Accountancy Career - Qualifications and Regulation

By Junaid Mohammad

If you are planning to get into Accountancy Career then it is very important to understand all the rules and regulations to practice as an accountant in different countries. In some countries accountant has to be certified and financial expert. Just like other professionals every country has their own training and certification which maintain the quality of accountant in their jurisdictions.

Qualifications and Regulation

Before getting in accountancy career you need to understand the qualification and regulation depending upon the country you need to practice.

Accountants may be licensed by a variety of organizations and are recognized by titles such as Charter Certified Accountant, Charted Accountant (term used in British Common wealth countries and Ireland for a person who work in all fields of business and finance), Certified Public Accountant (term used for qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and met other state education and experience), Certified Management Accountant (This is offered in Australia, Canada and United States), Certified General Accountant (designation representing members of the Certified General Accountants Association of Canada), Certified Practicing Accountant (one of three professional accounting bodies in Australia). Many countries recognize two or more accounting bodies.

Australia

If you want to start your accountancy career in Australia then there are four main local professional accountancy bodies

Certified Practicing Accountants
Professional National Accountants
Member of National Institute of Accountants
Chartered Accountants

Austria

If you want to start your accountancy career in Austria then the accountancy profession is regulated by the Bilanzbuchhaltungsgesetz 2006
Canada
If you want to start your accountancy career in Canada then there are three recognized bodies
Canadian Institute of Chartered Accountants and the provincial and territorial Institutes
Certified General Accountants Association of Canada
Society of Management Accountants of Canada (Certified Management Accountants)

Hong Kong

If you want to start your accountancy career in Hong Kong then the accountancy industry is regulated by the Hong Kong Institute of Certified Public Accountants under the Professional Accountants Ordinance.

New Zealand

If you want to start your accountancy career in New Zealand then there is only one local accountancy body
New Zealand Institute of Chartered Accountants

United Kingdom

If you want to start your accountancy career in the United Kingdom then there are no license requirements for an individual to practice as an accountant but certain titles requires membership from appropriate professional bodies.

Chartered Certified Accountant must be member of the Association of Charted Certified Accountants.

Chartered Accountants must be member of one of the following Institute of Chartered Accountants in England and Wales or Institute of Chartered Accountants of Scotland or Institute of Chartered Accountants in Ireland or recognized equivalent body from another Commonwealth country like Canada.

Chartered Management Accountant must be a member of the Chartered Institute of Management Accountants.

Chartered Public Finance Accountant must be a member of the Chartered Institute of Public Finance and Accountancy.

International Accountant must be a member of the Association of International Accountants.

United States of America

If you want to start your accountancy career in the United States then legally practicing accountants are Certified Public Accountants, and other non-statutory accountants are Certified Internal Auditors, Certified Management Accountants and Accredited Business Accountants.

Accounting process

Accounting is the process of identifying, measuring and communicating economic information so a user of the information may make informed economic judgments and decisions based on it.

Specialized in Accountancy Career information. Get all the information about accountancy career. If you are looking for accountancy career information please stop in by http://www.accountancycareerworld.com and have a look.

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Tracking Leads and Customers With a Customer Relation Management (CRM) Program

By Monica Muir

Do you get lots of leads and send out lots of estimates? Would you like a better tracking system? Or would you like a better system to keep up with pertinent information about your customers, including details of previous conversations, special needs or requests, the services they use, information about their property or business? If so, your business might benefit from a CRM (Customer Relation Management) system. I made the move to a CRM system this year - I needed a better way to keep up with my leads, my lead conversion, and could also have an assistant enter information for me.

A CRM is basically a great big customer database at its core. It contains master file information on a lead or customer, such as name, company, address, contact info, and custom fields. You can also log activity such as emails, calls, meetings, proposal dates, and more. With a CRM program, your employees can enter the detailed information and you or a sales manager can see what's going on. You can also track custom information about a customer or lead such as interests, something specific to a job or estimate, etc.

A good CRM system also integrates with your other internal systems, such as your QuickBooks and email systems. In some CRM systems, you can not only enter notes, but quotes or estimates, see invoice and payment history, so that when a customer calls in, you can also peek to see whether they owe you money or what they ordered that they may be calling about.

There are literally hundreds of CRM systems to choose from. Before choosing a CRM, decide what you want it to do and how you will be using it Of course, I'm biased and like mine to integrate with QuickBooks, and there are several good ones. You can go to the Intuit Marketplace and search for CRM programs that integrate with QuickBooks. Usually these are generic, not specific to your industry. Some will need a link before it can integrate with QuickBooks, such as Salesforce.com, and ACT. I also like it to have a gold or silver rating. Results CRM and Legrand also have good reputations. You, however, may prefer an industry-specific software; so often, there are fields and templates specific to your business, saving lots of time and generating better reports.

Personally, I selected Method Integration, which is a web-based, highly customizable CRM program (and highly rated). While there are some upfront costs working with a consultant to get started (I highly recommend this step), the monthly subscription is very reasonable. I'm able to use my custom fields from QuickBooks and it has real-time sync with QuickBooks (that's almost unheard of with other software).

Method also integrates with Outlook and even has a mobile app. I can create estimates for leads, which you can't do in QuickBooks (unless they are a customer), as well as create sales orders and invoice for customers. You can even enter purchase orders and bills for vendors. At one time, there was a "QuickBooks Remote Access" level of Method and the CRM was a step up. So, you could have someone do some QuickBooks data entry without giving them access to QuickBooks. As you can see, Method is really more than a CRM program, which was another reason why I selected Method.

One of the most important aspects of benefitting from a CRM is to make sure it gets used, and that takes some habit-changing from you and your staff. Once you have your requirements, you can evaluate the software options available, and choose the one that works best for you. When you are able to stay on top of potential opportunities with leads and customers or your leads and customers start talking about how great your service is and how much attention you pay to the details they care about, you'll know your CRM is paying off for you.

Let us know if you want help in looking at a CRM program or want more information about Method Integration.

Muir & Associates helps businesses use their Intuit products more efficiently and more effectively so businesses can focus on their business and make more informed decisions. We provide sales and support services. Monica Mitchell Muir has been helping businesses with their QuickBooks products since 1996.
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Accountant Job Description

By Rebecca Hubbard Game

An accountant's job entails working to ensure that business firms and individuals are keeping good records and paying taxes properly and on time. Though the accountant job description for some accounting positions may be simple, other accountant job descriptions are not quite as clear because of the number of duties that are required.

In general, an accountant performs vital functions to businesses, as well as individuals, of all types by offering a very wide array of business and accounting services, including public, management and government accounting, as well as internal auditing. These four major fields of accounting, and in addition to having a minimum of a bachelor's degree, each has a separate accountant job description.

1. Public Accountant

A public accountant job description can be summed up in what most people envision as "typical" accountant's work. It involves performing a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, and individuals. Specialties in public accounting are often chosen. For example, a public accountant may choose to concentrate on tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns. Other public accountants may choose areas such as compensation or employee health care benefits, or may design accounting and data processing systems. Still other public accountants may choose to specialize in auditing financial statements and inform investors and authorities that statements have been correctly prepared and reported. Public accounts are usually Certified Public Accountants (CPAs), and generally own their own businesses or work for public accounting firms.

2. Management Accountant

Another accountant job description is that of a management accountant. Also called a cost, managerial, industrial, corporate, or private account, management accountants record and analyze the financial information of the companies for which they work. The management accountant job description includes a detailed listing of responsibilities, such as budgeting, performance evaluation, cost management, and asset management. Management accountants are often a part of executive teams involved in strategic planning or the development of new products, where they analyze and interpret financial information that corporate executives need in order to make sound business decisions. They also prepare financial reports for other groups, including stock holders, creditors, regulatory agencies, and tax authorities. Management accountants are usually a part of an accounting department, employed a large company, and may work in many areas that may include financial analysis, planning, budgeting, and cost accounting.

3. Government Accountant

A government accountant works in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulation and/or taxation. This accountant job description, while detailed, is much more specialized. Government accountants are employed by Federal, State, or local governments, and work to guarantee that revenues are received and expenditures are made in accordance with laws and regulations. Those employed by the Federal government may work as Internal Revenue Services agents or in financial management, financial institution examination, or budget analysis and administration.

4. Internal Auditor Accountant

The accountant job description of an internal auditor can basically be summarized by the job title. Internal auditors verify the accuracy of their organization's internal records, and check for mismanagement, waste, or fraud. It is an increasingly important area of accounting, because internal auditors examine and evaluate their firms' financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate to protect against fraud and waste. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and procedures, laws, and government regulations. The accountant job description of an internal auditor can vary with different companies, and may include job duties such as electronic data processing, environmental auditing, engineering, legal auditing, insurance reviews, banking, and health care auditing.

Accountants in all four areas can work for a company, or can be employed by an accounting firm, which would in turn be hired by a company for consulting. An accountant can also be self-employed, and provide accounting services to individuals, businesses, or both.

Most accounting jobs include an accountant job description that requires a bachelor's degree, at minimum, in accounting or a related field, and some accountant job descriptions might include the requirement of a master's degree or Certified Public Account (CPA) certification, obtained through a four-part, Uniform CPA Explanation prepared by the American Institute of Certified Public Accountants (AICPA). While the two-day CPA examination is rigorous, and only about 25 percent of those taking the exam pass every part they attempt, CPA certification can greatly assist in the rate of pay received, and in most states, the examination can be taken in two parts, which may assist in preparing for and passing the exam.

According to the United States Department of Labor, employment of accountants and auditors is expected to grow at a faster than average rate, for all accounting occupations from all accountant job descriptions mentioned, through the year 2014. This is due to an increase in the number of businesses nationwide, changing financial laws and regulations, and increased scrutiny of company finances. In addition to these reasons for new accounting jobs opening up, there will also be a need to replace accountants and auditors who will retire or transfer to other occupations.

The field is also becoming more specialized due to technology and new, accurate accounting and auditing software experience becoming a crucial addition to an accountant job description. An accountant job description may include, in addition to educational and technological requirements, strong interpersonal and communication skills, simply due to the fact that most accountants work on teams with others from different backgrounds, and will need the ability to communicate accounting and financial information clearly and concisely.

Regardless of one's qualifications, competition in the accounting field will remain strong for the most prestigious jobs, as well as for obtaining clients for those accountants that are self-employed.

Rebecca Game is the founder of Digital Women �, Digital-Women.com, an online community for women in business. She is a 30 year entrepreneur and dedicated to helping other women find business loans and business grants. Visit her site: Business Grants and Loans for Women

http://www.digital-women.com

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Accounting Tips Your Company Can't Do Without

One wrong calculation can come back to haunt you after tax season. Here are 3 accounting tips that'll keep you in good stead.imonomy - free enrichment tools for your site.

The first step to breezing through your accounting needs is to keep track of everything. You'll want to keep copies of every bank statement and credit card bill you receive. As a matter of fact, while you're at it you may want to hold on to your receipts as well. This is important because so much of effective accounting is being able to verify.

In addition, keeping stellar records as a habit will prevent you from being caught with your pants down during tax season. Say good-bye to those nerve-wracking weeks by documenting your moves.

2. Don't Make Your System Too Complicated

You've heard of the "telephone game" right?

It's a game where the first person whispers something in the ear of the second, the listener passes it on to the third person, and so on and so forth down the line. Usually the first person's sentence is garbled beyond recognition by the fourth or fifth person.

Put simply, you don't want your accounting to become its own version of the "telephone game".

One of the reasons why people sometimes feel overwhelmed with their accounting is because the system in place is asking for too much.

If you can track your income and your expenses in one or two moves, there's no need to complicate matters.

3. Have You Considered Software?

What if it were possible for you to ditch the paper altogether? What if you could do your accounting and keep better records in the process?

Now it's obvious at this point that your accounting solutions have to be matched to your particular needs. A business will have different objectives than an individual who's working out a family budget. At that, the bookkeeping requirements of a small business will differ drastically from those of a multinational corporation.

What's your best shot at getting your accounting done more efficiently? Accounting software is your best bet. Not only can it be customized for your situation, there's also nothing stopping you from upgrading as the need comes up. Simply pick a package that caters to your needs and go from there.

Whether you're heading up a business or you're getting ready for tax season, accounting is a basic fact of life. These accounting tips will make it easier for you to handle your bookkeeping needs.

Accounting Tips Your Company Can't Do Without

Face Your Financials

Face Your Financials
By Kim L. Clark
July 1 starts the new fiscal year at many organizations and that's a good time to think about financial management and fiscal health. There may be both an accountant and a bookkeeper on the payroll but you, the business owner, nevertheless bear the ultimate responsibility for maintaining the financial integrity of the enterprise.
Every owner must be able to make sense of basic financial data. Each financial statement has a story to tell and the business benefits greatly when the owner is able to analyze and apply the information that the numbers convey.
Three financial documents are typically generated monthly (and also compiled quarterly and annually): the Balance Sheet, the Cash Flow Statement and the Profit & Loss (or Income) Statement.

• The Balance Sheet resembles your checking account monthly statement. This document details business assets and liabilities, showing the monetary value of all the business owns and what it owes: net worth.


• The Cash Flow Statement is the business budget and shows what sales revenues will flow into the business and what expenses will flow out. This document shows how much money is available to cover expenses, like payroll and rent. Accounts payable (the bills) and accounts receivable (sales revenues) are listed on this statement. If you've ever managed a household budget, then you can master the Cash Flow Statement.


• The Profit & Loss (Income) Statement is similar to the Cash Flow Statement. It contains many items that are also found on the IRS tax form Schedule C, Profit or Loss From a Business. Sales revenues and expenses are listed on this statement, including labor, taxes, inventory and the wholesale costs of products sold. Net Profit is shown on the last line of this statement (the bottom line).

One does not need a degree in accounting or an MBA in finance to identify which numbers on financial statements are most critical to your business. Monitoring a handful of key values, including values called ratios, will do wonders for your comfort level with financial analysis and in the process, guide your business decisions in many ways.

• Gross Profit in the P & L indicates how much money remains after product acquisition or production costs (the wholesale cost of goods sold) have been tallied and the wholesale value of product inventory is subtracted. Providers of intangible services calculate this figure as time. How many hours were spent to develop a new service that you will offer (e.g., a workshop or webinar)? Make a reasonable estimate of the wholesale cost of your labor. Can you produce and deliver services more efficiently, or acquire products less expensively? Lower production costs increase gross profit.


• Net Profit at the bottom line of the P & L tells the ultimate story. Every line item that precedes it, impacts it. If you want to increase that number (and don't we all?), examine expenses and production costs to see what can be trimmed. Consider also how to increase the top line, gross sales, by generating new business.


• Gross sales revenues in the P & L may be tracked in two ways, looking back over what occurred in previous months or years (historical comparison) and going forward (projections, or forecasting), to predict what you can reasonably expect to sell in a given period, guided by current demand. Are you achieving, exceeding, or failing your sales goals?

Finally, see your Balance Sheet and calculate these ratios, to continue the financial analysis. After your review, consider what might be done differently to either capitalize on upward trends or minimize negative impact.

• Quick Ratio = Accounts Receivable + Cash - Inventory divided by Accounts Payable This figure indicates how much money is available to pay bills. A 2:1 ratio represents a business in good shape. However, a big receivables number can mask clients who take longer than 30 days to pay, thus signaling the owner to step up collection efforts.


• Current Ratio = Assets divided by Liabilities This figure measures resources available to pay debts over the next 12 months. A value > 1.0 shows a business in good shape, > 2.0 is a business in excellent shape.


• Working Capital = Current Assets - Current Liabilities Think of this number as the amount of money available to not only pay bills, but also to invest in business upgrades and expansion.


• Debt to Equity Ratio = Total Assets divided by Total Liabilities This figure indicates how much debt the business carries relative to its assets. A value <0 .5="" and="" excellent="" is="" values=""> 0.5 mean the business is carrying rather heavy debt and is considered highly leveraged.

Thanks for reading,
Kim
Kim L. Clark is a strategy and marketing consultant who works with organization leaders who must achieve business goals. Kim is the founder and principal of the consulting firm Polished Professionals Boston and she teaches business plan writing to aspiring entrepreneurs. Learn how Kim's expertise can benefit your organization when you visit http://polishedprofessionalsboston.com.
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