The Fundamental Concepts Of Accounting

The Federal Election was held in Australia on 21st of August 2010. During the rather boring election campaign there were questions raised by the major parties, and everyone else for that matter, on how the elected government would go about accounting for the very large amounts of money they receive and spend. These people talk in billions of dollars. It is rather mind-boggling but the accounting system they use can also be applied to small business and personal finances.

Most households require some form of accounting to deal with their personal financial matters. You are probably aware of the saying that the only thing that is certain in this life is death and taxes. I think that it is fair to say that accounting affects the lives of everyone in some way in a modern society.

I have always thought of an accountant as someone who processed the financial data I prepared for them and submitted my annual income tax return required by the Australian Taxation Office (ATO). Their value was measured by the amount of money they could magically retrieve from the ATO by minimizing the amount of tax I was required to pay. This view is shared by many who see accountants as nothing more than bookkeepers, ‘number crunchers’ or ‘bean counters’. Unfortunately accountants are not magicians and the reports they prepare must stand up to the scrutiny of the ATO. The accountant should therefore be perceived as a professional who is able to minimize income tax by applying his talent and know-how acquired through years of study and experience

The accountant must abide by the rules. There are no two ways about that. The terms of reference are set out in:
* Income Tax Assessment Act 1936 and 1997.
* Corporation Act 2001.

If the accountant fails to follow the laws made by our society, he/she will be punished. Accounting is a discipline and is extremely important to any financially healthy entity. Inadequate records normally accompanies business failure and in some cases bankruptcy. Accountants provide information to the owners and managers of a business or company so that appropriate decisions can be made on purchases and investments. This is achieved by processing records, interpreting these records and reporting the findings from these records to these decision-makers in monetary terms.

The role of the accountant is always changing due to legislative changes and technological developments. Accountants are spoilt for choice when selecting an area in which to specialize. There are many opportunities in private business, government bodies or institutions. Some examples of the career paths an accountant may choose to pursue include:
* Taxation
* Auditing
* Budgeting
* Cost Accounting
* Management Advisory Services
* Financial Planning
* Forensic Accounting.

There are professional accounting associations available with entry qualifications and the aim of these associations is to keep its members up to date with new developments. In Australia the longest established associations are the:
* Institute of Chartered Accountants (ICA)
* CPA (formerly known as the Australian Society Of Accountants)
* The National Institute of Accountants (NIA) incorporating The Association Of Accounting Technicians (AAT).

These associations have had a significant effect on the development of accounting in Australia. Its members are expected to abide by the pronouncements made by these associations as good accounting practices. Members are also expected to undertake a certain amount of professional development each year as it is vital that accounting keeps pace with the needs of those it serves.

The increase in the size of organizations means that it is impossible for a manager to keep in touch with all that is going on. This is the reason for the development of the role of an accountant in a management team. The growth of collective ownership rather than individual ownership has meant that the function of the accountant has been extended to preparing financial reports for shareholders and people outside of the businesses they are involved in. Fortunately, computer technology has enabled the saving of a lot of time and energy and the production of more accurate and detailed information.

Accounting is continually affected by legislation, technology, economic conditions and professional associations. It is these changes that has molded this profession into the sometimes nerve racking but essentially rewarding profession it is today.

Qualities of an Excellent Forex Broker in Australia

A forex broker is a person who trades on behalf of a trader. A forex Australia trader buys and sells currencies in the market with the aim of making a profit. When a broker makes a profit, the merchant gives the broker a commission. FX traders do not invest their money in the deal. Therefore, they should ensure that they buy and sell intelligibly and avoid making losses. If you are planning to be a forex broker, you should have the following qualities.

Wise

Since forex is highly volatile and you can make huge loses within a short span of time, you should be wise to identify when to execute a deal and when to get out of the job. Entering the job at the right time ensures that you have higher chances of making profits, while leaving the market at the right time aids in lowering losses.

In addition to being able to identify the best time getting in and out of a market, you should be able to identify scams. The FX market is unregulated. This means that anyone from any part of the world can get into the business. This exposes the deal to great scam.

With good forex brokers Australia, you should be able to tell frauds from legitimate trades. This way you will be able to avoid engaging in swindle merchants that will translate to lose on the side of you.

You should use your intelligence and experience in telling swindle from legitimate deal. In addition, if you have tools that are able to differentiate legitimate and swindle, you should use them.

Positive Attitude

Forex trading can be stressful-especially when you are on a losing streak. In addition, if you are not using trading software, sometimes it may seem like the market will never be right for trading. Due to this, as a broker, you are bound to give up. Before giving up, you should know that the merchant solely relies on you in executing the deals. Instead of giving up, you should maintain a positive attitude and stick to the business until you start making profits.

Conclusion

In addition to the above qualities, as a forex broker, you should have high integrity and transparency. If you have made a profit, you should inform the merchant the exact amount that you have made. If you have made a loss, you should also inform. This way, you will maintain your integrity and your business will flourish. forex australia

Myob Consultants To Offer Proficient Business Accounting

There was a time when a company was involved with almost every aspect or function must undertake to do business on a day to day basis. With increase in commerce and international trade managing every other function pertaining to the company was very much overwhelming and naturally led to firms specializing in those functions. Especially those functions where finance was involved and audited by external audit firms. For a country like Australia, where business has been steadily rising for the past couple of decades MYOB is one accounting firm that specializes in accounting practices and payroll solutions for firms of all models and industries.

Almost three decades old, MYOB or an acronym for Mind Your Own Business, has been in the business of providing accounting and payroll services to a multitude of clients across Australia and even internationally. To that effect and leveraging its vastly gained experience and expertise it has created a niche for itself in payroll processing promulgated by its very own MYOB consultants. The consultants offer services in the areas of bookkeeping, consulting and payroll processing. The consultants not only offer their services, but also engage in quality and result oriented training in accounting practices for their clientele’s staff to help them manage their accounting and financial work.

Getting paid on time is one really good feel factor for an employee and goes a long way in establishing the credibility and employee friendliness of any establishment. But when managing growing business this really crucial task can be tremendously overwhelming even for the highly skilled professionals with the added responsibility of auditing. One need not sweat so profusely on it as, MYOB offers out of the box payroll solutions to get this burden off one’s shoulder with ease. The solution offers almost everything needed to process the salary of an individual with complete transparency to the business and its employees. Adopting a simple scale up model also helps the businesses to get maximum benefits of the implemented solution and that too economically.

With trading attaining global proportions and even small businesses scaling up to international market through the Internet, accounting too has grown up to be quite complex after crossing international borders. To get the figures correct it is a must that knowledgeable and skilled professionals be employed for the job and MYOB consultants perform all the tasks in this context with finesse. Not stopping at just providing consultancy services they go a step further to impart training on out-of-the-box third party payroll and accounting software to in house staff of various businesses. With many countries opening their borders to ease global trading it makes for a sensible approach to get accounting experts on board and ensure the business maintain a healthy bottom line.

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Nirmal Singh Bhangoo set to Spice-up Australian Property Market.

Nirmal Singh Bhangoo, one of India’s largest land owners and founder of Pearls Global, aims to spice up the Australian Property Development and Housing Market.

Having recently entered the Australian market, Nirmal Singh Bhangoo’s latest concentration on the local market has been led through Pearls Australasia, the Australian property arm of his New Delhi – based Pearls conglomerate. Since his investment in late 2009 of the famous Sheraton Mirage Holiday resort and Spa on the Gold Coast, Mr Nirmal Singh Bhangoo or ‘the Chairman’ as he likes to be called, has released a series of major deals and projects which feature his significant intentions in becoming a key and long-lasting player in the nation’s marketplace.
Headed by award-winning house pair, Joint Managing Directors and Entrepreneurs Peter Madrers and Paul Brinsmead, Pearls Australasia has launched a multi-million dollar update of the Sheraton; a joint business venture with David Devine’s Metro Property Development to create 1000 flats in Brisbane and a thousand property lots in Melbourne; and the local and international development of its MiiHome brand name.
Pearls MiiHome is an worldwide copyrighted creating system that is dispensing original housing for the out of the way location, indigenous, turmoil along with sociable sectors in Australia and India, and workers lodging to mining and infrastructure projects in Qld. It is a product that the chairman stands firmly behind and is convinced will become the future.
Pearls MiiHomes have already been recognized for their ability to withstand the toughest of Australian conditions. A 9.5 star rating and capacity flood, tsunami, cyclones, flames and earthquakes are making these products the ideal replacement for houses ravaged in particular by the early 2011 deluges and storms in Queensland.
Nirmal Singh Bhangoo so far has contributed a couple of houses to homeless families that allows them reconstruct in flooded areas, and gained the right to help the re-build of the Grantham township in the Lockyer Valley.
Nirmal Singh Bhangoo created Pearls in 1983 and under his guidance it’s become one of India’s fastest growing firms and among its greatest non-public landholders, acquiring a diversified investment portfolio with extensive pursuits in infrastructure; civil, commercial and residential development; property development; private hospitals and academic organizations; food, spices and liquor; insurance; tourism; farming; and, mass media and entertainment.
Headquartered in New Delhi, Pearls Group leads the Indian property field, with a coveted focused land bank of agricultural, semi-urban and urban parcels totalling more than 1.5 million acres, which is being engineered by the firm’s real estate and construction arms. Mr Nirmal Singh Bhangoo has long been a founder in real estate, with his entities creating residential complexes and villas, farm houses, residences, hotels & major resorts; business complexes, shopping malls and entire townships.
Pearls Global is today undertaking numerous hospitality, utility and commercial projects on its land to satisfy the requirements of one of the swiftest rising economies in the world. This includes five star hotels, resorts and business hotels at several destinations including Bangalore, Mumbai, Lonavala, Pune and Gurgaon.
Born in the Punjab, Nirmal Singh Bhangoo is also now being acknowledged for his incredible commitment to bettering financial interactions, both with Great britain and Australia. In the past 1 year his family members have accepted honours on his behalf at Parliament Houses as far afield as London and Sydney.
At an earlier ceremony at Britain’s Parliament, Mr Nirmal Singh Bhangoo was also awarded International Entrepreneur of the Year by the British India Society.