Job Overview For Accounting Technicians

Designation

The designation of an Accounting Technician is supported by their Association in the United Kingdom (AAT). This designation together with that of Chartered Accountant is used primarily in the United Kingdom, although the title is sometimes seen in the United States. Here, a comparable occupation would be a professionally trained bookkeeper or accounting clerk. A comparable United States certificate to the AAT is awarded by the American Institute of Professional Bookkeepers (AIPB).

Profile

Accounting technicians are required to produce entry level accounting work in accounting or finance departments. Their focus should be relative to data entry, accounts receivable, accounts payable and payroll. In many offices, they act as office managers for generally small companies, as it is considered beneficial to have an office manager with a firm understanding of accounting principals. There are also many accounting technicians who have supervisory positions over personnel without degrees, or clerk-level accounting staff. Similar positions of responsibility to an accounting technician are an accounting clerk or bookkeeper, office manager and accounting analyst.

Functions

The functions relating to this position involve aspects of accounts payable, to classify and record bills, vendor invoices and liabilities. With regard to the accounts receivable department, they will record invoices, payments and produce aging reports on receivables. Their roll in the payroll department, will involve payroll figures and liabilities, together with tax with-holdings, reports runs and preparation of the of the payroll cheque runs.

Additional Functions

Further focus is needed on data entry, the checking for errors and account reconciliations. As the work is of a repetitive nature, dedicated attention to detail is required! They are relied upon to discover and correct accounting errors, generally caused by mistakes in data entry. This calls for an analytical mind, which is a requirement in a proficient Accounting Technician. It is also required that he or she carries out basic audit functions. They may be responsible for the monitoring of payable and receivable accounts, bank deposits and balances and for the perceiving of any irregularities. In addition, they are accountable for the maintaining of proper separation of duties and the procedures related to internal control. As and when any irregularity is discovered, then it is generally their perogative to initiate an investigation.

Required Knowledge

Generally, financial statements are prepared by professional or accountants who have degrees, as part of their responsibilities. Although Accounting Technicians are rarely engaged in the preparation and analysis of financial statements, they must be familiar with the process of the creation of them and from which accounts the data originated? This does assist them in the coding and entering of transactional data, as well as the discovery and correction of any errors, in the event of an unbalance.

General

Account Technicians generally commence working in a support role at a firm of accountants. Alternatively, it may be within the accounts or finance departments or sections, of commercial organisations', industrial companies or the public sector. Whatever their choice, there is work available for them in all areas of the financial world. There are independent opportunities in the business environment for experienced Account Technicians. It could be as a self employed provider of a variety of accountancy related services, to the many small and medium business owners, who either cannot or do not wish to employ a permanent accountant.

Entry Requirements: What You Need to Start

Although a reasonable level of literacy is needed, there are no minimum entry level requirements specified to begin training as an Accounting Technician.

On the job training is usually involved at entry level, whilst studying with distanced learning or on a part time basis. Qualifications may be obtained through schemes conducted either by their Association (AAT) or the ACCA (Association of Chartered Certified Accountants)

Two routs are offered by the AAT to the accountancy qualification; the NVQ/SVQ and diploma. The offered courses are vocational and provide practical knowledge and skills that are required to perform the tasks demanded.

There are three stages in the NVQ/SVQ route, which is based on competence.

? Foundation - NVQ/SVQ in Accounting Level 2

? Intermediate- NVQ/SVQ in Accounting Level 3

? Technician - NVQ?SVQ in accounting Level 4

Those Graduates in possession of a UK degree in accounting need only complete the Technician stage. Should you possess an A-level in accounting, an HNC or recognised work experience, it is possible you could be eligible for exemptions from the Foundation stage. In this connection, the AAT and the other accounting bodies should be contacted for more information regarding the validity of your qualifications.

In order to obtain technician status, it is required that you complete at least one year of work experience. For those who are already working in a finance environment and can easily provide evidence of work experience, this is a preferred route.

As an alternative, the diploma route is available for those not working in finance or who are unable to provide workplace evidence. There are three stages and completion of all three leads to technician status:

- Certificate in Accounting (foundation)

- Advanced Certificate in Accounting (intermediate)

- Diploma in Accounting (technician)

Additional vocational qualifications are offered by the AAT which may be suitable for your preferred career path. For more details, visit their website.

The ACCA (Association of Chartered Certified Accountants) offers the CAT (Certified Accounting Technician) scheme. This is a route that combines study and practical experience and involves studying for nine papers, split into three levels. These are Beginner, Intermediate and Advanced. For further details visit the ACCA website.

Candidates are required to produce evidence of the following:

- Strong written and oral communication with IT skills;

- Ability to work in a team, often alongside accounting professionals;

- Ability to multi-task and time management.

- A High-level of numerical skills;

- Good attention to detail;

- Your ability to work accurately and methodically with numbers

Training as an Accounting Technician and How to Become Qualified

Evidence of practical skills is required by the Association of Accounting Technicians (AAT) and the Association of Chartered Certified Accountants (ACCA), towards your becoming certified as an Accounting Technician. In accordance with AAT practice, this procedure is conducted by means of assessments, designed to display theory in practice. Included are practical work base exercises or for those not involved in the accounting sector, testing will be by simulations. Voluntary work or hobbies, such as being treasurer of a local society, may be used as examples of work experience!

ACCA accounting technician trainees must, in order to qualify as an accounting technician, produce evidence that one year of work experience has been gained and that they have demonstrated competence in a technician training record (TTR). This must be verified by a person approved by the ACCA.

On the job training is received by most accounting technicians. Software packages and procedures will vary, according to the respective sectors, company and area in which they are working? It is recognised by employees that there is a need for continuing personal and professional development (CPD) in their career paths. Employers are becoming increasingly aware of this factor and are prepared to offer forms of support, to enable their employees to update and improve upon their skills and knowledge.

Career Development and Progress as an Accounting Technician:

There are opportunities for Accounting Technicians to progress to positions such as finance controller. Alternatively, an Audit senior, tax analyst, internal auditor or payroll manager.

A recognised accounting qualification in its own right is from the Association of Accounting Technicians (AAT). Some accounting technicians are able to attain senior levels with the AAT qualification, whilst many view it as a stepping stone towards further professional qualifications.

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Accounting Degrees Online - Top 10 Choices For Online Accounting Degrees

Having a degree in accounting can shape your career beautifully since it is highly in demand nowadays. The best thing about accounting degrees is that now you can get them online as well. There are several managerial programs that are available and accredited as online accounting degrees.

So what are the different top 10 choices of online degrees? In the last five years, new online accounting colleges and schools have come up that have been offering great online accounting courses in asynchronous and blended formats. These colleges have industry specific courses as well as specialization courses that include short term programs in finance and accounting.

So, if you are confused about what accounting degree program you should follow then the information about these top 10 online accounting courses will definitely be helpful to you:

1. Masters of Science in Accounting

The advantage of studying for a master's degree program in accounting is that it not only increases your experience and expands your career options but also offers you a high salary. With this degree program you will gain practical accountancy skills. Also, the program is designed for the students who are preparing for the CPA examination so that it satisfies the 120 credit hour needs for different professional certification degrees like CIA, CMA, etc.

2. Masters of Accountancy

This particular course in accounting is designed specially to prepare the students as certified professional accountants or CPAs. These different programs are conducted so as to bring different modules of CPA exam curriculum into the lime light. This is a degree that is relevant for accounting professionals and you need to have a minimum graduate degree in accounting, good GPA score and work experience so that you can take admission for it.

3. MBA in Accounting

The masters of business administration with an accounting major degree prepares a student by teaching the methodology of handling the business from an accountancy perspective. The program is beneficial for both non-accounting students as well as the accounting students as it helps them to explore the world of accountancy. This degree is beneficial for those people who are looking forward to start their new business. You will require a bachelor's degree to become eligible for this course.

4. MBA in Professional Accounting

The masters of business administration degree in professional accounting is actually based on practice and application of the accounting methodologies in the way that it exists in the current profession. In this accounting degree a person learns and applies the different practical techniques and methods of accounting. Financial, auditing and managerial accounting are a few core subjects for this degree.

5. Diploma Courses in Accounting

Apart from going for the post graduate degree course you can also choose a diploma course in accounting. There are a variety of online colleges and schools that have various kinds of six month long and one year long diploma courses for people who are looking to gain more experience and knowledge in the field of accounting.

6. Bachelors of Science in Business Administration

This program in accounting will teach you the basic principles of taxation and accounting and how they are applied in variety of business organizations. This program combines business Management, law and information processing along with the general studies to prepare a student ideally for the finance and managerial accounting positions.

7. (BA) Bachelor of Arts in Accounting

This is one of the top online accounting degrees that are available in the field of accounting. In this program you can study external and internal auditing, planning and accession, auditing, etc. If you're looking to prepare for CPA then you must have a Bachelor of Arts degree as your minimum qualification.

8. Bachelor of Science in Accounting

The main objective of the Bachelor of Science in Accounting degree is to offer information and knowledge of accounting so that students can relate it easily with state and local taxation, business finance, accounting and auditing for the small and medium scale enterprises.

9. Associate Degree in Accounting

There are various online schools on the Internet that will offer you a diploma and associate degree in accounting. You can choose the degree course according to your previous qualification and the kind of field you want to excel into.

10. One Year Diploma Degree Courses for Undergraduates

Although there are professional diploma and associate degrees available online but if you still are an undergraduate then you can go for the one year diploma degree courses in accountancy that will help you enhance and improve your accounting skills and will provide you with more career options.

All the above listed accounting courses in top 10 fields are a great help for each individual who is looking to make his career in accountancy.

AccountingProgramsU.com provides the opportunity to research and request free information top accounting schools and accounting online degrees for potential students looking to start or expand their career in accounting.

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Introduction to Outlook 2007 - Managing Multiple Email Accounts

Outlook 2007 can manage all your email accounts for you, giving you one place to work with all your messages. But to do this, you do need to learn a bit about how to set it up and how to determine which account any given message came in on or will be sent out on. The rest of this article explains how you do this.

When you Receive Messages

Let's start by talking about how Outlook receives messages from different accounts. Outlook will automatically checks each email account (the settings in your Send/Receive groups determine when). Messages from most types of email accounts end up in the Inbox, while messages from HTTP mail accounts, like Hotmail, end up in their own collection of mail folders.

So how do you know which messages are associated with which accounts? The Hotmail messages automatically end up in their own set of folders. For other types of accounts, if you can't tell just by looking, you can look at the To: field of the message. The email address the sender addressed it to appears on that line.

Sometimes, however, you'll see a nickname instead of the actual email address in the To: field. If this doesn't make it clear which account the message was sent to, you can follow these steps to tell for sure:

Right-click the nickname in the To: field of the message.
In the shortcut menu that appears, click Outlook Properties.
In the dialog box, go to the E-mail Addresses tabbed page. This will tell you which address the message was sent to.

When You Send Messages

When sending messages, you're in control of which account Outlook uses. Outlook always has a default account for sending messages (usually the first account you set up), but it is easy to tell Outlook to use a different account. Here's how it works:

When you create a new message, Outlook assumes you'll want to use the default account to send it unless you tell it to do something different.
When you're replying to a message you received, Outlook will default to replying using the same account the original message came in on. That is, if you receive a message sent to your account named xyz, at mymailserver.com, and you clicked Reply or Reply to All, Outlook will default to using the xyz at mymailserver.com account. Of course, you can always tell Outlook to send the reply using a different account.
When you forward a message, Outlook likewise assumes you want to reply using the same account as the original message.

The way Outlook selects the account to use makes great sense, but what if you don't want to use the account Outlook wants you to? What exactly do you have to do to tell Outlook which account you want it to use?

You can tell Outlook which email account to use when the message window is open. When you have multiple accounts set up, you will see an Account button below the Send button. Click the Account button, and Outlook will display a menu containing all your e-mail accounts. Select one, and Outlook uses that one to send your message.

How to Specify the Default Account

You may sometimes decide that you want Outlook to use a different email account as your default. If you do, these are the steps you'd follow to change it:

In the main Outlook menu, click Tools > Account Settings. This opens the Account Settings dialog box.
On the E-mail tabbed page of the Account Settings dialog box, you should find the box listing all your email accounts. Click the account you want to make your new default account.
Once you've selected the new default account, look above the account list, find and click Set as Default. Outlook dims this option until you select a new account to use as the default.
The new default option moves to the top of the list.
Click Close to put the change into effect.

With this information, you can now manage your multiple email accounts.

Learning how to work with multiple email accounts is just one of the things covered in Lesson 2 of the 6-week online course, Introduction to Outlook 2007. If strengthening your Microsoft Outlook 2007 skills in this time of uncertain job prospects makes sense to you, and you like the idea of a structured class with the ability to interact with your instructor, I strongly suggest you visit http://IntroToOutlook2007.info to learn more.

READ MORE - Introduction to Outlook 2007 - Managing Multiple Email Accounts

Accounting Terms - The Essence of Account

Since the purpose of accounting is to records, summarize and provide financial data about business to different users of such data, it is necessary to have certain means to achieve that purpose. One of the means is called account and this is one of the most important accounting terms. Let us explore its essence and practical necessity.

Account helps to keep records and track information about each individual asset, liability, equity, revenue and expense. Complete list of accounts used by the business for accounting purposes is called general ledger, which can be different depending on the size, purpose and other particularities of the business. Accounts are used to classify financial data into categories and keep all the required information on what happened to that particular category during the certain accounting period. Since information in the financial statements is classified into assets, liabilities, equity, revenue and expenses, each type of these items has separate account.

Structure And Example

For example cash in bank, petty cash, accounts receivable, accounts payable, share capital, sales revenue, administrative expenses, cost of goods sold - all these categories of accounting data will have its own separate account. So what is the form of account? It the simplistic way we can say, that each account has a T form, since it has two sides. Left side is called Debit side. Right side is called Credit side. Also each account has a title. You can see simplified illustration further.

_D____________Title_____________C__

Decreases And Increases In Balances

Debit and Credit sides of the accounts are used to reflect either increase, or decrease in the balance of certain account. At the beginning and end of each accounting periods all the accounts, except for revenue and expenses accounts, will have balances on the debit or credit side, depending on the category of account.

In case we have accounts belonging to the category of assets increase in balances of these accounts is recorded on the Debit side, decrease - on the Credit side. These accounts will have debit balance at the beginning and at the end of the accounting period. In case we have accounts belonging to the category of equity or liabilities increase in the balances of these accounts is recorded on the Credit side, decrease - on the Debit side. These accounts will have credit balance at the beginning and the end of the accounting period. In case we have accounts belonging to revenue category, increase in revenue accounts is reflected on Credit side, decrease - on Debit. For expenses accounts it is visa versa. Important aspect to remember that revenue and expenses accounts will not have opening or closing balances, since these accounts are used only for certain accounting period and are closed by transferring the balance accumulated during the period to Retained Earnings account.

Double Entry Principle

While business transaction is recorded, it always has an impact on at least two accounts. Therefore one account is debited and another account is credited. Such action in accounting terms is called double entry accounting.

If you want more detailed understanding of accounting, you can easily and comfortably learn accounting at home and explore accounting terms with practical examples. Why wait? Start learning accounting basic now.

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Silent Witness - A Forensic Accountant's Tale

Forensic accounting is neither glamorous nor nearly suspenseful enough to rate a Friday night TV slot, however it is an exacting science in its own right and is often critical in the litigation process. Few forensic accountants have the spookily perceptive eyes of Silent Witness' Professor Sam Ryan, however many forensic accountants would joke that their job is, like hers, about counting dead bodies.

Bad jokes aside, good detective work and accurate analysis are what it's all about, and attention to detail can obviously make or break a case. Silent Witness turns on expert witness in the courtroom, and the analogy extends to Professor Ryan's examining decaying bodies whilst forensic accountants examine decaying businesses and finances. But let's skip the moonlit nights, the owls in the forests and the spooky music and get down to the fundamentals of what is a forensic accountant, when you might need one, and what to look out for in order to put your best case forward.

What is forensic accounting?

Forensic accounting is the use of investigative techniques, accounting skills and business skills to aid in the collection and formation of information to be used as evidence in court cases. As a discipline, it encompasses financial expertise, fraud knowledge, and a strong understanding of business reality and the working of the legal system.

The process includes:

o Reviewing the factual situation.

o Providing assistance in obtaining documentation necessary to support or refute a claim.

o Reviewing the relevant documentation to form an initial assessment of the case and identify areas of loss.

o Providing assistance with examination for discovery, including the formulation of questions to be asked regarding the financial evidence.

o Co-ordination with other experts.

o Reviewing the opposing expert's damages report and reporting on both the strengths and weaknesses of the positions taken.

o Providing attendance at trial while hearing the testimony of the opposing expert and also providing assistance with the cross-examination.

Forensic accountants become involved in the assessment of economic loss damages in personal injury; assessment of damages in commercial disputes; business valuations for family law and commercial disputes; family law superannuation valuations; professional negligence claims; fraud investigation and fraud risk assessment; and business interruption claims.

When do I need a forensic accountant? As a general rule, you should get a forensic accountant involved whenever there is an issue of value that requires accounting analysis and expertise. A forensic accounting report should bring far more value to the case than its cost.

Unraveling tax planning and corporate structures Tax planning often significantly complicates an understanding of a plaintiff's affairs. The plaintiff may be saying that he was earning $100,000 per year but his personal tax returns are only showing $20,000 per year. Most people in business will employ a number of tax planning strategies to minimise the incidence of tax. These strategies include use of corporate structures, discretionary trusts and unit trusts, superannuation, salary packaging, fringe benefits such as motor vehicles and car repayments, and splitting of income with other family members. In the assessment of damages and business valuations, it is necessary to look through the corporate entities to determine a plaintiff's true position. The plaintiff claiming that he is earning $100,000 a year may have a $20,000 salary for himself, $20,000 for his wife, $20,000 in superannuation contributions, $20,000 in fringe benefits such as motor vehicle and personal expenses and $20,000 in profit left in the company.

Independent assessment of the issues People often have poor financial understanding either of their business itself, accounting terminology, or both. Plaintiffs will often say that they are earning, say, $100,000 per year, but they are actually referring to turnover, not profit. They have not considered the expenses incurred in operating that business.

A forensic accountant will independently examine the plaintiff's losses or claims based on the evidence presented. They will examine the issues based on the available evidence. A forensic accountant's investigation may include analysis of other companies associated with the plaintiff to ensure the income or expenses have not been diverted to other entities.

How to find a forensic accountant

One of the best ways to find a forensic accountant is to ask around. Ask your colleagues and other solicitors whom they use and why. Ask barristers whom they would recommend.

Forensic accounting requires a different set of skills and knowledge from general accounting. Forensic accountants will have knowledge of the rules of evidence, common law, the relevant legislation, the expert code of conduct and obligations. Forensic accountants will be experienced at giving evidence in court and preparing reports for court.

It is important to establish a relationship with the forensic accountant. An ongoing relationship enables you to ask questions about a matter and get a feeling for the issues and reduces the time required to brief the accountant. The instructions that we receive are often one page, briefly detailing the important facts of the case, contact details for the client and enclosing copies of financial documentation available. Due to our ongoing relationship with the solicitor, we arrange a conference with the client, obtain further financial details and in turn provide our expert report.

Things for lawyers to look out for

In providing critical review and analysis of other accountants' reports, we have encountered a multitude of problems and errors. We have detailed below some of the most common errors that cause the most pain for lawyers.

Beware of one- to two-page reports

We often encounter the simple one- to two-page report valuing a business or calculating damages. These reports often have little value and can be a hindrance. The characteristics of a typical one-page report are:

o There is often little evidence to support the opinions given.

o There is insufficient detail to explain what tests or investigations have been made.

o They often do not contain the Expert Witness Code of Conduct.

o They often have significant errors in methodology.

o The opinions put forward often crumble under critical investigation and examination.

o Initial opinions and views are often changed following a more detailed examination of the issues.

Beware of complex financial models

Often forensic accountants will develop complex financial models of a business to illustrate the effects of an event of damage (personal injury, breach of contract, fire etc). Upon initial examination, these models will often appear to be well argued and considered. Complex models often have assumptions based on other assumptions and it is often only necessary to attack one or two assumptions based on logic or common sense and the model will show losses rather than profits. The more complex the model, the easier it is to discredit.

In one case, the plaintiff's accountant developed a complex model showing the expected earnings and actual post damage earnings in a wholesaling company. The company showed a significant decline in turnover and profits in the month, post-accident. The company subsequently recovered from its damage. The plaintiff's solicitors also allocated considerable resources to the case on the basis of the expected losses as detailed in the accountant's report. We were able to show that the loss was the result of a loss of a major client that happened pre-damage. The massive losses put forward by the accountant were significantly reduced and the report was discredited.

Complex financial models will often produce results that deliver unexpected large damages claims. In the calculation of damages, there is a simple test that can be applied. Add the loss to post-damage earnings and compare to pre-damage earnings. If there is a significant difference, then the reasons need to be explained. A good, experienced forensic accountant should be able to show a number of different ways to approach a problem. The simplest approach is often the best. A simple approach often examines the real drivers of the business and the principles are more easily understood by all.

Ask where the weaknesses are

Every report will have some weaknesses. The weakness might be minor or significant. Ask the forensic accountant where the weakness is in the report. The accountant should know where the weaknesses are, which assumptions are solid and are supported by evidence and which will be susceptible to critical examination. Examples include basing earnings on one year's trading or three to four years' trading. The accountant may reason: "There is an argument that gross profit should be based on the average of the last three years, which would reduce the claim, but the recent changes in the product mix support using the most current data," or "The evidence supporting this assumption is poor and will be dependent upon the plaintiff's testimony."

Get accountants involved early

In many instances we get involved too late. Damages may be assumed to be significant and legal resources are allocated accordingly, only to find that the actual damages are minimal and the opportunity to recover a settlement or verdict in excess of the legal fees is impossible. Getting forensic accountants involved early will also give the accountant the opportunity to request further information and gather evidence such as witness statements and property valuations.

Check for mathematical accuracy

Always ask the accountant if the mathematical accuracy of the report has been checked. A mathematical error can substantially affect the credibility of the report and the plaintiff's claim. We were asked to assess a personal injury claim for a professional footballer. The accountant's report for the plaintiff was well argued and the plaintiff's earnings were supported by leading coaches and agents. Whilst the question of probability is always an issue for professional sports people, the quality of statements and testimony of the coaches and agents may have outweighed any statistical analysis of probability. We carried out a simple check of the mathematics of the report and found that the plaintiff's gross loss rather than net loss was used to calculate future loss. The claim for future economic loss was halved. A simple independent check of the mathematical accuracy with a calculator by the accountant for the plaintiff would have prevented this error.

Reports should be readable first time

A forensic accountant's report should be able to be understood and absorbed on the first reading. If you have to read a report three or four times before you can understand what it is trying to say, judges and counsel will have the same problem. A good report will contain an executive summary that introduces all the major issues and states the conclusions so that the reader will understand the direction and focus of the report. A business valuation that explains in the executive summary the total valuation, the basis of valuation used, the main assumptions in that valuation (such as capitalisation rate and future maintainable earnings) and a brief explanation of the important factors behind the assumptions will provide an excellent introduction to the report.

Forensic accountants provide a valuable resource for the solicitor in litigation. The investigative and analytical ability to examine financial and business matters complements the legal skills of solicitors. Maybe one day there will be a gripping, suspenseful TV show about forensic accountants. Maybe not.

Arnold Shields is a Director of Dolman Bateman & Co Pty Ltd, Forensic Accountants and Chartered Accountants. He specialises in forensic accounting and business advice. Arnold publishes a regular blog on forensic accounting and business issues at http://www.dolmanbateman.com.au/

READ MORE - Silent Witness - A Forensic Accountant's Tale