Will AI Soon Replace Accountants?

October 16, 2017

AI or artificial intelligence has been a growing study in the past few years. Although we won’t be having any terminators walking around soon, the advancements scientists have recently been making are enough to make a lot of employees worry. Unsurprisingly, accountants are no exception to this paranoia. Artificial intelligence, as its name presupposes, is …

IFRS 9: The Price Of The 2008 Housing Bubble

October 3, 2017

After the enormous housing bubble in 2008, the financial sector has never been more paranoid in every decision and guidelines they make. Hence, when the accounting industry created the latest and one of the most significant restructurings in the past few decades, many were still skeptical if it was the right decision or not. This …

What Are The Benefits Of Getting A CPA Degree?

September 24, 2017

It’s a well-known fact that getting those three letters appended on your surname is an uphill battle. However, we still see thousands and thousands of hopefuls lining up to spend almost half a decade of their lives only to be allowed to take the Uniform CPA Examinations of the United States. With more than half …

How Can I Apply Accounting In My Personal Life

September 15, 2017

Accounting is one of the fundamental activities of any business. Without it, a company would be similar to a blind person driving a high-speed car. They may know how to do business, but they would be blind to important signals that Accounting can give them. However, it is not only businesses that need Accounting for …

What are the Most Common Accounting Software Used?

September 8, 2017

Most accountants train to work with the simplest tools that generations of accountants before them used. However, There may come the point in your career that you will work for a company that too large or too complicated to stick by this traditional means of accounting. Luckily, modernization has innovated most of the jobs around …

Accrual Vs. Cash Method Of Accounting

September 1, 2017

As a business grows and prospers, the need for a reliable recording and understanding of their daily transaction becomes more evident. Moreover, the necessity of hiring a professional accountant to apply the fundamental principles of accounting can no longer be ignored. However, before an accountant could even begin to record the very first journal entry, …

US Tax Accounting

August 24, 2017

Tax Accounting is a service on the compilation, organization, and summarization of all relevant business transactions of an organization in compliance with the regulations set by the taxing authority of a country. The purpose of which is to satisfy a recurring (annually, biannual, etc.) obligation to the state. It is one of the largest industries …

New Phishing Scam Worries IRS

August 11, 2017

What Phishing Scams Should Taxpayers Avoid This Quarter Participants of the Security Summit such as the Internal Revenue Service along with other state tax agencies and the tax industry have cautioned tax professionals and businesses about a newly discovered scam. The scam they were talking about is similar to other phishing strategies done by scammers. …

Two Types of Bookkeeping Methods

August 6, 2017

The Double and Single Entry Method Bookkeeping is one of the most important processes in the accounting cycle. It is also one of the most commonly availed accounting services. In layman’s term, it is the process in which the transactions, both income and expenses, of a business is recorded in the books of the company. …

Most Common Accounting Services Available

August 2, 2017

What are the Types of Accounting Services? Accounting has been described as the bloodline of any business. Whether you’re monitoring inventory, recording sales, or checking for inconsistencies, you are already applying basic accounting principles. But of course, professional accountants have been trained to perform the same routines but in a more organized, accurate, and effective way. …