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Choosing Wisely is the key while Purchasing a Good Accounting Program

Accounting ProgramEvery business owner has to make the big decision about purchasing a good accounting software program for their accounting activities. This helps is streamlining their process and eventually leads to good accounting. However, once this decision is made, it becomes difficult and also costly to switch to some other program if you feel that the one you selected is not good enough for you. This makes it imperative that you make the selection with care after reviewing all the aspects related to the software and how they can be beneficial for your accounting activities.

Factors to consider while selecting a good program?

There are some key indicators and aspects that you need to carefully review when you select the accounting program (Regnskabsprogram) for your business. These factors are as follows:

* The cost of the program
* Efficiency to input data
* The learning curve it provides
* Capabilities of reporting
* Flexibility rendered

Let us now consider all the above aspects in brief.

The cost

While selecting the program, you need to compare the prices of different programs. Remember that this will be a one time investment and hence, choosing wisely is advocated. Some programs are available on monthly fees while others can be bought outright. Again, you need to weight all aspects such as, the features offered along with the cost and then make the final choice.

Efficiency to input data

You need to consider how long the program takes for inputing all the information. If the program takes longer time, then the cost incurred will be quite significant and hence, such a program may hamper your intentions of streamlining and getting the business in order efficiently. Hence, it is wise to choose the software that allows quick entries and saves your time in the process.

The learning curve it provides

Some accounting programs are complex and hence, they consume lot of time for you and your employees to learn their working. This is not good for your business overall. Hence, check whether the operations of the program are easy to understand and are user-friendly.

Capabilities of reporting

This is a major differentiator among different accounting software programs. Reporting is extremely important from the business perspective for proper management. Hence, when you make the selection of the accounting program (Regnskabsprogram), remember to check the reporting strength it renders. The reports need to be delivered to you easily.

Flexibility rendered

Finally everything boils down to how flexible your program for accounting is. When flexibility is considered, it means that the program needs to offer complete ease of operations along with providing easy access to extraction of data from it. It also means that the program needs to easily allow entry corrections and transferring it from one system to the other. Consider a scenario when all your important accounting information is locked in the accounting software program and you are unable to modify or access it. This will create a huge problem. All this makes it mandatory that the program you select is flexible enough for you to make adjustments according to your needs.

Finally, when you keep all the above mentioned pointers in mind, the selection of a good accounting software program will become easier. Further, this will ensure that you obtain a system that is beneficial for your business. Denmark provides many options to get good programs for accounting; however, all these factors need to be considered before making the final choice.

Strategic Management Accounting Certification – A Way to an Advanced Career

Accounting CertificationMost businesses use some or all forms of management accounting, such as budgeting, cost allocation, break-even analysis. But strategic decision making goes beyond these functions and focuses on how external factors (competition, political environment and monetary policy can affect a company’s operations.

As strategic management accounting is an extremely important function, there is a huge demand for professionals who can help companies plan, craft, implement and execute strategies to take their businesses to the next level. If you’re an accounting graduate or professional, considering such opportunities can really boost your career. However, with a post-secondary diploma, it is really difficult to get into such an important position.

How to Get into This Field?

Typically, professionals with prior experience in accounting, finance and other related fields along with higher education are preferred for such positions. Excellent leadership skills further strengthen their case. If you have reached the dead end in your accounting career or are looking to avail more advanced career opportunities, enrolling in a postgraduate strategic management certificate program is a great idea.

It will provide you with a systematic and rigorous specialization in management accounting in context of strategic management along with leadership skills. And as a graduate of this program, you will also be eligible to CPA Ontario.

What Will You Learn?

As I said earlier, this is a rigorous program that includes a comprehensive coverage of all key areas of management, and cutting-edge managerial and leadership practices of the best companies in the world. You will gain advanced knowledge in taxation, information systems for business management, operations management for products and services, advanced auditing, advanced financial management, ethics and stakeholder management, and contemporary organizational behaviour. As a graduate of this program, you’ll be able to:

– Critically analyze a management accounting and control system
– Define and implement accounting systems in tandem with strategic needs of the organization
– Demonstrate expertise in most advanced tools and techniques of management information systems such as ERP systems (Enterprise Resource Planning systems)
– Engage in effective communication with stakeholders
– Design and execute strategy to attain business objectives

What Can You Do Upon Graduation?

Typically strategic management in accounting is a one-year diploma program. You can pursue your career as an accounting manager, controller or business analyst upon graduation with financial institutions, manufacturing concerns, government offices, public accounting firms or service industry.

If you want to avail more advanced job opportunities than those mentioned above, you may apply your academic credits towards a degree program with partnering universities.

Do All Colleges Have Articulate Agreements?

Not necessarily. If you may consider higher education once you graduate from this certificate program, it’s ideal to join a college that allows you to start with a post-graduate diploma program and end with a degree (if you wish to). Centennial College has partnered with universities and allows you to apply your diploma credits towards a degree program in strategic management in accounting. But you’ll have to meet minimum grade requirement in order to qualify for further studies.

So, continuing education can help you boost your career and can place you in the front league. You must upgrade your skills and knowledge and explore new opportunities, if this is possible for you.

Strategic Management Accounting Program Offers Comprehensive Coverage of Key Field Areas

Accounting Program 2While the duties of accounting supervisors, accounting managers, assistant controllers, controllers and business analysts all vary there are some commonalities. All of these professionals must have the know-how to perform accounting duties, benefits administration, and audit, manage processes, report research results, develop budgets, track budget expenses, navigate financial software, analyze information, and more. These professionals may launch careers in financial institutions, government offices, public accounting firms, manufacturing industries, service industries, small business and through self-employment.

Centennial College offers a two-semester Strategic Management in Accounting program that is open to anyone who has completed a three-year college diploma or university degree in accounting as well as anyone who has a two-year college diploma or a partial university degree (75 per cent complete) in accounting, and who has a minimum of two years work experience relevant to this program. Applicants may be required to provide proof of English proficiency.

The offering is facilitated out of Centennial College’s Progress Campus, which is centrally located and houses other programs from the School of Business. This is important, as students are able to network with peers from offerings that are similar to theirs. Additionally, Progress campus houses modern computer labs that feature software that is relevant to this field. As such, students gain hands-on exposure to the latest technology applications in the area of management information systems, including ERP systems. Hands-on training is also presented to students through extensive use of case studies, simulations as well as leading-edge managerial and leadership practices of the best companies in the world. Students are guided through their learning by a team of professors with strong academic backgrounds, extensive business and management experience.

While other strategic management programs may focus on business or accounting, this program balances both perfectly. The program provides rigorous study of financial accounting, managerial accounting, taxation and auditing, and includes comprehensive coverage of all the key areas of management.

Specific courses in this offering include: Accounting Theory and Policy (standards such as reserve recognition, management discussion and analysis, employee stock options, post employment benefits, financial instruments, ceiling tests, hedge accounting and comprehensive income are critically evaluated); Advanced Taxation (focuses on compliance with the requirements of the Income Tax Act for Canadian resident corporations with specific emphasis placed on the decisions to be made by the owner/manager of a Canadian controlled private corporation); Advanced Managerial Accounting (covers relevant costing, capital budgeting, transfer pricing, balanced scorecard, inventory management, variance and profitability analysis, performance measurement and compensation, and the application of management accounting concepts and techniques to support business decision making); and others such as Operations Management for Products & Services, Information Systems for Business Management, Crafting and Executing Strategy and Contemporary Organizational Behavior.

th Century Business Methods Used Today Are The Problem, Not The Solution

Throughout the 20th century, various business methods for operating and developing the company have been contrived and refined, becoming the conventional business methods that we use today. We improve management and effect business change by laying new contrived business methods and structures over the methods in place. Even with all the improvements, we continue to have fundamental problems with re-organizations, intangible assets, accounting limitations, cost control, information management, alignment, etc. Even with all the business organization and management methods, we still have not found the one right method to organize and manage the company business.
Until now. Result-performance Management, newly launched in 2008, provides the one right method to organize and manage the business in the 21st century company, and leave problems with 20th century business methods behind.

Conventional business methods are the generally-accepted wrong ways

Over the past decade, we implemented breakthroughs like business process re-engineering, business transformation methods, business performance management, and enterprise resource planning. But, these turned out to be just new names for conventional business methods to do the same old things.

Why are there so many different business methods to do the same thing? Why isn’t there just one right business method? It is simply because all of these different business methods are wrong methods, and we do not know the one right business method. Since all the different business methods we use are wrong, we can only define the right method by identifying the wrong methods that are generally-accepted. The basis for our management and accounting methods is not that they are the fundamentally-sound and understood right business methods, but that they are the generally-accepted wrong business methods. When we come up with the one right business method, it will be known and accepted, and all of the wrong business methods will be obsolete.

Conventional thinking prevents the new breakthrough needed

Since the beginning of business, no one has ever stopped to think, “Are the business methods that have always been used the best business methods”. We accept existing business methods as the basis and try to improve the methods.

New business methods contrive ways to alleviate the symptoms of fundamental problems inherent in the way things have always been done. This we can do ad infinitum without ever solving the problems. How many methods do we have and how many books have been written about corporate governance, business organization, change management, investment management, capital development, performance management, cost and value accounting and management, solution alignment, intangible assets, business collaboration, etc. Why do we keep coming up with new business methods, if previous business methods were supposed to have solved the problem?

Management improvement books are written using the existing body of knowledge or published record as the valid basis. Many of the books cut, reorganize, and paste what has already been written. Other books describe innovative ways enterprises are coping with contrived business methods. These approaches prevent new breakthroughs and can, at best, produce some incremental improvement.

Conventional 20th century business methods do not organize and manage the business

The problem is that conventional business organization and management methods do not organize and manage the business. Instead we contrived business methods to organize and manage people, departments, functions, activities, duties, positions, tasks, and numerous other entities. Each business method defines these entities in its own way. Each method is laid over the business obscuring the actual business and compounding the problems of business change. The many different business methods describe the company with different entities and definitions creating information complexity and proliferation of information systems.

The organization structure is laid over the business. The business changes, while the organization structure remains rigid, building pressure for reorganization and upheaval. Other business methods and structures are laid over the organization structure. The actual business lies hidden under a proliferation of methods.

We need one right way to organize and manage the business

We need to step back and take a completely new look at the basics of our company business and build the one right method to organize and manage the business. Conventional business organization and management methods manage contrived entities, but fail to specifically define the business and manage specific business entities.

The business definition is investments in capital as solutions of worth utilized for costs and effectiveness of performance to produce value and quality in results. Conventional business management methods do not identify and manage the three entities that define the business and must be managed:

1. Results: Specific economic outputs of value and quality produced at any level from business performance
2. Capital: Specific invested capital available as solutions to be utilized in business performance
3. Performance: Utilization of a specific solutions of worth to incur costs to produce specific results

These three entities are used in Result-performance Management (R-pM) to organize the company. Any other entities used must be defined in terms of results produced, capital investments as solutions, and performance in solutions utilized to produce results.
The business organization changes naturally as results are added, changed, or deactivated. The business organization changes with each new capital investment to implement solutions or to discontinue old solutions. Human capital personnel and capabilities are deployed as solutions where they have the capability to manage and produce results. Other capital is deployed as well as specific solutions to be utilized in performance to produce a result. The business organization changes with each redeployment of a solution to be utilized in performance to produce a result.

R-pM is the new breakthrough needed to organize the business

R-pM is a new breakthrough that defines the results that enterprise management wants to produce and adds and deletes results as needed. R-pM defines the capital utilized as solutions in performance, to show how costs are incurred. R-pM deploys solutions to be utilized in performance to the results to be produced to show total performance costs against the result value created.
Once the organization is simplified, R-pM manages the enterprise in three dimensions for ongoing advantage

1. Result: Manage economic output to reach revenue goals
2. Performance: Manage invested capital in performance to reach profit-margin goals
3. Management: Manage operation and development goals by time period for return and strategic value

R-pM develops new capital solutions over time to create value in new results. R-pM governs the company business performance over time to create strategic value.

R-pM is one simple integrated business method for 21st century management

R-pM removes conventional business complexity and provides one simple integrated business method that eliminates re-organizations, intangible assets, misalignments, ad-hoc development, change management, and unknown costs. R-pM enables strategic value creation, result value-quality chains, transparent governance, innovation technology management, beneficial development, cost and value accounting, result-performance optimization, business collaboration, consulting professionalism, solution-sharing, and many other advantages prevented by 20th century business methods.
When we employ R-pM, we have the one fundamental right business method to organize and manage any enterprise for 21st century management, and leave all the obsolete wrong business methods and unsolvable 20th century problems behind.

Why Get A Louisiana Payroll System For Your Company

There are many requirements and processes to running a business. And if you want to avoid getting into trouble, you should observe accuracy as well as timeliness. However, this is often hard to do when you are inexperienced and you have too much going on your plate. Yes, you have the option to hire staff to help you out. But then again, not everyone will be fully qualified to help you out. Good thing there are tools you can acquire to assist you in every endeavor. That way, you still remain in control of the situation, without being too dependent on your limited human capabilities. For HR and accounting problems, you could utilize Louisiana payroll systems to help you acquire the following advantages:

a. A more organized timekeeping system. Most payroll software have a built in accounting feature that allows users to integrate their timekeeping system so that they can correctly quantify the attendance and punctuality of the companys employees. As such, you do not have to spend so much time going through records and verifying accounts just to make the right computation. This then leads to the second upside  accuracy.

b. A more accurate computation of employee payroll. Since most factors influencing payroll can be automatically coordinated with the system, the risk of incorporating the wrong information is minimized. This then leads to a more accurate calculation and less reimbursements and losses. In addition, since you can make use of artificial intelligence to run the numbers, results can be verified faster and mistakes can be avoided.

c. You get to lessen external payroll workload. With payroll accounting come payroll distribution responsibilities. Manual methods often use paper checks or cash. And this can be quite exhausting for the team whos preparing them. But with a Louisiana payroll system, you can take advantage of direct deposit features so you do not have to rush to the bank to make the cut. Not only does it ensure your accounting staffs convenience, it also guarantees the next upside.

d. Happier employees. If you give them the right salaries on time, you can rest assured that your staff feels more satisfied working for the company. This would then lead to better attendance and better performances, which would directly influence your production and sales. It is no secret that their wages are very important to your workers. And if you treat it with as much respect and professionalism as you would your payments, you can bet you will be given the same courtesy by those who receive it.

e. Finally, you also get to take advantage of easier payroll processing and tax reporting. Since you can enter relevant filing information like the emoloyees data, his or her pay rate, allowances, deductions and the pay frequency into the system, you can easily derive his or her tax information, implement it, and then submit it before the deadline expires. Anyone who has more than ten employees in their office knows how difficult and expensive it is to cope with such demands on a regular basis. But with a Louisiana payroll system in place, this will no longer be an issue.

Drawbacks Of Financial Accounting

Accounting is not at all free from some accompanying limitations. In fact, financial accounting permits some alternative treatments as well. Bookkeeping is generally based on the concepts usually referred to as generally accepted principles. But there exist more than one principle for the efficient treatment of any one of the items to take place. This permits alternative treatments with in the big framework of generally accepted financial principles. Financial accounting, sometimes, does not provide one with the essential timely information. Actually, it is not at all a limitation when high powered software applications are used to maintain online and concurrent accounts, where the balance sheet will be made available in an instant.

Financial accounting systems are designed in such a way as to supply information in the form of statements called balance sheets and profit and loss accounts, generally for a period of one year. So the information received is said to be of historical interest only, and only the post-mortem analysis of the past figures can be conducted. The whole business requires information given at the right time, at frequent intervals, in order for the management team to plan and take corrective actions. As the tradition goes, financial accounting method is not supposed to bring in relevant financial information in a time interval less than one year. Now, with the advent of computerized accounting soft wares, monthly profit and loss account figures can be known and this will help overcome the existing limitations.

Some are of the opinion that financial accounting statements and reports get influenced by personal judgments. The ‘convention of objectivity’ is respected all over the world in accounting; but, to maintain records of certain events excellent estimates have to be made, which requires informed and intelligent personal judgment. One cannot expect accuracy when it comes to future estimates; and, as a result, objectivity suffers. Financial accounting sometimes ignores some of the very important non-monetary information. But, the interesting fact is that financial accounting does not consider these transactions as something that is non- monetary in nature. As for reference, the intensity and extent of competition faced by the company in business, the latest technical innovations possessed by the organization, the loyalty and efficiency factor of the employees, etc. are some of the important matters the management of the business would get highly interested.

However, accounting is not tailor-made to take note of these kinds of matters. Thus any end user of financial information will, naturally, get deprived of some vital information which is non-monetary in character. Today, good accounting soft wares with MIS and CRM can prove to be of great use for bookkeepers to overcome this limitation, at least partially. Another disadvantage is that financial book-keeping does not provide a very detailed analysis. The information provided is, in reality, just the aggregate of the different financial transactions that have happened during the course of a financial year. In a way, it enables bookkeepers to study the overall results of the business trends, where the information pertains to the cost, revenue and profit of each and every product.

Management Schools In Australia The Best One Can Get

A number of universities and educational organizations in Australia are presenting students with a wide variety of management programs. These programs cover a wide range of topics and issues like management, commerce, marketing and finance. Other than these traditional areas of management studies a number of other options are being provided as well. These are basically areas of specialization like sports, media and health.

The Masters of Business Administration programs have been tailored in such a way that they would address any and every requirements of the students. These programs are pretty highly ranked from a global perspective as well. The DBA and PhD programs allow the students to go for further specialization in their areas of preference. There are some postgraduate business programs available at Australian educational institutes as well. The programs, offered by these institutes, are substitutes for GMAT. They also have the provision of Online Master of Business Administration programs. These are primarily distance education programs and are meant for management professionals, who wish to continue their education, while holding onto a job.

There are management programs, available in Australia, which focus on Information Technology. These could be looked at as alternatives to conventional management programs. The Business School GSM of the University of Western Australia is a premier educational organization of Australia, which offers business management programs. It has two separate divisions  Graduate School of Management and School of Economics and Commerce. This institute focuses on areas like finance and accounting.

Management School of Australia provides a diverse range of subjects to its students. The curriculum is inclusive of established as well as emerging subjects of management. c of the Australian University is a well known educational organization, which deals in management studies. The first year at Biztech Management School covers subjects such as accounting & taxation, hospitality management, aviation management. These subjects are provided to the students so that they can develop a wide skill level. The Bachelor of Commerce program at the Biztech Management School offers the students the choice of six separate streams that specialize in areas like accounting, finance, banking and management.

New Requirements Under Ssap 10r May Cause Significant Alterations To Your Companys Deferred Tax Cal

The NAIC approved SSAP 10R, a revised, temporary replacement of the income tax standard under SSAP 10. The revised standard is effective for year-end 2009 and year-end and interim 2010.

The NAIC revised this standard in order to be more in line with the Statutory Statement of Concepts of conservatism and transparency. The revisions are considered a change in accounting principle and will be accounted for as a cumulative effect adjustment to unassigned surplus as of December 31, 2009. If applicable and elected by company, these changes will require significant alterations to the companys deferred tax calculation under statutory accounting.

The main differences as a result of SSAP 10R are the concept of GAAP valuation allowance, reversal and carryback periods, increase in surplus limitation and additional disclosures.

GAAP Valuation Allowance Concept –
The addition of the valuation allowance concept applies to all companies. As under FAS 109 for GAAP reporting, the Company must consider if their gross deferred tax assets (DTA) will more likely than not (greater than 50 percent chance) be able to be realized. This concept must now be applied under statutory prior to the admissibility calculations.

Admissibility Changes

The most significant changes under SSAP 10R in admissibility are the following:
Eligibility  If the company is subject to Risk Based Capital (RBC) requirements or files a RBC report then they may be allowed additional admitted DTA if their RBC level is above the following thresholds laid out in the new paragraph 10.d:

1.The risk based capital trend test (if subject to risk-based capital trend test); or
2.If not subject to risk-based capital trend test, the maximum risk-based capital level where an action level could occur as a result of a trend test (i.e. 250% for life/fraternal and 300% for P&C/health).

Reversal/Carryback Periods  If the company is subject to RBC and meets one of the above thresholds, they may elect to follow paragraph 10.e to calculate additional admitted DTA. The calculation under 10.e starts with the net DTA from original SSAP 10 less any valuation allowance. The reversal periods now correspond with the IRS tax loss carryback provisions, not to exceed three years, based on the tax character of the temporary difference. For example, life companies are allowed to carryback tax losses three years so a life company would follow a three year reversal under paragraph 10.e.i (increased from the current one year reversal). Whereas a non-life company would follow a two year reversal. Capital tax items would use a three year reversal period since that is consistent with the capital loss carryback provisions. For purposes of the realization calculation and the with and without test, a three year period would apply regardless of character of temporary differences but can still only apply as the law allows (i.e. capital loss cannot offset non-capital income).

Surplus Limitation Increased  The DTA admitted under 10.e.ii is limited to 15% of adjusted statutory capital and surplus, an increase from 10% under 10.b.ii.

SSAP 10R also requires several additional disclosures for all companies, regardless of whether the additional DTA admissibility applies.
The following are some of the additional disclosures required:
DTA must now be broken out by gross, adjusted gross, admitted and non-admitted;
DTA and DTL shown by tax character;
Statement as to if the company has elected to admit DTAs under 10.e;
Increased amount and change in amount of admitted adjusted DTA as a result of 10.e, by tax character;
Amount of admitted DTA, by tax character, calculated under each 10.a, 10.b.i, 10.b.ii, 10.c, 10.e.ii.a, 10.e.ii.b and 10.e.iii and the risk-based capital level used to determine if the company meet the required threshold; and
Amount of admitted DTA, admitted assets, statutory surplus and total adjusted capital used in the RBC calculation resulting from the calculation under 10.a, 10.b and 10.c and the increased amount of DTA, admitted assets, and surplus resulting from use of 10.e, if any.