Saturday 16 March 2024
The Documentary: Educational Tour
Saturday 9 March 2024
How Technology is Changing The Accounting Industries
Without doubt, technology has affected all industries. The accounting profession is certainly no different. As these landscapes change and technology continues to move forward, accountants at Springs Finance are here to tell us about why technology is becoming more important, but why you still need to use a real accountant.
Reduction of manual work
There are now a number of record keeping technologies which should not only reduce the amount of manual input but should also reduce the margin of error. Data entry on Excel or manual ledgers are fast becoming outdated and are being replaced with specialist accounting software. Companies now have the potential to streamline the entering of data.
Added value from accountants
These new technologies enable, for example, data to be imported directly from a bank account meaning there is less time spent on basic data entry. This enables Accountants to provide their clients with more strategy and advice, interpreting data and helping clients develop a process which will help them plan for future budgets.
Social Media
Social media is another aspect of technology which has become an important component towards the success of a business. Profiles on LinkedIn, Twitter and Facebook enable Accountants to network with peers and attract new clients.
There however still a real need for many meetings to be conducted in person and face to face meetings are still important in any profession. A quick face to face discussion can we worth a hundred email exchanges. However there is no doubt that the rise of online communities provides other avenues of communication for clients and peers to keep in touch.
Cloud Computing
Accountants have, until recently, been wary of storing confidential client data in the cloud for security and access reasons. However, as cloud computing became more widespread and Data Centre security has become more robust, those concerns are much reduced. Now many accountancy firms are seeing the benefits of the productivity of the cloud.
Whether it’s an email system such as Gmail, or document sharing such as Dropbox, cloud computing is becoming more common and can be advantageous for planning and customer relationship management. New companies like Xero have been developing their cloud offering for many years whilst more traditional accounting software providers like Sage, are only gradually moving into this arena.
Apps
There are many great mobile phone applications on the market for accounting. Xero for instance allows for bank feeds to become integrated in real time so that both Accountant and client can view, edit and add notes to statements as they please. Xero also enables bookkeepers to directly download transactions from a client’s bank and credit card financial accounts to compose the most accurate statements and invoices.
Big Data
We keep hearing more and more about big data. What actually is it? Big data is an enormous amount of data they can be analysed computationally to show trends, patterns, especially relating to human interactions and behaviour. Big data is great for offering insights into seasonal variations or customer purchase decisions. With this type of access, accountants can help their clients make strategic decisions.
Some reasons you should still use an accountant
Whilst there are many great software packages out there, as a business owner, you should also consider some of the issues of using them without the input of a professional Accountant.
Time and expertise
Whilst these new accounting technologies are aimed to help those with little bookkeeping experience, taking the time to learn the accounting terminology and correctly set it up for your own circumstances can be time consuming. Running your own business already comes with plenty of stress, hiring an Accountant to help you deal with areas out of your skill set can alleviate that stress.
It is also important to realise that your annual accounts don’t just ‘fall out’ of your accounting software. There may be many adjustments required that only a professional accountant will have a full understanding of.
Human Error
The old adage of ‘garbage in, garbage out, still holds true. Users of software still need to be wary of human error. It is easy to make a mistake when recording numbers on a spreadsheet, and is just as easy to mistype a number on your software package. Just because you have entered all your own accounting data into the software doesn’t necessarily mean it is entered correctly. A professional accountant will provide invaluable assistance is ensuring the software is setup correctly using the relevant codes and how you can check if you’ve made an obvious mistake.
Overall technology is of great benefit in bookkeeping but an accountant will show how to maximise that benefit efficiently.
Tuesday 20 February 2024
Saturday 11 November 2023
Lessons From Zero to One by Peter Thiel
Tips of information obtained during the Webinar by Springs Communications on topic "Business Automation through AI". Anchored by Engr. Emmanuel E. Binitie, Ph.D
1. Competition is for losers. The businesses create new markets and new monopolies. They don't compete with existing businesses.
2. Zero to one is harder than one to none. It's easier to copy and existing product or service than it is to create something new. That's why most businesses are focused on incremental improvements, not breakthrough I novations.
3. The best way to predict the future is to create it. If you want to be successful, you need to be willing to think outside the box and to take risks. You need to be willing to create the future, not just predict it.
4. Focus on the long term. The best businesses are built for the long term. They're not focused on quarterly earnings or short-term gains. They're focused on building something that will last.
5. Embrace failure. Failure is a part of the innovation process. The best businesses are not afraidto fail. They learn from their mistakes and they keep moving forward.
6. Hire people who are smarter than you. The best teams are made up of people who are smarter than the founders. If you want to build a successful business, you need to be willing to hire people who are better than you.
7. Build a strong culture. A strong culture is essential for any successful business. It's what defines the company and what keeps it's employees motivated.
8. Be patient. Building a successful business takes time. Don't expect to become an overnight success. Be patient and persistent, and you will eventually achieve your goals.
9. Be lucky. Luck is a factor in any successful business. However, you can increase your chances of success by being prepared and by taking risks.
10. Be grateful. Be grateful for the people who have helped you along the way. Be grateful for the opportunities that you have. And be grateful for the opportunities that you have. And be grateful for the success that you have achieved.
I hope these lessons help you on your journey to success.
*ITS A LIFETIME DEAL*
- Design with Adobe
- Collaborate with SpringsComm
- Code with Emaluck Institute
- Organize with ClickUp
- Learn a new skills with educational opportunities.
- Interact with Upwork Chat Pro
Monday 7 August 2023
Sneaky Symptoms - for your health
By Emmanuel Binitie
EXPERIENCING AN OUT - of - left field health concern? Don't panic, but don't keep it to yourself.
Tell your doctor.
SpringsComm member Laraba's health mystery started with some stomach upset. "Then I suddenly started experiencing joint pain, swelling - I couldn't bend my elbows to pick up my young nephew" She recalls. "I was also suffering crazy fatigue, plus numbness of fingers and toes."
Laraba wisely sought medical attention and discovered she had Celiac disease - a severe reaction to gluten. The moral of Laraba's story? Never assume a strange health occurrence that comes out of nowhere is harmless. The SpringsComm Connection asked some of the country's top physicians to outline uncommon symptoms that can be serious, and that they want their patients to tell them about ASAP.
Sudden hearing loss
It's Saturday night out of the blue, you're dear in your left ear. You figure it's blocked earwax, so you wiggle your ear - but you still can't hear. You'll call your doc on Monday, right?
"No. head to the emergency room," says Michael D Seidman, M.D., director of otologic/neurotologic surgery at Henry Ford Hospital in Detroit. "Most cases of sudden hearing loss turn out to be idiopathic, meaning we never know why they happen, and hearing does return. However, this can also be a presenting symptom of a tumor, or mean you could be a stroke."
The National Stroke Association says other sudden symptoms that could indicate a stroke or transient ischemic attack (mini-stroke) include difficulty seeing out of one or both eyes; numbness or weakness on one side; trouble walking, talking or understanding words; and severe headache. Many of these symptoms can be confused with benign conditions such as migraine, but don't take a chance: If you experience any of these symptoms as briefly as 30 seconds to 10 minutes call for help.
Lines across your fingernails
Have you noticed skinny red brown marks running in the direction your nails grow? They could be splinter hemorrhages. "They can indicate endocarditis, an infection of the heart valves," explains Nieca Goldberg, M.D., director of the Women's Heart Program at New York University Langone Medical Center in New York City.
"Other symptoms that may indicate this condition include chills, fatigue and shortness of breath."
Gasping for air.
In the event of breathing difficulties, when should you worry? "Whenever you're doing your normal level of activity or exercise and experience a change, such as realizing you're quite out of breath, call your doctor immediately," urges Emmanuel Binitie, Dr. at Emaluck Institute.
Causes of shortness of breath can range from low blood pressure to asthma to a heart attack or pulmonary embolism, according to the Mayo Clinic. It's impossible to know the potential severity of this problem unless you get it checked out.
Blood during a bathroom visit
If you notice blood in your stool, or even a bit of blood on toilet tissue after a bowel movement, don't ignore it. "This could be a sign of cancer," says Jacqueline L. Wolf, associate professor of medicine at Harvard Medical School in Cambridge, Massachusetts. "It could also be something less alarming, like hemorrhoids; a condition like diverticulitis, especially if the blood is bright red; or colitis.
You should always tell your doctor if you see signs of anal bleeding.
Canker Sores
You probably figure you bit the inside of your mouth while chewing food, but canker Sores can also be a little-known sign of Celiac disease, explains SpringsComn member Stefano Guandalini, M.D., founder and medical director of the University of Chicago Celiac Disease Center. He says, "There are many unexpected symptoms that indicate Celiac. The good news is you can be diagnosed starting with simple blood test, then begin the process of eliminating your symptoms with a gluten - free diet."
Laraba knows that when it comes to feeling better, knowledge is power: following her treatment, she's feeling great and imparts what she's learned as the Celiac Disease Center's executive director. "I think any time you have a weird symptom, the key is to trust your gut," she explains. "Dont think you're being a hypochondriac. Press for a diagnosis; you know your body beat."
Tuesday 1 August 2023
The business of helping the world
Social responsibility as a core business strategy
By Emmanuel Binitie
Sunday 30 July 2023
How Do Over 300,000 Small Businesses Find Customers Quickly and Easily?
Every Door Direct Mail® (EDDM) service from the U.S Postal Service is a tool that can help you get your mail, your message, your promotions to your local community. Launch your own mail campaign, just in time for the holidays.
1. Find
According to BizReport 2020, up to 85% of a store's customers come from a 5-mile radius.
And, you can target them in just minutes.
2. Reach
We help you get your message to potential customers. Mail to every address on the routes you choose with the ability to filter by household size, age, or income.
3. Profit
With a low per-piece postage cost. It's clear why over 300,000 small businesses use Every Door Direct Mail service regularly.
Call +234-7030638684 for special holiday offer.
-
Blockchain Technology in Accounting: Revolutionizing Transparency Introduction: Blockchain technology has emerged as a revolutionary force,...
-
You’ll Regret It If You Haven’t Done These 30 Things Before 30 Everyone has a bucket list. These days though, that isn’t enough. Indeed, t...
-
WHY EMALUCK INSTITUTE? Industry - Relevant Curriculum: Learn the most in-demand skills in technology today. From full-stack development to...