Category: Accounting
Today, there are thousands of certificate programs that promise to land you aspiring careers. However, not all of these programs live up to the promise. With extensive research, we have found out the truth behind certificate programs. The research helped us to find the three best certificate programs that are available in todays world. Just keep reading to find more about them.
Accounting Technician Program
Accounting is a field that always has good career opportunities. In this slowed down economy, the demand for accounting technicians is very high. An accounting technician gets paid based on his/her ability and qualifications. Accounting technician training programs prepares the candidates to meet any challenge in the accounting world. Through these training programs, the candidates become certified accounting technicians, along with getting wide knowledge about receivable and payable, payroll procedures and tax laws, fixed assets, present value calculation for liabilities, cash-basis and bookkeeping. This enables them to command higher salaries than expected.
The Legal Field
The legal field is well known to be a never-ending source jobs. Paralegal jobs are the current attraction in the legal arena, due to an abundance of lawyers. There are many types of paralegal training programs that are available today. The traditional on-campus paralegal training and the quicker online paralegal training are the two primary options. There is a misconception among people that there is absolutely no need of paralegal training. They think that they just need to a law firm and become a paralegal. The fact is that the most paralegals are hired based on their knowledge and previous experience. The paralegal degree and training programs are an excellent means to get wide knowledge about legal activities. Becoming a paralegal is very easy today. The basic training requirements are good writing skills, some computer knowledge and a few management skills.
Administrative Assistant Training Program
Administrative assistants are needed everywhere, in every industry. Hence, the scope of career opportunities is wide too. The responsibilities of administrative assistants will vary across different companies. However, typing, filling forms and answering phone calls are the basic responsibilities of an administrative assistant. Though the clerical and office skills of the administrative assistants are often overlooked, the best administrative assistants can gain recognition by completing office tasks with the utmost efficiency. So where does this utmost efficiency come from? This is where the administrative assistant training programs come in handy. The important fact to be noted is that administrative assistants get paid based on their efficiency.
Choosing the Right Institution
When it comes to training programs, there are a lot of scams online. Therefore, its always good to do a little research about the institution before you join them. Always stick to the trusted and accredited training programs to avoid scams. Renowned training institutions like MTI College are excellent platforms of study and they offer great career assistance, as well.
Diploma in Accounting and Finance This is a one year online Diploma programme in Accounting & Finance. The course covers 12 units; details of the units are given below: 1. Introduction to Accounting & Finance 2. Role and Activities of an Accountant 3. Accounting Concepts & Standards 4. Journals & Subsidiary Books 5. Profit & Loss 6. Balance Sheet 7. Cash Flow Statement 8. Ratio Analysis 9. Budget Planning 10. Variance Analysis 11. Financial Management- An Introduction 12. Management of working Capital 13. Investment Methods
The Diploma in Accounting and Finance is designed for students with little or no previous knowledge or experience in the field of accounting and finance, it is equally suitable for those who have some knowledge in the field and want to enhance it further for better career prospects. For a more details about this programme, please refer to the Diploma in Accounting and Finance page on our Prospectus. You can also download the bordure for Diploma in Accounting and Finance by clicking on the link below: Diploma in Accounting & Finance Course Brochure The programme is totally flexible and is equally suitable for those who have other job and family commitments in life cannot go for full time study. more info at http://bolc.co.uk
In our recent post, we talked about all of the things lawyers have to do to keep their accounts squeaky clean: >
Deposit (most) retainers into a trust account.
Bill their clients, then apply all or some of the retainer funds against the bill.
Mark the invoice as paid, then transfer the applicable money from trust account to operating account.
Update the retainer balance accordingly.
In real life, here is what that looks like:
To see how closely related law firm billing and trust accounting are; take a look at this simple example:
1. On January 1, you opened a new case with an initial retainer of $5,000. You deposited the $5,000 in your attorney trust account. Your trust books need to reflect a retainer balance of $5,000.
2. In January, you record $2,700 in time and expenses. You charge it to the matter.
3. On January 31, your books need to reflect the following: $2,700 for the unbilled balance, and $5,000 for the retainer balance.
4. On February 1, you generate an invoice. This converts unbilled time and expenses to billed. Your books now need to reflect $0 for the unbilled balance, moving the $2,700 into the unpaid balance column. The retainer balance is still $5,000.
5. The same day, you pay the invoice from the client’s retainer balance. Your books now need to reflect the unbilled balance as $0, the unpaid balance as $0, and retainer balance as $2,300. You can make a deposit of $2,300 from your trust account to your operating account.
Skip one of these steps, and you are stuck playing detective.
Say you apply a retainer in trust to a specific invoice, but forget to write the check in your trust bookkeeping system. You’ll have an invoice marked paid, but no funds drawn. You might not even notice your own mistake. Imagine the headache involved in tracing this mistake.
Now multiply that scenario by a few occurrences. For each mistake? At best, you’ve got an administrative nightmare on your hands. At worst, you’re under billing-or in inadvertent violation of an ethical regulation.
An increasingly popular way of delivering IT services is through virtualization, which comes in several flavors. With server virtualization, a physical server is split into multiple virtual servers. Each virtual server can run its own full-fledged operating system, and these operating systems can be different from one virtual server to the next. The physical server typically runs a hypervisor program to create the virtual servers and manage the resources of the various operating systems. Then each virtual server can be employed as if it were a stand-alone physical server, thus reducing the number of physical servers needed in an IT shop and saving the organization money and space.
By desktop virtualization, whatever user sees on his/her desktop is completely isolated from the physical machine and accessed through a client/server computing model. This virtualized desktop environment is stored on a server, rather than on the local storage of the desktop device; when the user works from his or her desktop device, all the programs, applications, and data are kept on the server and all programs and applications are run on the server. In this kind of practice, the server does almost all the work and a thin client can be a normal desktop or it can be even notebook, smartphones.
The above virtualization model can serve ideally to the tax and accounting professional. For a general accountant or CPAs, the desktop consists of tax and accounting applications as well as many other supportive tools to process their operations. These applications require heavy system resources to function and there is even desperate need of any expert technician to manage their setup. Having separate desktop setup for each individual in the office not only costs in the term of licensing but also gives us huge burden of resource setup and management. A centralized server helps us to address these concerns.
Tax and accounting professionals can opt to use cloud computing to host their resources. Cloud computing is the latest form of the virtualization technology. By implementing cloud for tax and accounting practices, all the benefits of cloud computing get inherited to the operations of tax and accounting jobs. The major benefits of cloud computing are: increased performance, high availability, anywhere and anytime access and reduced expenses which can be very helpful to boost the performance of accounting firms or departments.
It is not necessary to have our own cloud computing or virtualization infrastructure to share the benefits of these technologies. We can choose any hosting provider to host our tax and accounting applications to get these features of technology. We even get full technical support on our resources. The hosting provider becomes responsible for setup, management and to fix the issues.
There are certain accounting errors that do not affect an accounting trial balance, including:
Error of total omission
This occurs when an accounting entry is completely omitted from the book of accounts. In such a case, the trial balance totals will still balance as no entry was ever made.
Original entry error
This occurs when the original entry was either overstated or understated by a certain amount. For instance, original purchases might be $200, but the accountant mistakes it for $100. The accountant then debits the purchases ledger account with $100 and credits the cash account or the creditors account with $100. This error will not affect the trial balance.
Compensating errors
These are multiple accounting errors that may individually affect the trial balance, but since they are multiple accounts, they end up canceling each other out and thus do not affect the totals of the trial balance.
Reversal error
This is an accounting error that occurs when the correct amounts are entered in the debit side instead of the credit side. This does not affect the trial balance.
Transposition errors
This error is caused when two adjacent digits are switched. The trail balance will still balance but the balancing amount would be wrong.
Error of principle
This accounting error occurs when the amount is entered correctly but is entered in the wrong account. This error will not affect the accounting trial balance.
These are some of the accounting errors that do not affect the accounting trial balance. Sometimes these errors may never be discovered.
There is a plethora of information on the web regarding Accounting errors that do not affect the trial balance. They have a good resources section and are helpful for both small businesses looking for a qualified certified public accountant AND CPAs looking for help with marketing. Their research service is free for small businesses looking for help with their accounting. The IRS website is also helpful but a little more technical.