Financial Accounting Training

There are two basic categories of accounting: financial accounting and managerial accounting. Financial accounting is comprised of information that companies make available to the general public: stockholders, creditors, customers, suppliers, and regulatory commissions. Managerial accounting deals with information that is not made public. Information such as salary costs, Cost of goods produced, profit targets, and material control information. The knowledge supplied by managerial accounting is for the use of department heads, division managers, and supervisors to help them make better decisions about the day-to-day operations of the business.

So why do we need accounting? Asking that question of an accountant is like asking a farmer why we need rain. We need accounting because it’s the only way for business to grow and flourish. Accounting is the backbone of the business financial world. After all, accounting was created in response to the development of trade and commerce during the medieval times.

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Articles on Financial Accounting in South Africa

Demand is rising for training courses on financial management, as companies realise the dangers of financial illiteracy among staff members, says Liza van Wyk. It has never been more important to ensure you understand financial affairs: those of your company and of your nation.

AATSA and KZN government have joined forces to boost accounting skills within government departments, with special emphasis on financial management, reporting and service delivery.

"While the concept of online accounting is fairly new (in South Africa), international trends show that the ability to make quick decisions based on relevant and up-to-the-minute financial data can give companies significant competitive advantage," writes Marnus Coetzee.

Recently 67 learners graduated from Fasset's Pilot Debt Collector's Learnership. "This is a first for Fasset," said Cheryl James. "It is not only the first time that we are welcoming a lot of new debt collectors into the debt collecting profession - it is also the first time that Fasset has developed a learnership from scratch."


To address the skills shortage, SAICA recently entered into a partnership with the UK-based international professional body AAT (Association of Accounting Technicians) to form AAT(SA).


Learners on the Thusanani Work Readiness Programme recently graduated from the twelve-week Programme, and hosted a successful Trade Fair at the University of Johannesburg?s Soweto Campus.


Do you work in finance and are looking to keep your skills updated online? ACCA has entered into an agreement with Harvard Business Publishing to allow web-based learning oppurtunities for ACCA members, providing 42 key management topics and action-orientated information.

"Now is a good time for businesses to invest in their current talent pool and to add depth to that pool through continued investment in training and professional development," Jamie Lyon says.

The JSE/Liberty Life Investment Challenge is an ongoing annual competition that enables learners and students to become aware of the fundamentals of investment strategy, encouraging them to research and strategise on issues surrounding the trading of JSE-listed shares.


ACCA has signed a Memorandum of Understanding with ABVA - establishing a partnership between the accounting and auditing sector and BEE verficiation. "ACCA?s qualifications are a perfect fit in terms of the way in which their auditors function, and the way in which their national verification agents are structured," explains Cindy Parvess.


"Is sustainable development a regulatory requirement or is it a social investment responsibility? The answer is both; it needs urgent stakeholder engagement. It is far too dangerous for mankind to wait for actual environment changes to drive change and response," says a spokesman from ACCA South Africa.


A natural disaster or the sudden sickness of a wage earner need not plunge a whole family below the poverty line. A workshop on microfinance in May is intended to demonstrate to low-wage earners how to go about securing fixed property, and sustaining their development, for a better future.


Educators from school level upward should sell the notion that skills development is unemployment insurance, says Cheryl James of Fasset. But in this topsy turvy economy, it's important that learners acquire skills for which there is a demand.


Bankseta, Inseta and Fasset?s Management Boards believe it is in the interests of the larger financial sector if those Setas remain independent. The final announcement on the future Seta landscape will be made at the National Skills Conference in October, where it is hoped smooth transitions will be established between one five-year period and the next, in the National Skills Development Strategy.

A recent survey reveals that although most people believe training is necessary, over 60% of companies do not use accredited internal or external coaches to develop competencies of finance professionals - recession or not.

The ICB promotes sound business practise by training essential financial support staff, and encourage learners to equip themselves with courses that are immediately applicable to the workplace.


The latest amendments to the FAIS Fit and Proper regulations that were published in October 2008 bring both amnesty to financial service providers who were first registered with the Financial Services Board (FSB) before 2008, and the realisation for others that a full qualification is now the minimum requirement.

Santa is staying at home this year; he and Ms Claus will be baking cookies as gifts and sending the elves on financial wellness courses - a frugal policy which would be supported by Andre Snyman, CEO of Consumer Assist. "There is a definite strategy tied to using Christmas bonuses and not one of them has the word "spend? in them,' advises Snyman.

During these challenging economic conditions for South Africans, consumers would do well to spend their money wisely and avoid falling into the dreaded debt trap.
Christmas is an expensive time for us all, but don?t go overboard on gifts and entertainment, advises Peter Setou, Senior Manager: Education and Strategy at the National Credit Regulator (NCR).

The African Woman Chartered Accountants (AWCA) forum, which aims to provide support for the development and advancement of black women Chartered Accountants (CAs), has named Sindi Zilwa as their 2008 Woman of Substance.

It's true that market has displayed increased volatility for a while, but investors should listen less to short-term market noise, and rather focus on longer-term investment principles.

With interest rates uncomfortably high, those earning R8K to R15K pm are the people who are most in debt. A new website and call centre, in line with the National Credit Act, has been launched to help those suffering with credit problems. South Africa?s largest debt counselling organisation has a range of mostly free solutions to help SA?s 6 million seriously indebted people.


Six-million South Africans have bad credit records and at least 300 000 have no way of getting out of the debt holes they have found themselves in, according to the National Credit Regulator. BizTech's Liza van Wyk tells us that the new credit act, when implemented correctly, makes running a business significantly easier with lower risks.

In an effort to assist debt counsellors overcome the challenges they are facing, the National Credit Regulator (NCR) and the Banking Association of South Africa (BASA) are currently conducting training sessions for debt counsellors until the end of August 2008.


The MFMI (Microfinance Management Institute) network, of which CSTI (Credit Skills Training Institute) is a member, was recently selected by the MasterCard Foundation as one of six organisational recipients of its 2008 Scholars? Program funding.

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