...Positive Impacts that Information Technology has had in the Finance and Accounting Fields The role of Information Technology (IT) in today’s world cuts across almost all sectors of the economy and society. In finance and accounting, IT has played a significant role in ensuring the efficiency and effectiveness of accounting and finance activities (Half, 2012). Several IT networks and computer systems have shortened the lead-time necessary for accountants to make and present financial information to firms’ managements and other stakeholders. Moreover, the IT has also improved the overall efficiency of the information provided by the accountants to firms’ management departments. Accurate information by the accountants is crucial for appropriate and relevant decision making by the company. One of the biggest impacts of IT in accounting is the development and use of computerized systems in tracking and recording various financial transactions. Before the innovation of technology and its use in finance and accounting, recording of transactions took long and was never accurate. The paper ledgers, handwritten financial statements, and spreadsheets have been translated into computer systems for quick presentation of individual transactions into easily interpretable financial report (Half, 2012). Improved reporting is necessary for investors in the determination whether a company is an appropriate investment for growth opportunities. It also determines whether it has a potential...
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...Accredited Tertiary Courses Listing 2012 Accredited Tertiary Courses Listing 2012 – as at 26 September 2012 1 2012 Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of New England The University of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT...
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...words (finance and accounting) as both have very wide meanings and applications in the business world. Most business has an aim to make profit and to remain solvent and the above two concepts play an important role in achieving this objective. This paper aims to answer the above questions and further goes on to say why both should and are considered a vital part of business and their importance in the whole business set up. Literature Review Accounting has been defined as the soul of the business (Collin P, 2004). Accounting is described as the means by which information is communicated in a firm, and is thus known as the language of business. Accounting is described as a vital function in preventing fraud and corporate corruptions in organisations (Glautier, M.W.E. and B. Underdown, Accounting theory and practice). Accounting is important as it provides information to external parties (stakeholders) by providing a true picture on the business financial position. Finance is described as an administrative function aimed at raising funds for the business (B.B Howard. Introduction to Business Finance). Finance is aimed to maximise the value of the firm and attain the main objectives of the firm; I. Shareholders wealth maximisation II. Profit maximisation This is achieved by determining the optimum capital structure and the efficient utilisation of resources by analysing risk and return (B. B Howard. Introduction to Business Finance). Findings and analysis Accounting Accounting...
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...Although finance and accounting are both involved with the financial aspect of a business or organization, the managers and employees in these departments deal with finances in completely different ways. Accounting deals mainly with preparing and examining financial records and ensuring their accuracy, making sure taxes are paid on time and properly, and assessing financial operations to help ensure that organizations run efficiently. On the other hand, finance deals primarily with making important financial decisions for an organization and helping “develop strategies and plans for the long-term financial goals of an organization” (Financial Managers 2012). It is also important to note that financial managers use the financial information prepared by the accounting department in order to make the best decision possible for their organization. Nevertheless, both accountants and financial managers together must operate effectively and efficiently to ensure the continued short-term and long-term financial viability of any health care organization. In this short essay I will explain the relationship between finance and accounting and how they both help ensure the financial viability of a health care organization. First, despite the fact that finance and accounting both oversee the financial aspect of a health care organization, the way in which they handle finances are very different from one another. “Accounting is concerned with financial record keeping, the production of periodic...
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... | | | |Courses offered are subject to changes. | | |Updated information on the courses will be sent to successful candidates by Aalto | | |University, School Of Economics. | | | | | |*The same course can be transferred only as 1 course. | |First Level Modules | | |ACC1006 Accounting Information Systems |International Technology Venturing | |BSP1005 Managerial Economics |TU91.2010 Managerial Economics | |MKT1003 Principles of Marketing |23A00210 Introduction...
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...INTRODUCTION Accounting and finance are closely related because it deals with the financial aspects of a company. Finance and accounting are closely related to the because accounting is a factor that places contribution to financial decisions. Accounting gives data to allow the finance department to make knowledgeable decision to maximize profits for the company. Accounting generates information/data relating to operations and activities of the firm.() Accounting supplies valuable information such as balance sheets, and income statements. These statements provide a picture for the finance department assess the company’s past performance guide the directions of the firm. It also will inform the finance department what expenses need to be meet. Finance is defined as the art and science of managing money.() It consist of different areas that provide financial services and financial management for corporations. Finance takes information that it collects from accountants then creates a proposal to establishing a plan that will help maximize profits. Finance are responsible for financial planning, prognosis investment, recognize and understand how monetary affects the cost and the availability of funds. Accounting Accounting is traditionally defined as the bookkeeping for a business.() It collects data and organizes business’s financial data. The accounts use balance sheets, manage account receivables, payables, collections, contracts and invoices, etc()...
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...INTRODUCTION TO FINANCIAL O UC O O C INFORMATION LECTURE 1 LEARNING OBJECTIVES Understand the key differences between economics, accounting and finance Understand why financial information is important List the main users of accounting information and understand their information needs Distinguish between management accounting and financial accounting List the main types of business ownership and outline their characteristics Summarize the advantages and disadvantages of each type of business ownership p 2 Panagiotis Dontis Charitos WBS, 2013-14 IN TODAY’S LECTURE... Topics Differences between economics, accounting and finance Importance of financial information Users of accounting information and their information needs Differences between management accounting and financial accounting i Main types of business ownership Characteristics Advantages vs. disadvantages 3 Panagiotis Dontis Charitos WBS, 2013-14 ECONOMICS - FINANCE – ACCOUNTING Economics is a social science Study the production, consumption and distribution of services or goods Explain how economies work and how do different economies interact Finance is a subset/tool of economics that studies the financial markets Personal finance, corporate finance, state finance Accounting is an essential part of finance and economics Precise recording, reporting and assessment of financial deals and transactions of a business Preparation of statements or declarations concerning assets, liabilities...
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...difference – Finance and accounting, accounting and finance? Accounting is a necessary input and subfunction to finance (World Academy, n.d.). The treatment of funds and decision making, relate to the primary distinction between accounting and finance. Finance and accounting are not the same, but accounting is concerned with financial records, while finance relies on accounting reports and data base. The future depends on past events as pointers. The principles of accounting organize and prepare financial statements for an organization (Cleverly, 2011). The success to any business is critical from both accounting and finance. Accounting is knowledge and finance is the know what to do with that knowledge. Viability is about being able to generate sufficient income to meet the commitments, debts, payments, and where applicable, to all or growth while maintaining service levels in a health Care organization. Both accounting and finance are different; however, they have a close relationship to each other. Accounting involves the preparation of a balance sheet, which at a certain date will reflect on the financial position of an organization (Let’s learn finance, n.d.). Accounting shows the profit or loss of an organization during the year with concerns of recording of business transactions of a company, then presenting it in a profit and loss account. On the broader end of this concept, finance makes use of all the data which is presented in the profit and loss accounting. This could...
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...Functional Area Plan: Accounting and Finance Member of Team D: Havacup Part 1: Accounting and Finance Manager Composition The Accounting and Finance Functional Area’s goal is to provide Havacup’s Executive Leadership and supporting Functional Area’s with timely and accurate financial information, strategic advice, and advocating the high level of integrity and ethics that is at the core of Havacup’s values. Having accurate and up-to-date financial information is critical to making smart decisions. Accounting and Finance will focus on Havacup’s revenues, expenses and budgets. A comprehensive plan will be created, supporting Havacup’s business model and ensuring finances are available for future expansion. Accurate records for accounts payable, receivable, collections, inventory, fixed assess and payroll will be maintained. Timely reports distributed will provide Executive Leadership and supporting Functional Areas financial data used to validate the company’s financial position and to identify areas where changes must occur in order to run the business more efficiently and cost effectively. Accounting and Finance Partnering The Accounting and Finance Functional Area will partner with Operations and Production to create a reasonable production budget aligned with projected sales, production and staffing numbers. More inventory will be purchased and on-hand; accounts payable will increase and will need to be paid timely. Inventory management will be critical...
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...Financing Versus Accounting People frequently confuse the two terms of accounting and financing. The reason is that finance and accounting both deal with the financial aspect of an organization or business. The difference is how the managers in these departments deal with the finances. Accounting mainly handles examining and preparing financial records and making sure that they are accurate (Kajanová, 2011). They also have to ensure that the organization is running efficiently and that the taxes are properly paid and on time. Where as finances handles mainly strategies and plans for long term financial goals on an organization. Financial mangers base their decisions on the financial information that was gathered by the accounting department (Kajanová, 2011). That way they can make the best decision for their organization. Accounting and Finance mangers have to work together to operate an efficient and effective organization. The purpose of this paper is to compare and contrast the differences between accounting and financing. Even though both accounting and finance both handle the financial parts of different health organizations, they both handle their finances in very different ways. In accounting, the main areas of concern are keeping financial records, producing production reports, analyses and different statements, reporting all of the information to heads of departments, and occasionally watching investors and the markets (Financial Managers, 2012). In addition,...
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...Determining Financial Viability Finance and accounting go hand- in- hand so to speak. It is hard to have one without the other. Individuals who are in finance control money. Finance is the business or act of managing the monetary resources of an organization or person. Accounting is the activity, practice, or profession of maintaining the business records of a person or organization and preparing forms and reports for tax or other financial purposes. There is a need for both to determine financial viability within a health care organization. “A business’ finances are just as important, but very different from the accounting. When considering a business’ finances, you will review all of the accounting data to make monetary decisions affecting the business. The accounting data may help you with financial planning, reviewing the performance of the business, and ensuring that the business is meeting the legal obligations, such as tax reporting.”(Elgar, Peter, 2011 pg 1) So with this being said, both departments are very important not just to the organization but to each other as well. Financial viability is the ability to continue to achieve its operating objectives and fulfill its mission over the long term of the business. Having the funds available to excel in the health care organization is critical not just for consumers but for healthcare professionals, hospitals and clinics. Finances makes for more opportunities to invest in newer technology and studies. So it goes...
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...International Standards for Islamic Finance AAOIFI – Introduction AAOIFI & IFRS - Comparison on structural objectives AAOIFI & IFRS - Categories of accounting standards for Islamic financial institutions AAOIFI & IFRS - Examples of main differences Adoption of AAOIFI Standards How AAOIFI Standards Support Islamic Finance Industry www.aaoifi.com For more information on the Institute of Management Accountants, visit www.imanet.org AAOIFI – Introduction • Responsible for formulation and issuance of international Islamic finance standards. • Has issued 68 standards: 25 accounting standards; 5 auditing standards; 6 governance standards (incl. on Shari’a supervision); 2 codes of ethics; and 30 Shari’a standards (rules for application of Shari’a). • Also developing new standards and reviewing existing standards. • Supported by over 165 institutional members from over 35 countries. Members include central banks and regulatory authorities; Islamic and conventional financial institutions; accounting and auditing professions; and Islamic financial support services providers. • In order to support technical application of standards, AAOIFI offers the following professional qualification programs: - Certified Islamic Professional Accountants (CIPA), and - Certified Shari’a Adviser and Auditor (CSAA). For more information on the Institute of Management Accountants, visit www.imanet.org 1 AAOIFI & IFRS - Comparison on structural objectives A. Differences on coverage of standards...
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...contains Contains pages Executive summary Introduction……………………………………………………………………………………………….3 1. The different types of business units: a) Sole proprietorship………………………………………………………………………..4 b) Partnership……………………………………………………………………………………5 c) Private limited company………………………………………………………………..6 d) Public limited company………………………………………………………………….6 2. Difference between ,Financial accounting and Management accounting: a) Nature of report…………………………………………………………………………….6 b) Details level……………………………………………………………………………………7 c) Regulations…………………………………………………………………………………….7 d) Interval report………………………………………………………………………………..7 e) Time orientation…………………………………………………………………………….8 f) Range and information quality………………………………………………………..8 3. Sources of finances 3.1 Internal and external sources…………………………………………………………8 3.2 Short and long term finance…………………………………………………………..8 3.3 Debt and equity…………………………………………………………………………….9 4. Recommendation………………………………………………………………………………….9 Conclusion………………………………………………………………………………………………10 References………………………………………………………………………………………………11 14 November 2014 To Mr and Mrs Swanson From: Felicia masela Subject: Starting-up a new chocolate and biscuits company. Dear sir / Madam Swanson, Executive summary Starting-up a business required choices existing that should be...
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...Determining Financial Viability Accounting and finance are closely related to a certain extent in which both deal with the financial aspects of a company. Accounting and finance work together in creating “a company’s budget or working capital analysis” (Wise-Geek, 2012, p. 1). Accounting involves recording of an organizations operations of a business as well as showing the information in the outline profit and loss accounts, which demonstrates the gain or loss of the organizations throughout the year. In addition, accounting includes provisions of a balance sheet replicating the monetary positions of a business at a specific time period. It should provide clear and precise figures about the proprietary and financial condition in a specific entity. Finance is a wider view and uses information, which is obtainable in the accounting area such as “profit and loss, balance sheet, and cash flow statement” (Parikh, 2011, p. 1) to decide upon financially linked judgments, for instance how to increase funds for upcoming plans of a business. These statements provide a valuable amount of information for a company. The statistics retained in these statements assists financial directors with analyzing past performance as well as future inclinations of a business. Both accounting and finance must be used together to make effective decisions for a company therefore, finance uses past statistics from the accounting aspect to formulate future decisions. In order to determine financial viability...
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...Diana C. Gutierrez Health Care Accounting and Bills 240 July 7, 2013 Paula Arceneaux Determining Financial Viability When it comes to finance and accounting they are both part of the financial form of a business. These two departments deal with finances in different ways. Accounting mainly deals with examining and preparing financial records and making sure their accurate, that their taxes are paid properly and in a timely manner, and to ensure that all financial operations are ran efficiently. Then again, finance handles primarily with making important financial decisions for the business and helps to make plans and strategies to reach their financial goals. (Financial Managers 2012). It is also essential that the finance mangers uses the financial information gathered by the accounting department to make the best decisions for the business. Nonetheless, accountants and financial managers must work together to make sure they operates effectively and efficiently to ensure the continued short and long term financial viability of any health care organization. The way they work together to determine financial viability within a health care organization is by working together in creating “a company’s budget”. Accounting concerns itself with recording the information regarding profit and loss accounts, which shows the gain and loss of the business overall. Also, the accounting department will provide a balance sheet showing the finances of the business at certain times, which...
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