Discover and read the best of Twitter Threads about #accounting

Most recents (23)

Should you pair #Finance with #Economics or #Accounting?
If you want to work in a general finance department, Accounting and Finance combination is beneficial, you can presumably learn a bit of financial auditing in this way.
If you want to work in Financial Markets, then Economics and Finance blend well.
But do note: that Economics is more mathematical.
Students who are weak at Maths, generally opt for Accounting or some other subject.
But having said that, if you don't like Maths at all, it might even be more difficult for you to do Quantitative Finance Modules at a higher level. So your aptitude and interests in Mathematics shall determine the outcome.
Read 5 tweets
Planning to do an #MBA without having any work experience.
Don't do it!
It's a sheer waste of money, time and energy.
In any case, you don't need to learn to invest $70,000+ in case studies, symposiums and business seminars.
If you have that much money, better opt for a specialized qualification which leads to skill development, or why not start your own venture using rational common sense?
By the way, have you ever asked your business studies professor if he or she has ever worked for a day in any organization on a full-time basis?
Most of these top-notch business studies/management science scholars have little to no practical experiences to share.
Read 6 tweets
1 New to investing?

2 Confused by #fintwit jargon?

3 Do we trust people presenting “valuation” to know what they don't know?
(Hint: “my-laser-eyed-golden-skin-ape-pic-is-worth-at-least-twice-your-diamond-skin-ape-pic” = relative pricing. Not valuation)

Follow #PiggyBack🧵

1/X Image
Equity = Assets - Liabilities

But what asset and liability values are we going to use?

The answer as always: it depends on what we are going to use it for.

Here is a summary of equity metrics, from the most conservative:

Price/”Net-Net” Working Capital (P/NNWC)

Classic Graham/Dodd strategy

Assumes: Use only most liquid current assets, deduct subjective discounts.

Conditions (often missed in screens):
1) Not consuming assets (melting ice cube/negative cash-flow)
2) Historical profitability

3/X Image
Read 28 tweets
Role: Chief Financial Officer
Location: Ikoyi, Lagos
Industry: Fashion and Lifestyle

Our client, a Fast growing retail business is looking to fill the role of a Chief Financial Officer
*The Chief Financial Officer will perform a wide range of responsibilities.These may include, but are not limited to: .
* #Assess and evaluate the financial performance of the organization about long-term operational goals, budgets, and forecasts.
* #Provide insight and recommendations to both short-term and long-term growth plans of the organization.
* #Identify, acquire and implement systems and software to provide critical financial and operational information.
* #Evaluate departments and make suggestions for
Read 17 tweets
An Economics/Finance PhD is still probably one of the few degrees that provides you with an opportunity to start a career in either academia or elsewhere in the corporate sector, preferably Finance or the Govt Sectors.
But, always try to gain some practical experiences after BS
I don't like this concept of pushing students after undergrad level directly into a PhD program.
Especially, if the student has an opportunity to learn some practical skills in the real world.
Economics is that sort of profession, where many jump using the 3+1 research route.
I mean, what is the point of blindly doing a doctorate when you cannot operate basic IT Systems & Computing Packages that will help you work as an economist at banks, funds, etc
Attending colloquiums, seminars and conferences, co-authoring n publishing papers, etc won't help.
Read 7 tweets
Different professions require distinct applied skill sets
1. Working as a #quality systems controller in the dairy industry, a degree in total quality management will not suffice alone!
You need to have some awards in veterinary sciences & nutrition sciences or food science/tech
2. Working in the Insurance Industry with just a degree in Actuarial Sciences cannot help per se.
The Actuarial Risk Aspirants must develop an understanding of #Insurance Underwriting Methods, Insurance Business Models, Insurance Law & Accounting, in addition to Maths and Stats.
3. The same holds true for those who graduate with qualifications in Financial Engineering or FINTECH, etc.
Students must develop an understanding of financial products, laws, exchanges, etc
Blindly applying quantitative models to events or observable data won't take you anywhere
Read 18 tweets
CROONICLE: Freelance Web Developer Guide on Web Development… #webdeveloper
CROONICLE: Video Marketing the Rising Popularity… #VideoMarketing
CROONICLE: Promo Video for Business… #VideoMarketing
Read 35 tweets
CROONICLE: Essential Tips When Choosing Affordable WorkOut Ac...… #fitness #workout
CROONICLE: Your Short Guide on Email Automation… #Automation
Read 36 tweets
It's #RPA Sunday and I am going to Tweet along while I try to build a bot to solve a specific problem that I'm having with a client.

Thread 👇

#CPA #accounting #automation
Use case: I have a relatively new client with an OOC chart of accounts. The original P&L consisted of 218 accounts: 4 revenue, 129 COGS and 85 OPEX.
After some convincing, we were able to get COGS down to 6 accounts, but it took me about 3 hours to do YTD reclasses using the @QuickBooks "Reclassify" tool. That's what I am trying to avoid as we migrate the OPEX accounts to our template COA.
Read 24 tweets
Most of the #MBA Finance students who attended my masterclass in Investments and Portfolio Management did not know how to use the #VLOOKUP or #VLOOKDOWN XLS Functions
Most of them completed graded courses in CS.
And then students complain about the standard of business education?
Not only that!
Most of the MBAs specializing in Finance that apply for Industrial Placement Programs or internships, struggle to read and understand financial statements.
Does that surprise you?
Not me!
Because Finance Majors are not necessarily good at using #Accounting or #IFRS
I am dead against an MBA Finance Degree.
its neither fish nor fowl
You cannot become a Financial Planner only by reading business case studies or solving a few exercises or writing project reports using standard formats
Better opt for an MS or MSc in Finance with a focus on Maths
Read 10 tweets
There is an obscure problem when you join the BIG-4 Advisory or auditing, or consulting side of the profession within the services sector.
Most of the co-workers come from an #Accounting background, which makes things awfully difficult to communicate and interpret.
I remember working with an #Audit Expert, having a BIG-4 background.
The chap didn't understand anything except for debit, credit, and fraud risk.
The assignment required to be sophisticated Actuarial Finance, Mathematics, and Econometric Skill Sets to understand the GAPS.
Hence, the biggest problem in the Financial Risk Management, #ERM, Quantitative Risk Management, and other FE Financial Engineering related risk management processes, when working with a #BIG4 Firm, is the interaction with Accountants and Auditors who have their own Lingua Franca
Read 12 tweets
What are new graduates doing to be attractive to banks entry-level analyst programs?
@ABABankers @TheBanker @CIOonline @RiskDotNet @FT
Interesting question.
Banking sector MTO - Management Trainee Officers Program vary from country to country.
In my country Bank Staff Colleges train young graduates to become bankers.
The hired graduates have to undergo an intensive training course by attending several In-house boot camps or lecture hall workshops before they are moved into the formal workplace.
Read 38 tweets
Which are some interesting stylized facts about Risk Management and IAD Failures across global corporations?
@PRMIA @GARP_Risk @BIS_org
Quantitative Risk Management when turned into a profession, does not work in reality in most cases, as witnessed now outside the Insurance Sector!
Insurance is different because the profession is led by well-trained quantitative professionals such as Actuaries!
The multiple reasons for the failure of Risk Management and Auditing Departments at firms could be the following =>
Read 19 tweets
A major partner of The Climate Group #ClimateWeekNYC, (attributed to Callum Grieve) is #GlobalCitizen which targets/captures youth demographic. For Climate Week 2020, the film "Imagine for 1 Minute" was released - featuring #Thunberg w/ #Pope, & others.…
So let's take a quick look at #GlobalCitizen & the film.

"Reward points" for actions - marketed as #activism.

Founded by Hugh Evans, partners include #Forbes, #Gates Foundation, #CocaCola, Johnson & Johnson, P&G, Citi, Cisco, Verizon. #UN #WHO #SDGs
Global Citizen advisory boards: #UK, #Australia, Southern & East #Africa, #Nigeria & #Canada. Corporations/ institutions represented on Global Advisory Board includes #Bridgewater, Gates Foundation, Susan Thompson Buffett Foundation, CVC Capital, etc.:…
Read 15 tweets
We have probably reached a point where it is difficult to take the internet out from our daily lives. Start-ups are born on the internet, with crowd-funding and market raising portals available for all. Businesses thrive on the internet, with digital marketing campaigns (1/3)
delivering ads and brand messages to a larger audience than ever before. If you still haven’t established a digital footprint for your business, common wisdom suggests that you will fall behind in the pecking order and will be difficult to reach new heights. (2/3)
So, get your business online now! (3/3)
#accounting #business
Read 3 tweets
Wish me luck!!! Taking my financial accounting exam today. Though am taking the class pass/fail, the exam is a large part of my grade. Thing with exec education: you do have to try hard to fail. But having realized that, I cut it closer and closer

Okay, have always been this way
My whole life is game theory. I end up figuring out the rules and the winning strategy and then I put just the right effort needed to "win", unless I just adore the subject cuz once I focus, OMG, it is laser focus and intense and deep. That's the way I've always been.
Which basically is the description of a high functioning woman with ADHD and why I tend to violate expectations of women, be out of box, innovate, strategize, rather than be linear in ticking off boxes in the right order and staying within boxes others draw. Nope. Not me.
Read 11 tweets
How to add 6 figures to your top-line with a fully-automated Scorecarding service.

Soup to nuts:
🔨How to build it
📣Sales channel

These cost less than a quarter of one penny to generate with @bannerbearhq

#accounting #taxtwitter #nocode 👇
📋 Examples

Virtually every client biz can benefit from Scorecarding:

-Consolidate info reptg
-Keep EEs aligned with expectations
-Shorten feedback loops
-Customer-facing reports
Scorecards can be issued via different:

-Scopes - Company-wide, dept, EE
-Frequencies - Monthly, weekly, daily
-Delivery methods - Email, SMS, Slack/Teams, physical
Read 12 tweets
A lot of CPAs look down their nose at CAS: It's bookkeeping.

In '19 tax clients we pulled into CAS saw a 4-8x fee increase, avg is now $1,600/mo. Start with bookkeeping 📉, but find the related services people will pay really well for 📈

👇baby thread

#taxtwitter #accounting
The best place to launch a CAS practice is from inside a tax practice:

-Share responsibility with tax partners
-Easy sales pipeline
-High quality clients

⚠️ But don't run it like a tax firm. The tools, processes, staff should be different.
The 3 arguments FOR growing into CAS:

1. I don't care how good you are at tax, if another preparer will handle the entire actg dept, clients will consider it
2. The moment you flip the CAS switch, you 4-8x the lifetime value of your clients
3. Clients become more sticky
Read 4 tweets
A field manual for communicating with legacy accountants

#taxtwitter #accounting #bookkeeping

A thread 👇
Legacy accountant [L]
I don't like web apps. It takes too long to click around.

Future-proof accountant [F]
Web apps allow you to connect your data. Rather than clicking around, keying in data, you're reviewing output.
[L] The staff doesn't need to learn new tool X - All our clients use Z.

[F] If there is time/money/simplicity to be bought by using this tool, we can:
-Save our clients money
-Bill them for the value
Read 14 tweets
Very sad to hear about @scalefactor's demise today.

I'm convinced their model was sound, but it's a model best suited for small firms.

My thoughts below, plus how to build Scalefactor's "Business Operating System" for your own clients

#taxtwitter #Accounting

@indinero set out in 2009 to, like scalefactor, stitch together the entire accounting department.

Their approach was to build the 👀entire platform👀 themselves.

They want to be world-class at product, AND world-class at service 🤔
Here was @scalefactor's tech stack:

-QBO for bookkeeping
-Gusto for payroll for bill pay
-Stripe for corporate cards

That's it! Something you could go set up for a client in the next 30 minutes.
Read 15 tweets
We talk a lot about growth, marketing, SEO & all the fun sides of #startups and #entrepreneurship, but there's more to online business than that.

Let's take a crash course in financial statements, shall we?

The 3 financial statements businesses issue to report their financial performance are:
1⃣ Cash Flow Statements
2⃣ Balance Sheets
3⃣ Income Statements

@freshbooks has a good tutorial on how to read each of these statements.…

#Accounting #SmallBusiness
1a) The cash flow statement shows actual cash inflows and outflows of a business over time. 📈

It basically measures how well a company manages its cash. @noahparsons and @Bplans explain cash flow statements in this article:…
Read 17 tweets
Pessoal, consegui com a Editora um cupom de desconto exclusivo para vocês! Utilize o cupom JE25 no site do Grupo GEN (…) e adquira meus livros com 25% de desconto! #Contabilidade #Empresas #Negocios #Negócios
Aproveitem e compartilhem c/ os contatos!
Read 3 tweets
How the accounting industry is LITERALLY KILLING YOU.
#accounting #cpa #cloudaccounting #qbconnect #snh

A thread.
Yeah I know, you got some new apps and your practice is all stream-lined and your clients are happy, cool cool cool.

But as a whole, accounting is a industry that does not take their health seriously.

And statistically, that means you don't either.
Let's change that.

Here's a short list of 7 problems & solutions which will lead to better work and better health.
Read 25 tweets

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