What is the difference between bookkeeping, accounting, and accountancy? When someone says they are an accountant, are they really a bookkeeper? Does it really matter?

Bookkeeping

Bookkeeping is the process of systematically recording the financial transactions of a business, so as to show how the transactions relate to each other. Bookkeeping is largely a mechanical process and does not involve any analysis of the financial transactions, but rather the recording of them.

Traditionally, the records were kept in a book, hence the name bookkeeping. These days, bookkeeping is normally performed using a bookkeeping software package, but the names of the books (daybook, cashbook, journal, and ledger) are still used.

A bookkeeper’s function is primarily one of recording transactions in the journal and posting to the ledger, and is sometimes referred to as an accounts clerk.

There are two types of bookkeeping: single entry and double-entry. In single entry bookkeeping, the record of each transaction is carried to either the debit or credit column of a single account. In double-entry bookkeeping, two entries of each transaction are carried to the ledger: one to the debit side, and one to the credit side, of the corresponding account. This is so the two entries can be used to check each other.

Accounting

Accounting is the systematic recording, reporting, and analysis of financial transactions of a business. As bookkeeping involves making a financial record of business transactions, it is true to say that the role of bookkeeping is encompassed within the scope of accounting, and the bookkeeping system used by a business would form part of the accounting system.

Accounting also includes the preparation of statements concerning assets, liabilities and the operating results of a business.

Accountancy is the occupation related to accounting, and an accountant is the person who does, or at least is responsible for, the work. Accountants often specialize in a particular area of accounting such as taxes, auditing, or management.

In a small company, all of the bookkeeping and accounting tasks may well be performed by a single person. In this situation, that person would normally be referred to as an accountant.

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Applying for a Job

There are four general methods of applying for a job including:

(1) mailing your resume,

(2) emailing your resume,

(3) faxing your resume, and

(4) hand delivering your resume.

Mailing Your Resume

Some companies prefer that you mail your resume. For this type of approach, it is best to include a cover letter with your resume. The cover letter is a basic letter that describes the position that you are interested in and a few details of your qualifications and skills. It is basically your lead in to it. Before writing your cover letter, you should know whom the letter is to be addressed to. You never want to begin a cover letter with “Dear Sir or Madame” or “To whom it may Concern.” It shows that you have not prepared, and that you are not looking for a specific position with their company, but any job that you can get your hands on. Basically, it is disrespectful to your prospective employer.

Emailing Your Resume

Emailing resumes is becoming a commonplace way for recruiters to get them. Attach it as a word document or a PDF file. These are the most common formats and what most companies will accept. The subject line should read like this: Smith, John (Accounting Position). This makes it easy for the recruiter to know who the email is from, and what it pertains to. It also assures that your email will be read. Sometimes there are specific methods for addressing an emailed resume. Some companies have certain subject line requirements (so follow them!). If the company wants you to paste it, don’t send attachments because your email will be deleted right away.

Faxing Your Resume

You will need to include a cover letter when faxing your resume. If you are not using your own fax machine, be sure to include your proper contact information. The rules for your cover letter are the same as for mailing it.

Hand Delivering Your Resume

You will want to dress appropriately, as you would for an interview. Generally, companies ask you to do this if you are going to be working directly with customers. They ask for a walk-in because they want to get a look at your grooming habits right away. Sometimes, the employer will give you a brief interview on the spot to see if they will require a formal interview later. So be on your best and most appropriate behavior. Also, walk-ins do not require you to bring a cover letter with your resume. Your appearance is sort of the cover letter. Sometimes, you will be requested to fill out an application form as well. Smile and be polite, no matter who you are speaking with.

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Accounting information system is a system of records, usually computer based, which combines accounting principles and concepts with the benefits of an information system and which is used to analyze and record business transactions for the purpose to prepare financial statements and provide accounting data to its users. Some accounting information systems are still manual, i.e. accounting records are made with a pen, paper and manual entries into accounting books.

How are Such Systems Used?

These systems can be customized to meet the needs of a business. For example, information technology professionals responsible for business processes and information technology professionals responsible for the accounting information system can work together to develop and implement such a system so that it automatically gets information from other sources already in use by the business. Also, the systems can be set up to feature certain functions that are important to the business and eliminate functions minor to the business.  Information can be automatically fed, or manually fed into a business accounting information system at whatever pace and however often it is necessary.

What are the Benefits of Using Accounting Information System?

Businesses use accounting information systems to make their accounting activities easier, quicker, and more accurate, since accounting records are analyzed and financial statements are prepared within the system, which allows to safe time of employees and avoid mistakes.  Since many accounting information systems are equipped with error-reducing mechanisms and gather information regarding transactions electronically and automatically, data entry and computing errors are rare. Also, as mentioned above, since such systems are often automatically populated with transaction information, many accounting processes are less cumbersome and time-consuming when using such system.

Of course implementation of such system requires investment and time to be spent on the implementation, however future benefits are much higher that the expenses incurred. Also to consider whether business needs accounting information system and what kind of system is required thorough analysis of business and accounting processes has to be made to determine precise requirements.

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Learn why Bowman & Company LLP is a great place to work. For three years running, Bowman & Company LLP has earned a place in NJ Best Places to work. Come be a part of our talented and dynamic team!

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www.ntv.co.ke Kenya has overtaken South Africa as the country with the highest prevalence of economic crimes according to a survey conducted by PricewaterhouseCoopers globally. The survey was conducted in 78 countries found out that the highest percentage of economic crime cases involved theft of company assets, followed by accounting fraud, corruption, bribery and cybercrime. South Africa came second followed by the United Kingdom, New Zealand, Spain and Australia. Japan had the lowest prevalence.

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Shares of Research In Motion (NASDAQ:RIMM) slid 2.20% in today’s trading after Northwest & Ethical Investments, an investor, initiated a push for a shareholder vote to decide whether Mike Lazaridis and Jim Balsillie should retain their shared roles as chairman of the board and chief executive. Northwest & Ethical Investments is calling for a resolution that will divide said roles and seeks amendments to the bylaws to ensure that the chair is an independent board member when the company holds its annual general meeting July 12 in Waterloo, Ontario. The report adds that the company is urging shareholders to vote against the recommendation, stating that John Richardson, am independent board member, already acts as the de facto leader of the board. Balsillie stepped down from his position on the board in 2009 following a stock options accounting scandal, but was returned, together with Lazaridis, as co-chairs by December 2010. RIMM shares are down 2.12% to $36.81 in today’s late market trading.

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The Holidays have come and gone, there has been much celebration, quality time spent with families and lots of memorable moments. As we roll into another year filled with hope and determination and a fresh list of New Years goals in our sights, ninety percent of us probably included a goal regarding health and exercise.

Which area do you suppose it is? What is the one area on the body that by making another area larger it looks smaller? Okay I’ll tell you…the waist. By increasing the size of your shoulders and back you can create the illusion of having a smaller waist. Now granted this is fantastic if you are a bodybuilder and don’t mind your latisimus dorsi (back muscles down the sides of your body) looking like Bruce Lee’s. Men may not have an issue with that idea but most women aren’t going for that look. While lifting weights specifically for your back and shoulder muscles will help to give the illusion of a smaller waist, in this article I will address other ways to achieve the goal of reducing your midsection.

The first step is to make peace with the body type and waist size you were born with and then take the appropriate steps towards shaping up what you have. Your waist size is essentially predetermined by your ribs and hip bone skeletal structure while the rest of your waist size is a result of how much fatty tissue surrounds the area. No one likes to hear that you must lose the fat to gain the prize because we all know it means things in our lives have to change.

How many of us happily gravitate towards change? Yes, it’s true…change is hard, but without change, things, including your waist measurement, will stay the same. The reality is that the body has a mind of its own when left undisciplined. But with a bit of discipline and some old fashioned hard work you can become the master of your body. A smaller, tighter midsection and stronger core are all within your reach if you are ready to do what it takes. Before I discuss what you must do to reduce your waist size let’s dispel some misconceptions that exist regarding this topic.

#1 Breathing exercises will shrink your waist

While it is true that breathing and diagrammatic exercises will tighten your tummy they will not reduce the body fat that expanded your tummy to begin with.

#2 Electronic Abdominal Exercise Belts will give you a six pack

These belts do nothing more than reduce the size of your wallet. Fortunately, most of the companies that lied in their claims on TV infomercials are now being sued in a class action suit for their false claims.

#3 Hundreds of crunches a day will give you a smaller waist

As a competitive fitness model, if this were true I should have the smallest waist on the planet. Unfortunately, I do not. I was born with wide hips and thus the size of my waist is proportionate to that fact. No matter how many crunches or leg lifts you do you cannot crunch your way to a tiny midsection. The fat around the waist needs to be shed before you will ever see the results of all those crunches.

Now that we know what doesn’t work for obtaining a smaller waist, let’s get to what does work.

Choose A Goal

First you must choose your goal. I will always sing the praises of goal setting. Why? Because it really does work. Okay, now that you’ve chosen a goal, write it down! Remember, seeing it in front of you each day in black and white makes all the difference. Do you want to lost five pounds overall? Do you want to just get a smaller waist so your pants aren’t so tight? Do you want a smaller waist but also a stronger core (abdominal and back strength as a unit)? What’s your goal? Whatever it is, choose it now.

Every goal in life usually takes hard work to get it and this is no different. If it were easy, America wouldn’t have the obesity epidemic it has and everyone would have a waist the size of Pamela Anderson or Cher (and no I don’t believe the rumor that she had a rib removed to reduce her waist size). So if you’re ready to commit to the work here are some action steps to help you achieve a smaller waist.

Diet

The most important thing is not to skip meals so that when you finally eat you eat large unbalanced meals. Ideally, you should graze throughout the day. Small but frequent meals are one of the keys to a smaller waist. If you continuously train your stomach to expand with large meals, eventually it will permanently extend to accommodate this eating pattern. Small meals throughout the day (3 to 4 with a snack in between) will keep you satiated and your stomach won’t have to keep expanding to allow room for the overabundance of food.

Also, eat slowly. Chew your food as this will aid in the digestion process. The slower you eat the sooner the brain will be able to register when you are full. You must allow time for this to occur. We tend to overeat when we eat in a rush. Try to make meal times relaxed. Be sure to eat a diet full of vegetables, grains, lean proteins and some good fats.

One last great tip, eat your last meal 2 to 3 hours before bedtime. This will give your body time to begin the digestion process before you lay down for bed and all your bodily functions begin to slow down. This simple habit will truly make a difference.

Exercise

Probably the most important element on this mission to a smaller waist is that you begin to include exercise, cardiovascular as well as weight training, to your daily routine. If you want a great beginner’s weight training routine, refer to our last issue of this magazine in my column or go online and look under “exercise programs for beginners” or whatever level you may be at.

Obviously, if you are carrying excess body fat around your waist the only way to make your waist smaller is by losing that fat. You must begin an exercise routine right away. Additionally, cardiovascular exercise needs to become your friend. Whether it is, walking at a brisk pace, jogging, biking, tennis, hiking, whatever it is, you need at least three days a week for thirty to sixty minutes a day to make a dent in the fat loss goal. Please be rigorous and ask yourself these questions as you do this cardio exercise. Are you working up a sweat? Are you feeling challenged? Are your glad when it’s over? If you answered yes to these three questions, chances are your doing the cardio work at an appropriate level to encourage fat loss and changes in your body. Otherwise, why bother. Don’t just go through the motions, do the work and the results will be yours!

Area Specific Exercises

I know in the beginning of this article I said all the crunches in the world wouldn’t give you a smaller waist but once the excess fat is gone from your midsection, yes, abdominal exercises and core strengthening moves will give you the finishing touch to a tighter and smaller waist. I will describe three excellent exercises for working the midsection and core strength. Of course there are many others, but start with these and add others as you progress. Include these exercises 2-3 times per week with your new fitness program.

Basic Crunch (front abdominals)

Lie on your back with your knees bent and feet flat on the floor. Gently clasp your hands behind your head. Never pull on your neck. Slowly, curl up bringing your shoulders off the floor about 6-10 inches. Consciously tighten your midsection as you lift. Be sure to exhale as you curl up. Slowly lower. Repeat 15-20 times. Do three sets.

Twisting Crunches (side abdominals)

Begin in the same position as the basic crunch but this time bring your knees up, feet off the floor. With your hands clasped behind your head twist your upper body so your right elbow meets your left knee. Squeeze, then return to starting position. Now twist your body so that your left elbow meets your right knee. Squeeze and return to starting position. Repeat 10-15 times on each side. Do three sets.

Plank (core strength)

Lie face down on the floor. Place your hands and wrists directly under your shoulders. Press your toes into the floor. Firmly with total body strength, press up until your arms are locked out straight and your body is in a nearly straight line (as if you’re about to do a push up). This is the movement. Simply hold this position for 15 seconds to start with. Then slowly lower down to the floor. Repeat three times. Work up to 30 second holds. This movement is an excellent core strengthener and will tighten many muscles if done regularly.

Follow the above suggestions and you should be well on your way to obtaining the waist size you desire, providing it’s a realistic goal. Remember, there is no magic pill to any health and fitness desire. The only way to get there is through hard work, commitment and discipline. There is truly no better feeling than reaching your goal and knowing you did whatever it took to get there. So go for it…start today!

Rebecca Kordecki is available for fitness coaching/consultations and speaking engagements. Please visit http://www.rebeccakordecki.com for more information.

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