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Accounting is the foundation of all business. An accountant provides information that is used by management in decision making. In addition, the image of a company is defined by its financial statements. Investors and managers are kept informed by the work product of the accountant when they decide on things like expansion and/or acquisition. A company’s financial statements are examined by banks when they make decisions on lending capital. Accounting is an ancient skill. In the area of the Tigris and Euphrates Rivers, (present day Iraq), archaeologists have discovered cuneiform tablets that served as accounting tools.
Accountants are responsible for activities other than bookkeeping. An accountant may be an essential member of a team deliberating efficacy of mergers and acquisitions, may investigate and implement tax strategies, assist in setting up health care benefit programs, calculate costs and benefits of new technologies and track the financial progress of the company. They are responsible for reports to stockholders.
At a lower accounting level, there is the bookkeeper, who maintains day-to-day records in an office environment. The bookkeeper keeps track of money coming in, money paid out, payroll, tax information, bank statements, company ledgers, company assets and documents like real estate deeds and investment records.
When an outside agency assists in the accounting function it is usually for the purpose of auditing. An accountant inspects the company’s books for accuracy, and examines documents like bank statement to see if they back up the figures in the ledgers. When figures do not match, it is the auditor’s responsibility to discover the reason for the discrepancy. Internal auditors evaluate their company’s financial statements and guard against waste, fraud and inefficiency.
DISCLAIMER: The materials contained on this web site are provided for information only and do not constitute accounting advice. Contact with this web site does not establish an accountant-client relationship.
Pittsburgh Accounting Headlines
Branding expert Adam Hanft explains that all buzz is not necessarily good buzz. Google Inc.
Leading business software provider MYOB has bowed to market pressure and will join the software-as-a-service cloud later this month.
Small business owners now have a new way to easily and efficiently manage payroll and other key business tasks within one integrated online office environment.
In four years the world's largest Universal Studios is set to open outside of Seoul at a cost of $2.7 billion.
Baby boomers led the U.S. out of a downturn in the last two recessions, but this time around, it will be Gen Xers and millennials paving the way to economic recovery, according to a new report issued by PricewaterhouseCoopers today.
There was another election in Iraq yesterday, which continued in its course despite bombings early in the day.
CIGNA is announcing today that it is rolling out Intuit Inc.'s Quicken Health Expense TrackerSM online bill payment for its medical and pharmacy plan customers - at no additional charge.
H&R Block today reported a nearly 7 percent increase in third-quarter profits compared to the same period a year ago.
Do-it-yourself may be fine for painting a bedroom or changing your car's oil, but how do you know if it makes sense to file your own tax return? It's still early in tax season, but it appears more people are taking the DIY leap for taxes this year, reversing a decade-long trend.
Mumbai: Global audit firm, PricewaterhouseCoopers, announced the launch of its human resources service 'Saratoga' in India along with India Human Capital Effectiveness survey , a top company official said.
At a secret location somewhere in Los Angeles, in a windowless boardroom with only one door, for three days and 1,700 man hours - two men have been counting.
If you want a licensed and regulated tax pro, consider hiring an EA--someone who might even be an ex-IRS agent.
Among the shares expected to see active trading in Monday's session are H&R Block, Tivo and Casey's General Stores.
The fees charged by H&R Block and other tax preparers for electronic filing of federal tax returns are not illegal and the IRS's agreement with the preparers didn't violate antitrust laws, the 3rd U.S. Circuit Court of Appeals has ruled.
Coming off a year that saw severely diminished venture investment and deal volume in 2009, the venture capital community appears optimistic that a rebound will occur this year, with a prominent focus on the greentech sector, according to a recent survey by the U.S. audit, tax and advisory firm KPMG LLP.
Sign of the times: Most people who use software to prepare and electronically file their income tax returns now opt for Web services, as opposed to the desktop products that pioneered the category.
Governments have been more successful at promoting women than the private sector, according to a Deloitte Touche Tohmatsu report released Thursday.
New product generates IEC 61131 structured text, helping machine builders use model-based design to create mechatronic systems, including those based on Rockwell Automation PLCs/PACs. Renee Robbins -- Control Engineering, 3/5/2010 The MathWorks has announced Simulink PLC Coder, a new product that generates IEC 61131 structured text for programmable ...
Updated 7:22 p.m. 3/4/10 JUNEAU, Alaska - A union representing 8,000 Alaska government workers is calling on the state to renegotiate terms of an identity theft settlement with the firm responsible for losing personal data of 77,000 current and former public employees.
Close March 4, 2010, 1:39 PM ET By Venture Capital Dispatch Three-quarters of the venture capital community believe venture investment in clean technology will increase in 2010 compared with last year, according to a survey conducted by KPMG LLP.
