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Technology has contributed to the drastic change in the accounting field. Computer, phones, tablets etc. have changed the nature of accounting. They turned it into a fast- paced and dynamic profession. A lot of it is trying to automate the basic accounting activity, forcing accountants to revaluate how to provide value to clients. Today’s accountant has become a business consultant rather than a mathematical tool. The stereotypical “task-oriented” accountant is as outdated as the “shoebox full of...
Accounting Methods Two types of accounting methods exist in the business environment: cash basis and accrual. The cash basis method recognizes and records financial transactions when cash changes hands between parties. Accrual accounting recognizes and records financial transactions as they occur, regardless of when cash changes hands during the transaction. Application of Accounting Methods The cash model is only acceptable for smaller businesses for which a majority of transactions occur in cash and the use of credit is minimal....
Statement of Comprehensive Income The income statement tells you the performance of your company. It shows the revenues earned and related expenses covering a certain period like fiscal year. The statement is designed to show you if you made a profit. Understanding an income statement is essential for investors to analyse the profitability and future growth of a company, which should play a huge role in deciding whether to invest in it. [mkdf_unordered_list style="circle" animate="yes" font_weight=""] Sales Refers...
Risk is part of all our lives. A business needs to take risks to grow and develop. In our fast-paced world, the risks we must manage evolve quickly. There in need to make sure we manage risks so that we minimise their threats and maximise their potential. Risk management is important in an organisation because without it, a firm cannot possibly define its objectives for the future. Risk management is the identification, assessment and prioritization of risks...
The advancement of technology has seen a rapid growth over the past decade. An evolutionary transition in technological advancements has given birth to digital marketing. The birth of digital marketing has brought forth social media platforms, such as Facebook, Instagram and twitter. Social media platform users have developed a culture which consists of an excessive use of social media networks. Because of this, the use of the internet to advertise businesses is a practice that is...
The logo design process is one that includes various steps. Although there is no set structure regarding the process as all creative individuals have their own method of production, however there are various fundamentals evident in every process. Step 1: The Brief In order to commence with any design work, a brief from a client is the first step as this is an essential manner to obtain information regarding the design problem that needs to be solved. A...
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