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.

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What really makes you employable?

Employability, it’s the new corporate buzzword that has job seekers scratching their heads trying to find ways to make themselves more attractive to potential employers.
The concept of soft skills is most often bandied about as the new career saver; without them your employability drops faster than the time it takes to Google ‘soft skills’ and add them to your CV, or so the experts warn.

I believe employability, particularly in the financial sector, is first and foremost founded in hard competency. Yes, soft skills like being a team player, being able to work with people from diverse backgrounds, being friendly and demonstrating general workplace optimism all have their place on the new-generation employee checklist. But when an employer needs an actuary or a qualified accountant, it is a candidate’s core competency that matters most.

South Africa’s unemployment rate is currently hovering around the 25% mark. We constantly hear stories of young people struggling to find work, yet, paradoxically, there is a growing skills shortage. We need more specific types of skills that are not currently being supplied. In other markets, employability might be more about all the qualities the well-rounded employee brings to the table; in South Africa, employability primarily comes down to matching supply with demand.

National Scarce Skills List

In May this year, the government released its National Scarce Skills List. Top 100 Occupations in Demand, detailing the current skills most needed in South Africa. Financial managers were listed within the top 10 occupations. Our own research into recruitment advertising in the private sector mirrors this: year on year we have seen a 20% increase in the advertising of financial positions. The top-three financial roles consistently in demand are financial manager, management accountant and financial accountant.

Firstly, this tells us that an important step towards producing more employable school leavers in the country is an urgent focus on improving maths in schools. Next, it points to the imperative to promote the right types of study directions to matriculants, particularly those with a financial focus. As appealing as, say, 17th century Nordic language construction sounds to some, such a study path will most likely render these graduates unemployable.

Ultimately, if what you’ve studied is not relevant to the market demand then no amount of advice on power dressing, CV design and positive body language is going to make you more employable.

That said, if you have pursued a financial career and have the core competency to show for it, there are certain qualities that will make you stand out from your peers, enhancing your employability.

Hone your talents

First, hone your talents at speaking well in public and writing in professional, business English. It’s a dying art in the age of texting and instant messaging, but your influence will quickly grow when colleagues start relying on you to compose necessary communications and make important speeches.

Next, be prepared to pay your dues. There is a growing sense of entitlement among employees who increasingly have high expectations of their employers. But all employers want are people who can be trusted with the job at hand (which goes back to your core skills!) and be patient enough, within reason, to know that good work will be rewarded.

Finally, invest in becoming a good leader. South African business needs great leaders and managers. Being a good accountant doesn’t mean you’re a good manager, but being in the financial profession provides you with access to the platform necessary to become one. If you have the inclination, apply yourself to developing strong people and leadership skills.

Business Partners selects this year’s entrepreneurial winner

Janine Williams (24) of Cape Town has won this year’s Business Partners Limited / SME Toolkit SA Global Entrepreneurship Week’s Business Plan Competition for Aspiring Young Entrepreneurs.
Williams, a Certified Financial Accountant, beat 240 entrants and hopes to establish her own accounting practice in the near future, which will offer various business services, including bookkeeping, tax and accounting services and the drafting of financial statements.

Janine Williams
Janine Williams
Expanding nationally

Now in its fourth year, the competition, which is open to entrepreneurs between the age of 18 and 35, aims to have a positive impact on aspiring and promising South African entrepreneurs by bridging the gap between simply having an idea, to actually launching a start-up business.

This year, for the first time, the competition expanded nationally across the country and 20 selected entrants from various region, including rural areas, were invited to attend a regional one-day business workshop to learn the intricacies of compiling a business and marketing plan, as well as how to manage the many functions of operating a business. Each entrant was then required to submit a business plan, based on the knowledge learnt, before five regional winners were selected to be considered for the national title.

According to Pierre Mey, executive GM – support services at Business Partners, the competition strives to discover aspiring young entrepreneurs that demonstrate strengths in the necessary skills, technical ability, experience and knowledge in terms of the industry and encourage these youngsters to fulfil their entrepreneurial dreams.

“Too many entrepreneurs fall through the cracks in South Africa and entrepreneurial awards platforms such as this are crucial to recognising and developing influential entrepreneurs.”

Mey explains that the judges considered three key areas, namely business skills and whether, with mentoring, the entrepreneur could apply their expertise to the specific business, industry risk and if the business plan addressed these risks, and lastly, if the business plan and financial projections were realistic and achievable.

Business Partners selects this year’s entrepreneurial winner
Well-presented business plan scores win

He says Williams was awarded the overall title due to an exceptionally well-presented business plan that touched on all of the essential elements needed to take her idea from plan to business. This was especially seen in the due attention she gave the financial aspects of the business. The plan was not only detailed and well thought out, the business concept itself is practical, making the business plan one which could quickly be implemented.

Williams says that she had literally being flying high all day, given that yesterday was also her first time on an aeroplane. “When they called my name as the winner, I was really shocked at first and then of course really happy. I currently have a day job three days a week, which provides me with a fixed income, and then I work on my business the other two days a week and after hours, so I already have some clients. Now that I have won, I hope to be fully self-employed in a few months from now.”

Regional winners

The four other regional winners / finalists for the national award, include:

• Sifiso Masango, regional winner from Johannesburg, who aspires to open a wash-n-go carwash facility;
• Dudley Field, regional winner from Pretoria, who aims to establish an extreme adventure centre that provides inter alia programmes, as well as a petting zoo for children and a conference centre;
• Durban based regional winner, Hlengiwe Zulu, who wants to develop a Zulu Cultural Village and Lodge in Durban;
• Port Elizabeth regional winner, Azola Gqwabaza, who intends to establish an Internet Café in his hometown of rural Qumbu to provide online and office services to the community, especially for students who are far removed from the bigger towns and cities.

Mey says it is fitting that the awards ceremony is held during Global Entrepreneurship Week, a global initiative that celebrates entrepreneurs who bring ideas to life and drive economic growth. “This competition aims to provide a platform for the country’s many young and ambitious entrepreneurs who have the courage and determination, yet lack the means and assistance of how to establish their business ideas.”

Each regional winner received a R5,000 mentorship voucher from Business Partners at the regional events and the overall winner received an additional R10,000 mentorship voucher, a Samsung tablet, a cash prize of R20,000 sponsored by Business Partners and subscriptions to SMEasy Accounting sponsored by, 6-month subscription to Bizlify, an online business building tool sponsored by Milestone Ventures and a gift sponsored by IBM.

He says that all winners are encouraged to use the mentorship to its full potential. “A mentor offers invaluable assistance and will guide entrepreneurs on their business journey by showing the potential pitfalls and the corrective action that needs to be taken. It is therefore crucial that the entrepreneurs harness the skills of experienced business and professional people to support them in successfully establishing and growing their business,” concludes Mey.

Kaya FM’s Linda Reddy – About Linda

Chief Operations Officer at MTN’s Commercial Radio Station for 2013 Kaya FM; Linda Reddy shares with us her wisdom as we sat down to talk about her and her career.
Kaya FM’s Linda Reddy – About LindaLinda started her working career as a packer at a Reggies toy outlet in her birth province of Kwazulu Natal. During those humble days Linda worked hard and when a colleague in the finance department was to go on maternity leave, Linda was approached by her seniors to be a stand-in. Linda worked consistently and smart, this caught the eye of her manager and she was offered the position permanently and her colleague redeployed to another division within the business.

Raised by a single mother Linda was determined to make a success of her life, although she could not afford to go study after she matriculated like all her peers, Linda was fortunate that she received support from the company she was working for and was able to enrol for distance learning. Based on her experience in the finance department she opted to study a BCom Finance Degree.

Linda moved to Blue Chip companies where she held various finance positions. A career in Radio was the furthest thing from Linda’s mind when one of the companies she was working for as a Financial Accountant was experiencing difficulties. Instead of jumping ship which would have been the easiest thing to do, Linda remained loyal to her Financial Director, and the result of the work stress forced her to take a time out and she was admitted into hospital due to a stress attack.

The much needed December break in 2006 required Linda to reflect and put into perspective what she wanted from life.

In February 2007 Linda went to see a recruitment agency and made it very clear that she was interested in either travel or media industry based positions. A day later the recruiter called Linda telling her there was a position for a Financial Director at Kaya FM.

Interviewed by then MD and exiting Financial Manager, Linda had no idea that Kaya FM would be her home for the next six years. Linda had her reservations about the success of her interview and had doubts questioning whether she was not senior enough for the role. Needless to say with all her self-doubt a few days later Human resources contacted her to make the offer, she was successful the candidate. It’s like radio chose her shares Linda and on the 7th May 2007 Linda started her first day at Kaya FM.

The Kaya FM we know today is a far cry from what Kaya FM used to be, with minimal systems in place for the small business it was then, with the support from the finance team and a clear strategy from the Station Kaya FM became the successful viable commercial radio station it is today. Operating for ten years prior Kaya FM hit the 1 million listener mark in a month of Linda joining, which only meant that Kaya FM was to grow from strength to super nova.

Linda outlines that there are not as many women in the business of radio today and that it certainly still is very male dominated in the boardrooms. As the COO these days she is the right hand of Managing Director Greg Maloka, and she ensures that Kaya FM is a well -oiled machine in that every operational aspect of the business runs smoothly.

The two leaders at Kaya FM are serious about nurturing young females into business savvy radio professionals, in all areas of the business.

Away from the station Linda is a wife and mother to a 21 year old daughter and a son currently in matric. Close to Linda’s heart are the words her mother often shared with her, that if you are able to make a difference in just one person’s life then you have lived a life worth living.

Linda- a born philanthropist has taken the words of her mothers and applied it to her life. She supports two youths with their daily needs in Kwazulu Natal through an orphanage and in Johannesburg she provides for the psychology treatments of a little girl that was raped by a family member.

It certainly reflects in the Corporate Social Investment projects that are implemented at Kaya FM that Linda is sincere about making an impact in the lives of those vulnerable in our communities, the Station changes lives daily through the programming content and events, and keeps Linda close to what she values most in life- making a difference.

A seasoned traveller, Linda enjoys what the world has to offer and has travelled to the East and West, and as a true city girl her favourite is New York City but that may soon change if what she has heard about the splendour of Hong Kong to be true as she has made plans to travel there in the near future.

On her recent trip to India Linda found treasure in a book form -The Memoirs of Ghandi and on her kindle Linda is reading the autobiographies of leaders from different eras like Steve Biko, Thabo Mbeki and Martin Luther King. She enjoys reading books on leaders that have contributed positively to the world.

Although the medium of Radio is instant generation X as the young people are called, look for instant gratification they need to take time to study. Linda cautions young people interested in getting into the business of Radio, to learn as much they can and to be prepared to start at the bottom, but above all she advises that respect for self and others is important for any industry one is looking to get into.

The Growing Need Of Financial Accountants

The business scenario that we are witnessing at the moment is the most competitive and the most complex that can ever be imagined. Businesses in today’s times are revolving around the financial clouts of the organization and the manner in which it can acquire and further expand its operations as well as domain of expertise. In such times, it is really important that the companies realize that there is an urgent need of people who have the expertise in the management of their finances. The people who have the requisite qualification as well as the experience of handling the finances of an organization no matter how so ever tough and the complex the process might be, are called financial accountants.

Some of the key areas in which there is a requirement of the financial accountants are like maintaining a close watch on the movement of finances within the organization, preparing the financial reports of the company, as well as analyzing them and then presenting a proper and the true picture of the reports to the management as well as the decision makers. It is really important that the upper echelons of the organization are always well informed about the true standing of the company so that they can make informed decisions about the future plans of the company.

Another important role that a financial accountant plays in the overall operations of the organization is to keep a tack on all the important resources that are at the disposal of the company. In addition, it is important that they also make a correct evaluation of the financial resources that are being spent on these resources. Maintaining a close watch on the profits made by the company as well as the losses suffered are also the key roles in an organization.

In many cases it is important that the people working in the organization are also well guided about the importance of the taxes and how they can go about filling their returns. These are just a few important roles that the financial accountant plays in the organization. Apart from these there are myriad of domains in which the financial accountant needs to be active to maintain and aggrandize the financial health of the organization.

Why A Financial Accountant Is So Important

A financial accountant is a very important person in the entire operations of an organization. It is very much true that the finance is the foundation stone holding the whole edifice of the organization as well as its future plans of expansion and in carrying out the current operations that it has undertaken. A financial accountant is the person who takes on the mantle of identifying as well as recording the financial transactions of the organization, measuring it, classifying it as well as verifying the financial information and then further interpreting it as well as communicating the information to the decision makers. In the event of performing the computerized financial accounting he is supposed to report the value as well as the nature of the financial assets of the company and also reveal the liabilities as well as the equity of the owner. He also informs the owner about the profits and losses of the company for a given period of time.

Some of the fundamental responsibilities that a financial accountant has to take care of are:

h)Internal financial assessment
i)Give an expert’s advice as well as help the people on the matters of taxation
j)Record and review the financial transactions
k)A comprehensive and thorough management of the financial records
l)Report as well as analyze the information pertaining to finances to the management
m)A constant monitoring of the financial assets as well as the investment strategies of the company
n)Keep abreast with the latest in the financial news

In order to perform the following duties a financial accountants needs to be very much thorough in his core areas of competency. Another most important quality that a financial accountant is supposed to have is that he needs to be honest in his approach to work, have integrity as well as be forthright in his dealings with the higher echelons. A financial accountant is the person that the management looks upon while seeking any information pertaining to the finances of the organization. It is on the basis of his reports that the management and the decision makers base their plans as well as decide upon their future course of action.

Becoming an Accountant

A career as a an accountant can pay well, but not everybody is able to survive in the job for long, therefore those who aspire for a career as an accountant should first make sure that they have a clear idea of the kind of work they would be doing. But this is not all, if you want to become an accountant you would have to make sure that you possess good mathematical skills, can work meticulously and systematically, are comfortable working on computers throughout the day, possess good analytical skills and can communicate well orally, as well as in writing. Preparation for a career in accounting can begin right from high school and the earlier one starts the better. Ideally, those who plan to become an accountant should strive to get high scores in mathematics. A strong foundation in high school level mathematics would help the candidate throughout life. Apart from working at improving mathematical skills the candidate should also opt for electives like accounting, advanced mathematics and economics. Joining relevant clubs like math/economic/business and active participation in their activities would similarly provide added experience. There are schools that provide their students with opportunities to work as interns in local companies, if you are fortunate enough to study in such a place you should definitely make use of any such opportunities, it would equip you with valuable experience. Moving beyond school level, you should opt for a college that is reputed for its accounting programs. In college you have the choice of deciding whether you would like to work as a Certified Public Accountant (CPA) in future, or an uncertified one. For the former, you have to take a four year degree program but for the latter a two year degree would suffice. If you elect to work as a CPA then you would also have to ensure that the course chosen by you satisfies the licensing requirements of the state in which you plan to work. Although opting for an accounting degree seems to be the obvious choice when your aim is to work as an accountant, you can also opt for a business degree and include as many accounting courses in it as possible. This will also help broaden the scope of your knowledge and work. Since we live in the age of specialization your next next step would involve deciding the specific area of accountancy in which you wish to specialize. Some of the choices available include – ·Public Accountant ·Management Accountant ·Public Sector Accountant The above is not an exhaustive list but only the most popular specializations in the field. A public accountant provides accountancy services for companies and individuals. Management accountants are employed by corporations where they are responsible for maintaining and analyzing financial records, managing the organization’s assets and liabilities and also preparing the budget. Public sector accountants, as the title implies work for the government; they audit government agencies and those who work in association with such agencies and are subject to the similar regulations. The CPA licensure exam requires work experience as a pre-condition for appearing in the exam. However the period of work experience required differs across different states. You would need to check the specific requirements of the state in which you wish to practice and fulfill them. After you have passed the CPA and have started working you will need to take Continuing Professional Education (CPE) programs periodically to stay updated with the latest developments in the field. Published at:

Get Excellence In Each Financial Task With Accountant New York

As accounting is considered as measurement and communication of financial and economic data, it involves all major tasks that represent flow of cash inside or outside the organization. Accounting is as old as money itself; whenever money flows in term of services of currency a transaction takes place and that is why accounting is needed to record the transaction in a systematic format. The process of accounting is still in an evolutionary process and it will last till money is there. As accounting refers to the discipline of recording and classifying the monitory events of an organization, an efficient individual is needed to analyze and categorize the data according to requirement. Person who takes care of accounting task is accountant, a qualified and proficient professional who contributes chiefly in growth of any organization. New York is the ultimate destination to find variety of talents and that is accountant New York are also the preferred choice of every business interested in outsourcing it’s accounting task. Are you worried as the tax session is approaching? If yes then stop worrying and have a look accountant New York, you will definitely find solution for your accounting hassles. Accounting is the language efficiently employed to understand cash flow; an efficient accountant not only understand the complex terminology of this language but also plays with its term to make your balance sheet more delighting. It is now well recognized that accountant New York is the master of accounting terminology who can make everyone’s tax session hassle free. During the tax session, a well-organized financial recording system can prove to be the biggest help as it makes every required information easily available. An accountant New York that you hire keeps the massed up data in a systematic books of ledger and journal. Journal and ledger books are the basic information providers to prepare annual financial statement for assessing tax. The primary role of an accountant is to record and process the data in accounting system. He is liable to handle operational and non-operational accounting data; operational data constitutes great deal of cash flow whereas not operational records are stable and updated annually. Organizations that have poorly managed operational records repent for it as they tally records for tax assessment or annual report preparation. Similarly, other muddled financial records can portray a wrong image of that organization. If you are a business owner and want to entrust your accounting tasks to someone reliable and efficient then accountant New York is your ultimate destination. Accountant New York is committed to maintain accuracy and privacy of your confidential data. With him, you can be rest assured that your accounts are in safe and professional hands that will take care of every financial activity carefully. Now you can sit at ease even during the tax session as accountant New York is there to accomplish every task in minutes. For finding an efficient accountant New York, you can take help of internet as there you can easily search for an accounting service provider. Published at:

Accounting Advantage- Free Related Guideline About Basic Accounting Concepts

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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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