Basic Bank Accounts Failing the Basic Needs of Consumers

The lists of bank and savings accounts that are available to most people are bewildering. A quick look at a comparison site like Moneynet or Moneyfacts will reveal thousands of different products. Unfortunately many of these accounts are not accessible for anyone with either a poor or even no credit history.

Research carried out for the National Consumer Council (NCC) reveals "that the poor pay more, or get less, for essential goods and services... having a bank account can be a gateway to other products and services, such as affordable credit and insurance". To help counteract this problem of financial exclusion, the government has tried to initiate the introduction of basic bank accounts for the least well off. The NCC has however warned that, "the current model of basic bank accounts, introduced by government in 2000 in an attempt to enable all low-income consumers to access banking services, is not delivering."

The new basic bank accounts were introduced as part of a wider push towards 'universal banking' and corresponded with the introduction of direct payment of social security benefits to bank accounts as well as the Post Office Card Account (POCA). The plan was that these accounts would also help their users by letting them set up direct debits to pay their utility bills, and so keep better track of their finances from week to week.

The accounts were originally designed to let people save and withdraw money, but in an effort to prevent extending any existing debts and stopping the accounts from becoming overdrawn, they don't offer cheque books, overdrafts or other credit facilities. The accounts were intended for those with no credit history who might not meet the banks' criteria for opening a standard current account. The accounts features typically include the ability for payments, for example pensions and benefits, to be credited direct to the account, withdrawals by plastic card through cash machines and the facility to pay bills by direct debit.

The problems experienced seem to be partly because the accounts do not always help those with a small weekly income to deal with the unpredictable gaps which can occur in wages, benefits or spending. Automated monthly direct debit payments for goods and services can prove of little use to many on low weekly based incomes. Those paid on a week by week basis, expressed a preference for weekly cash based, rather than monthly direct debit, budgeting options and felt that bank accounts with direct debit facilities would not provide them any advantages. By using cash instead of a bank account, they found they could juggle payments easier, and avoid punitive additional bank charges if they did not have the funds to hand, to cover an outgoing debit payment.

Another problem experienced was that the holders of these basic accounts are also liable to be those on low incomes, with low (if any) savings and are more likely to be in arrears paying their household bills than those without them. This vulnerable group are less likely than most to be able to deal with unexpected additional expenditure, such as an unforeseen bill for home repairs, but without recourse to any credit facilities, they may be forced into resorting to high interest loans to cover temporary setbacks.

The NCC found that "people on low incomes who use accounts to manage their money are more likely to be in arrears with household bills. They are also more likely to have outstanding credit commitments, partly because they have wider access to credit", than those without accounts.

The government has set a target of halving the number of households which do not have access to a bank account by 2006. The banks state that they currently face a lack of demand, however more than two million applications, in excess of the government's expected take-up, for the POCAs have been made. The banks are claiming that reaching the targets will be difficult, as they are being impeded by various barriers to opening basic bank accounts, such as the identification requirements in money laundering rules. Some of those on low incomes may not possess either a full driving license or full passport, and so find difficulties setting up new financial accounts. The banking industry has also been widely criticised for failing to actively promote basic bank accounts and, sometimes, for actually discouraging people from opening them.

The NCC proposed that basic bank accounts need to be more flexible. Suggestions to make the bank accounts meet the needs of consumers included offering weekly, rather than monthly, direct debit facilities where payments are only triggered if the money is available in the account, occasional payment holidays, and small free 'buffer zone' overdrafts.

Whether the lack of interest is due to the banks, the government, or the product itself, something needs to be done if there is to be an increase in the take-up rates. Half of those surveyed by the NCC felt they do not really need an account. An even more damning indictment of the current basic bank accounts was that a similar proportion of account holders preferred to withdraw all their income, rather than leave it in the account, and then manage it as cash. An inclusion policy may be a laudable idea, but it is no use if people do not want to be included, and it should not disadvantage those it is meant to help.

Useful Resources:

Bank and savings account comparisons - Moneynet

Basic account research - National Consumer Council [http://www.ncc.org.uk/moneymatters/basic%20banking.pdf]

Richard lives in Edinburgh, occasionally writing for the personal finance blog Cashzilla and reciting Vogon poetry.

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What is Accounting? Learn Basic Accounting Principles

If you ever wanted to know what is accounting then this is your change to learn? Who is in charge of setting basic accounting standards that we all follow? Is there some type of regulatory system is place to investigate and arrest people for accounting fraud? Well guess what, there is, at least to a certain degree any way. So hear is a quick accounting principles education that can explain everything.

First, just what is accounting anyway? Well in simple terms accounting is the comprehensive system of gathering and recording financial information of a business for the purpose of preparing summaries for tax authorizing, investors, managers and other who make decisions within the companies or organizations that they are involved in. The accounting terminology or terms can get tricky at times and you may need to keep handy an accounting glossary that explains the terms in plain language if you are a beginner. To keep people from ethics frauds in accounting the United States top experts created the Financial Accounting Standards Board or (FASB) for short. This was established in 1973 and it replaced the Accounting Principles Board(APB). The job of the (FASB) is to analyze and review problems in the field that is brought to them. After much deliberation they will make an assessment of what type of action that will be taken when an accounting issue occurs.

This was mainly voluntary and it had very good success. Double-entry accounting was founded in Italy in the 1400's and the accounting formula has change since then. The reason why the basic accounting concepts worked or well was that the business community would not be able to function properly if there were no consistency in the reporting of finances.The FASB has its' own private financing and is not government organized. The American Institute of Certified Public Accountants(AICPA) are a big supporter of the FASB and many of our Certified Public Accountants(CPAs) are members of this prestigious organization. Accounting careers are shaped on you being a member. They are bound by the guidelines and principles that they offer as other countries also have similar boards that require a high level of accounting conduct.

The FASB created the basic accounting concepts code known as General Accepted Accounting Principles(GAAP). The idea behind this is if everyone uses the same business financial statement prepared according to GAAP, then who ever uses the information can trust or rely on the information more steadily than if prepare differently. Any business that prepare their statements without using the GAAP standards, like a lot of small businesses do, cannot say that their statements are created under GAAP guidelines and they should let the user know they are not and let the buyer beware.

To keep a watch out on everything the government relies on the Securities Exchange Commission(SEC) to sort of police the accounting world. They mostly focus on public companies because they are responsible for protecting investors from fraudulent misrepresentation. The SEC has established it own set of accounting standards and with the economy the way it is today they really have their hands full with this.

Accountants are now more involved with preparing income tax returns and they use their business financial statements. The Internal Revenue Service(IRS) may review those financial records when they perform an audit and not following the rules can get you in to big trouble risking fines and penalties.

As you can see the principles and standards in many ways are a combination of voluntary and regulatory guidelines. There is a push to create an international accounting standards board or (IASB) due to the growing globalization process. This will be a huge undertaking that will surely take years to build. Now that the stock markets around the world are in trouble it is obviously needed.

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Basic Accounting Principles

Accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic function: "facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties."

As an example, a company's accountants periodically measure the profit and loss for a month, a quarter or a fiscal year and publish these results in a statement of profit and loss that's called an income statement. These statements include elements such as accounts receivable (what's owed to the company) and accounts payable (what the company owes). It can also get pretty complicated with subjects like retained earnings and accelerated depreciation. This at the higher levels of accounting and in the organization.

Much of accounting though, is also concerned with basic bookkeeping. This is the process that records every transaction; every bill paid, every dime owed, every dollar and cent spent and accumulated.

But the owners of the company, which can be individual owners or millions of shareholders are most concerned with the summaries of these transactions, contained in the financial statement. The financial statement summarizes a company's assets. A value of an asset is what it cost when it was first acquired. The financial statement also records what the sources of the assets were. Some assets are in the form of loans that have to be paid back. Profits are also an asset of the business.

In what's called double-entry bookkeeping, the liabilities are also summarized. Obviously, a company wants to show a higher amount of assets to offset the liabilities and show a profit. The management of these two elements is the essence of accounting.

There is a system for doing this; not every company or individual can devise their own systems for accounting; the result would be chaos!

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

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Basic Accounting Principles - What Are They?

There are four basic accounting principles that, along with four basic accounting assumptions and four basic accounting constraints, fabricate up the generally well-liked accounting principles, or GAAP, in the U.S. The GAAP are the accounting rules under which businesses portray and record their financial earnings and losses for the accounting period. These rules are issued by the Financial Accounting Standards Board, usually in conjunction with other government entities. Accountants are not necessarily required to follow the rules, but the rules should be followed as closely as possible as they position standards that should be met to ensure appropriate accounting activity, understandability and comparability of the accounting data for different businesses.  Below is a list of the four basic accounting principles and a brief explanation of each one.



1. The Cost Principle



Businesses are required to characterize and relate assets based on the proper cost incurred to accept them rather then the free-market value of the acquired assets themselves. The view gradual this principle is that this contrivance of recording and reporting is obedient and lessens the opportunity for factors such as biased market values to interfere with the accounting.  However, this blueprint may be viewed as irrelevant as it relates to the right value of assets.



2. The Accrual Principle



Businesses are required to relate and portray revenue at the time it is earned and realized by the business, not when the cash for the revenue is received by the business.  This way is known as accrual basis accounting. The purpose of this principle is to actually exhibit what work has been completed and not what is to be done in the future.



3. The Matching Principle



This principle allows for sincere time analysis of the expenses and revenues. Using this principle will prove unbiased how well the business has done financially and how effective it was.  Somewhat like the Accrual Principle, expenses in this case can only be recorded and reported when revenue is to which such expenses are related was earned.



4. The Disclosure Principle



The accounting records of a business must be disclosed so that judgment about the financial place of a business can be easily made.  However, the disclosure of accounting and financial information should not cause the business to accrue unreasonable expenses or cause counterfeit opinions.

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Basic Accounting Principles - peek Accrual Accounting

Considering basic accounting principles we can settle them as the main rules how the books of any business must be kept and how the financial statements must be prepared. These rules are needed to ensure that it is possible to compare financial statements and accounting information of different businesses and also of the same business for the different periods of time. One of the main basic accounting principles is accrual basis or accrual accounting.



Accrual Accounting - Essence And Examples



According to the accrual basis revenues are recognized in that accounting period when they were earned and expenses are recognized in that accounting period when they were incurred despite the time cash related to such revenues or expenses was received or paid. Such definitions might sound quite complicated, therefore let us observe some practical examples for better notion.



Revenues



engage that we have a company which sells chairs to its clients and clients are allowed to pay for the chairs within 30 days after the sale was made. On September 15 the company sells chairs for $670 and the chairs were delivered to the customer on the same day, i.e. the customer got the ownership title to the goods on September 15. Company will obtain cash for the goods sold within 30 days from the sale date, i.e. the customer will have to pay for the chairs until October 15.



According to the accrual accounting revenue for the sale of chairs has to be recognized on September 15, since on that day real sale occurred, the company transferred ownership title for the chairs to the customer and this fact allow the company to claim the payment for the goods sold. According to accrual basis the fact that cash will be received later after the sale does have an impact on the moment when sale is recognized. Of course it might happen that the customer will fail to pay for the goods acquired. If this will happen peaceful the company will have to yarn for sales revenue and in addition will have to notice loss caused by the customer failing to pay for the goods.



Expenses



The same principle as for revenue accrual accounting is applied for expenses accrual accounting. seize that we have a company, which rents office area and is liable to pay rent and utility expenses related to the set rented. The payment must be done within 10 days after the ruin of the rent month, i.e. for September rent and utilities the company will be paying until October 10. If the rent and utility expenses for month amount to $700, in September the company will to stare $700 administrative expenses according to the accrual accounting despite the fact that payment for these expenses will be done only the next month.



Why Is It principal?



So why accrual accounting is so primary? This principle allows to mediate revenue, accounts receivable, expenses and accounts payable properly and financial statement will point to proper amounts the company can claim from its customers for the goods sold or services provided and also financial statements will show the accurate amounts the company is liable to pay its suppliers for goods or services acquired. If we chronicle for revenue or expenses only when cash is received or paid, financial statements will not mediate all the receivables from customers and we will never gape how many customers were dreadful and failed to pay their debts. Also financial statements will not believe accurate liability of the company to the suppliers.

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What is Accounting? Learn Basic Accounting Principles

If you ever wanted to know what is accounting then this is your change to learn? Who is in charge of setting basic accounting standards that we all follow? Is there some type of regulatory system is situation to investigate and arrest people for accounting fraud? Well guess what, there is, at least to a sure degree any arrangement. So hear is a speedy accounting principles education that can interpret everything.



First, unbiased what is accounting anyway? Well in simple terms accounting is the comprehensive system of gathering and recording financial information of a business for the purpose of preparing summaries for tax authorizing, investors, managers and other who earn decisions within the companies or organizations that they are alive to in. The accounting terminology or terms can rep tricky at times and you may need to preserve handy an accounting glossary that explains the terms in slow language if you are a beginner. To support people from ethics frauds in accounting the United States top experts created the Financial Accounting Standards Board or (FASB) for short. This was established in 1973 and it replaced the Accounting Principles Board(APB) . The job of the (FASB) is to analyze and review problems in the field that is brought to them. After great deliberation they will design an assessment of what type of action that will be taken when an accounting mumble occurs.



This was mainly voluntary and it had very helpful success. Double-entry accounting was founded in Italy in the 1400's and the accounting formula has change since then. The reason why the basic accounting concepts worked or well was that the business community would not be able to function properly if there were no consistency in the reporting of finances.The FASB has its' have private financing and is not government organized. The American Institute of Certified Public Accountants(AICPA) are a broad supporter of the FASB and many of our Certified Public Accountants(CPAs) are members of this prestigious organization. Accounting careers are shaped on you being a member. They are waddle by the guidelines and principles that they offer as other countries also have similar boards that require a high level of accounting conduct.



The FASB created the basic accounting concepts code known as General common Accounting Principles(GAAP) . The notion gradual this is if everyone uses the same business financial statement prepared according to GAAP, then who ever uses the information can trust or rely on the information more steadily than if prepare differently. Any business that prepare their statements without using the GAAP standards, like a lot of minute businesses do, cannot say that their statements are created under GAAP guidelines and they should let the user know they are not and let the buyer beware.



To sustain a view out on everything the government relies on the Securities Exchange Commission(SEC) to sort of police the accounting world. They mostly focus on public companies because they are responsible for protecting investors from fallacious misrepresentation. The SEC has established it beget space of accounting standards and with the economy the intention it is today they really have their hands stout with this.



Accountants are now more fervent with preparing income tax returns and they expend their business financial statements. The Internal Revenue Service(IRS) may review those financial records when they fabricate an audit and not following the rules can pick up you in to enormous grief risking fines and penalties.



As you can glance the principles and standards in many ways are a combination of voluntary and regulatory guidelines. There is a push to originate an international accounting standards board or (IASB) due to the growing globalization process. This will be a substantial undertaking that will surely catch years to create. Now that the stock markets around the world are in grief it is obviously needed.

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The Basic Function Of Accounting

Accounting is a profession as former as the hills. It was a well known practice in the Roman, ragged Egyptians and Greek  civilizations. In these times, the main function of accounting was to rep facts and figures to protect the interests of the owners. After the topple Of the Roman Empire up until the fourteenth century there was decline in the interests of accounting due to the lack of international trade. There was mighty conflict between countries, government, churches and the people and the arts suffered accordingly.



It was about the time of The Renaissance that the principles that originate the basis of the novel accounting system were developed, double entry bookkeeping. Financial statements made an appearance in the fifteenth century and the Industrial Revolution in the nineteenth century blew worn accounting practices lawful out of the water.



Organizations and the structure of business ownership were overhauled according to the needs created by the changes in society. The size of organizations grew and with it the advent and growth of collective ownership. The function of accounting was no longer to protect the interests of the owner of a business but to provide financial reports to shareholders of a company and external users outside of the business. With the growth of these organizations came the evolution of the managerial role of accounting in the decision-making and planning processes well-known for the future development of companies.



In current times, the most vital changes to affect accounting has been due to the advancements made in computer technology. This has enabled the production of more good information, saving lots of time and money and has been suitably dubbed the Information Age.



Today, one of the main functions of accounting would be to communicate this financial and business information to alive to users within and outside of the organization. The information is presented as graphs, tables and reports expressed in terms that these users can comprehend and that is in money terms. This information will aid in decision making.



The quantity of information is famous but also the quality of the information that must be considered. There is a cost associated with the collection of information and a support to be gained from the information thus the term cost assist analysis. Naturally it is economical when the  benefits exceed the costs. unpleasant quality information can cloud business decisions and out of date information is of no utilize to anyone.



The accounting system relies on good processing of transactions to provide financial data that is converted into friendly and relevant financial information which is outmoded by management to do decisions. There are many groups and individuals who have an interest in the financial reports of a business.



* Employees are concerned about their job security and bonuses.



* Trade Unions are concerned about improving wages and improving working conditions.



* The customers are concerned about the quality of the product.



* The general public may be concerned about environmental issues and overseas ownership.



* Creditors are concerned about whether to extend credit facilities to the business.



* Investors are concerned about how efficiently and profitably the business is operating.



* Government departments such as the Tax Office and the Bureau Of Statistics are alive to in information on the business.



In the business world, accounting can provide the information that enables management to understanding and then control the activities of the business and then enables the different involved groups to assess the performance of a company and do accountability to the higher authority for the activities.Therefore the worker is accountable to the management, which in turn is accountable to organizations and the owners who are accountable to the government and the general public.

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Accounting Basic - What is the Accounting Cycle?

The accounting cycle is the series of steps that engage location in order for financial statements to be accurately and uniformly produced at the demolish of an accounting period which is typically the length of one month, quarter of a year, or a whole year. Below is a list of the steps you would retract to complete the accounting cycle, listed in the order that you would gain them, and with a brief summary of each step.



1. Identify the transaction. This transaction could be the revenue from the sale of a product or a payment to another business for services.



2. Analyze the transaction and how it related to the accounting balance sheet. For example, decide which accounts are affected by the transaction and how they are affected.



3. relate the transaction to a journal such as a sales journal. Journals are kept in chronological order and may be updated continuously, daily, or however often it is distinguished.



4. narrate the transaction to the general ledger. select all of your entries and categorize them by the yarn.



5. accomplish a trial balance. Debits and credits need to be equal at the destroy of an accounting cycle, so calculate the entries to ensure they match.



6. Prepare adjustments. honest because entries are recognized, does not mean the work has been performed. Revenue can only be recognized when the work has been completed, so adjust the entries accordingly.



7. construct trial balance with adjustments. choose the adjustments from Step 6 and prepare a trial balance. If the debits and credits do not match, then you need to adjust them to acquire definite they do match.



8. Prepare financial statements. From the adjusted trial balance, these corrected balances are old-fashioned to prepare the financial statements.



9. terminate the accounts in preparation of the next accounting cycle. Revenues and expenses need to be closed out, which means they need to have zero balances. Balances are moved to the next cycle.



While the steady terminology, timeline, and other factors of the accounting cycle vary, the above steps record the general steps included universally in the accounting cycle. In realistic scenarios, a streamlined process, aided by computer programs and other devices, allows an accountant to combine some of these steps and complete the process in less time and with less exertion. For example, often, a computer program allows steps one and two to be combined and allows the steps to accurately appear on the journal or general ledger almost instantaneously. Also, calculations performed by a computer or calculator work to eliminate human errors.

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Accounting Theory - Basic Accounting Concepts

There are four basic accounting concepts. The concepts specify and interpret the guidelines that should be followed when managing the accounting of a business. Below there is a list of the these four basic accounting concepts and a brief summary of each conception.



1. Accruals Concept



The accruals opinion states that revenue from transactions and transactions which cause liabilities are accounted for when they occur, even if cash or property has not actually been exchanged between the entities enthusiastic in the transaction. For example, a dentist, Dr. Payne orders and receives 6 months worth of toothpaste for $500 in January. Even if he does not pay for the toothpaste until February, Dr. Payne should aloof characterize the $500 liability in January and not wait until February, since he owns the goods and is liable to pay for them to the supplier. On its turn the supplier will be accounting for the sale of toothpaste to Dr. Payne.



2. Consistency Concept



Once distinct accounting way has been applied by the accountant, this methods must be applied throug all the further periods for the accounting purposes. The accounting plan should only be changed if there is a beneficial reason that requires the change. For example, if the accountant starts recording transactions using the double-entry accounting device in January, he or she should continue applying the double-entry map for the remainder of the accounting period. He or she should not initiate applying the double-entry device and suddenly switch to the single-entry accounting procedure mid-accounting cycle for no identifiable, well-behaved reason. This means that all the accounting methods and procedures must be applied consistently to ensure comparability of information among periods.



3. Going danger Concept



When the accounting of a business is being managed, it should be assumed by the accountant that the business is viable and will peaceful operational in the foreseeable future. If the accountant has any reason to have that the business will not remain viable in the foreseeable future, he or she must space the reasons for coming to that conclusion in the financial reports of the business. If the accountant has an understanding that the company will not remain in business and there are no sufficient evidence to proof the opposite, the accountant may simply include a disclaimer in the financial reports stating that he or she believes, but cannot display evidence to reveal that the business will not remain viable.



4. Prudency Concept



Liabilities are accounted for in the balance sheet even if they is only a possibility for such liabilities to occur, despite they are potential. However, revenues are accounted for in the financial statements only if the business has title for such revenue and has already mild or will catch cash or other assets in the future. If there is a doubt about this or there is no strong true basis to gaze revenue, it is not accounted for in the accounting books. This belief helps to ensure that businesses invent provisions for potential losses, not unbiased realized losses, and do not erroneously include revenues that are simply anticipated, but not yet earned.

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Accounting Theory - Basic Accounting Concepts

There are four basic accounting concepts. The concepts specify and clarify the guidelines that should be followed when managing the accounting of a business. Below there is a list of the these four basic accounting concepts and a brief summary of each thought.



1. Accruals Concept



The accruals conception states that revenue from transactions and transactions which cause liabilities are accounted for when they occur, even if cash or property has not actually been exchanged between the entities alive to in the transaction. For example, a dentist, Dr. Payne orders and receives 6 months worth of toothpaste for $500 in January. Even if he does not pay for the toothpaste until February, Dr. Payne should serene relate the $500 liability in January and not wait until February, since he owns the goods and is liable to pay for them to the supplier. On its turn the supplier will be accounting for the sale of toothpaste to Dr. Payne.



2. Consistency Concept



Once sure accounting device has been applied by the accountant, this methods must be applied throug all the further periods for the accounting purposes. The accounting design should only be changed if there is a noble reason that requires the change. For example, if the accountant starts recording transactions using the double-entry accounting draw in January, he or she should continue applying the double-entry design for the remainder of the accounting period. He or she should not commence applying the double-entry blueprint and suddenly switch to the single-entry accounting plot mid-accounting cycle for no identifiable, proper reason. This means that all the accounting methods and procedures must be applied consistently to ensure comparability of information among periods.



3. Going anguish Concept



When the accounting of a business is being managed, it should be assumed by the accountant that the business is viable and will composed operational in the foreseeable future. If the accountant has any reason to occupy that the business will not remain viable in the foreseeable future, he or she must status the reasons for coming to that conclusion in the financial reports of the business. If the accountant has an idea that the company will not remain in business and there are no sufficient evidence to proof the opposite, the accountant may simply include a disclaimer in the financial reports stating that he or she believes, but cannot note evidence to expose that the business will not remain viable.



4. Prudency Concept



Liabilities are accounted for in the balance sheet even if they is only a possibility for such liabilities to occur, despite they are potential. However, revenues are accounted for in the financial statements only if the business has title for such revenue and has already serene or will acquire cash or other assets in the future. If there is a doubt about this or there is no strong proper basis to peruse revenue, it is not accounted for in the accounting books. This belief helps to ensure that businesses develop provisions for potential losses, not honest realized losses, and do not erroneously include revenues that are simply anticipated, but not yet earned.

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