Category: Accounting

Online Accounting Technology Degree Options

Every business and organization that gains a profit has to deal with that money in a number of ways. The most notable way is the recording and analyzing of financial transactions of a business to keep their finances in order. Accounting is extremely important to a business and in today’s society seeing this information electronically is becoming more prominent. Many accredited online colleges and universities are now offering degree distinctions in accounting technology.

This field of study is relatively new but extremely efficient in giving students not only an accounting education but also one that is integrated with learning and understanding the technology used for accounting. Prospective students will gain a solid foundation in accounting by learning about financial management and how to apply learned theories and skills to real life situations. The goal of an accounting technology degree program is to prepare students to function in a variety of business environments. Critical thinking, accounting technology, and professional communication are skills courses will focus on to prepare students to be successful as an accounting technician in today’s society.

Most online colleges and universities offer an associate’s degree and bachelor’s degree. Each program will offer the proper education for the student who has a career goal of working with companies and organizations by providing accounting services. The technology aspect of this degree is implemented by the knowledge of how to use current technology and tools to present financial information to employees, executives, and individuals who are working with the company. Students will gain a valued education within the field that employers will want as a part of their financial team.

A typical associate’s degree may require students to take approximately 95 credits to earn their degree. Students will have to complete a certain number of general education courses. These types of courses include humanities, composition, mathematics, sciences, and social studies. A program at this level will incorporate accounting concepts, financial applications, and elements of business with technology specifically targeted on accounting. Students will learn through a variety of courses how to create, analyze, and interpret financial information. Courses will include fundamentals of tax preparation, principles of marketing, corporate finance, computing software, and more.

A bachelor’s degree program gives students the opportunity to dive into every aspect of accounting and technology that will prepare for a wide job market upon graduation. Students will learn the same information as they would in an associate’s degree but will further their knowledge in advanced courses. Upper-level courses will expand a student’s knowledge in cost accounting, budgeting, financial analysis, taxation, auditing, and more. Colleges may require students to complete approximately 180 credit hours, 48 of those will be completed in general education courses. Technology courses are specifically focused on using technology in relation to accounting. For example, a technology course may be computing and productivity software. In a class like this a student will learn how to use computer technology, the Internet, and more to provide knowledge in problem solving and other working environments.

The Fundamental Concepts of Accounting

The Federal Election was held in Australia on 21st of August 2010. During the rather boring election campaign there were questions raised by the major parties and everyone else for that matter, on how the elected government would go about accounting for the very large amounts of money they receive and spend. These people talk in billions of dollars. It is rather mind-boggling but the accounting system they use can also be applied to small business and personal finances.

Most households require some form of accounting to deal with their personal financial matters. You are probably aware of the saying that the only thing that is certain in this life is death and taxes. I think that it is fair to say that accounting affects the lives of everyone in some way in a modern society.

I have always thought of an accountant as someone who processed the financial data Ibprepared for them and submitted my annualbincome tax return required by the Australian Taxation Office (ATO). Their value was measured by the amount of money they could magically retrieve from the ATO by minimising the amount of tax I was required to pay. This view is shared by many who see accountants as nothing more than bookkeepers, ‘number crunchers’ or ‘bean counters’. Unfortunately accountants are not magicians and the reports they prepare must stand up to the scrutiny of the ATO. The accountant should therefore be perceived as a professional who is able to minimize income tax by applying his talent and know-how acquired through years of study and experience

The accounting must abide by the rules. There are no two ways about that. The terms of reference are spelt out in:

* Income Tax Assessment Act 1936 and 1997.
* Corporation Act 2001.

If the accountant fails to follow the laws made by our society, he/she will be punished. Accounting is a discipline and is extremely important to any financially healthy entity. Inadequate records normally accompanies business failure and in some cases bankruptcy. Accountants provide information to the owners and managers of a business or company so that appropriate decisions can be made on purchasesand investments. This is achieved by processing records, interpreting these records and reporting the findings from these records to these decision-makers in monetary terms.

How to Become an Accountant in the UK

There are many different ways to become an accountant and you don’t always have to go through University to become one. University however is the most common way of becoming an accountant and the option that the majority of people think about for a career path into accountancy. To gain a place on an accounting course at University you will usually be expected to have good GCSE grades in English, Maths and Science, with many Universities wanting a grade C minimum.

It is also important to have 3 A levels with many Universities showing preferences for A levels in business, accounting or economics. It is essential to have a strong academic history in mathematics because this is necessary for an accounting degree. The best University accountancy degree programs are Associate of the Institute of Chartered Accountants (ACA) programs. This is because the ACA is a leading business and finance qualification which is recognised internationally and therefore will open doors to a number of future career prospects.

There are however other routes to go through in order to become an accountant such as courses and qualifications from the Association of Accounting Technicians (AAT). The AAT is broken into 3 levels; level 2 Certificate for Accounting, level 3 Diploma and level 4 Diploma which will provide you with the skills and knowledge to further your career. The AAT is essentially a fast track on the way to becoming an accountant without going to University and it means you can fast track to the ACA. You do not need any qualifications to study for an AAT at the lowest level and if you do have qualifications such as A-levels then you may be able to go straight onto a higher AAT level. Once you reach the highest level and receive the AAT Diploma then you can fast track onto the ACA qualification.

The AAT-ACA Fast track has been designed to encourage students to further themselves with an ACA qualification to be on the way to a chartered accountant. The AAT works closely with the Institute of Chartered Accountants in England & Wales (ICAEW) so that people can go on to studying for the ACA qualification. A person who takes this route can actually become qualified quicker than those who take the University route.

Usually training will last between 3-5 years but this varies dependent on the entry route taken into the ACA. Those who do the AAT-ACA fast track can actually complete the qualification in a minimum of four years. If you are a fast paced worker then you can achieve this in four years otherwise you can fit it to suit you studying styles.

There are many different routes to take to become an accountant. Ultimately the best qualification is that of the ACA qualification. It does not matter how you get to this qualification whether through university if you have the A-level grades or through a different route such as AAT as mentioned above. There are many other routes too such as the Association of Chartered Certified Accountants (ACCA) offering Certified Accounting Technician (CAT) qualifications which can eventually help you achieve an ACA qualification.

Growing Demand of ACCA Courses and Accounting Technicians

The field of accounting is elaborating at a fast pace in today’s economical society. Accounting procedures help a company to organize all the information related to its assets, liabilities, shareholders, and debtors in books and files that are easy to understand and access. There are various procedures and methods of accounting, which are used by an accountant to maintain the bookkeeping of a particular enterprise. These methods are not a general knowledge and not every person knows it. This knowledge has to be gathered after being a part of professional accounting course like the ACCA courses in order to implement it successfully on a professional level. ACCA, which stands for Association of Chartered Certified Association comes amongst the most popular accounting courses. These courses have the capability to provide the students with an edge in their accounting career.

The people carrying professional knowledge in accounting procedures are known as accounting technicians. They exist in organizations in the role of bookkeeper or accounting clerk and perform the task of checking and managing financial accounts. These financial accounts are then categorized into various financial statements that are used by the company is assessing their profit and losses along with planning their future strategies. The quality of the financial statements of a company solely depends upon the knowledge and talent of their accounting technician in their job full of calculations. Many of the accounting technicians Ireland are known as one of the best ones worldwide, due to their strong analytical capabilities and power to stay focused under pressure. The high level of technical accounting courses offered in Ireland including ACCA is also one of the reasons behind the large number of talented accountants available in the country.

ACCA courses are a great value to add to your professional career due to the excellence they strike in their lectures and study materials. Their success and reputation largely owes to the professionalism and quality predicted in the ACCA lectures. Their staff and professors have been successful in providing consistent high passing rates to their students that exceed the global average. High tech instruments as well as E-learning are also a part of these lectures. They also facilitate distant learning programmes for the students who cannot attend regular lectures for distinct reasons. Online lecture and free revision classes are also a part of their courses. Proficient and professional accountants always stay in demand and so it is beneficial to choose the courses and university carefully to make in large in your professional carriers.

Accounting Degree Categories

Finance is a very interesting field to take up as a career. An accounting degree is your key to enter this very exciting field. There are just a few types of accounting degrees available as compared to technology and science courses but job opportunities abound for any hardworking accountant.

The main job of an accountant is to record the financial transactions of the company and prepare the needed financial statement. They do cost analysis like comparing the cost of a particular project or technology and comparing it against the benefit gained in terms of effectiveness. They are consulted on major business events like mergers and acquisitions, where they are asked to examine and make their opinion on the financial records of the entities involved. They also help develop IT programs to help in the better monitoring and management of the financial results, tax tactics and employee benefits packages. The information provided by an accountant is used in developing the institution’s future financial activities.

There are several types of online accounting degrees available on the Internet. The Certificate in Accounting program is a short-term course suitable for students who want get accounting related employment in the shortest possible time. Certificate courses include bookkeeping and accounting technician as area of concentration.

An Associate Degree is intended for high school graduates interested in accounting as a career. This college level degree usually takes two years to complete.

The Bachelor Degree is the program to take if you aim for higher positions in the accounting field. It takes a minimum of 4 years to complete this degree.

Postgraduate degrees are also available online. A Master of Business in Education helps you to specialize on certain fields of accounting. A bachelor degree is required to take this course that usually takes a minimum of one year to finish. A Doctoral Degree in Accounting is another postgraduate course available and takes years of intense study to complete. After finishing a bachelor degree in accounting, you may decide to acquire certification from the American Institute of Certified Public Accountants (AICPA).

There are several specialized high paying fields in the accounting profession. This includes Audit Accountant, Budget Analyst, Financial Accountant, Management Accountant and Tax Accountant to name a few. A Bachelor degree is the minimum requirement on these fields while a Master or a Doctoral degree will greatly improve your chances and shorten the time needed to reach your goal.

How to Start Your Accounting Career

You want to be an accountant. You love numbers, maths and money. So, how do you get started? Where do you go to get certified so that your services will be in demand? If you do not have any recognised qualifications, your clients will not be able to know if your standards meet their requirements. People hire Chartered Certified Accountants with a full practicing certificate because they know that they can trust in their expertise.

Any old accountancy certification will not do. You need an internationally recognised global qualification to compete in today’s industry, and the ACCA qualification fits this demand perfectly. The Association of Chartered Certified Accountants (ACCA) is the world’s largest international accountancy body, with over 300,000 members and students in more than 160 countries. Founded in 1904, ACCA has over 100 years of history as a leader in the development of the global accountancy profession. The United Nations has chosen the ACCA syllabus as the basis of its global accountancy curriculum and the ACCA qualification is well recognised in an ever-growing list of countries including the USA, Canada, the United Kingdom, the European Union, Australia, New Zealand, South Africa, China, Singapore, Malaysia and Pakistan. Many ACCA graduates work in premier companies such as British Airways and Price Waterhouse Coopers.

The syllabus spans 16 topics each with its own examination to test your competency in that subject. It usually takes 2 years for a student to obtain the ACCA qualification. This is broken up into the “Fundamentals” stage that consists of 9 papers and the “Professional” stage that consists of 3 papers and a choice of 4 options. With so many examinations to pass, self-study can be difficult. The good news is that there are many professional accounting and finance schools such as FTMS Global that offer ACCA courses. The better ones have a cast of highly qualified and experienced lecturers who are ACCA-certified. These teachers know what the ACCA syllabus requires and can dramatically increase your chances of passing the examinations. Definitely, it is highly recommended to enlist the aid of a mentor who can show you the ropes.

After qualifying as a Chartered Certified Accountant by passing the examinations, to obtain the practising certificate you must have had sufficient experience in a practising accountant’s office. On top of all that, you must continue to keep yourself updated by attending courses on a regular basis. The ACCA is the only accountancy body that provides a disciplinary system which offers remedy if any ACCA member breaches its high standards.

The Main Qualifications For Accountants

It can often be bewildering trying to determine which of the 6 key professional qualifications for accountants is the right one for you. At this point we breakdown each of them, giving the fundamentals and some information. All 6 are well-known and respected across the world of accountancy.

Association of Chartered Certified Accountants (ACCA)

An ACCA qualification offers key knowledge in all facets of accountancy and so is an excellent choice if you find yourself uncertain as to which area you might want to end up in. ACCA is over one hundred years old and has thousands of students in over 170 countries. After many name changes, in 1984 they gained a Royal Charter of Incorporation and later became the Association of Chartered Certified Accountants. It is a worldwide body for professional accountants and its core values are opportunity, diversity, innovation, accountability and integrity.

Using ACCA you are able to accomplish internationally well recognized qualifications, support and guidance, first-class accountancy knowledge along with the highest standards of practice and ethical conduct.

Their qualifications are typically studied full-time or part-time while you work. There’s also a possibility to self-study or use a tutor. Their expertise is soundly in line with international accounting standards and they are recognised by all the key regulatory and education authorities.

The Charted Institute of Management Accountants Professional Qualification in Management Accounting (CIMA)

A CIMA qualification is strongly recommended for individuals who are interested in a career in business and management. With Over two hundred thousand students worldwide, CIMA is the world’s leading professional body of management accountants.

There are basically two key qualifications, the entry-level Certificate in Business Accounting and the Professional Qualification. It is possible to study at your own pace and the majority of students complete the entry-level in one year and the professional exams within four years. And after that, you will require 3 years working experience before you can become a CIMA member.

Management accountants perform numerous services, including advising managers about the financial implications and consequences of business decisions. Furthermore you will participate in business strategy and audits.

The core values of CIMA are to challenge the way it’s done, help others succeed, inspire a shared vision, promote success, stand up and be a role model.

The Charted Institute of Public Finance and Accountancy (CIPFA)

If you are attracted to following an accounting career in public finance, the study of the role of the government in the economy, CIPFA is the professional body you need to be contacting and training with. It is the only organisation across the world which specialises in public services. Its variety of qualifications creates the bedrock for an accountancy profession in public finance. The most essential and appropriate professional qualification for public sector accountants is taken with CIPFA and you can also take a postgraduate diploma if you are already employed in a leadership position.

The Charted Institute of Public Finance and Accountancy provide amenities to educate you in their CIPFA Education and Training Centre. Additionally you can be taught the same abilities in other education institutions throughout the world.

Like ACCA and CIMA, you can take the examinations at your own pace and you would be awarded chartered status in the event you do pass. In conjunction with employers, students and academics, the CIPFA qualification has been produced with genuine working practices in mind.

The Associate Chartered Accountant (ACA)

This is another well-thought-of qualification which is certainly an all-rounder, covering accountancy, finance and business. It is recognised all over the world and a major professional qualification. The combined features bring a comprehensive understanding, knowledge, skills and experience for which you will need to become an ICAEW Chartered Accountant.

Each of the ACA courses is taken at the same time as in employment and there are roughly three thousand authorised training employers where it is possible to carry out ACA training.

There are plenty of entry routes to choose from, specifically the graduate route directly to the ACA qualification or possibly the A-Level route where a good number of companies will need a pre-requisite accounting qualification first. A-Level students should certainly select the Certificate in Finance, Accounting and Business which you are able to take at your own pace whilst in employment.

Another possibility is a fast-track course known as the Association of Accounting Technicians (AAT) course which allows a person to become qualified as a chartered accountant in 4 years. AAT have made this qualification in partnership with ICAEW and it provides you with an exceptional grounding in accountancy, finance and business. Moreover, this may be studied for at the same time as in employment so it is not necessary to go to University.

The Institute of Chartered Accountants of Ireland (ICAI)

This is the most significant and longest-existing accountancy body in Ireland. Training for ICAI qualifications lets you to emerge as a fully qualified member of Chartered Accountants Ireland as well as earning ACA (Associate Chartered Accountant) designation.