During a construction job there are a ton of things that will be going on. There are certain people who have the ability to do the manual labor, others that are able to bring the supplies, and others that have the ability to manage everything. One of the more intricate chores that is required to doing a project is the accounting end of it.The individual who keeps track of the financial end of it all is important. It is their job to make sure that they do not go over the budget and that they are able to use the money that the investors gave them wisely.
Any minor miscalculation could potentially damage the task that they are working hard on.There are various stages to this job - which is why more than one individual works to do it all. It is far too great a job for one single person, unless it is a little company and a small project that is being completed.The most basic position is the project accountant. With this career you will have the ability to make nearly $80,000 in one year. In order to do this you need to have an accountant degree. This is fairly simple.
All you need to do is keep track of the budget and set up ledgers.The controller is the person that a lot of people look to when paycheck time comes round. It is the task of this individual to keep track of what everyone is getting paid. It is also their job to pay all of the essential bills.Chief financial officer is the best position you can be when looking for a construction accounting career. This is the one that everyone will go to and you will be able to make up to $100,000 each year doing it. Not only do you oversee everyone - but you run audits and contend with the taxes and monitor investments.
Friday, March 25, 2011
Tuesday, March 22, 2011
What types of accountants do you get?
Different Types Of Accountants. When you think of accountants, you probably just think there is only one type of accountant. However this is a mistake that many people make about accountants. Just like other professionals such as lawyers, there are different fields that accountants can go into. The accounting industry is split into three different types of accountants that perform various functions and have different job duties and responsibilities. These different types of accountants are specialized in different areas of accounting, which makes them expert accountants in their own field of accounting.
The most popular type of accountants are public accountants. Public accountants has the widest range of accounting, then any other type of accountant. Unlike other types of accountants, public accountants can work for individuals, businesses and organizations, as well as be utilized by government agencies. There is no limit to who public accountants can work for, which is why public accountants are the ideal accountants for job seekers in the accounting field. A large amount of public accountants are self employed with some also working for various CPA firms. Public accountants also have a wide range of duties. They can be tax preparers, consultants, financial strategists, or work hand in hand with law enforcement agencies in the field of forensic accounting.
There is virtually no limit to what public accountants can do. However, there are laws that prevent public accountants from performing multiple duties for the same clients, which is to limit a public accountants power to a single group. The next type of accountants are Cost accountants also known as management accountants. These type of accountants are used in major businesses and organizations and are essential to the functioning of a business. Cost accountants do not have as many duties as public accountants, however, their duties are of high value and extremely important. Cost accountants are in charge of such things in a business as budgeting, giving continual evaluations concerning the business, it s finances growth and liabilities as well as financial information regarding costs and assets for the company.
This is a major role within a business or organization, which is why cost accountants are valued by such groups. Without public accountants, businesses would not be able to survive. Government accountants are the last type of accountants. Governments accountants have the most specific of duties then any other type of accountants, which to to work in the bets interest of the government and the public within that government. Government accountants not only keep track of businesses records as well as the public's records, but they also ensure the fulfillment of tax obligations.
Government accountants also make sure that the financial laws and regulations are being followed by businesses and individuals.As you can see, the accounting field offers not only different fields for accountants to go into, but it also offers many different options for accountants to explore within those three classifications. Accountants hold a high value within not only businesses, but also in our society as a whole. The role on an accountant is essential to operate our financial needs.
The most popular type of accountants are public accountants. Public accountants has the widest range of accounting, then any other type of accountant. Unlike other types of accountants, public accountants can work for individuals, businesses and organizations, as well as be utilized by government agencies. There is no limit to who public accountants can work for, which is why public accountants are the ideal accountants for job seekers in the accounting field. A large amount of public accountants are self employed with some also working for various CPA firms. Public accountants also have a wide range of duties. They can be tax preparers, consultants, financial strategists, or work hand in hand with law enforcement agencies in the field of forensic accounting.
There is virtually no limit to what public accountants can do. However, there are laws that prevent public accountants from performing multiple duties for the same clients, which is to limit a public accountants power to a single group. The next type of accountants are Cost accountants also known as management accountants. These type of accountants are used in major businesses and organizations and are essential to the functioning of a business. Cost accountants do not have as many duties as public accountants, however, their duties are of high value and extremely important. Cost accountants are in charge of such things in a business as budgeting, giving continual evaluations concerning the business, it s finances growth and liabilities as well as financial information regarding costs and assets for the company.
This is a major role within a business or organization, which is why cost accountants are valued by such groups. Without public accountants, businesses would not be able to survive. Government accountants are the last type of accountants. Governments accountants have the most specific of duties then any other type of accountants, which to to work in the bets interest of the government and the public within that government. Government accountants not only keep track of businesses records as well as the public's records, but they also ensure the fulfillment of tax obligations.
Government accountants also make sure that the financial laws and regulations are being followed by businesses and individuals.As you can see, the accounting field offers not only different fields for accountants to go into, but it also offers many different options for accountants to explore within those three classifications. Accountants hold a high value within not only businesses, but also in our society as a whole. The role on an accountant is essential to operate our financial needs.
Friday, March 18, 2011
System for document management in accountant
In this article, we seek to identify the tangible business results that a good document management system in accounting could produce. We look first at the kinds of accounting, then at the documents generated in accounting and finally examine how a document management system could produce business results.What Is Accounting?We could see three broad pictures of accounting:Financial Accounting is the recording, classification, summarization, interpretation and communication of financial information about a business.
This information is used by investors, lenders and tax officers as well as the managers of the business. Management Accounting involves identification of key business result areas and developing systems to measure, analyze and communicate information (not confined to financial information) that helps managers of the business to make informed business decisions for improving the profitability and growth of the business. Accounting Practice is the provision of accounting related services such as auditing and tax consultancy by professional accountants to their clients.Other terms for accounting, such as cost accounting (part of management accounting), fall under one or other of the above broad classifications.
Documents Generated in Accounting. Financial Accounting:Sales and Purchase Invoices with supporting shipping and other documents Different kinds of evidential documents for cash receipts and payments Documents supporting other kinds of business transactions (like returns of purchased or sold items)Documents supporting accounting adjustments (like year end accounting of accrued expenses and income)Contracts, agreements and correspondence that clarify the terms and conditions on the basis of which of the above documents have been prepared.Transaction records like Purchase and Sales Registers, Cash and Bank Books and General Journal. Ledgers that classify the transactions under relevant accounts.
Accounts lists such as Trial Balance, Accounts Receivable and Accounts Payable. Summary results such as Profit & Loss Account, Funds Flow Statement and Balance Sheet. Different kinds of analyses to assess the financial position of the business.
Management Accounting:Cost estimates by product, department and cost element. Cost allocation documents that seek to assign cost elements to cost centers, and then to products or services. Cost reports that compare actual costs against original estimates. Analytical reports seeking to identify the reasons for variances between actual costs and estimates. Break even analyses to identify Cost-Volume-Profit relationships. Ad hoc analyses highlighting the implications of different business decision alternatives. Other kinds of documents generated by the current practices of product life cycle costing and activity based costing.
Accounting Practice:Audit worksheets for each client and accounting year. Audit queries raised and clarifications received from client's management. Audited accounts and reports thereon. Tax returns supported by computations of taxable income. Documents relating to tax consultancy services. Documents relating to other assignments received from clients Accounting records relating to the practice itself, similar to those mentioned under Financial Accounting and Management Accounting above, tailored to the special characteristics of accounting practice.
Document Management System in Accounting. A good document management system typically results in general benefits like:More efficient and lower cost storage and retrieval of documents. Limiting access to documents only to authorized persons. Minimizing physical movement of documents.We now look at the specific additional benefits provided by a computerized DMS in different areas of accounting.
Financial Accounting: There was a time when details from original documents were laboriously copied to "books of prime entry" like purchase and sales registers, cashbook and general journal. The transcription process continued with details being copied further into ledgers. Then came the summarization process, additions, extractions, listings, classifications and the final accounts - all done by hand.Then came computerized accounting and once you entered the data from original documents into the computer database, all the "books" and statements were immediately available.
You could print them out, if you wanted, or they could remain in digital format in the computer itself. This was a big change in managing financial accounting documents.Management Accounting: Just add a few more codes to each document, indicating the cost and other categories it affected, and enter these also into the computer. You could now sort the transactions by these codes and generate management information.Computers also made it possible to generate extremely elaborate analyses that could not have been made available in a timely manner under manual systems.
Managers could now just sit at their computers and review reports that focused on the particular aspects they are interested in. They could also import information into their own worksheets and process it to analyze aspects not adequately covered by standard reports.Accounting Practice: The arrival of computers and computerized accounting changed the process of auditing. Audit trails could be specifically programmed.
Overall tests for reliability, patterns and trends could highlight problem areas speedily and accurately. Auditors could then focus on these problem spots.Tax returns could be prepared extremely fast, based on updated tax laws. Reference materials were available on computer media for fast access.Customer histories were also available in computer databases, improving the quality of work.Billing for time spent on each assignment could also be made far easier and accurate, and could even be automated to a degree.
Arrival of the Web: With the arrival of universal Internet access and the Web, it was possible to enhance the processes:Field staff could log in to company databases from anywhere in the world and gather correct and up to date information they need. Accounting practice customers could also similarly log in to their accounts from anywhere, and check their tax returns and other documents securely. Communication and where necessary, collaborative working, could be more effective with the enhanced facilities offered by the Web.
Web-based specialist service providers could render services at lower costs than in-house staff in many cases.Business Benefits Speedier processing of routine operations meant that managers and staff now had more time to focus on business result areas. And they could do this in a more meaningful manner based on information generated through elaborate analyses possible with computers. These changes have the potential to increase business volumes.Improved customer relationships could result with the greater access and support provided to customers.It was also possible now to reduce costs of operations in different ways, including outsourcing much of the work to specialist service providers.Greater focus on business result areas, improved customer service and lower costs lead to greater profitability and survivability for a business.
This information is used by investors, lenders and tax officers as well as the managers of the business. Management Accounting involves identification of key business result areas and developing systems to measure, analyze and communicate information (not confined to financial information) that helps managers of the business to make informed business decisions for improving the profitability and growth of the business. Accounting Practice is the provision of accounting related services such as auditing and tax consultancy by professional accountants to their clients.Other terms for accounting, such as cost accounting (part of management accounting), fall under one or other of the above broad classifications.
Documents Generated in Accounting. Financial Accounting:Sales and Purchase Invoices with supporting shipping and other documents Different kinds of evidential documents for cash receipts and payments Documents supporting other kinds of business transactions (like returns of purchased or sold items)Documents supporting accounting adjustments (like year end accounting of accrued expenses and income)Contracts, agreements and correspondence that clarify the terms and conditions on the basis of which of the above documents have been prepared.Transaction records like Purchase and Sales Registers, Cash and Bank Books and General Journal. Ledgers that classify the transactions under relevant accounts.
Accounts lists such as Trial Balance, Accounts Receivable and Accounts Payable. Summary results such as Profit & Loss Account, Funds Flow Statement and Balance Sheet. Different kinds of analyses to assess the financial position of the business.
Management Accounting:Cost estimates by product, department and cost element. Cost allocation documents that seek to assign cost elements to cost centers, and then to products or services. Cost reports that compare actual costs against original estimates. Analytical reports seeking to identify the reasons for variances between actual costs and estimates. Break even analyses to identify Cost-Volume-Profit relationships. Ad hoc analyses highlighting the implications of different business decision alternatives. Other kinds of documents generated by the current practices of product life cycle costing and activity based costing.
Accounting Practice:Audit worksheets for each client and accounting year. Audit queries raised and clarifications received from client's management. Audited accounts and reports thereon. Tax returns supported by computations of taxable income. Documents relating to tax consultancy services. Documents relating to other assignments received from clients Accounting records relating to the practice itself, similar to those mentioned under Financial Accounting and Management Accounting above, tailored to the special characteristics of accounting practice.
Document Management System in Accounting. A good document management system typically results in general benefits like:More efficient and lower cost storage and retrieval of documents. Limiting access to documents only to authorized persons. Minimizing physical movement of documents.We now look at the specific additional benefits provided by a computerized DMS in different areas of accounting.
Financial Accounting: There was a time when details from original documents were laboriously copied to "books of prime entry" like purchase and sales registers, cashbook and general journal. The transcription process continued with details being copied further into ledgers. Then came the summarization process, additions, extractions, listings, classifications and the final accounts - all done by hand.Then came computerized accounting and once you entered the data from original documents into the computer database, all the "books" and statements were immediately available.
You could print them out, if you wanted, or they could remain in digital format in the computer itself. This was a big change in managing financial accounting documents.Management Accounting: Just add a few more codes to each document, indicating the cost and other categories it affected, and enter these also into the computer. You could now sort the transactions by these codes and generate management information.Computers also made it possible to generate extremely elaborate analyses that could not have been made available in a timely manner under manual systems.
Managers could now just sit at their computers and review reports that focused on the particular aspects they are interested in. They could also import information into their own worksheets and process it to analyze aspects not adequately covered by standard reports.Accounting Practice: The arrival of computers and computerized accounting changed the process of auditing. Audit trails could be specifically programmed.
Overall tests for reliability, patterns and trends could highlight problem areas speedily and accurately. Auditors could then focus on these problem spots.Tax returns could be prepared extremely fast, based on updated tax laws. Reference materials were available on computer media for fast access.Customer histories were also available in computer databases, improving the quality of work.Billing for time spent on each assignment could also be made far easier and accurate, and could even be automated to a degree.
Arrival of the Web: With the arrival of universal Internet access and the Web, it was possible to enhance the processes:Field staff could log in to company databases from anywhere in the world and gather correct and up to date information they need. Accounting practice customers could also similarly log in to their accounts from anywhere, and check their tax returns and other documents securely. Communication and where necessary, collaborative working, could be more effective with the enhanced facilities offered by the Web.
Web-based specialist service providers could render services at lower costs than in-house staff in many cases.Business Benefits Speedier processing of routine operations meant that managers and staff now had more time to focus on business result areas. And they could do this in a more meaningful manner based on information generated through elaborate analyses possible with computers. These changes have the potential to increase business volumes.Improved customer relationships could result with the greater access and support provided to customers.It was also possible now to reduce costs of operations in different ways, including outsourcing much of the work to specialist service providers.Greater focus on business result areas, improved customer service and lower costs lead to greater profitability and survivability for a business.
Wednesday, March 16, 2011
Dealing with accountants
It would really be a hectic task for anybody, even with a business of small capitalization, to garner on the job resources for every extensible area of profession that needs to be applied over to accomplish diversified responsibilities of a business establishment.
With ever pouncing needs of compelling organizational structures and endurable substance in handling dynamic market and finance propositions it has become even tougher for businesses and individuals to keep up with the scales of maturity of books and paperwork of business affairs and other accounting transactions that are of intrinsic value to any organization.
In the professional practice, area of accountants is very vast and is directly or indirectly interconnected to various facets of any business activity.
One has to deal with different factors of industrial and government norms aligned with various programs, necessities and obligations of a business setup in order to be compliant with the environment in which it is operating.
Orientations and ends of every framework are different and so are the accounting needs and it becomes all the more typical for businesses to appoint a streamlined and ever pertinent format of its books that could cater to the propelling dynamics of business environment that keeps changing.
With ever pouncing needs of compelling organizational structures and endurable substance in handling dynamic market and finance propositions it has become even tougher for businesses and individuals to keep up with the scales of maturity of books and paperwork of business affairs and other accounting transactions that are of intrinsic value to any organization.
In the professional practice, area of accountants is very vast and is directly or indirectly interconnected to various facets of any business activity.
One has to deal with different factors of industrial and government norms aligned with various programs, necessities and obligations of a business setup in order to be compliant with the environment in which it is operating.
Orientations and ends of every framework are different and so are the accounting needs and it becomes all the more typical for businesses to appoint a streamlined and ever pertinent format of its books that could cater to the propelling dynamics of business environment that keeps changing.
Tuesday, March 15, 2011
Your career as a successful accountant
Many people think that being an accountant would be a boring job, but in most cases that is far from the truth. Some people who enjoy numbers; who enjoy working them, knowing that they can always count on the results as long as they do their part, get pleasure out of an accounting career. Not only this, but there is security in this career. Even though there are computer programs that can do a lot of the actual number crunching in mere seconds, you still need people who know when to apply what calculations and where-as well as why you need certain ones at certain times. If you're interested in pursuing a career in this field, there are some simple guidelines that you can follow that will help keep you on the right path.
Finding the Right School: Obviously, when you have decided that you want to be an accountant, the first thing that you have to do is find the right institution. You may be a genius at numbers, but that doesn't mean that you know the intricacies of this particular career choice, and how to practically apply your talent. Fortunately, you have a lot of choices when it comes to school. Every college offers degree programs in this field, plus there are business schools that offer certification classes that can qualify you for a lot of jobs. You want to make sure that any college or business school that you choose is reputable, established, and accredited. Also, check into their programs to make sure that they are offering studies that fit your particular interests.
Qualifications: Certain accountancy degrees can get your foot in the door of many different types of jobs in this field. There is also certification, which can open doors for you in this field as well. With certification or an associate's degree, you can easily get into such profiles as payroll, accounts receivable and accounts payable and general bookkeeping. A bachelor's degree in accounting could put you in a managerial position in those types of work, and possibly get you an entry level into such jobs as tax accountant, tax preparer, and auditor. With a master's degree, you can almost pick and choose what type of job you want in this field.
Interning and finding Your Niche: Even though you may know that you want to be an accountant, you may not necessarily know where exactly you want to apply your talents. Interning can be a great way of testing out different types of work profiles and getting more experience in a variety of jobs. Not all internships are unpaid, either. Talk to your business school or college counselor about interning opportunities. Being an accountant can be rewarding, and definitely lucrative. As long as you make good choices along the way, you can be sure to have a solid career that serves you well for life.
Wednesday, March 9, 2011
All you need to know about becoming an accountant.
Are you very much interested in accounting? Well, if you are, you should take up accounting education. By doing so, you will gain systematic knowledge about the different practices and skills involved in accountancy and business. What is the meaning of accounting? It is defined as the art of systematic recording and analyzing of financial business transactions. The history of acounting dates back many years ago. Accounting is already an essential part of modern education. Every nation needs accounting because it is the key to economic development.
If you want to pursue an accounting course, you should first choose a university or college. There are local universities and colleges that you can enroll in for an accounting course. If you prefer attending college abroad, you may do so. But make sure that you choose the university or college wisely. You also have to determine where you will stay when you're already there; you can either stay at the dormitory or you can rent an apartment. Expenses are a great consideration as well. Accounting has four general areas, namely - public, government, internal auditing, and management accounting. If you choose an accounting course, you will learn how to prepare and organize financial reports that include collation or calculation of a range of figures, analyses, tax, and even projections.
Traditionally, the study of accounting focused mainly in the technical skills. The traditional methods in the study of accounting include teaching the basic principles and concepts of accounting. The present accounting practices haven't adapted yet to the various changes in business, regulatory environment, and economics. There are now modern methodologies used in accounting education. These methodologies are based mainly on accounting communication, decision-making, ethics, analytical skills, and the internal auditing principles. Educational programs in accounting have the same objectives and one is to teach the students about the various accounting principles. Aside from that, the students will also learn to develop their skills through various accounting practices.Professional accountants today have greatly benefited from modern accounting education. Accounting education also functions as an effective management tool for business executives. The educational components of an accounting education are specialized accounting, general accounting, and professional accounting. These days, accounting students can also take advantage of doctoral programs and other continuing educational programs. Is accounting education right for you? Before you finally enroll in an accounting course, you have to be very sure that you like business matters. You see, accounting is more on business matters and mathematical computations. It also involves a lot of analyzing tasks.
Once you've decided that an accounting course if the best for you, find a university or college now; you can either go to college abroad or you can attend school locally. Every step involves making decisions. So make sure that you make the best decisions because your future lies with it. Once you start your accounting classes, you have to study all your lessons and know them by heart. This is the only way to become a successful professional someday. And of course, you need to pass all your exams so that you will soon hold your diploma. There are many career opportunities for accounting graduates. Again, if you think that an accounting course is the best for you, enroll now. Study hard and master the principles and concepts of accounting. Only by then can you say that you're an effective and efficient accountant.
Monday, March 7, 2011
What good qualities a accountant should have
When choosing an accountant, no matter what the purpose, it is very important that you choose either a person or firm who is highly qualified for the job at hand. The fact that the work the accountant is being hired for, is most likely a very serious matter, requires that there be a certain amount of trust in that the accountant will do a high level of work. This includes meeting local requirements as well as staying in accordance with generally accepted accounting principles. Because of these necessities, there are specific characteristics accountants need to have.
This article will discuss a few of these characteristics that should be apparent before hiring on a person or firm.Experience should be a top priority when looking at an individual's or company's qualifications. It is very important that the person doing the work have lengthy experience when it comes to the area they will be working for you. If the individual has not performed well or at all in that field before, it leaves the door open for a variety of issues in the future, such as fines and penalties from the IRS. Also, you want the accountant to be experienced because this will also help them be more efficient and prevent overbilling.
Of all reasons why you should find someone with a good previous working background, the main reason should be because they will have the best knowledge of how to solve a problem when one arises.Although experience is great to have, it should also come along with certifications as well. There are many licenses a person can obtain in a variety of areas of accounting. Not all of these will be specific to what you will be hiring for, but in many cases, the more recognitions, the better. This is because the accountant will have been tested over a wide range of subjects that pertain to specific areas of accounting.
Most people for hire will generally be CPA's, but there are others that specialize in taxes, estate planning, or even can advise on such things as dividing assets when going through a divorce.Finally, an accountant should show signs of organization. You are relying on them to keep track of all your important and confidential documents so it is crucial they keep them safe and in good order. When you go to interview them at their office, it is usually apparent if they do not have a good grasp on their categorizing skills. If it looks like their work is all over the place, walk away and don't risk losing valuable information.
This article will discuss a few of these characteristics that should be apparent before hiring on a person or firm.Experience should be a top priority when looking at an individual's or company's qualifications. It is very important that the person doing the work have lengthy experience when it comes to the area they will be working for you. If the individual has not performed well or at all in that field before, it leaves the door open for a variety of issues in the future, such as fines and penalties from the IRS. Also, you want the accountant to be experienced because this will also help them be more efficient and prevent overbilling.
Of all reasons why you should find someone with a good previous working background, the main reason should be because they will have the best knowledge of how to solve a problem when one arises.Although experience is great to have, it should also come along with certifications as well. There are many licenses a person can obtain in a variety of areas of accounting. Not all of these will be specific to what you will be hiring for, but in many cases, the more recognitions, the better. This is because the accountant will have been tested over a wide range of subjects that pertain to specific areas of accounting.
Most people for hire will generally be CPA's, but there are others that specialize in taxes, estate planning, or even can advise on such things as dividing assets when going through a divorce.Finally, an accountant should show signs of organization. You are relying on them to keep track of all your important and confidential documents so it is crucial they keep them safe and in good order. When you go to interview them at their office, it is usually apparent if they do not have a good grasp on their categorizing skills. If it looks like their work is all over the place, walk away and don't risk losing valuable information.
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