Professional Presentations - SAWF Educational Academy : Financial Accounting

Showing posts with label Financial Accounting. Show all posts

Friday, 21 August 2015

Why are Effective Communication Skills Important for Accounting Professionals?

Regardless of the professions and positions, effective communication has its own place and importance. Effective communication helps individuals to perform their duties in an effective and efficient manner. Not only it enables people to work in a way as needed, but it also helps greatly to form a coordinated structure facilitating engagement and building trust among them.

English communication skills is the basic requirement to handle a job of accountant effectively and efficiently, because, in addition to performing regular tasks pertaining to accounting, accounting professionals need to draft letters, send emails, prepare reports, interpretations and foot notes for management review, perusal and decisions. They are also required to coordinate with various parties, such as, debtors, creditors, clients, banks or affiliate companies. Hence, improving skills of both verbal and written communication is very much important for accounting professionals.

Good communication skills of verbal and written can open many doors to success including professional development for the employees. Besides, it’s a great help to prepare a strong resume to get a desirable job for job seekers. Strong communication skills also enable the professionals to express themselves clearly.

Some people seem to have this opinion that they do not need to improve English communication skills, as the major part of their job involves dealing with numbers. While it is true that accounting entails working with numbers and they must be good at using numbers in number of different ways as required by the profession, they need to pay enough attention to the importance of developing communication skills. It must be noted that accounting also involves looking beyond the numbers, gathering and preparing reliable information for the intended parties.

Read more...

Written by:

K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

Professional articles on business and Management

My You tube Videos and Presentations

Accounting Principles and Concepts – Why are they Important?

Being conceptually good enables us to use the acquired knowledge and concepts effectively. Regardless of their chosen field of endeavor, people whose concepts are clear can perform their tasks well and independently.

Accounting system is based on some concepts and conventions. Accountants all over the world would agree on certain basic points on which accounting theory and practice is based being commonly referred to as accounting concepts and principles.

They are considered as a broad set of conventions that are meant to provide basic frame work for financial reporting. The importance of these concepts and principles lies in the fact that they are related to the entire Financial accounting process while they affect directly the way the financial reports are prepared.

Accountants need to apply professional judgments while preparing financial reports, these concepts and principles help them to ensure that they are not being misled and that providing a true and fair view of financial statements is being accomplished.

Following is a list of the major accounting concepts and Principles:

Timeliness
Faithful Representation
Reliability
Neutrality
Matching Concept
Prudence
Completeness
Entity Concept
Money Measurement Concept
Understandability
Comparability
Consistency
Materiality
Going Concern
Accruals
Substance Over Form
Duality Concept
Realization Concept

Wednesday, 19 August 2015

Ways to learn and Improve Accounting skills

Financial Accounting, in simple terms, is the process or work of keeping financial accounts. In a broader sense, accounting is defined as being the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of financial character and interpreting the results thereof.

Financial Accounting is so important that it opens doors in every kind of business. However, it is not just confined to business only. Accounting is important to anyone who deals with money. In this way, learning and improving accounting skills is not much less important than it is for professional purpose. At this point, it is appropriate to mention some of the basic accounting skills: They are as follows:

Understanding about the basic accounting equation
Being familiar with accounting terms
Passing Journal entries
Making Reconciliations
Problems solving ability
Financial Reporting

Read More

Written by:

Professional articles on business and Management

My You tube Videos and Presentations

Monday, 3 August 2015

The Need and Importance of Financial Accounting

The Need and Importance of Financial Accounting from Fareed Siddiqui, BBA, MBA-Fin, MPhil-Fin, (PhD)

Accounting is very much connected with our personal lives in so far as it is in respect of every business. We all with intent or unknowingly generate accounting ideas in a way when we plan what we will do with money. We need to plan how much money will be spent whilst how much of it will be kept back.

Being known as "The Language of business", accounting is the basic need of a business organization to find out where it stands. It is of great essence to provide the basis for planning and budgeting while dealing with measurement of economic activities and communicating financial information to the users for business decision making. It is also meant for protecting the properties of business and communicating the results obtained from the financial statements to the intended parties like share holders, debtors, creditors, and investors while meeting the legal requirements. Accounting is included in those fields that are growing faster in this era. It is dynamic at the present time and meets the growing demands of trade, commerce and industry. It is appropriate to mention here that the advent of industrial revolution and technological advancements have given rise to widen more business prospects at the same time as bringing about change in the domain of accounting by which it has now begun to be known as a tool of management for planning and controlling process. Thus, it can be rightly said, in the present day and age, no economic activity can be carried out successfully with no thought of accounting.

According to American accounting association, accounting has been defined as, “The process of identifying, measuring, and communicating information to permit judgment and decision by the users.” Yet another definition of American Institute of Certified Public Accountants (AICPA) is that “Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof.”

About me

I am an Individual Member of Institute of Management Consultants of India. I am a Professional with a high creative capability based on Business, Management, Financial Accounting, Management Accounting, Finance, Management Consulting and Computer programming background. I impart part time training and development programs. I write professional articles on the aforementioned subjects including Software Engineering. My writings have appeared in various Journals, magazines, news papers and news letters. I have also written books/eBooks on business and management subjects including business English.

Pages