neoaccounting

Accounting is the stewardship (faithfulness in business) exercised in the day-to-day running of the business in order to know where the business is to put more effort (performance appraisal), this is usually on black and white (written document). Some businesses has wind-up because proper books of account where not adequately kept or the business did not set an accounting unit which will oversee the cash flows of their business. Businesses (either Small, Micro, Medium and Large scale businesses) ought to set up accounting unit (if possible get a professional consultant) and it must be standard at it best. On this note, what is accountability? (In   ethics  and  governance)   accountability  is answerability,  blameworthiness ,  liability , and the expectation of account-giving. ( As an aspect of  governance)  it has been central to discussions related to problems in the  public sector ,  non-profit  and private ( corporate )...

by Sarah Sheen FCPFA, Technical Manager, CIPFA Local authority accountants are facing numerous changes in financial reporting requirements with an ever changing policy landscape and a need to balance this, ensuring that the information they provide is easily understood by their key stakeholders – and all against a backdrop of resource constraint. How can they manage and be prepared for some of the key financial reporting challenges they are facing? Challenge one – how to make local authority financial statements accessible to their stakeholders A regular refrain across sectors is that IFRS financial statements are too long and too complicated. This situation is exacerbated in local authorities as financial performance is measured on a fiscal basis as well as the accounting basis. Changes to the 2016/17 Accounting Code have addressed this issue. The new Expenditure and Funding Analysis has brought these two reporting frameworks together in a way which promotes accountability...

    Bola Onadele MD/CEO , Financial Markets Dealers Quotations (FMDQ) OTC PLC Mr. Onadele has over 20 years of experience in financial markets architecture and diplomacy. He championed various financial markets infrastructure initiatives in Nigeria, among which two-way quoting system, Nigerian Inter-bank Offered Rates (NIBOR), Nigerian Inter-bank Treasury Bills’ True Yields (NITTY) and the Contributors’ Home Ownership Scheme (CHOS). Mr.Onadele also served as consultant to the World Bank-IFC on the development of the Nigerian corporate bond market. He was appointed the Country Manager of the Efficient Securities Market Infrastructure Development (ESMID) program in 2009. How the FMDQ sees the role of government debt in galvanizing the Nigerian economy The FMDQ initiative is based on a foundational understanding of the role of government debt in stimulating an economy. Government debt supports conduct of indirect monetary policy operations; acts as benchmark for long-...

#BANKING             The FMDQ concept was promoted by the Financial Markets Dealers Association (FMDA) in 2009 and sponsored in 2010 by the Bankers’ Committee. The Bankers’ Committee is chaired by the Central Bank of Nigeria (CBN), with the Nigeria Deposit Insurance Corporation (NDIC) and all the banks and discount houses operating in Nigeria as its members. The Committee resolved to operate all the over-the-counter (OTC) inter-bank market activities in fixed income and currencies under a Securities and Exchange Commission (SEC)-registered self-regulatory organisation, and be governed by this authorised body.           In order to fulfil this purpose, FMDQ OTC Securities Exchange was incorporated on January 6, 2011 following a ₦100million contribution by the CBN and equal contribution of ₦15million by each of the 25 banks and 5 discount houses (operational as at December 2010) to the com...

One of the main reasons businesses fail is because there isn't a good bookkeeping system in place that would provide warning signs the business could run out of cash. You can choose to set up a bookkeeping system manually (using accounting books), electronically (spreadsheets) or use accounting software. Unless you want to get familiar with bookkeeping practices, accounting software is the most efficient choice. What to consider Every business will have different requirements from an accounting software. When choosing an accounting software consider the following: does the system calculate all payroll requirements (PAYE, annual leave, long service leave etc.) does the system track stock, work in progress, orders, jobs and other task management requirements will the system be able to handle multiple bank accounts does the system need to handle foreign currency does the system track separate financial records for each business or department within the business do...

  20.   Cyma      CYMA's award winning Payroll, HR and Employee Self Service (ESS) software provides a complete solution for in-house corporate payroll users. Thousands of corporate and non-profit agencies around the country ranging from 50 to 5,000 employees depend on CYMA for their Payroll software needs. Featuring a highly flexible payroll system with electronic direct deposit, W2 and tax filing systems, and included ACA 1095 & 1094 utilities, CYMA can help you save money bringing your payroll processing in-house. CYMA's Human Resources system provides complete benefit management, employee credentialing, OSHA injury tracking and more. CYMA's web based, Employee Self Service helps companies drastically reduce employee payroll costs & increase worker productivity with online time entry with supervisor approval and secure, payroll information for employee access. www.cyma.com   19.   Yendo  ...

(By Michael Cohn) The Financial Accounting Standards Board released its long-awaited accounting standards update for not-for-profit financial reporting, albeit with scaled back ambitions to keep the standards for non-profit organizations aligned with standards for businesses.   The update aims to improve how a non-profit organization classifies its net assets and provides information in its financial statements and notes about its financial performance, cash flow and liquidity. “The major changes really revolve around the net asset classification,” FASB board member Larry Smith told Accounting Today. “We’ll be changing the three net asset classes that we have now, which are unrestricted, temporarily restricted and permanently restricted. We’ll just have two classifications: unrestricted and donor restricted. That will hopefully make things more evident and remove some of the confusion that exists today.”   The accountin...