income, expenses, investments etc. and may be accessed by the click of a button. Gone are the days of the arduous task of manually recording and sorting paperwork. Technology also helps in creating and playing out possible scenarios for example if an individual is considering getting Personal Accounting a second job, capturing the different incoming scenarios will immediately show net income possibilities or vice versa should expenses be increased. Financial software also helps with storage solutions.
1.0 Introduction Enterprise resource planning is a business software to aid companies in running their business doings smoothly; making minimal errors. With the world evolving into a technological era, there have been many changes in the business world (Summer, n.d). Computers are now no longer in the ‘want’ category but the ‘need’ category due to its efficiency (Polizzi, Murphy and Norris, 2001). Big corporations have been trying to instigate enterprise resource planning when carrying out tasks. The software gives an incorporated view of the business processes that happening in the current time through a management database.
The article “Why is financial management so important in business?” defines: Financial management of a small business encompasses more than keeping an accurate set of books and balancing a business checking account, because we must know our financial management responsibilities affect all aspects of the business. The article basically tells us why is the importance of financial management have to do in business, which simply applies to the natural flow of monetary resources and maintaining the financial balance in the world. The article points out that some of the many effective ways of financing are: purchasing assets to create income, managing cash flow, lowering expenses, and tax planning. These suggestions helps the small businesses to keep moving forward and at most the people to have successful
After preparing the adjusted trial balance, the accounting cycle will continue with preparing the financial statements. Preparing the financial statements is the most important steps in the accounting cycle. Balance sheet, income statement, statement of changes in equity and statement of cash flows will be prepared in order to provide useful financial information to the external users. The income statement or known as profit and loss statement is a report that display the income and expenses of the company during the accounting period. The income statement also served to calculate the net income or loss of a company by deducting the total expenses from the total income and this calculation shows investors and creditors the overall profitability of the company as well as how efficiently the company is at generating profits from total
In the public sector, an accountant must know how to perform tax procedures. These procedures include audits and tax consultation, which demands not just knowledge of the tax law but also of interest, gross profit calculations and other business concepts. Also, an accountant must be skilled in math in order to perform practically in any aspect of their job. If a person has an interest to pursue accounting courses, gaining a broader view of the overall accountant’s work will truly help a person to decide whether to enter the field or
The ethical issue in such an instance is the accountant reporting the true financial status of an organization in regards to the profit, liabilities and companies assets. It is easy for those accountants that are unethical to alter the financial records of a company. This makes the company seem to be doing well in the short term, but in the long run, it leads to failure of the company. The other ethical issue is a falsification of documents. Falsification of documents involves changing the details of the documents which are original so that they can appear real ( Bampton and Cowton, 2013, p.552).this is done with the aim of deceiving another person.
Particularly well experiences accountants work with AIS means to check the high-level accuracy of company financial transactions and to keep the records in safety manner. To make financial statement easiest way and easy to understand for all of them. AIS is one of the real-time application processes. The Data will be included in the AIS; it depends on the Nature of the Business. It consists of Customer billing statements, Sales orders, purchase Requisitions, Sales analysis reports, Register checking, Vendor invoices, general ideas, payroll information, timekeeping and inventory data, tax information.
Career in Accounting “Accounting is the practice or profession of maintaining financial records, noting expenses or revenue, and determining how much one owes or is owed. Accounting seeks to assure that every individual or company pays or is paid the correct amount” according to http://financial-dictionary.thefreedictionary.com/accounting”. In this essay I will explain the requirements to become an accountant, why I choose to study accounting, and the pros and cons of this career. Accounting is a career that requires a skills in finance and mathematics. It offers a competitive salary, benefits, and has a flexible job market.
An organization 's database can contain facts and information on customers, workers, amount or quantity of items, competitors ' sales, online cash flow, and much more. A database manager for a large bank has developed a patented security process that creates a random number-based code from a customer 's bank card that can be checked for truth by a computer system through a customer database. Once the bank card and customer have been checked for truth, the customer can make a verifications of their transactions. Most managers and executives believe that database to be one of the most valuable parts of a computer-based information system. Data can be stored in large data centers, within computers of all sizes, on the internet, and in smart cell phones and small calculating devices.
Skills that I have contributing business IT skills This IT skill that I have means I can work on the computers much more easily and effectively. It will save a lot of time. I can work with many different Microsoft software’s such as Microsoft Office, excel, PowerPoint and so on. This way I can simply write up reports, documents and working on the finance by creating cash flows. Furthermore, having the skills to work with Microsoft software’s allows me to work in the finance part of the business.
• Amazon CloudWatch Logs lets to monitor and troubleshoot the systems and applications using the existing system, application and custom log files. • With CloudWatch Logs, logs can be monitored, in near real time, for specific phrases, values or patterns. For example, an alarm can be set on the number of errors that occur in the system logs or view graphs of latency of web requests from the application logs. We can then view the original log data to see the source of the problem. • Log data can be stored and accessed indefinitely in highly durable, low-cost storage.
Also, she needs to think twice before she buys something that is not in the budget. If she does not follow the budget she might be at risk of overspending. 4) Choosing a Financial Software: having a financial software is a great tool that can help manage the income and the expenses. So she can use QuickBooks or bookkeeper. Both software is great for payroll, profit and loss reports.
The Bookkeeper job description and salary range are as follows; Creates financial transactions and reports. The creation of financial transactions involves posting data to accounting journals or software from source documents such as invoices to clients, cash receipts, and supplier invoices. The bookkeeper additionally reconciles accounts to ensure their accuracy. Salary range will be $18-$21 per hour. The PC Technician job description and salary range are as follows; PC Technician needs excellent problem-solving and customer-service skills, as well as thorough knowledge of PC hardware, software and network connections.