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	<item>
		<title>Accounting</title>
		<link>https://www.spaceandplaceprofessional-bw.com/accounting/</link>
				<comments>https://www.spaceandplaceprofessional-bw.com/accounting/#respond</comments>
				<pubDate>Wed, 20 May 2020 09:01:26 +0000</pubDate>
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		<guid isPermaLink="false">https://www.spaceandplaceprofessional-bw.com/?p=403</guid>
				<description><![CDATA[<p>What Is Accounting? Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company&#8217;s operations, financial &#8230;</p>
<p class="read-more"> <a class="" href="https://www.spaceandplaceprofessional-bw.com/accounting/"> <span class="screen-reader-text">Accounting</span> Read More &#187;</a></p>
<p>The post <a rel="nofollow" href="https://www.spaceandplaceprofessional-bw.com/accounting/">Accounting</a> appeared first on <a rel="nofollow" href="https://www.spaceandplaceprofessional-bw.com">Professional Services</a>.</p>
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<h2 id="mntl-sc-block_1-0">What Is Accounting?</h2>



<p>Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company&#8217;s operations, financial position, and <a href="https://www.investopedia.com/terms/c/cashflow.asp">cash flows</a>. </p>



<h2 id="mntl-sc-block_1-0-5">How Accounting Works</h2>



<p>Accounting is one of the key functions for almost any business. It may be handled by a bookkeeper or an accountant at a small firm, or by sizable finance departments with dozens of employees at larger companies. The reports generated by various streams of accounting, such as cost accounting and managerial accounting, are invaluable in helping management make informed business decisions.&nbsp;</p>





<h3 id="mntl-sc-block-callout-heading_1-0">KEY TAKEAWAYS</h3>



<ul><li>Regardless of the size of a business, accounting is a necessary function for decision making, cost planning, and measurement of economic performance measurement.</li><li>A bookkeeper can handle basic accounting needs, but a Certified Public Accountant (CPA) should be utilized for larger or more advanced accounting tasks.</li><li>Two important types of accounting for businesses are managerial accounting and cost accounting. Managerial accounting helps management teams make business decisions, while cost accounting helps business owners decide how much a product should cost.</li><li>Professional accountants follow a set of standards known as the Generally Accepted Accounting Principles (GAAP) when preparing financial statements.</li></ul>



<p>The financial statements that summarize a large company&#8217;s operations, financial position, and cash flows over a particular period are concise and consolidated reports based on thousands of individual financial transactions. As a result, all accounting designations are the culmination of years of study and rigorous examinations combined with a minimum number of years of practical accounting experience.</p>



<p>While basic accounting functions can be handled by a bookkeeper, advanced accounting is typically handled by qualified accountants who possess designations such as&nbsp;<a href="https://www.investopedia.com/terms/c/cpa.asp">Certified Public Accountant</a>&nbsp;(CPA) or Certified Management Accountant (CMA) in the United States. In Canada, the designations are Chartered Accountant (CA), Certified General Accountant (CGA), and Certified Management Accountant (CMA); however, all three will be unified under the designation Chartered Professional Accountant (CPA) in the near future.</p>
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		<title>Types of Accounting Firms in Botswana</title>
		<link>https://www.spaceandplaceprofessional-bw.com/types-of-accounting-firms-in-botswana/</link>
				<comments>https://www.spaceandplaceprofessional-bw.com/types-of-accounting-firms-in-botswana/#respond</comments>
				<pubDate>Wed, 20 May 2020 08:54:25 +0000</pubDate>
		<dc:creator><![CDATA[admin]]></dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">https://www.spaceandplaceprofessional-bw.com/?p=401</guid>
				<description><![CDATA[<p>Businesses employ accounting firms to handle important financial tasks. Public companies must follow accounting rules set by the Securities and Exchange Commission (SEC) and following Generally Accepted Accounting Principles (GAAP). The SEC requires public companies to hire external accounting firms to audit their financial statements. Accounting firms specialize in other financial tasks, such as tax, &#8230;</p>
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]]></description>
								<content:encoded><![CDATA[
<p> Businesses employ accounting firms to handle important financial tasks. Public companies must follow accounting rules set by the Securities and Exchange Commission (SEC) and following Generally Accepted Accounting Principles (GAAP). The SEC requires public companies to hire external accounting firms to audit their financial statements. Accounting firms specialize in other financial tasks, such as tax, management consulting, mergers and acquisitions and forensic accounting. The types of accounting firms required by a business depend on their accounting and business needs. </p>



<h2>Public Accounting</h2>



<p>Public accounting firms typically employ Certified Public Accountants (CPAs) that work in the areas of audit, tax and management consulting. Four firms, called the Big Four, are the largest companies in the public accounting industry. These are Ernst and Young, PricewaterhouseCoopers, Deloitte Touche Tohmatsu and KPMG. Public companies hire these and other firms to complete accounting tasks required by the SEC. Regional and local accounting firms handle auditing and other accounting tasks for regional and local clients.</p>



<h2>Tax Accounting</h2>



<p>Tax accounting firms focus on tax preparation and planning for companies of all sizes, and also for individuals. Tax accounting firms usually hire CPAs. Tax accountants must keep up with current tax laws. The Internal Revenue Code establishes tax laws for individuals and businesses. Tax laws differ from Generally Accepted Accounting Principles (GAAP). Many tax accounting firms require their employees to periodically take continuing education courses to stay abreast on changing tax laws, accounting software and tax planning strategies. According to the Bureau of Labor Statistics, tax accounting firms are especially busy during tax season and employees often work long hours during this time.</p>





<h2>Forensic Accounting</h2>



<p>Forensic accounting firms use accounting skills and legal policies to uncover fraudulent and illegal activities. Public and private companies hire forensic accounting firms to investigate financial records. At times forensic accountants work with local and federal law enforcement. When an employer or federal agency takes legal action against individuals involved in corporate fraud, the courts may call upon forensic accountants to testify as expert witnesses. In court cases, forensic accountants may need to present evidence of embezzlement, identity theft, money laundering and stock price manipulation.</p>



<h2>Bookkeeping</h2>



<p>Bookkeeping firms complete fundamental accounting tasks for small and medium-sized companies. No certification is required for bookkeepers, although they may seek certifications. Bookkeeping firms are usually small companies with only a few employees. Services provided by bookkeeping firms include accounts receivable, accounts payable, bank reconciliation, credit sales reconciliation, financial statement preparation and preparation of accounting write ups. Additional services offered by bookkeeping firms include payroll, small business tax preparation and loan package preparation. Bookkeeping firms may handle clients&#8217; basic accounting tasks before submitting the information to CPA firms for more complex tasks.</p>



<p>sources  <a href="https://smallbusiness.chron.com/types-accounting-firms-17677.html">https://smallbusiness.chron.com/types-accounting-firms-17677.html</a>  </p>
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		<title>Corona Virus Update</title>
		<link>https://www.spaceandplaceprofessional-bw.com/coronaupdate/</link>
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				<pubDate>Wed, 22 Jan 2020 09:02:15 +0000</pubDate>
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				<description><![CDATA[<p>Space and Place Professional Services (Pty) Ltd As Part of our Corporate Social Responsibility, (CSR) to protect our employees, our clients and the community at large during the corona virus (CoVID-19) pandemic, Space and Place Professional Services (Pty) Ltd will have limited access to our offices.&#160; We will continue to work on all assignments as &#8230;</p>
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