Accounting Doctor

  Top Seven Ways Small Businesses Can Maximize Profits Small business often faces a series of hurdles before they manage to establish themselves in the competitive market. It could take years before you learn the secrets of the trades. Arguably, one cannot learn to manage a successful business in the confines of a classroom. To make a difference, you have to put yourself out in the world. While small business owners go through several highs and lows in their journey, one of the most common issues they all face is the mismanagement of money and poor profits. Their struggle with profitability could be due to numerous reasons such as inaccurate pricing of goods and services, unorganized logistical expenses and tracking, etc. The author of "Six steps to create a profit" – Patricia Sigmon- says that most small business owners fail to increase their profits from the preceding year. We have compiled a list of ways to turn over your company, learn where you are going wrong and maximi...

  WHY HIRING AN AGENCY IS BETTER THAN A PERSONAL ACCOUNTANT? -           You as an individual or as an organization head will be able to focus your complete attention on your companies’ future strategies. You can expand your scope and think of new innovative possibilities. -           You as an organization head won’t have to pay the entire fleet of accounting staff; it usually is cheaper than having in-house accountants. You won’t be required to pay for their bonuses, vacations and other employee benefits. -           You as an individual or as an organization head also save money and time which would’ve gone to find the right accountant(s) -           A single accountant can not cover all responsibilities as fast as an agency can. The agency can also give you any variation of the accounts at any specifi...

  DIFFERENCE BETWEEN ACCOUNTANTS AND ACCOUNTING ADVISORS How do you define the role of an Accountant? As an accountant , you will perform important functions like auditing (or objective evaluation and examination of an organization’s financial records), analyzing financial transactions or statements of accounts, bookkeeping (maintaining financial records) or tax preparation. How do you define the role of a financial advisor? As a financial advisor you will be responsible to help and guide your clients to choose what to do with your client’s capital. S.NO Accountants Accounting Advisors or Financial Advisors 1) As an accountant you are responsible for better insights on the current business finances As an advisor you are responsible to give future insights on what is in the business’ best interest 2) As an accountant you have a better understanding of different laws and techniques to maintain reco...

  Top 5 Scandalous Cases of Fraud in Accounting Malfeasance and corporate greed have seemingly increased in the last few decades. Billions of dollars lost, careers and companies destroyed; all because of the excessive greed exhibited by individuals. During our school days, we learned that every action has a consequence. However, as adults, we seem to forget that our actions could potentially ruin someone's life. In this article, we take a look at the top scandalous cases of fraud in accounting. 1. Satyam Computer Scam: This fraudulent activity took place in the years 2006 to 2008. B Rama Raju, Vadlamani Srinivas, Subramani Gopalkrishnan, and T Srinivas were involved in this illegal activity. They all held high positions in the organization; B Rama Raju was the chairman while Vadlamani Srinivas was the Chief Financial officer. The scam broke out in the year 2009 and the chairman of the company confessed that the accounts had been tampered with. He also confessed to cash inflation, w...

  PROBLEMS IN IMPLEMENTING THEORETICAL CONCEPTS IN PRACTICAL ACCOUNTING Following are the problems in implementation of theoretical concepts in practical accounting which may be faced by you as an Accountant- ⮚       Theory is an ideal which you as an accountant may not be able to make reality due to the everchanging accounting practices of the world. You have to stay on your toes. There is always some or the other new technique or technology that is being introduced for more accurate accounting. ⮚       Some theories are outdated and thus may require adaptation with respect to the modern methods. But that will require time and effort. It is easier for you as an accountant to develop a new practice on the scenario around you rather than develop on a theory that may not be useful. ⮚       Some theories lack the understanding of the social aspect of the business and our environment that has changed overtime. Y...

  How to Make Organizational Finances More Transparent Every employee wishes that the organization they work for is honest and transparent. It is the responsibility of the company to ensure that the business is built with trust and is transparent in nature. Leaders have to be transparent and candid with their team in order to gain the confidence of their people and create a workspace where everyone feels respected and valued. This helps build morale and energizes the organization. The straightforward approach is the key to success. Now, what is Financial Transparency? Financial transparency is defined as the act of sharing financial information with the employees of an organization. Allowing the employees to gain insights on the company finances and metrics allows them to upskill and gain knowledge and tools to participate in the organization's growth. The Great Game of Business is an open book program and it describes the need for an organization to be responsible and take owners...

  Electronic Accounting Accounting has been around since the inception of currency, and for a very long period accounting practices were carried out on paper, and most of our parents and ancestors will support this claim. With the advent of digitalization and everything going electronic, why should the wonder that is accounting be left behind? There is no standard definition of electronic accounting, and it is similar to what electronic mail is to regular paper-based mail. Just the digitalization of the entirety of the lawful process. From regular accounting processes to research, training, and education through the use of digital or computer-based or internet-based tools such as digital tool kits, web-based materials, institutional databases, financial and spreadsheet tools, E-accounting has it all!    Hopefully, the basics are clear so let us look at some of the cool features of electronic accounting: -    Universal Access: With rapid and efficient comm...

  MANAGERIAL ACCOUNTING DEFINITION, OBJECTIVES, SCOPE, TECHNIQUES HOW DO YOU DEFINE MANAGERIAL ACCOUNTING? It is very important for an organization that a Manager or Supervisor to have the relevant, correct as well as error free data to make decisions about the company. Managerial accounting (also known as Cost Accounting) is the practice of identifying, examining, distinguishing, measuring, analyzing, deciphering, and communicating information of financial importance to you as the supervisor or manager for the making decisions in the favor of your company. The organization decisions are made by you as the manager or supervisor on the basis of whether your decision helps you attain the goal of your organization. The data collected consists of all fields (under you as the manager or supervisor) of accounting that informs your administration concerning business tasks identifying with the financial expenses and decisions made by the organization. You as the Supervisor or manager will ...