Sage 200

Several of the deals have come from Sage 200 customers, he says. “We see Sage as a donor of business.The installed base of Sage low-end to mid-end customers is phenomenally large, but we find that businesses looking to control complexity often find a home in the Dynamics product set,” he says.He says customers like the Dynamics Dashboard because accounts clerks, accounts managers and financial directors can be given different views of the same accounting information.Sage remains the company to beat in the UK accounts market. Cynthia Alers, Sage Group director of investor relations, says that the company has 772,000 Sage accounts users in the UK, and continues to add 30,000 new customers each ye...

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CODA 2go

CODA – a once traditional accounting software house – has demonstrated a top ten aged debtor list on a Blackberry, using its CODA 2go SAAS product offering, which it launched six months ago.CODA 2go is targeting the Saleforce customer base of 1.2 million users.“We began looking at the cloud market two years ago as we saw a delivery method that was on the uptake and one that could give us inroads into markets that traditionally couldn’t afford CODA’s high-end solutions,” says Jeremy Roche, chief executive of CODA Group.“When we looked at building our own SAAS platform, the investment we would have had to make to scale and provide security and up-time and everything else, would have been enormous.“By going with Force.com, we were taking advantage of the investment that Salesforce.com...

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Credit Hound

Richard Reavely, director of Draycir, says that sales of its Credit Hound package have picked up in the last two months.Credit Hound takes creditor information from Sage and Microsoft Dynamics accounting software and automatically emails creditors when invoices are due, or schedules telephone appointments if an invoice are late.“Resellers are joining up because they are looking for new products to sell to their existing Sage customers," he says. However, the biggest technology change by far is undoubtedly Software as a Service (SAAS) offerings from new and established suppliers, even though the majority of traditional accounting software suppliers and resellers continue to insist that SAAS is not happening on their patch.They give two reasons: their accounting customers see no need...

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Outlook to Exchequor

Users can also enter data into Exchequor from Outlook, blurring the distinction between accounting software and a user’s everyday mail and calendar package.Both Access Technology Group and Microsoft have launched a carbon emission dashboard, allowing companies to track carbon emissions using data held within the accounts software they already use.“We think companies are beginning to take their environmental reporting seriously. We were the first to bring out a carbon emissions tracking system from within an accounts package, and have made the package free,” says Alistair O’Reilly, group managing director for Access Technology Group.“While new business licence sales have slowed (although bread and butter deals continue to be signed worth £30,000 to £60,000) the demand for consultancy...

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Objective or Importance or Advantages of Ledger:

A ledger is a principal book so that it has a great importance of achieving the goal of accounting and book-keeping. Some objectives may be as follows:Knowledge of debtor: A ledger gives the information to the proprietor about his debtor to whom he has sold goods on credit and amount due from him to be received.Knowledge of creditor: A ledger also discloses the amount to be paid to creditor from whom the business has purchased goods on credit.Knowledge of total sale and purchase: It helps to know total sales or purchases of a certain period through sales account and purchase account.Knowledge of expenses: For each head of expenditure, a separate account is opened. It helps to know the amount spent on different heads of expenditures.Knowledge of income: Like the expenses, ledger accounts also...

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Ledger Account

Meaning of Ledger:Journal as we have discussed in previous chapter, is a chronological record of business transactions which does not record relating to a particular subject, thing or person at a place if they occur on different dates. To avoid such limitation of journal, a statement is prepared to collect all the transactions of same nature at one place which is called 'ledger'. In other words, a ledger is a book of recording transactions in a classified way according to their nature and type.According to Mukharji and Hanif "The ledger is the principal books of accounts where similar transactions relating to a particular person or thing are recorded." From this definition, we know that a ledger is a principal book of account. All similar transactions are collected at a place. For example,...

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TrusteesThe Foundation’s Board of Trustees is an independent body of leaders in their professions with diverse backgrounds and expertise in areas of business, finance, investment, accounting, government, investor advocacy, education, and other professions involved in the activities of the financial and capital markets. The Board is currently comprised of 16 members and, other than the chairman, Trustees serve a single five-year term and until their successors are elected and qualified. To provide for appropriate continuity of leadership, the Trustee serving in the capacity as chair may be re-elected to successive terms without limitations on the number of terms he or she may serve. The Trustees, in their capacity as the members of the Foundation, have sole authority to elect all Trustees....

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AN INDEPENDENT STRUCTURE

Financial Accounting Standards Board (FASB)The FASB is part of a structure that is independent of all other business and professional organizations. Before the present structure was created, financial accounting and reporting standards were established first by the Committee on Accounting Procedure of the American Institute of Certified Public Accountants (AICPA) (1936–1959) and then by the ,Accounting Principles Board, also a part of the AICPA (1959–1973). Pronouncements of those predecessor bodies remain in force unless amended or superseded by the FASB.Financial Accounting Standards Advisory Council (FASAC)The FASAC has responsibility for advising the FASB on technical issues on the Board’s agenda, project priorities, matters likely to require the attention of the FASB, and such other matters...

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Certain precepts in the conduct of its activities

To be objective in its decision making and to ensure,insofar as possible, the neutrality of information resulting from its standards. To be neutral, information must report economic activity as faithfully as possible without coloring the image it communicates for the purpose of influencing behavior in any particular direction.To weigh carefully the views of its constituents in developing concepts and standards. However, the ultimate determinant of concepts and standards must be the Board’s judgment, based on research, public input, and careful deliberation about the usefulness of the resulting information.To promulgate standards only when the expected benefits exceed the perceived costs. While reliable, quantitative cost-benefi t calculations are seldom possible, the Board strives to determine...

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THE MISSION OF THE FINANCIAL ACCOUNTING STANDARDS BOARD

The mission of the FASB is to establish and improve standards of financial accounting and reporting for the guidance and education of public, including issuers, auditors, and users of financial information.Our financial reporting system is essential to the efficient functioning of the economy, That is because it is the means by which investors, creditors, and others receive the credible, transparent, and comparable financial information they rely on to make sound investment and credit decisions. Accounting standards are an important element of the financial reporting system because they govern the minimum required content of financial statements of U.S. public companies.To accomplish its mission, the FASB acts to:Improve the usefulness of financial reporting by focusing on the primary characteristics...

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International Accounting Standards Boards (FASB)

Since 1973, the Financial Accounting Standards Board(FASB) has been the designated organization in the private sector for establishing standards of financial accounting. Those standards govern the preparation of financial statements. They are officially recognized as authoritative by the Securities and Exchange Commission (SEC) (Financial Reporting Release NO.1, Section 101, and reaffirmed in its April 2003 Policy Statement) and the American Institute of Certified Public Accountants (Rule 203, Rules of Professional Conduct, as amended May 1973 and 1979). Such standards are important to the efficient functioning of the economy because investors, creditors, auditors and other rely on credible, transparent and comparable financial information.The SEC has statutory authority to establish financial...

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