Accounting standards keep updating very frequently

Author : mulan
Publish Date : 2021-04-09


Accounting standards keep updating very frequently

The world is getting more digitized, Artificial Intelligence (AI) makes things easy in almost all sectors including Accounting and taxation. There are plenty of accounting softwares available in the market such as sage 50 which have pre-build accounting templates which makes the business owners and freelancers life easy so they buy and put the data in the pre-build accounting templates, automation make it more quicker and simpler and the job has been done, but practically it’s not that simple as we believe.

Accounting standards keep updating very frequently, IAS and IFRS have complex issues to be tackled which probably pre-build templates not cater easily. Also, it’s quite true thinking that the latest high-tech online software makes it easy to complete accounting, but when we talk about finance and accounts, we should be more careful as there’s always a risk of human error and at the end of the day you are responsible for this as stricter accounting, auditing and tax laws imposing and their scrutinization doing by the authorities. So why not make sure you have an expert on hand to provide you with an extra layer of assurance?

Smart technology and cleverness of algorithms make sure to prepare a complete financial statement, provide a range of accounting, there are still services offered by accountants that software simply cannot match.


 These are three major reasons which at initial point simply help us to decide what should we have to do, whether buying an accounting software with pre-build accounting templates is the good option or should we hire a professional accountant as software can be a cheaper option as need to pay monthly or annually for a cloud-based or in-premises such as Quick books, Sage 50, Tally ERP or Zoho books but also not cater all accounting standards and industries plus you need to put time to enter the data or even synch the data but need to overview closely.

So, if you have time, hands-on accountancy experience and small budget then software is the right option but again it depends on your nature of business, volume of transactions and applicable laws and regulations.


A professional experienced accountant has hands-on expertise and fully updated with the latest changes in the accounts and tax laws, so if you are looking for tax planning advice then hiring a professional accountant would be the right choice as compared to accounting software. Software can calculate the tax filing accurately, based on the data entered, but tax saving or tax advising would require a current scenario, specific to your industry under the applicable tax laws which an accountant can better advise.

Accounting software are highly accurate and continuously updated by the experts behind these software companies but there are many transactions and accounting standards which state differently when applied in different industries and in different countries as GAAP and IFRS also have differences in calculating Fair value, intra-group transactions and many more cases. So, it is better to have an accountant to deal with these issues timely and ensure to prepare the Financial statements as per applicable standards.


Doing it by yourself requires time, not to put the data only but also updating yourself with the recent accounting standards, changes, and new concepts which most of the time business owners do not have time to do whether they prepare accounts on old concepts or make incorrect accounts. So, it’s recommended to hire a professional accountant, if you are running even a small business so you do not need to keep these hassles to yourself by reading all tax and accounts recent changes, better to focus more on business growth and revenue.

A good professional accountant has more hands-on experience and is updated with the local laws and regulations, also aware of recent tax changes so he ensures compliance-based accounting and makes sure your business stays compliant and you are not overpaying or underpaying on any tax.

The guidance provided with the accounting software may be helpful as software is compliance based and updated frequently, however sometimes it takes a human expert to explain things in the most understandable way and apply an applicable scenario-based approach.


Accounting software can prepare the accounts accurately, but a professional experienced accountant would do financial planning for your business. He/she will be a great asset for you to allow you better understand the financial situation, have similar industry experience before, and advise you how to save money and where to invest so you get a reliable source for your financial and investment decisions.
 Vertex, which offers tax expertise options, has launched the Vertex Oblique Tax Accelerator for Oracle Fusion Cloud Enterprise Useful resource Planning (ERP). The answer is hosted on Oracle Cloud Infrastructure to help tax administration worldwide.

The Vertex Accelerator is constructed to streamline beforehand handbook duties and supply detailed changes to tax configurations and information to assist companies as they make acquisitions, introduce new merchandise, and broaden into new areas. The software additionally offers granular transaction information for tax determinations for companies calculating U.S. gross sales and use tax and value-added tax

Responsibilities The NBC News Group Accounting Manager role will support the operations of the newly formed NBC News Group, consisting of Broadcast News, MSNBC, and CNBC accounting and controllership functions. They will support ongoing monthly close activities, plus various transactional activity across NBC News Group. The role will report into the News Group Controller. Responsibilities * Support the integration and operations of the Broadcast News, MSNBC, and CNBC accounting and controllership functions * Manage the Group monthly close process, ensuring that the Group meets corporate and internal deadlines * Run financial reports to support the team leading into monthly close and monitor trends. Help operational finance teams troubleshoot and act as a go-to resource for reporting questions * Record monthly journal entries and reconcile certain balance sheet areas across the Group * Prepare the monthly Balance Sheet Review package for Group finance leadership * Prepare quarterly data requests for Corporate financial reporting team * Ensure financials are in compliance with GAAP, as well as NBCU policies * Work to implement standard financial reporting formats across the Group, including chart of accounts harmonization * Establish & maintain policies and procedures for close, reporting, and other financial functions * Work with the various parts of the Group, including operational finance, to identify and address accounting issues, including documentation of the issue and the related resolution * Act as point of contact for internal and external auditor requests * Ensure proper business controls, including general ledger accounting activities * Act as point person to help manage systems for the Group (SAP, Blackline, etc.) Qualifications/Requirements Basic Qualifications: * Bachelor's degree in accounting * 5+ years of work experience Desired Characteristics Desired Qualifications: * CPA desired * Big 4 accounting experience desired and/or significant accounting organization experience * Preferred candidates will have media industry experience * Familiarity with SAP/AOE * Strong project management skills. An ability to multitask and work on several projects, ensure processes are followed and deadlines are met * Strong analytical, problem solving and troubleshooting skills * Strong interpersonal, organizational and verbal/written communication skills * Self-motivated with the ability to learn quickly and adapt to changing priorities
A professional accountant not only keeps digital copies ready through software but also ensures hard bills arranged in the orderly form which helps in auditing and tax surprise visits too as well as support you in other administerial and business tasks whenever required.

Hope the above pros and cons can help you to decide which one is a better choice for you in the best interest of your business.
/



Category :accounting

Bayern Munich ban two British tabloids over insulting headlines

Bayern Munich ban two British tabloids over insulting headlines

- Germany football star Bastian Schweinsteiger woke up to headlines of "You Schwein" and "You Dirty Sc


Cover the Entire Exam Syllabus with PeopleCert ITIL-4-Foundation Practice Test

Cover the Entire Exam Syllabus with PeopleCert ITIL-4-Foundation Practice Test

- The Microsoft Power Platform App Maker exam uses academic studies mostly stress upon theoretical knowledge. Simultaneously, the PL-100


La Liga: Lionel Messi and Luis Suarez sink nine-man Atletico

La Liga: Lionel Messi and Luis Suarez sink nine-man Atletico

- The two teams had gone into the match level on points, but with Barcelona having played a game less,


4 British women row 8,000 miles across Pacific Ocean

4 British women row 8,000 miles across Pacific Ocean

- Four British women completed their arduous journey across the Pacific Ocean on Monday after rowing a