasped of the operation that generates the money to pay their salaries.

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Depreciation is considered an expense and is listed in an income statement under expenses. In addition to vehicles that may be used in your business, you can depreciate between office furniture, office equipment, any buildings you own, and machinery you use to manufacture products. Land is not considered an expense, nor can it be depreciated. Land does not wear out like vehicles or equipment.

Financial, Financial accountants draw information from the general ledgers to prepare financial statements. They also take part in the business’s important financial decisions involving mergers and acquisitions, employee benefits planning and long-term financial projections. This work can very from week to week, so needs a combined understanding of accounting and finance.

Nearly all States require CPAs and other public accountants to complete a certain number of hours of continuing professional education before their licenses can be renewed. The professional associations representing accountants sponsor numerous courses, seminars, group study programs, and other forms of continuing education.

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Accounting Policy- Assistive Tips About Accounting

It’s difficult to provide accurate accounting policy information, but we have gone through the rigor of putting together as much accounting policy related information as possible. Even if you are searching for another information somehow related to a self directed retirement, GAO website, non financial accounting or software small business this article should help a great deal.

The general ledger is the core of your company’s financial records. These constitute the central “books” of your system, and every transaction flows through the general ledger. These records remain as a permanent track of the history of all financial transactions since day one of the lives of your company.

Having the same person draft the checks and reconcile the checking account is a good example of how not to assign accounting duties. We’ll talk extensively about internal control later. However, for now, small businesses often can’t afford the number of people needed for an adequate separation of duties. The internal control structure that we’ll install in your new accounting system helps mitigate that risk through mechanics and procedures rather than expensive people.

Balance sheet accounts are the assets and liabilities. When we set up your chart of accounts, there will be separate sections and numbering schemes for the assets and liabilities that make up the balance sheet. A quick reminder: Increase assets with a debit and decrease them with a credit. Increase liabilities with a credit and decrease them with a debit.

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Balance sheets can identify and analyze trends, particularly in the area of receivables and payables. Is the receivables cycle lengthening? Can receivables be collected more aggressively? Is some debt uncollectible? Has the business been slowing down payables to forestall an inevitable cash shortage? Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant the firm.

First in, first out means exactly what it says. The first widgets you bring into inventory will be the first ones sold as a product. First in, first out, or FIFO as it is commonly referred to, is based on the principle that most businesses tend to sell the first goods that come into inventory.

Accountants also act as personal advisors. They not only provide clients with accounting and tax help, but also help them develop personal budgets, manage assets and investments, plan for retirement, and recognize and reduce their exposure to risks. This role is in response to clients’ demands for a single trustworthy individual or firm to meet all of their financial needs. However, accountants are restricted from providing these services to clients whose financial statements they also prepare. (See financial analysts and personal financial advisors elsewhere in the Handbook.)

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Report of Foreign Bank and Financial Accounts (FBAR) Questions Answered

The Bank Secrecy Act demands that anyone with a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, reports to the IRS by filling Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).

Why File FBAR?

Some people use foreign financial accounts to get around United States law, and the FBARs areused to identify such persons for the reason that foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. FBARs are used by investigators to help discover any income maintained or generated abroad that isn’t reported.

The FBAR was amended and final regulations published on February 24, 2011 by the Treasury Department and they came into effect a month later, on March 28, 2011. The regulations apply to FBARs that were required to be filed with respect to not only foreign financial accounts maintained in 2010 calendar year but also in respect to all subsequent years. The FBAR form and instruction has since been amended to reflect the revisions made by the final regulations

To help provide administrative reprieve for specific individuals with signature authority over but no financial interest in foreign financial accounts, the Financial Crimes Enforcement Network (FinCEN) issued a notice on May 31, 2011 that was later revised on June 6, 2011.

Who Should File FBAR?

Employees or officers of entities under 31 CFR § 1010.350(f)(2)(i)-(v) who had signature or other authority over and no financial interest in foreign financial accounts of controlled persons of that entity. Also, employees or officer of controlled individuals of entities under 31 CFR § 1010.350(f)(2)(i)-(v) who have signatures or other form of authority over and without financial concern in foreign financial accounts of the entities, the controlled persons, or other controlled persons of the entities, had The deadline of reporting signature authority extended to June 30, 2012. A controlled person is a United States or foreign entity more than 50 percent owned (directly or indirectly) by an entity under 31 CFR § 1010.350(f)(2)(i)-(v).

The deadline of filing the FBAR for individuals with signature authority but without financial interest whose filing requirements were properly deferred under Notice 2009-62 or Notice 2010-23, were notified on June 16, 2011 that their deadline for filing the FBAR had been extended to November 1, 2011. The extension was only applicable to the 2009 and earlier calendar years.

Another notice was issued by FinCEN on June 17, 2011 to June 30, 2012. This was aimed to facilitate more precise conformity with FBAR filing requirements. The June notice was aimed at providing administrative relief for certain officers or employees of venture advisors registered with the Securities and Exchange Commission with no financial interest in certain foreign financial accounts but with signatures or other form of authority.

To file an FBAR, one must be a United States Person with a financial interest in or signature authority over at least one financial account situated outside the U.S. Also, the cumulative value of all foreign financial accounts ought to surpass $10,000 at any time for the period of the calendar year.

In this case, a U.S. person can be U.S. citizens, populace, body, including but not limited to joint venture, corporations, or limited liability companies created or organized in the United States or under the laws of the United States.

Are There Any Exemptions?

There are some filing exceptions to the FBAR reporting, they are available in the FBAR instructions. The following persons in the United State or foreign accounts are exempted from filing the FBAR. The FBAR instructions contain information on the eligibility for an exception as well as exception requirements.

A joint FBAR that include United States persons.
International financial institution that own foreign financial accounts
Beneficiaries and owners of the IRA
Nostro or Correspondent accounts
Certain foreign financial accounts that are jointly owned by spouses
Foreign financial accounts maintained on a United States military banking facility.
Some individuals without financial interest in a foreign account but have signature authority
Tax-qualified retirement plans beneficiaries and participants
Government-entity owned financial accounts
Trust beneficiaries.

Even though foreign accounts may not produce taxable income, persons with such accounts may still have a reporting obligation. An account holder’s obligation can be confirmed by checking the appropriate block on FBAR- linked federal tax return or information return questions like the one indicated on Schedule B of Form 1040, the “Other Information” section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) and filing the FBAR.

Are There Any Differences Between Filing FBAR and Federal Returns?

The FBAR is filed separately from the filer’s federal income tax return. The IRS may grant an extension to file federal income tax returns but that doesn’t affect the due date of filing an FBAR. The filing of the FBAR is not extendable as it must be received by June 30, of the year following the calendar year being reported. One can file by mailing it to either the United States Department of the Treasury or by express mailing to the IRS Enterprise Computing Center located on 985 Michigan Avenue

Civil penalties, criminal penalties, or both may be subjected to account holders who fail to conform to the FBAR reporting requirements.

Can FBAR Forms Be Filed Electronically?

E-filing is a quicker and efficient way to file FBAR. An electronic filing system that accepts the FBAR forms was announced by FinCEN on July 18, 2011. Online filers are supposed to receive acknowledgement from the system after each submission.

How Do I Access FBAR Customer Service?

More information and help on the filing of the FBAR can be accessed from the IRS website or any of the 400 IRS centers. The FBAR form is also available to download from the Financial Crimes Enforcement website.

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Branches of Accounting, Uses of Accounting and Limitations of Financial Accounting

Accounting vs. Book-keepingBook-keeping concerns itself with the recording (correctly and in a set of books) of those transactions that result in the transfer of money or money’s worth. Whereas accounting is comprehensive in perspective. It extends to classifying, summarizing, presenting and even analyzing accounting information .

Accounting vs. Accountancy

Body of knowledge (consisting of principles, postulates, assumptions, conventions, concepts and rules) governing the science of recording classifying and analyzing financial transactions is accounting. Whereas the practice and art of the science of accounting is termed as accountancy.To meet the ever increasing demands made on accounting by different interested parties (such as owners, management, creditors, taxation authorities etc.) the various branches have come into existence. Financial AccountingThe object of financial accounting is to ascertain the result (profit or loss) of business operations during the particular period and to state the financial position (Balance Sheet) as on a date at the end of the period.

Cost Accounting

The object of cost accounting is to find out the cost of goods produced or services rendered by a business. It also helps the business in controlling the costs by indicating avoidable losses and wastes.Management AccountingThe object of management accounting is to supply relevant information at appropriate time to the management to enable it to take decision and effect control.In this web primer, we are concerned only with financial accounting. The objects of financial accounting as stated above can be achieved only by recording the financial transactions in a systematic manner according to a set of principles. The recorded information has to be classified, analyzed and presented in a manner in which business results and financial position can be ascertained.

Uses of Accounting

Accounting plays important and useful role by developing the information for providing answers to many questions faced by the users of accounting information.

(1) How good or bad is the financial condition of the business?

(2) Has the business activity resulted in a profit or loss?

(3) How well the different departments of the business have performed in the past?

(4) Which activities or products have been profitable?

(5) Out of the existing products which should be discontinued and the production of which commodities should be increased.

(6) Whether to buy a component from the market or to manufacture the same?

(7) Whether the cost of production is reasonable or excessive?

(8) What has been the impact of existing policies on the profitability of the business?

(9) What are the likely results of new policy decisions on future earning capacity of the business?

(10) In the light of past performance of the business how it should plan for future to ensure desired results ?

Above mentioned are few examples of the types of questions faced by the users of accounting information. These can be satisfactorily answered with the help of suitable and necessary information provided by accounting.

Besides, accounting is also useful in the following respects :-

(1) Increased volume of business results in large number of transactions and no businessman can remember everything. Accounting records obviate the necessity of remembering various transactions.

(2) Accounting record, prepared on the basis of uniform practices, will enable a business to compare results of one period with another period.

(3) Taxation authorities (both income tax and sales tax) are likely to believe the facts contained in the set of accounting books if maintained according to generally accepted accounting principles.

(4) Cocooning records, backed up by proper and authenticated vouchers are good evidence in a court of law.

(5) If a business is to be sold as a going concern then the values of different assets as shown by the balance sheet helps in bargaining proper price for the business.

Limitations of Financial Accounting

Advantages of accounting discussed in this section do not suggest that accounting is free from limitations.

Following are the limitations:

Financial accounting permits alternative treatmentsAccounting is based on concepts and it follows ” generally accepted principles” but there exist more than one principle for the treatment of any one item. This permits alternative treatments with in the framework of generally accepted principles. For example, the closing stock of a business may be valued by anyone of the following methods: FIFO (First-in- First-out), LIFO (Last-in-First-out), Average Price, Standard Price etc., but the results are not comparable.

Financial accounting does not provide timely information

It is not a limitation when high powered software application like HiTech Financial Accenting are used to keep online and concurrent accounts where the balance sheet is made available almost instantaneously. However, manual accounting does have this shortcoming.

Financial accounting is designed to supply information in the form of statements (Balance Sheet and Profit and Loss Account) for a period normally one year. So the information is, at best, of historical interest and only ‘post-mortem’ analysis of the past can be conducted. The business requires timely information at frequent intervals to enable the management to plan and take corrective action. For example, if a business has budgeted that during the current year sales should be $ 12,00,000 then it requires information whether the sales in the first month of the year amounted to $ 10,00,000 or less or more?

Traditionally, financial accounting is not supposed to supply information at shorter interval less than one year. With the advent of computerized accounting now a software like HiTech Financial Accounting displays monthly profit and loss account and balance sheet to overcome this limitation. Financial accounting is influenced by personal judgments’Convention of objectivity’ is respected in accounting but to record certain events estimates have to be made which requires personal judgment. It is very difficult to expect accuracy in future estimates and objectivity suffers. For example, in order to determine the amount of depreciation to be charged every year for the use of fixed asset it is required estimation and the income disclosed by accounting is not authoritative but ‘approximation’.

Financial accounting ignores important non-monetary information

Financial accounting does not consider those transactions of non- monetary in nature. For example, extent of competition faced by the business, technical innovations possessed by the business, loyalty and efficiency of the employees; changes in the value of money etc. are the important matters in which management of the business is highly interested but accounting is not tailored to take note of such matters. Thus any user of financial information is, naturally, deprived of vital information which is of non-monetary character. In modern times a good accounting software with MIS and CRM can be most useful to overcome this limitation partially.

Financial Accounting does not provide detailed analysis

The information supplied by the financial accounting is in reality aggregates of the financial transactions during the course of the year. Of course, it enables to study the overall results of the business the information is required regarding the cost, revenue and profit of each product but financial accounting does not provide such detailed information product- wise. For example, if business has earned a total profit of say, $ 5,00,000 during the accounting year and it sells three products namely petrol. diesel and mobile oil and wants to know profit earned by each product Financial accounting is not likely to help him unless he uses a computerized accounting system capable of handling such complex queries. Many reports in a computer accounting software like HiTech Financial Accounting which are explained with graphs and customized reports as per need of the business overcome this limitation.

Financial Accounting does not disclose the present value of the business

In financial accounting the position of the business as on a particular date is shown by a statement known as ‘Balance Sheet’. In Balance Sheet the assets are shown on the basis of “Continuing Entity Concept. Thus it is presumed that business has relatively longer life and will continue to exist indefinitely, hence the asset values are ‘going concern values.’ The ‘realized value’ of each asset if sold to-day can’t be known by studying the balance sheet.

The author is an engineering graduate, B.E.(Hons), and is managing his own software development firm, HiTech Computer Services, that mainly deals in accounting, billing and inventory control software for traders, industries, business houses, hotels, hospitals, medical stores, newspapers, magazines, petrol pumps, automobile dealers, commodity brokers and other business segments, website and web application development for business. The software are available both for intranet and internet.

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B.Com Fashion launches at Lisof

Lisof, a fashion design school and retail education institution, has announced its newly accredited B.Com Fashion Degree, commencing January 2017. This addition recognises that the market for employment in the fashion industry has shifted towards contextualised business disciplines, such as fashion retail.
B.Com Fashion launches at Lisof
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“With its balanced focus on the science, art and business of fashion, this programme seeks to address major skills gaps within our fashion retail industry and honours the reality that fashion is about so much more than just trends, style and design,” says Shana Rosenthal, CEO and founder of Lisof.

Fashion is a serious business and as recently reported by the online publication, Business of Fashion, fashion is a $1.5 trillion dollar global industry that employs millions and influences the daily lives of billions.

“Our new degree will allow us to explore collaborative opportunities between fashion education and the business of fashion. It is our responsibility as educators and experts to supply the industry with exceptional and extraordinary talent.”

Three fashion retail industry experts, Devon Retief from the Foschini Group, Stewart Marsh from Polo and Lisof Alumni and fashion entrepreneur, Tiaan Nagel, all agreed that a B.Com Fashion Degree is long overdue for the industry and that they welcome the school’s decision to pioneer this course.

Course content

The mixture and combination of courses utilised in the degree illustrates a balance that serves to develop an understanding of the art and discipline of both fashion design and manufacture. This approach is built around developing students into the mould of a multi-disciplined manager within the retail environment or a specialist planner, merchandiser or buyer. Subjects include:

Business studies & management
Marketing & brand management
Consumer buying behaviour
Financial accounting & management
Cost and management accounting
Merchandise planning & buying management
Textiles and fashion
Fashion practice
Trend analysis
Supply chain management

“This degree will require a strong numerate student and will have the same entry requirements for B.Com degrees in other tertiary institutions. It is a wonderful opportunity for prospective students to join successful alumni who have made waves not only locally, but also in the international world of fashion,” concludes Rosenthal.

Use These 5 Hacks to Deliver Amazing Customer Experience

Customer service is one of the key aspects, which when done right, will take your company right to the top. Excellent customer service is all the more important for entrepreneurs who are just starting off, and are looking to take their business to more people.
Before embarking on a viral marketing campaign that gives you excellent visibility, make sure you understand your customers and their expectations. Service them in the best way possible, and you are half-way there.

Here are five important lessons on customer service that every entrepreneur should know:
1. Build strong systems
Let’s say you offer top-notch service to one customer – is that enough? No!

You need to offer the same top-notch quality of service to all customers every time, and for this, you need the right systems and processes in place. As an individual, you cannot always take care of the problems of all your customers, and this is why systems are needed to ensure that everything goes right all the time.

This is one of the key reasons companies are formed. Some essential of a business system are forming a company, hiring competent personnel, having standardized product development and delivery processes, and having strong financial accounting practices. These ensure the business can go on smoothly even in your absence.
2. Hire the best employees
A vital element of great customer service is the skills and abilities of employees who will be interacting with your customers constantly. This is why hiring the right employees with the right attitude and skills is essential when you want to create a positive impression in the minds of your current and prospective customers. These employees should be willing to go the extra mile to satisfy customers.
3. Take Responsibility
You are completely responsible to deliver your product or service to your customers, regardless of whether it is in your control or not. For example, an online retail company contracts the task of delivering a product to a third-party delivery company, which then fails to use the industry-standard lot number tracking, and thus fails to deliver. Still, it is your responsibility, and you do what you can to provide top customer service.

In the above situation, it was within the control of the online retailer to communicate to the customer about delivery problems, and they failed to do so. Had the online retailer done that, it would have helped to build a lasting relationship with the customer, but simply keeping quiet until the customer asks for it, is poor service. As an entrepreneur, you should take responsibility and do what you can to address all problems including those that are beyond your control.
4. Avoid fine prints
“Fine prints are seen by customers as something that a company hides to protect itself from a dissatisfied customer,” says a spokesperson of Excellent Maids Houston. “Such prints show the company in bad light, so it is best to eliminate them altogether. Be upfront on the terms and conditions, and fix anything that needs to be hidden.”
5. Aim for the best customer service
According to Micah Solomon of Forbes, Apple Inc wanted to imbibe the customer service practice of Ritz-Carlton hotel when they decided to open their own Apple stores. Though it may sound surprising, the truth is Apple did not just want to be better than its competitors, it wanted to be the leader in the electronic retailing industry. To achieve such lofty goals, it is important to learn from the best companies, regardless of whether they operate in the same industry or not.

You can do this irrespective of your industry. For instance, if you’re into digital or social media marketing, one way to aim for the best possible customer service is to tailor your offerings towards the specific needs of each client. Don’t optimize a client’s business site for local or national SEO when he’s targeting an international audience. Doing so will mean pushing them into leaving a lot of money on the table, and they’ll fire you and give your bad press on social media when they discover this.

In short, great customer service begins with you as an entrepreneur because you not only show the way for your employees, but also select and groom them for the job. The above suggestions are sure to help you offer the best service and experience to your customers.

Partnership to aid employability of accounting graduates

In an effort to increase the employability of students, the University of Johannesburg’s Department of Commercial Accounting is in partnership with the South African Association of Accounting Technicians (AAT [SA]) to prepare UJ’s accounting graduates to exit the institution with workplace competencies and professional membership.
Partnership to aid employability of accounting graduates
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South Africa’s youth unemployment rate is a serious challenge. Some estimates indicate that young people under 35 are three times less likely to be employed than those over 35. Whilst the primary purpose of universities and colleges is to prepare students for a career, not all courses prepare them for the world of work they will face. Many young people are simply unable to enter the job market because they lack experience and skills.

Employers want graduates who can hit the ground running, and young people face the Catch-22 of ‘no experience, no job; no job, no experience’. In order to overcome this problem, tertiary education must help students bridge the gap between education and employment.

Christo Ackermann, head of the department at UJ, says that this programme greatly enhances UJ’s Diploma in Accountancy, as it underpins the department’s mission of providing relevant career focused programmes that equip and prepare graduates to service diverse communities through their state of work readiness.

Selecting top students

In 2015, the AAT (SA) gave the 135 3rd year students, studying towards UJ’s Diploma in Accountancy, the opportunity to write the Professional Test of Competency exam and qualify for silver AAT (SA) membership. To be allowed to do so, students first had to complete an accredited Diploma in Accounting and achieve an overall average of 60% for their final year modules. The Professional Test of Competency exam tests their knowledge of work covered both for the AAT (SA) professional qualification and for their Diploma.

At the end of March 2016, AAT (SA) congratulated 65 UJ graduates on passing the association’s Test of Professional Competence exam and proving that some university programmes do assist graduates actively to enter the job market with competencies that are desired in the workplace.

Speaking at the UJ Commercial Accounting department’s Merit and Award Ceremony, Nadine Kater, GM of AAT (SA), welcomed the new AAT (SA) members and put their achievement into perspective.

“In the first year, 1,000 students registered for the Diploma in Accountancy. By the third year, there were 700 students. When we approached UJ and joined in a partnership, we wanted to take students who had a pass mark of 60% in Financial Accounting 3 to embark on this programme. As a result, we registered 135 students on the AAT (SA) programme in 2015. Ninety-nine of you wrote the Accounting Technician Test of Professional Competence and today, we are pleased to welcome the 65 students who have proven that they can apply this theory in a practical way.’

Benefits of being a Silver status AAT (SA) member include:

Having an internationally recognised level of competence as an accounting technician, which is widely sought after by firms such as MultiChoice, SARS and Deloitte
Membership of a professional body that gives access to networking and professional development opportunities through continuing professional development support
Ability to benefit from AAT’s support services, and access selected services from the South African Institute of Chartered Accountants (SAICA)

Chantyl Mulder, SAICA’s senior executive for nation building, concludes, “Partnerships such as these are essential in helping accounting graduates make themselves more employable. As AAT (SA) members, these 65 graduates are now ahead of the game. They have the professional qualification, solid work experience and wide portfolio of skills needed to overcome the gap that exists between academic qualifications and the ability to put theory into practice.”

AAT (SA) is a unique partnership between the South African Institute of Chartered Accountants (SAICA) and the Association of Accounting Technicians (AAT). As a professional body, it is dedicated to the education, development, regulation and support of accounting technicians in South Africa. It has a suite of three qualifications: firstly, the generic accounting qualifications whose graduates are found in various sectors of the economy and then the unique offering of customised local government and public sector accounting qualifications.

Why Financial Accounting Is Crucial For Every Businesses?

Financial accounting is important part for every type of business like small, mid and large business. Financial accounting is the field of accountancy concerned with the preparation of financial statements for pronouncement makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. Financial accounting may be the single most critical data method your company will require. Financial accounting aims to generate two basic financial reports, the balance sheet along with the earnings and loss statements. A predictable software system uses a ledger of accounts to categorize financial activities of one’s corporation.

Financial accounting is used to arrange accounting information for people outside the organization or not concerned in the day to day running of the company. Management accounting provides accounting information to assist managers make decisions to handle the business. In short, Financial Accounting is the procedure of abbreviation financial data in use from an organization’s accounting records and publishing in the form of annual or monthly quarterly reports for the advantage of people outside the organization.

Accounting Information of employees which play an essential responsibility has to be managed in an appropriate way so that at the year end reports can be generated effortlessly without any hassles. It is very essential to set up appropriate business financial strategies which can be followed so that the business can eventually meet the schedule. The different tips that will assist you to flow the cash in the accurate way and will assist you to understand the need of the accurate arrangement of the different business financial accounting can be listed as follows:

� Check Financial Transactions
� Revising Billing Statements
� Review the Invoices
� Maintaining Transparency
� Updating with Taxation Rules
� Follow GAAP for Accounting Management
� Maintain Simplicity in your Accounting Records

These are certain principles that the accountant or any other accounting services provider outsourcing company should pursue in order to run the business fairly and to meet the financial require of the organization. A methodical accounting procedure helps the business to develop and thereby meeting the estimated profit.

Getting The Best Financial Accounting

There are a number of options available to those seeking help with financial accounting. There are local firms that specialize in this field who have a lot of choices for you. There are also firms and agents online who do the same work. Because this type of work is so important you really need to have someone that you trust to do this for you.

Doing Your Research

When asking for information from a firm, they should readily supply you with answers and even reading material. Firms that do not answer questions properly or are reluctant to give answers should be avoided. The firm should have various types of staff members equipped to handle various aspects of financial accounting including auditing services.

The employees should be well trained and knowledgeable in their field. They should not be guessing at their answers but if they are not sure of something, then they should always be willing to find out for you. When you are speaking with them, they should also outline the services that they can provide for you.

Services Provided

There are various services that a financial accounting should be capable of doing for you or assisting you with. This of course includes your basic accounting, the preparation of financial statements, and the preparation of tax returns. These are the more elementary items that you would expect. There are various types of compilations and reviews that may be offered as well. These don’t go as far in depth as the audit would go, but it does give you a fair idea of where your business or organization stands. There are a few different types of audits that should be available also.

Some financial accounting firms will vary on the pace by which the work is done, but many do offer the same services. The main difference is the rate and speed. Accuracy is also a possible variation and this is where you really need to be careful about whom you hire to do your work.

Affluent Financial Services

Affluent Financial Services offers all of these items at the best rates and are accurate with their results. They pride themselves in the quality and professionalism that they offer to each and every client. There services whether it is a compliance audit or a simple review, are done at the very highest level possible.

They have different divisions that specialize in the distinct areas of this field so that you will always have your problem solved. Their experts are highly trained and have years of experience and would like nothing more than to help you with your finances. If you want to find more information on this firm, you can visit their website at You will be pleasantly surprise at just what they can offer you.