POA

• Bookkeeping


  The recording of financial information, particularly transactions, in a systematic way
• Accounting


  The process of selecting, classifying and summarizing of financial data in ways that provide the owners of businesses (and others) with useful information to help them assess performance and plan future activities
• Purposes of Accounting

  • To ascertain profit
  • To provide financial information about the business
  • To keep and maintain proper financial control of a business
• Internal Users/Stakeholders of Accounting Information

  • The Owner
  • The Manager
  • Employees
• External Users/Stakeholders of Accounting Information

  • Customers
  • Suppliers
  • Bank
  • Potential investors
  • Government and tax authorities
  • Competitors
  • Local community
• Bookkeeper


  • Prepares accounts by entering transactions
  • Balances accounts
  • Prepares Trial Balances
  • Verifies records and prepares reconciliation statements
  • Stores documentation
  • Complies with legal requirement
  • Maintains payroll records
  • Contributes to team effort
  • Works closely with and assists accountant
• Skills required for Bookkeepers

  • Expertise in bookkeeping skills and techniques
  • Information Technology (IT) skills (spreadsheets, accounting software packages)
  • Interpersonal skills (to maintain good relationships with colleagues, senior staff and clients)
  • Communication skills
• Qualities required for Bookkeepers

  • Integrity
  • Honesty
  • Reliability
  • Confidentiality
  • Accuracy
  • Thoroughness
  • Attention to detail
  • Keeping up to date
• Traditional roles for Bookkeepers

  • Accounts receivable clerk
  • Payroll clerk
• Emerging roles for Bookkeepers

  • Bookkeeping software specialist
  • Payroll software operative
• Accountant

  • Prepares financial statements
  • Prepares reviews and budgets
  • Supervises work of bookkeeping staff, offering support and advice
  • Works with auditors (internal and external)
  • Analyzes financial statements, makes recommendations and provides advice on how to improve performance
  • Prepares tax assessments
  • Manages and develops financial systems and budgets
• Skills required for Accountants


  • Expertise in accounting skills and techniques
  • Expertise in Information Technology (IT)
  • Analytical skills (dealing with complexity)
  • Leadership skills (to support staff, ensuring they are able to work to the best of their ability)
  • Communication skills (to ensure needs of clients are understood and met)
• Qualities required for Accountants

  • Integrity
  • Honesty
  • Reliability
  • Confidentiality
  • Accuracy
  • Thoroughness
  • Attention to detail
  • Keeping up to date
• Traditional roles for Accountants

  • Accounts manager
  • Tax accountant
  • Internal auditor
• Emerging roles for Accountants

  • Environmental accountant
  • E-commerce specialist
  • Accounting software developer
• Areas of Accounting Specialization

  • Financial accountant
  • Management accountant
  • Forensic accountant
• Careers in other broadly financial occupations

  • Payroll manager
  • Marketing manager
  • Human resources (HR) manager
  • Public relations manager
  • Actuary
  • Claims investigator
  • Underwriter
  • Bank clerk
  • Bank Manager
  • Investment banker
  • Entrepreneurs
• Ethical principles of Accounting

  The moral principles and standards that govern the conduct of those working in the profession
• Ethical obligations of Accountants

  • Act in the public interest
  • Comply with certain fundamental principles
• Integrity


  • Being straightforward and honest in all professional and business relationships
• Objectivity

  • Avoiding bias, conflicts of interest or the undue influence of others when making professional judgements
• Professional competence and due care


  • Keeping knowledge and skills at the appropriate level in order to deliver the services to clients diligently
• Confidentiality


  • Avoiding the disclosure of information to others without permission; not using a client's information for personal advantage
• Professional behavior


  • Taking personal responsibility for adopting the highest standards of the profession by complying with legal requirements and regulations and avoiding any action that would discredit the profession
• Application of the ethical principles

  • Treat people with respect and courtesy
  • Act responsibly and honestly
  • Ensure confidentiality
  • Be accountable for your actions
  • Be trustworthy
  • Apply technical skills and competence
  • Comply with legal requirements and organization laws and regulations
  • Avoid conflicts of interests
• Inappropriate applications of the ethical principles

  • Not working in the best interests of your employer
  • Being dishonest and untrustworthy
  • Disregarding confidentiality
  • Undermining colleagues
  • Causing conflict
  • Intimidation or harassment of colleagues to gain an advantage in a particular area
  • Accepting bribes or gifts in return for a favour
• Appropriate application of accounting principles

  • Competency- Individuals must be competent and skilled in performing their specific job
  • Willingness- individuals should act as members of a team
  • Communication- individuals must be able to communicate within the team environment
  • Continuous training- individuals should undertake training to improve and update [for example, Continuous Professional Development (CPD)]
  • Confidentiality- individuals must ensure confidentiality at all times
  • Openness- individuals should be open about their actions. This includes providing full and complete information and reasoning behind a particular decision
  • Trust- individuals must rely on information given by colleagues and trust their judgements
  • Honesty- individuals should be honest and avoid telling lies. When there is honesty, individuals will be trusted and respected
  • Accountability- individuals must understand their responsibility and must be held accountable
• Inappropriate application of accounting principles

  • Fraudulent financial reporting (for example, overstating/understating profit and assets)
  • Failure to record all sales (especially cash sales)
  • Theft of inventory (stock)
  • Misappropriation of funds (stealing funds/embezzlement)
  • Entering non-existent employees on the payroll also called 'ghost' employees)
  • Tax evasion
• Results of inappropriate application of accounting principles

  • Loss of trust and integrity by the peer group
  • Disciplinary action by the professional body
  • Instant termination of employment
  • Prosecution leading to fines, imprisonment and a criminal record
  • Inability to gain further employment
  • Application for future financial loans rejected