Accounting In The Philippines

Accounting In The Philippines

yqWith todays globalization, companies should learn how to use strategic means to maximize the benefits of outsourcing. This includes delegating non-core daily activities that depletes company time that can be used for other purposes. Accounting s non-core activity that requires attention since it has a special role in the operation of a business. Outsourcing accounting services helps company owners to concentrate on the mainstream tasks and redirect the focus of its talents and resources to activities that bring greater advantages of business growth and development.

The Philippines is one of the key players in the outsourcing industry. Business process outsourcing, or BPO, in the Philippines offers many services from customer service, technical support, finance, site engine optimization and a long list of other services. Accounting is one of the more proficient services offered in the country. Accounting in the Philippines helps companies to manage their business from the fundamental processes or accounting such as incoming inventory and outgoing expenditure. Further accounting processes include preparing and monitoring budgets as well as keeping track of profits and losses. These services provide cost savings and much more for a business. BPO vendors that provide accounting services in the Philippines also assist companies with tax savings techniques, monitoring energy usage, advertisements, product displays and analysis of economic status.

Guidelines in choosing companies that will handle the accounting activities of your business include:

1.Consider the length of operation of the accounting firm. The longer they are in the industry, the better they can handle the services.
2.Accounting contains financial information of the company, thus this should be properly and carefully handled. Choose the accounting company that has the ability to protect your financial information and provide the needed security and confidentiality. Information leakage can be very risky to your business. Make sure that the company has stiff data security and confidentiality measures to make sure that there is no pilferage of data.
3.Technological capacity as well as background of the accounting company should be highly relevant to your business. An accounting company that is proficient in the latest technology will have the knowledge and skill to put together a task force of competent accountants to provide accounting services.
4.Consider the accounting firms specialization. There are accounting companies that may not have the expertise that your business needs. Accounting is an extensive profession; most of the accountants are beginning to offer a narrow specialty range. Hire the accounting company that has a pool of accountants that can match the requirements of your business.
5.Since every company aims to trim down expenses and save money, make sure that the accounting firm that you hire offers services at a competitive price.

Many foreign companies take advantage of accounting in the Philippines because of the countless benefits it brings to business. A large number of accounting firms in the country have the capability to deliver excellent quality accounting services to companies for a lower price. The increasing number of foreign investors relocating their operations to the country is proof of the efficiency of the quality of accounting services that Philippines provide.

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Valuable Advice You Need To Understand Prior To Getting A Pay Day Loan

Get quick $ 700 big picture loans reviews Glendale Arizona bad credit ok Get money  $750 dollars faster than bank. You can also apply quick $ 1000 www.Wire Dollar.com Charlotte North Carolina no checking account .

In today’s world of quickly speaking salesclerks and ripoffs, you need to be an educated buyer, mindful of the details. If you realise on your own inside a financial pinch, and in need of a quick pay day loan, please read on. These article will offer you suggestions, and ideas you must know.

One of many downsides to getting a payday loan is that it is most likely that paying out it back uses all of your up coming salary. The money that you simply borrow coming from a pay day loan will need to be enough till your secondly paycheck simply because the first one you will get will be employed to repay your payday loan. In the event you don’t remember this, you might endure even more monetary misery in the future.

There are many charges that you ought to know of before you take a cash advance. In this way, you can establish the precise volume you covers your loan. Amazingly sufficient, regulations can be found to guard cash advance customers in terms of interest levels. Payday advance organizations prevent these regulations by increasing their costs. This can raise the loan amount. This could assist you to choose whether or not the bank loan is completely necessary.

When you are in trouble from prior pay day loans you have taken out, there are a few agencies which can help. They gives you suggestions for free, can help you get a lesser rate of interest or they may consolidate your loan, that can help you get out of generating payday payments all the time.

Remember that pay day loan amounts needs to be repaid fast. You need to make sure you will get sufficient money to cover the whole personal loan away in approximately 2 weeks. The only exclusions is that if your following pay day lands under a week once you remove the money. Your loan’s due particular date will likely be on your next pay day.

If you do not have sufficient cash in your check to repay the money, a pay day loan business will encourage anyone to roll the exact amount above. This only will work for the payday advance business. You can expect to end up trapping oneself and do not having the ability to pay off the borrowed funds.

Whenever you apply for a payday loan, be sure you have your most-recent shell out stub to prove that you are currently used. You should also have your latest banking institution assertion to confirm that you have a existing available bank checking account. Without usually essential, it can make the process of getting a bank loan much simpler.

You can find a payday advance place of work on each corner today. You should be aware about exactly what a cash advance requires before you get it, it is actually a bank loan for a small amount in fact it is a short term personal loan that you just do not require very good credit history for. It is a quite simple-expression bank loan. Despite the fact that these financial loans are brief-expression, look for really high interest rates. Nonetheless, they can help people who are in a correct fiscal combine.

Find out the legal guidelines where you live regarding pay day loans. Some loan providers try to pull off higher interest levels, fees and penalties, or a variety of fees they they are certainly not legally capable to charge you. So many people are just grateful to the loan, and you should not question these things, which makes it simple for creditors to continuing acquiring aside with them.

If you are experiencing difficulty repaying a advance loan personal loan, check out the organization the place you lent the funds and try to make a deal an extension. It may be tempting to publish a check out, looking to surpass it towards the bank along with your after that income, but remember that not only will you be charged additional interest on the unique bank loan, but expenses for limited lender cash can also add up rapidly, putting you beneath a lot more monetary anxiety.

Paydays lending options ought to only be used as your final key to remedy the circumstance. This type of personal loan could cause severe fiscal difficulties for borrowers. These financial loans provide tiny flexibility for negotiation and bring rigid charges for violation of deal. Consider the future and strive to discover some type of alternative.

When you are self employed and trying to find a cash advance, anxiety not since they are nonetheless accessible to you. As you possibly won’t have a pay stub to indicate proof of career. Your best option is always to bring a duplicate of your own tax return as resistant. Most creditors will nevertheless provide you with a loan.

Avoid creating selections about payday loans coming from a situation of concern. You might be in the midst of an economic turmoil. Think lengthy, and challenging prior to applying for a pay day loan. Keep in mind, you have to pay out it back again, plus interest. Make certain it will be easy to achieve that, so you may not produce a new crisis for yourself.

Ideally, this information has you effectively armed being a customer, and informed about the facts of payday cash loans. Just like anything else on the planet, there are positives, and issues. The tennis ball is at your the courtroom being a consumer, who should understand the information. Consider them, and make the most efficient decision!

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Getting videos on Forex to learn ecn trade https://freshforex.com/traders/trading/ecn/

Getting videos on Forex to learn ecn trade https://freshforex.com/traders/trading/ecn/

Each trader of the Forex direct trading is committed to the full possession of the necessary information for trade on the stock exchange, as the player raising his success and the final profit depends directly. Fortunately, there are a lot of interactive technologies that allow you to gather the necessary information quickly and in a convenient for the student vremya.

The most comfortable way to learn Forex is a video that can be watched at any time, stopping and thinking about stuff. On the Internet you can find a lot of videos on almost any nuance of trade in the currency market. But will view video Forex trader guarantee of success?

What information is contained in the instructional videos?

The entire array of videos on the foreign exchange market can be divided into two major groups:

  • For novice traders;
  • For professionals.

The first group includes footage of which can be found the primary, most necessary to exchange information: how the Forex, how to register on the market, the process of betting, the basic principles of trade, the most popular strategies and techniques, educational program on electronic trading assistants and so on..

For those who already have a certain career in the market, it is preferable to select the video forex trading guide https://freshforex.com/training/interactive/ on narrower topics, revealing some of the “sacrament” of the work on Forex. Perhaps it will not previously known techniques or complicated lessons from trading guru. In any case, it is necessary to choose what is really helpful at this point.

Select the best video forex trading quick guide

In order not to get lost in an endless stream of information, you need to develop an action scheme.

Ask yourself the question “What do I want to learn?”, Make a list of topics. Depending on the materials it is necessary to look for specific titles. It is better to split the questions into parts, that is, instead of “How to become a successful trader?” Make a request like: “Forex Trading Strategies” or “How to trade”.

If you want to buy some premium content, make sure that you do not cheat, and provide a quality product. However, the beginning player is unlikely to immediately spent on management of brokerage firms, since many of the terms are simply not understood. It is better to return to the first step and learn the basics thoroughly.

Among traders video from individual players are considered to be more useful than the benefits of dealing centers, as recent interest in your loss.

So, Forex video is considered to be a good alternative to fee-paying courses and master classes. However, remember that success depends only on you, and the theory will work effectively only in the hands of a thoughtful and hardworking player.

 

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Accrual Accounting vs Cash-Basis Accounting

Managers want to earn a profit. Investors search for companies whose stock prices will increase. Banks seek borrowers who’ll pay their debts. Accounting provides the information these people use for decision making. Accounting can be based on either the

Accrual accounting records the impact of a business transaction as it occurs. When the business performs a service, makes a sale, or incurs an expense, the accountant records the transaction even if it receives or pays no cash.

Cash-basis accounting records only cash transactions cash receipts and cash payments. Cash receipts are treated as revenues, and cash payments are handled as expenses. Generally accepted accounting principles (GAAP) require accrual accounting. The business records revenues as the revenues are earned and expenses as the expenses are incurred not necessarily when cash changes hands. Consider a sale on account. Which transaction increases your wealth making an $800 sale on account, or collecting the $800 cash? Making the sale increases your wealth by $300 because you gave up inventory that cost you $500 and you got a receivable worth $800. Collecting cash later merely swaps your $800 receivable for $800 cash no gain on this transaction. Making the sale not collecting the cash increases your wealth.

The basic defect of cash-basis accounting is that the cash basis ignores important information. That makes the financial statements incomplete. The result People using the statements make decisions based on incomplete information, which can lead to mistakes. Suppose your business makes a sale on account. The cash basis does not record the sale because you received no cash. You may be thinking, let’s wait until we collect cash and then record the sale. After all, we pay the bills with cash, so ignore transactions that don’t affect cash. What’s wrong with this argument? There are two defects one on the balance sheet and the other on the income statement.

Balance Sheet Defect If we fail to record a sale on account, the balance sheet reports no account receivable. Why is this so bad? The receivable represents a claim to receive cash in the future, which is a real asset, and it should appear on the balance sheet. Without this information, assets are understated on the balance sheet. Income Statement Defect a sale on account provides revenue that increases the company’s wealth. Ignoring the sale understates revenue and net income on the income statement. The take-away lessons from this discussion are as follows:

Companies that use the cash basis of accounting do not follow GAAP. Their financial statements omit important information. All but the smallest businesses use the accrual basis of accounting.

Accrual accounting is more complex and, in terms of the Conceptual Foundations of Accounting, is a more faithful representation of economic reality than Cash-basis accounting.

Classof1.com offers Homework Questions and Answers

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Best Rates on Cash Loans

I have been looking for a boat to buy for months, but I have had little luck in finding one that I like, which is also in my price range. That is, up until I found this one boat yesterday. I wasn’t sure about it at first, but the more I thought about it, the more I became convinced that I should buy it. Unfortunately, the guy only will accept the full payment up front in cash and I do not have that much money. So I have try to look into cash loans and see if I can take out a loan to be able to buy the boat from him.

I really need to buy a boat soon too, because I promised my son that I would take him for a fishing trip for his birthday, and there is only a month left until his birthday. So if I do not get this boat now, then I doubt I am going to have a boat to take him on the fishing trip with. I looked into the prices for renting a boat the other day, and they were really high. Like this one place wanted about 500 dollars per day to rent the boat. I thought to myself that they must be crazy, because that is just a huge amount of money for a boat.

I love to go fishing, and that is why I have been looking for a boat for so long. I had a boat some number of years ago, but I sold it after I moved, and did not think about getting one again until last year. But I am pretty set on getting this boat and so I will try to get a loan to be able to pay for it if I can.

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Accounting Enron Scandal

The company had to come up with a new business strategies to generate profits and cash flow in order to survive. Kenneth Lay, CEO, hired McKinsey & Co. to help in developing Enrons survival business strategy. A gas pipeline company climbed it’s way into the worlds largest energy-trader by scamming investors, the accounting Enron scandal was a real systematic manipulation of fiduciary rules to create an illusion of a very successful company. Enron accounting scandal was discovered and proved that they made deliberate attempts to alter its financial statements to make them look more attractive to investors and lenders. Following these manipulations many parties have been affected and will continue to be affected in the future, more specifically, many years. The accounting Enron scandal that lead to the Enron collapse was due in great part in the activities of their C.E.O., Jeffrey Skilling. Not only was he in charge of controlling one of the largest energy companies in the world, he was also in charge of many other side undertakings that may have been in a conflict of interest with his main job as Chief Executive Officer of Enron. The baffling part of this situation was that the other members of the Board of Directors for Enron all voted on this and passed it. There are three specific ways in which the accounting Enron scandal occured by misrepresented figures on its financial statements.

The accounting Enron scandal case was broadcast on television news for months in 2002. The accounting Enron scandal story was around the news for a period before and after the downfall of the company. Now days, however, one seldom hears about Enron or its top executives ? and the reason is not because they are all lodged safely in a federal prison. Rather, it because (a) the president and the congress gain no longer gain points by grandstanding on the issue, (b) the Department of Justice finds its difficult to put the top brass in the docket, although the Department has pressured some lower-level Enron executives into confessions, and (c) the public appears to be beyond caring. The accounging Enron scandal, however, was and is an important development for American society. The scandal demonstrated just how easily ethical standards can be discarded at the highest corporate levels when the price is right. This paper examines the accounting Enron scandal from a perspective of ethics in management. The phrase ethics in management in management is an unfortunate one.It implies that the set of ethical principles applicable in corporate management may be somewhat different from the application of ethical principles in other societal endeavors. Perceptions of that sort by top managers at Enron may have made it easier for them to pursue the courses of action that landed themselves and the company in the troubles that eventually emerged. . . . es in the trading of energy market was the manipulation of prices to created inflated and unwarranted profits for Enron at the expense of utility companies and utility consumers. Ultimately, however, the inflated profits contributed to the creation of a false representation of Enron’s performance that created financial benefits Enron selected executives at the expense of investors and the public. Similarly, the immediate intent of deceptive accounting practices involving Enron and fictitious business entities was to shield from investor and governmental regulators the fact that Enron was not a profitable company as was being reported publicly. Additionally, however, the deals between the company and fictitious entities diverted large amounts of money from the company to selected high-level executives at Enron. These behaviors were injurious to Enron employees, investors, and consumers (Axtman & Scherer, 2002). One may attempt to assess the behaviors of the offending Enron executives (all at senior levels of the organization) within a framework of business ethics. The term “business ethics” appears to imply that behaviors that are ethically unacceptable in other facets of society may be acceptable in the business realm. The accounting Enron scandal will go down in history as one of the most notorious case for American society.

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E-Accounting Problems & Propects

E-Accounting: Problems and Prospects

Shraddha Verma Assistant Professor G.C.R.G Memorial Trust Group of Institutions Lucknow

Abstract

E-Accounting refers to Electronic Accounting, a term used to describe an accounting system that relies on computer technology for capturing and processing financial data in organizations. The manual accounting systems consisted of paper ledgers, typewriters and calculators. Typewriters were used to type invoices and cheques, and all calculations were performed using calculators. Now E-Accounting or Online Accounting is new development in field of accounting which can save the cost associated in accounting, it minimizes the paper work, Thus, source documents and accounting records exist in digital form instead of on paper in an electronic accounting system. with the help of various management applications like ERP,CRM ,project management e-accounting can be done. In E-Accounting the accountant and employer both feel satisfaction because , this is cheap and without software defaults or failure . Your accounts saves in online server or database , so there is no need to record manually, it does not require any software installation. A survey will be conducted among accounting agencies in order to provide evidence for the hypotheses. E-accounting problems & prospects research paper able to find out some of the basic problems, and prospects in e-accounting in the field of accounting and the research is exploratory in nature. This paper is based on a limited initial review of the literature and provides a brief summary of the theoretical part of the study. It should be regarded as a research proposal of an ongoing research project and as such it may develop and change in the process.

keywords: E-Accounting,Accounts payable, Book-keeping, accouts receiveables.

Introduction

E-Accounting is new development in field of accounting. It means all your transactions will record in online server or data base. E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as: digital tool kits, various internet resources, international web-based materials, institute and company databases which are internet based, web links, internet based accounting software and electronic financial spreadsheet tools to provide efficient decision making. The terms E-Accounting and financial information system are used to refer to any accounting system that depends on Information and Communication Technology (ICT) for performing its information system functions. An E-accounting system could be thought of as an inter-organisational system because of its capability to electronically integrate a set of firms. In many operational applications the accounting entries can be generated as a by-product of the underlying transactions. A computerized accounting system is able to handle financial data efficiently, but the true value of an accounting system was that it was able to generate immediate reports regarding the company.

E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as digital tool kits, various internet resources, international web-based materials, institute and company databases which are internet based, web links, internet based accounting software and electronic financial spreadsheet tools to provide efficient decision making. Online accounting through a web application is typically based on a simple monthly charge and zero-administration approach to help businesses concentrate on core activities and avoid the hidden costs associated with traditional accounting software such as installation, upgrades, exchanging data files, backup and disaster recovery. E-accounting does not have a standard definition but merely refers to the changes in accounting due to computing and networking technologies Uses Accounts payable- is a file or account sub-ledger that records amounts that a person or company owes to suppliers, but has not paid yet (a form of debt), sometimes referred as trade payables. When an invoice is received, it is added to the file, and then removed when it is paid. Thus, the A/P is a form of credit that suppliers offer to their customers by allowing them to pay for a product or service after it has already been received. Accounts receivable- also known as Debtors, is money owed to a business by its clients (customers) and shown on its Balance Sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the customer has ordered. Bookkeeping- On a company’s balance sheet, accounts receivable is the money owed to that company by entities outside of the company. The receivables owed by the company’s customers are called trade receivables. Account receivables are classified as current assets assuming that they are due within one year. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the customer pays off their accounts, one debits cash and credits the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is usually a debit. Business organizations which have become too large to perform such tasks by hand (or small ones that could but prefer not to do them by hand) will generally use accounting software on a computer to perform this task. Online Bookkeeping Process Understanding The Need V Pilot Project V Client Satisfaction V Agreements V Necessary Training V Actual Outsourcing V Implementation V Quality Check V Final Output

PRONTO-Xi Financials is a complete financial management software tool that allows you to automate many of your financial processes, establish greater security around those processes, manage cash flow better and gain enhanced insights into your operations. The functionality can be scaled up or down to suit your individual business needs making it suitable for businesses of any size. Integrate your financial management tasks to drive efficiency throughout your operations Focus on the data output rather than collecting the data in the first place Make better business decisions with accurate data captured and delivered to you in a timely fashion via robust business processes Complete set of financial tools including General Ledger, Accounts Payable, Accounts Receivable, Fixed Assets and Payroll

key functionality & benefits

Period End close – produce accurate quarterly and annual financial statements for individual business units or your entire business that comply with regulatory, organisational and stakeholder requirements. Corporate Risk and Governance Compliance – develop structures and business processes to comply with organisational and recognised compliance standards. Integrate your financial supply chain – strengthen every aspect of your financial supply chain with integrated, robust processes, including establishing electronic purchase request and authorisation limits. Streamline payments and invoices – improve your Accounts Payable and Accounts Receivable management and drive payment efficiencies. Multi-company consolidations – consolidate any number of companies quickly and easily. Cash flow management – track, identify and manage your cash flow, liquidity and your exposed financial risk quickly and easily via integrated, automated processes. Monitor financial performance – report on key financial metrics and develop an accurate understanding of your true financial position at any point in time.

Company’s all accounting project can easily outsourced by E-Accounting system:

A.P.O. A.P.O means accounting process outsourced APO is the new and developed form of BPO according to research report APO is growing very fast. This industry has jumped 60% annual growing rate. This industry has reached up to 60 cr. Of Rs.

Pay pal Payment system is popularizing in Online Accounting Some of Indian professional accountant gives the accounting services to USA customers under A.P.O. Now they can easily get their service amount from paypal way . Paypal gives you the facility of withdrawing your service fee with following ways:

a) If you want to deposit your service amount in your bank account in India for more than RS. 7000 you can easily transfer without any cost of transferring , if upto RS. 6999.99 you want to transfer in your account you will charge Rs. 50 b) You can get the cheque by giving request in the website under your paypal account c) You can also withdraw funds to your card also.

Willis and ACE Achieve e-Accounting First in London Insurance Market The London-based operations of ACE, a leading insurance company, and Willis Limited, the UK insurance broker, announced the successful launch of a full electronic accounting process between the two companies -a London Market Group (LMG) Non Bureau project first. E-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with insurance carriers, and replaces paper in the accounting and settlement process. E-Accounting substantially improves the quality, integrity and certainty of process, allowing Willis and carriers to synchronise their operations and improve client service. Implementation benefits include: prompt advice of premium and claims due, enabling simpler reconciliation improved settlement cycle resulting in speedier premium and claim settlement the secure exchange of critical closing and settlement information reduction in queries and early query resolution Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, said: -London Market modernisation has long advocated the elimination of paper from the process and the introduction of electronic accounting. This is a major reform that will show benefits for both parties in the future.- -ACE are continually looking at ways to improve service to clients, making payment of premium easier and payment of claims faster. e-Accounting and closer collaboration with our clients will enable ACE to achieve this. -This project with Willis has been a great success with a real sense of partnership, and ACE is looking forward to working with Willis to expand the use of e-Accounting capabilities further with our clients and the wider market through the LMG sponsored Non Bureau project.- Willis and XL Implement e-Accounting London, UK, September 26, 2011 -The London-based operations of XL Group plc, a leading global insurer, and Willis Limited, the principal UK broking company of global insurance broker Willis Group Holdings plc (NYSE:WSH), announced the successful launch of a full electronic accounting process between the two companies. Through better synchronisation between brokers and carriers, the online system markedly improves client service by enhancing the quality, transparency and integrity of the accounting and settlement process. Willis Group Holdings plc (NYSE:WSH), announced the successful launch of a full electronic accounting process between the two companies. Through better synchronisation between brokers and carriers, the online system markedly improves client service by enhancing the quality, transparency and integrity of the accounting and settlement process.

However, with the introduction of PC-based Accounting Systems, both the computer hardware and the accounting software have become cheaper, creating an opportunity for organisation to adopt e-accounting. Nevertheless, there are several factors that determine whether an organization adopts e-accounting or not. Studying the factors that influence computer adoption, internet adoption and accounting software adoption

Relationships between company size and Internet Adoption

Company size Internet (No of employees) connected 50-99 41 % 10-49 30 % 1-9 16 % Objective

The objective of this research is first to describe the present state of the art of e-accounting in organisation bookkeeping agencies in U.P region(mainly lucknow) as well as identify managers’ intentions towards adoption of e-accounting ;what are the problems they are facing with the adoption of E-Accounting and the future prospects of E-Accounting system second to empirically study factors that influence the adoption of e-accounting, and third to study the problems that e-accounting may have in general and more specifically on the accounting procedures and practice in small and organisations bookkeeping agencies that have adopted an e-accounting system.

Research Methodology

The data for this research was collected by means of a questionnaire. Questions are both open ended and closed ended. The study was, for practical reasons, the research is done in the UP region (mainly lucknow) . Besides, demographic data including gender, age, position in organization, accounting background, professional qualification, experience in current system, level of understanding and knowledge related to the system, were measured by different scales. Finally a data of total of 90 persons were collected generating a positive response rate of approximately 35%. I have identified 12 questions that most effectively measure the no. of persons acquiring e-accounting in their organisation:

Q1. What kind of firm do you have?

Q2. How many no. of accounting staff do you have?

Q3. Does your firm use computers in operations?

Q4. Does your firm make use of accounting software in operations?

Q5. What kind of accounting software’s are used?

Q6. What are the aim of implementing E-Accounting?

Q7. What problems are faced by the firm while implementing E-Accounting?

Q8. What ways do you suggest for improving the system for easily access to E-Accounting?

On the basis of the data collected from both medium & small firms we found that only 35% of the firm out of hundred is successful in implementing E-Accounting. The firms like ACE & Willis a leading insurance company, and Willis Limited, the UK insurance broker, announced the successful launch of a full electronic accounting process and for the positive respondents the goal of implementing e-accounting are timely information management, large storage capacity, reduction of clerical work, cost effectiveness. Whereas for the left percentage 38.8% face problems like lack of constant supply of electricity, frequent breakdown of the system, inability to import/export data, inability of the system to support large volume of data or all of the former problems in implementing E-Accounting.

Findings and Suggestions

To further investigate the actual benefits of e-accounting, empirical studies of some ten small and medium-sized accounting agencies will be undertaken. These companies will be selected among the adopters group and chosen with the help of reference lists from software application providers and from information gathered in previous studies. The main data collection method will be face-to-face, structured interviews with managers of these organisations or, when necessary, telephone interviews. All interviews are planned to be tape recorded. The firms are facing problems in — Data security – All your data resides on a remote server: however, a back up can be taken regularly. Speed – Most of the currently available online office suites require a high broadband Internet connection. Lack some features available on the offline office suites: but this is progressively becoming available (MS LIVE, Google online-Suite, Think free, Zoho Office, Internet Office .Biz and e-Desk Online) A network connection (usually Internet access) is required to send and receive changes. That is, internet dependence makes it more difficult to work offline and also most of the firms don’t want to invest in purchasing accounting software. The results also indicate that interpersonal communication channels, such as training sessions and consulting, are considered as the most useful ways to achieve knowledge of new e-accounting innovations. Internet is also considered as a useful means of providing information. The use of accounting software makes the task easier and also saves the valuable time.

Conclusion

The study provides strong evidence that the use of E-Accounting has contributed to the effectiveness of tasks as expected. The study shows that the use of E-Accounting may improve the effectiveness of accounting and reporting tasks, budgeting, controlling and auditing which may reflect on the organizational effectiveness as well. An improved quality in the system may provide better support for the tasks performed by the system. This study finds that the most significant impacts of E-Accounting are on accounting and reporting and budgeting task performance respectively.Future studies could place more focus on the inter-organizational factors affecting the adoption rate. Moreover, future research could focus on the attitudes and resources of the business partners of accounting agencies. The contribution of this study will be twofold. First, the contribution of this study lies in the empirical analysis of the determinants of e-accounting adoption. The results of the study may give some evidence on the managers’ intentions of small and medium-sized accounting agencies towards e-accounting and thus predict future use of e-accounting systems. Second, this study aims at providing some understandings of the actual benefits of the use of e-accounting systems.

References

OECD, 1998. SMEs and Electronic Commerce. Working Party on SMEs to the OECD Ministerial Conference on Electronic Commerce. October 1998, Ottawa.  (October 7, 1999).

Amidu, M. and Abor, J. (2005), Accounting Information and Management of SMEs in Ghana, The African Journal of Finance and Management, 14(1), pp. 15 – 23.

Doost, R. K, (1999), Computers and Accounting: Where Do We go from Here? Managerial Auditing Journal, 14(9), pp. 487 – 488.

Accounting Act (AA, Kirjanpitolaki ) 1336/30.12.1997

Hall, J. (2007). Accounting information systems. Quebec, Canada: Thomson Higher Education.

www.acegroup.com/uk

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