How to learn and Improve Accounting skills

Financial Accounting, in simple terms, is the process or work of keeping financial accounts. In a broader sense, accounting is defined as being the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of financial character and interpreting the results thereof.

Financial Accounting is so important that it opens doors in every kind of business. However, it is not just confined to business only. Accounting is important to anyone who deals with money. In this way, learning and improving accounting skills is not much less important than it is for professional purpose. At this point, it is appropriate to mention some of the basic accounting skills: They are as follows:

• Understanding about the basic accounting equation
• Being familiar with accounting terms
• Passing Journal entries
• Making Reconciliations
• Problems solving ability
• Financial Reporting

There are several benefits that you can extract from learning and improving accounting skills. One of the most important benefits of accounting is that it helps you to analyze financial information using the strong knowledge of accounting, so that you may arrive at effective decisions in terms of money. Moreover, it enables you to keep track of your income and expenses – preparing income statement, while aiding you greatly to determine your financial position at a point in time in the form a statement called balance sheet.

Regardless of the reasons, whether it is for professional or personal purpose, anyone who is interested can improve accounting skills. if you want to learn accounting and attain the level from where you can further enhance your skills successfully, then, you may find this article with presentation helpful. Here are some ways you can learn and improve your accounting skills.

In order to get general overview of basic accounting principles and concepts, it is better to buy a book that provides explanations and examples. Books written for absolute beginners are helpful, such as accounting for dummies. It must be noted that publishing such books is generally intended for those who have no prior knowledge about the concerned subject and to help the readers improve their skills appropriately.

Remember that teachers matter – Nothing can replace a good teacher. The importance of an effective teacher or a tutor cannot at all be ignored. The Problems that seem to be difficult can turn out to be easy under the guidance of a well experienced and effective teacher. It’s therefore advisable to take an accounting course or classes that you may learn effectively and efficiently.

Accounting is based on a double entry system which means every financial transaction has two effects involving two different accounts. It further indicates that every transaction which is recorded in accounting records must have two journal entries: a debit and a credit that in turn leads to satisfy the equation: Assets = Liabilities + Equity

Being conceptually good is a good way to improve your accounting skills. The concept of debits and credits is actually the most important thing to get mastery over. A debit is a financial entry on the left side of the T-account which either increases an asset or expense account, or decreases a liability or equity account, whereas, a credit is also an entry shown on the right side of the T-account that either increases a liability or equity account or decreases an asset or expense account. However, understanding well the rules of debits and credits will strengthen the basis and let you improve further in a successful manner.

In addition, it is very important to apply your knowledge practically whenever it is necessary. This will enable to find where you are wrong and what else to be done to bring more improvements in the process of learning and improving your accounting skills.

Take a look at Professional Presentations

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Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

The Importance of Payroll Accounting System

Payrolls are said to be the lifeline of any organization. It is defined as a list of a company’s employees and the amount of money they are to be paid for the services they provide during a particular period of time. One of the most important tasks in running or managing a business is completing the payrolls in a timely manner and yet maintaining accuracy and reliability.

Payroll accounting, having its own value and importance, is a particular accounting discipline which is concerned with recording the compensations: salaries, gross wages, commissions and bonuses of the employees.  In this way, payroll accounting is one of the most essential functions of the accounting department within an organization.

It must be noted that this specific accounting discipline is not as easy as it may seem, but a complex one, as it significantly affects the net income of the company. Since it is the sum of all financial records pertaining to the employees’ salaries, wages, deductions and bonuses, it is of course very important for the employees as well. Any issues with regard to the payrolls can lead to create dissatisfaction among the employees – which in turn may result in to affecting a company’s reputation. Hence, there is a need for having a particular payroll accounting system through which all the process may be done effectively and efficiently.

Not all systems may be incorporated with the payroll process that is done automatically. However, in general, the payrolls are processed and formulated in the following ways:

• Adding new employees
• Collecting timecard information or processing attendance of the employees
• Making adjustments or Entering changes including deductions
• Calculating taxes or other payments
• Processing wages or dues accordingly
• Generating Financial Entries according to the cost centers
• The final task is to distribute each employee’s net pay which can be done in different ways such as, mailing checks, making deposits, making prepaid debit cards or distributing cash personally to the employees.

Though, to all appearances, the payroll processing task seems to be easy or mundane, but in reality, it is not. There are several aspects and complexities involved in it, unless the whole process is done by the concerned staff carefully and efficiently. It requires plenty of time and patience of the employee who is assigned to perform the payroll task. Payrolls should be processed, reviewed and validated in a careful manner, otherwise, a little negligence on an accountant part, can cause a company to reap harsh consequences.

As there has been a revolution in most areas of business management, so it goes with payroll processing and its accounting system as well. The need and importance of payroll accounting system cannot be ignored. Payroll processing software makes the task easier and less time consuming. It would thus be a wise decision to implement payroll accounting system, so that the basic tasks may be done in a way as needed, while the accuracy and reliability in the tasks may be maintained well.

https://www.youtube.com/channel/UCVjRXVpHe4W8X9KUTTrkkCQ

Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

How to enrich your English Language Vocabulary

Improving your English language vocabulary is one of the most important things to do in today’s world. Since maintaining good relationships with others is important and good communication is the at the heart of good relationships, it is of great importance to develop your vocabulary in such a way as to communicate conveniently. In addition, a strong vocabulary is of great help and  assistance professionally. You can carry out your job duties in a way as needed based on your communication skills. If you ever think how you can enrich your English Language Vocabulary, you might find this article helpful. Here are some ways in which you can enrich your vocabulary.

Reading has a lot to do with the process of improving your vocabulary.  If you want to develop your vocabulary skills, it is important that you get into the habit of reading.  If you haven’t yet acquired this habit, then it’s now time  to do so.  The more you read, the more things you will know.  There is a great saying of Francis Bacon about reading, “ Reading maketh a full man; conference a ready man; and writing an exact man.”

In addition to making the habit of reading, it is also advisable that you keep a note book with you so that whenever you encounter a new word, you can jot down and find its meaning according to your convenient time. It is better to note down the words alphabetically, so that you can find them easily.

The importance of using dictionary to know and understanding the meanings and referring to thesaurus (A book that lists words in groups of synonyms, antonyms and related concepts) to find synonyms and antonyms cannot be denied. Keep a dictionary and thesaurus handy that you can gain new words every day.

Learning a word a day, goes the long way. Though you can try to learn as many words as you can, but even if you learn a word daily, your vocabulary will be improving each day considerably. In this way, you will have increased your vocabulary to a reasonable extent in course of time.

All work and no play makes jack a dull boy, so it goes with a person who is engaged all the time.  Vocabulary building should not be confined to only one activity, reading or writing. It is better to get out and have fun. How much better it would be if you had something to play for fun and that could help you fulfill your purpose as well. Yes, there are lots of vocabulary building games out there, you can make use of them.

As it goes in these words of Johann Wolfgang Von Goethe “Knowing is not enough; we must apply. Willing is not enough; we must do.”  It is important for you to make your vocabulary practical. Making practical and effective use of the words that you have gained in course of time, will be much advantageous to strengthen your vocabulary. One of the best ways is to keep yourself engaged in conversation with other people. This way will not only help you broaden your vocabulary, but will aid you greatly to discover new words.

Take a look at Professional Presentations

Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Compter Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

https://www.youtube.com/channel/UCVjRXVpHe4W8X9KUTTrkkCQ

Steps to boost your Self-esteem

“Never be bullied into silence. Never allow yourself to be made a victim. Accept no one’s definition of your life, but define yourself.”  –  Harvey Fierstein

Self-esteem is your confidence in your own merit as an individual person. In sociology and psychology, self-esteem reflects a person’s overall subjective emotional evaluation of his or her own worth. It is a judgment of oneself as well as an attitude toward the self. Improving your self-esteem is one of the most important things that  you can do to improve your life and live life satisfyingly.

Remember that you can be either, the winner or the loser, as it all depends on how you think and you react. If you think positively, chances are that you can be winner. The power of positive thinking cannot be denied. Talk positively always. It is better to be with those who talk positively. Negative thinkers can not only discourage you, but can make you sick.

Comparison is not good for judging the people. So, it goes with you too. Don’t compare yourself to others. As it goes in the words of Bill Gates, “Don’t compare yourself with anyone in this world. If you do so, you are insulting yourself.”

Get into exercise habit. If you become an exercise addict and you stick at it, you can not only improve your mood, but also immune system helping you to reduce the risk of developing chronic diseases. Exercise can have a positive effect on your self-esteem.

One of worst things that does not let you improve your self-esteem is to strive for perfection. Striving for continuous improvement is far better than striving for perfection. In the former case, you can develop your self-esteem positively, while in case of latter, you can lose your hope. It is worth mentioning what has been said by Vince Lombardi, “Perfection is not attainable, but if we chase perfection, we can achieve excellence.”

That which gives you pleasure is a good thing to do to improve your self-esteem. Spare time to do things that suit your interest best, so as to be happy and to get personal fulfillment as well. Such as reading, writing, drawing or painting, learning a language, educating yourself more. It’s not only a good way to increase your self-esteem, but a good source for overcoming your boredom – in case you feel it.

Celebrate successes even if they are small. They may be simple but can brighten your days. The little satisfying effects can enhance your positive energy. Simple pleasures can help you beat your strain and stress leading to increase your self-esteem day by day. Simple pleasures can make you feel better and make your life worth living.

 It is worth mentioning what has been pointed out by Ayn Rand, “The man who does not value himself, cannot value anything or anyone.” 

Take a look at Professional Presentations

Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India

The need and Importance of Grammar in Business Communication

“A man’s grammar, like Caesar’s wife, should not only be pure, but above suspicion of impurity.” – Edgar Allan Poe

Grammar may be simply defined as a system of rules that defines the grammatical structure of a language. It’s a study of what is to be preferred and what avoided in inflection and syntax.

In a broader sense, grammar can be defined as the whole system and structure of a language or languages in general, usually taken as consisting of syntax (the ordering of and relationship between the words and other structural elements in phrases and sentences) and morphology (the structure of words in a language, including patterns of inflections and derivation) and sometimes also phonology(the study of speech sounds) and semantics(the study of meaning in a language).

Grammar is very important within the English language. In today’s fast paced world, everyone seems to be too busy to look for effective ways to improve grammar skills, while they look for short cut methods, but the importance of learning grammar and improving grammatical skills cannot be underestimated. It’s also true that a language can be learnt through the ways in which it is used on day-to-day basis, but learning or enhancing grammar skills has its own value and importance and benefits.

There can be a number of problems caused by incorrect grammar. Poor grammar is a major reason for students not to score well on their exams. As regards the working people, poor grammar skills can result in negative consequences. In addition to create misunderstanding in communication, bad grammar skills don’t leave a good impression on others. Hence, whether it’s general English communication or communication in business English, grammar has its own place and importance.

Business English is English language specifically related to international trade, commerce and industry. It’s a part of English language which is used to fulfill various purposes. To put it simply, business English is English communication for business or work. Business English is used for various occasions, such as, business meetings, professional presentations, seminars, conferences, workshops, emails, newsletters and telephone conversations. So, the communication in business English for employees or businesspersons primarily depends on correct use of grammar. Correct grammar aids you greatly in planning and creating your sentences with the clarity of thought, so that you can convey your message appropriately. It’s on the basis of good grammar skills effective coordination process can be established which in turn leads to achieve the business goals and objectives in ways that are needed or desired.

In an ideal world, based on your good grammar skills, you cannot only put your point across and that your voice may be heard and accepted amongst people, but also you can produce a good impression about yourself. More to the point, good grammar skills can help you improve the way you communicate by guiding you and developing your style of speaking and writing. And indeed, that is what is needed in today’s world of business. Thus, It’s not just putting emphasis on the importance of grammar, it’s a fact that basic grammar is the necessity and a foundation for effective communication.

Remember that “the quality of your communication is the quality of your life.” And the quality can be well maintained based on certain things that are needed as prior condition, and one among them is to have good grammar skills.

Take a look at Professional Presentations

Written by:
K. A. Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Blogger, Software Developer
BBA, MBA-Finance, MPhil-Financial Management, (MSc-Software Engineering)
(PhD-Management)
MA-English, MPhil-English
Post Graduate Diploma in Computer Applications and Programming
Certificate course in English language proficiency
Level 1 – Leadership and Management ILM – UK
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India