Accounting Firms Showing Signs of Economic Growth
Although accounting has often been described as a profession and industry that is fairly recessionary proof, is that really true? For the foreseeable future, individuals and businesses still need CPAs and accountants to prepare and file tax. Companies still require audits. The consulting and advisory services many accountants specialize in will continue to be in demand.If everyone, seemingly, needs an accountant, then the industry hasn’t suffered . . . has it? Accounting firms are a good barometer for the US economy. You probably noticed during the last several years that revenues at some of the largest accounting firms declined. Your own revenues may have as well, especially in
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For example, many accountants look at the concentration of businesses to see if there’s a pattern in their local area, such as technology companies in the Silicon Valley; defense contractors and nonprofit organizations in Washington, DC; or hospitality in certain vacation destinations. Some examples of niches
Accountants are responsible in analyzing and assessing the revenue, expenses, reporting financial matters and giving advice about the financial health of their employer. They help their client to know the best way to run a business by tracking and analyzing where does the money of the business go. They also give suggestions on where money could be made and advice in budgeting the money in the business.
Many young students want to pursue a career in accounting but are still wondering whether the possibility of matching this job or not. In general, the accounting industry is considered the industry that many students including myself choose and study. Graduate, students easily find a job and have a steady income. Not only easy to find a job and a stable income, I began to choose accounting because of the peculiarity quite "comfortable" of the industry: not too demanding, picky, I just have to like working with the numbers and skills required when working with numbers. Since accounting is an indispensable part of all companies and organizations, so this is one of the best craft unemployment negligent that I want to purse.
The Accounting Professional and Ethical Standards Board (APESB) is a characterised mark of accountancy profession that plays an important role to the accounting employees, helping them to understand and comply with their responsibilities recognised by the fundamental principles of ethics. Nevertheless, there has been a massive growth of financial employees acting unethical behaviour, resulting in an ongoing liability for the business organisation. Many entities particularly in Australia have been investigated for stimulating tax evasion such as the ‘Tax Fraud case of Carl William Wheeler’ in year 2008-2009 which was accused for using tax havens in UK for evading tax obligations. However, there are points of view within the structure of professional
Auditing firms are no longer able to focus primarily on selling additional services. Instead, they are now concerned with providing excellent service to the client. This has resulted in additional tax and financial reporting
Florida AG accuses Clearwater firms of fraud in property deals. Two Clearwater businesses and their president, alleging the companies defrauded consumers out of thousands of dollars in a land buying scheme. The defendants charged upfront fees on average of $2,250 for brokering the deals, sometimes promising to refund most of the money, but rarely following through on those promises, a statement said. 34 people were paid about $70,000 to Scott and the two businesses.
At the end of the last century, accountants began to organize and become a profession as state societies and boards of accounting debuted. At that time a few companies began to issue financial statements; however, there were no established standards, codes of ethics, or generally accepted principles. Practitioners wishing to represent the economic reality of an entity had to rely on professional judgement. Over time, the profession evolved so that committiees emerged to address these issues, and practitioners voluntarily abided by their guidance.
We need accountants because they are trained to handle tough financial situations. They know what investments are wise, what we can afford, and how we can increase our wealth.
One of the most misunderstood job positions in the United States is accounting. Accounting is often described as a dull job that requires a mastery in crunching numbers. Despite accountings misconceptions, it is often considered one of the most satisfying jobs. One particular accounting title, Certified Public Accountant (CPA), is one of the most popular qualifications accountants seek out. To organize and represent CPAs, the American Institute of CPAs (AICPA) was formed. Today, AICPA is informing the public about accounting and uses the slogan “Start Here, Go Places.”
Mr. and Ms. Synder stated on 01/25/2016, H and R Block attempted to electronically file their joint income taxes. H and R received a reject notice that their taxes were not accepted by the IRS. H and R Block emailed them the reject notice it received from the IRS.
Congress has discovered that the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 that created the Consumer Financial Protection Bureau or CFPB is fatally flawed and dangerous to traditional banking interests, politicians and lenders. The Huffington Post reports that ther bureau has become everybody's favorite target for reform or abolishment, and these stakeholders include people from opposite asides of the political specturm like the American Bankers Association and banking-system critic Rep. Spencer Bachus (R-Alaska). The CFPB, which was expected to target payday and predatory lenders,
A property survey must be conducted to create a legal property description. The legal description assists with identifying boundary lines through a legal method that can properly described, “conveyed, encumbered and contracted” (Jacobus 54). The Statute of Frauds requires written description of the land in the instrument of conveyance. As the textbook stated, there are methods in determining the legal boundary lines, includes “metes-and-bounds, lot and block, monuments, government land survey, recorded plat and rectangular survey system” (Jacobus 55-60). These survey methods ensure a correct and legal description for the property deed. When preparing property deeds, it is wise to compare the legal description with the most recent deed to
Bureau of Labor Statistics. (2014).Accountants and Auditors. Occupational Outlook Handbook (2014-15 ed.). Retrieved from http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, and the general public. I searched the Internet to locate a story in the news that depicts an accounting ethical breach. I selected Krispy Kreme. I enjoy their hot donuts and was curious to learn more about how they played with the numbers. For some reason I always want to dig into the trickery behind the manipulation of financial statements.
These statistics show the corporate need for forensic accountants, there also is an immense demand for these specialized accountants in the private sector. For example a forensic accountant is used to “quantify economic loss” (askhal.com) in personal injury cases.
Accounting professionals are in very high demand. The nature of work in accounting is so vast an individual would have so many different areas of accounting to choose from. Accounting requires people who can work with complex business structures, computer systems, and financial analysis packages. Accounting work further requires an aptitude for mathematics and the ability to compare and analyze accounting data quickly. Accountants also need to have strong communication skills as they must effectively communicate accounting data to their employers and/or clients. The accounting profession also demands a high level of integrity and morality because the financial data prepared by accountants is used by business managers to run their