Accountant or an IT person

The world seems to be moving towards IT and everyone in the company has to be IT savvy. Sometimes the questions asked by the financial controllers is whether the standard ERP applications are driving the accounting strategy of the company.

When a company is a multinational company then the IT strategy is driven by the parent company and local company has little say about the implementation as financial accounts have to be consolidated. Localisation needs are catered, but to limited extent. Or else the local company has to go for third party application or MS Office application like Excel or Access to fulfil the local reporting needs.

When I was explaining how the automatic account determination is performed in SAP for the inventory movements, the question posed by the accountant was –

“Now do we have to know more of IT or Accounting ?!!!”

The answer is every goods movements will have an accounting entry. So the accountant has to determin which inventory accounts (Balance Sheet) is debited/credited for inventory movement with offsetting GL account (P&L). So you have to understand the system and see how it works. Once you understand, configure it and forget it. Then right accounting entries will be posted.

The role of the accountant has changed from doing routine posting to analysing the information. He has the capability to analyse information. A shift from being an accounting clerk to management accountant. I believe, with the implementation of ERP systems, the role of accountant has changed from being a financial accountant to management accountant. The answer is the accountant has to be IT savvy .

Click here – to know about Inventory Accounting in SAP

Almost all the areas in SAP has been automated to post to Financials. The role of the accountant is determine that right GL accounts are configured in the system. As the accountant graps the way system work, his role to perform as a true management accountant enhances.

Regards,

Santosh Puthran
AICWA

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PS: As I was writing this blog, I was exploring the possibility of sharing the SAP Inventory Posting document till I found the useful feature in google for document sharing. It is about thinking about possibilities and you find that someone else has already thought about it.

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Accountant or an IT person

The world seems to be moving towards IT and everyone in the company has to be IT savvy. Sometimes the questions asked by the financial controllers is whether the standard ERP applications are driving the accounting strategy of the company.

When a company is a multinational company then the IT strategy is driven by the parent company and local company has little say about the implementation as financial accounts have to be consolidated. Localisation needs are catered, but to limited extent. Or else the local company has to go for third party application or MS Office application like Excel or Access to fulfil the local reporting needs.

When I was explaining how the automatic account determination is performed in SAP for the inventory movements, the question posed by the accountant was –

“Now do we have to know more of IT or Accounting ?!!!”

The answer is every goods movements will have an accounting entry. So the accountant has to determin which inventory accounts (Balance Sheet) is debited/credited for inventory movement with offsetting GL account (P&L). So you have to understand the system and see how it works. Once you understand, configure it and forget it. Then right accounting entries will be posted.

The role of the accountant has changed from doing routine posting to analysing the information. He has the capability to analyse information. A shift from being an accounting clerk to management accountant. I believe, with the implementation of ERP systems, the role of accountant has changed from being a financial accountant to management accountant. The answer is the accountant has to be IT savvy .

Click here – to know about Inventory Accounting in SAP

Almost all the areas in SAP has been automated to post to Financials. The role of the accountant is determine that right GL accounts are configured in the system. As the accountant graps the way system work, his role to perform as a true management accountant enhances.

Regards,

Santosh Puthran
AICWA

Did you like the post ?
Subscribe to Management Accountant by Email

PS: As I was writing this blog, I was exploring the possibility of sharing the SAP Inventory Posting document till I found the useful feature in google for document sharing. It is about thinking about possibilities and you find that someone else has already thought about it.

Related Posts:

1. SAP Certification FICO questions
   
2. SAP or Oracle Financials which one should I do
3. Goal Setting about your career
4. Join SAP FICO Technical Discussion Group

Digg it

Read Full Post »

Brazilian Plane Final Moments before the crash

Video footage released by air authorities showed the plane landing at high speed and travelling down the runway in only three seconds, as compared with 11 seconds for other planes.

The plane then disappeared from view, and seconds later, a giant ball of flame filled the sky.

The accident prevention official leading an investigation into the disaster, Jorge Kerul Filho, said his probe would look at “all hypotheses” relating to the crash.

Relatives of the dead, legal groups and government officials have called for the temporary closure of Sao Paulo’s Congonhas airport, which is notorious for a comparatively short runway that pilots say becomes slick when wet.

Montreal-based International Federation of Air Traffic Controllers Associations (IFATCA) issued a blunt statement.

“Air safety is currently compromised and is a danger to the travelling public,” it said.

By Thursday afternoon, rescuers had retrieved 188 bodies and believed about 20 were still buried in the charred wreckage from the accident.

“Now we need heavy machinery to remove the wreckage and reach the other victims,” fire captain Nilton Miranda said.

Brazil’s airway infrastructure had already come under scrutiny after the September crash of a Gol airliner with 154 people on board in the Amazon jungle. The plane had been clipped by a smaller jet.

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Accounting News July 21 2007

Accounting news and snippets during the fortnight

‘India can now count on global norms’

Indian companies can expect a series of major revisions in the guidelines for preparing their financial statements in the next four years, until India’s financial reporting standards get fully converged with international norms by April 1, 2011. Read More

Interview with Pervenche Berès on convergence

In this exclusive interview, the chairwoman of the Committee of Economic and Monetary Affairs of the European Parliament talks about the convergence of accounting standards. Read More

Deferred tax under MAT?

For a taxpayer, the determination of correct tax liability is as important an exercise as the legitimate tax planning. In today’s scenario, the determination of correct tax liability poses several challenges. The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Read More

How to survive summer holidays

The Institute of Chartered Accountants in England & Wales (ICAEW) outlines how small businesses can keep the cash flowing during summer months when many firms are short-staffed. Read More

WNS completes successful ‘Build-Operate-Transfer’ of Finance & Accounting Services Unit for Aviva Global Services

WNS (Holdings) Limited (NYSE:WNS), the parent company of WNS Global Services, a leading offshore business process outsourcing (BPO) provider, today announced it has demonstrated the successful completion of a unique outsourcing model with the handover of a Finance and Accounting Services unit in Sri Lanka to AVIVA, the world’s fifth-largest insurance group and U.K’s largest insurance service provider. Under a “Build, Operate, Transfer” (BOT) Model, more than 300 WNS specialists were seamlessly transferred to Aviva Global Services in Colombo as of July 2, 2007. Read More

Tata Motors bags Award for Excellence in Cost Management

Tata Motors has won the National Award for Excellence in Cost Management fo r the year 2006, conferred by the Institute of Cost and Works Accountants of India (ICWAI). Read More

New logo for CAs unveiled

A new logo for the profession of Chartered Accountants (CA) was unveiled by the Union Minister of Corporate Affairs, Prem Chand Gupta on the 59th Chartered Accountant�s Day. It was on July 1, 1949, that the Institute of Chartered Accountants of India (ICAI) was established with the enactment of the Chartered Accountants Act, 1949. Read More

Industry needs more cost accountants

With a growing demand for cost and management accountants across the country and the professionals playing a more strategic role in an organisation, the Institute of Cost & Works Accountants of India, (ICWAI) Pune chapter has chalked out an expansion plan to improve access of the professional course to more students. Read More

Govt plans bill for valuation professionals

The government is drafting a bill to regulate valuation professionals who analyse companies, shares, debt, assets, brands and intellectual property to arrive at a financial value. Read More

Regards,

Santosh Puthran
AICWA

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Subscribe to Management Accountant by Email

Related Posts

1. Accountancy News 15-June-07
2. Accountancy News 10-June-07

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Accounting News 21-July-07

Accounting news and snippets during the fortnight

‘India can now count on global norms’

Indian companies can expect a series of major revisions in the guidelines for preparing their financial statements in the next four years, until India’s financial reporting standards get fully converged with international norms by April 1, 2011. Read More

Interview with Pervenche Berès on convergence

In this exclusive interview, the chairwoman of the Committee of Economic and Monetary Affairs of the European Parliament talks about the convergence of accounting standards. Read More

Deferred tax under MAT?

For a taxpayer, the determination of correct tax liability is as important an exercise as the legitimate tax planning. In today’s scenario, the determination of correct tax liability poses several challenges. The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Read More

How to survive summer holidays

The Institute of Chartered Accountants in England & Wales (ICAEW) outlines how small businesses can keep the cash flowing during summer months when many firms are short-staffed. Read More

WNS completes successful ‘Build-Operate-Transfer’ of Finance & Accounting Services Unit for Aviva Global Services

WNS (Holdings) Limited (NYSE:WNS), the parent company of WNS Global Services, a leading offshore business process outsourcing (BPO) provider, today announced it has demonstrated the successful completion of a unique outsourcing model with the handover of a Finance and Accounting Services unit in Sri Lanka to AVIVA, the world’s fifth-largest insurance group and U.K’s largest insurance service provider. Under a “Build, Operate, Transfer” (BOT) Model, more than 300 WNS specialists were seamlessly transferred to Aviva Global Services in Colombo as of July 2, 2007. Read More

Tata Motors bags Award for Excellence in Cost Management

Tata Motors has won the National Award for Excellence in Cost Management fo r the year 2006, conferred by the Institute of Cost and Works Accountants of India (ICWAI). Read More

New logo for CAs unveiled

A new logo for the profession of Chartered Accountants (CA) was unveiled by the Union Minister of Corporate Affairs, Prem Chand Gupta on the 59th Chartered Accountant�s Day. It was on July 1, 1949, that the Institute of Chartered Accountants of India (ICAI) was established with the enactment of the Chartered Accountants Act, 1949. Read More

Industry needs more cost accountants

With a growing demand for cost and management accountants across the country and the professionals playing a more strategic role in an organisation, the Institute of Cost & Works Accountants of India, (ICWAI) Pune chapter has chalked out an expansion plan to improve access of the professional course to more students. Read More

Govt plans bill for valuation professionals

The government is drafting a bill to regulate valuation professionals who analyse companies, shares, debt, assets, brands and intellectual property to arrive at a financial value. Read More

Regards,

Santosh Puthran
AICWA

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Subscribe to Management Accountant by Email

Related Posts

1. Accountancy News 15-June-07
2. Accountancy News 10-June-07

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Telephonic Interviews What employers look for

Telephonic interviews is the current trend. This is very popular since it saves time of the employers in screening the candidates as well as interviewing candidates who are based in different geographical area. Telephonic interview is a common feature in IT industry both for permanent employment and for contractors.

Few tips to get through the interview.

• Job specs: Read the job description thoroughly that you are being interviewed for. If you do not know or your recruiting agent has not provided details, then ask for it. This will help you discuss in the interview and will give a comfort level to the employer that you are serious about the job. If you are not interested in pursuing the job, please let the employers know. No one likes to waste time.
• Environment: Choose a quite place for your interview so that there are no interruptions during the call. You may never know that the it may be a conference call and interviewers are joining from different locations.
• Structure: The interviewer will generally introduce himself and team members to give an idea of the background who are interviewing. The lead interviewer will explain you about structure of interview, about the company, the job specs. Typically in IT industry, the interview will tell you before hand whether it is a techincal round and what they would expect from the discussion.
• CV: The interviewers will have a thorough look at your CV and the questions will be asked to you will based on what you have written. Be honest about your work experience and “no jargons”. Do not mention anything that is difficult to explain. Interviewers will ask you what you know and not what you don’t know. So keep your CV simple and maximum 4 pages so that it is browsed in 2 minutes. E.g of good CV is to include Career Objective and Career Summary to begin with bullet points on accomplishments in two last assignments. Bad CV is of 16 pages with details till the end.
• Answering: Be calm and attentive. Interviewers are not expecting that you know everything. But they are generally looking whether you can communicate, work with them and handle situations. In telephonic interview, your voice will show the level of confidence in you. Be calm, take pause wherever necessary. We were interviewing a candidate and we could feel his pulse during the discussion. Everyone is stressed on interview but not the full length of interview.
• Senario based questions: A scenario based questions is to test the skills on how a candidate handles situations. In one of the SAP interview, we asked question “You are one week from Go-Live. You have a problem in the level 3 of dunning procedure. It was working fine but due to change in some configuration, it is not working properly. What would you do in this situation ? The answers from candidate who do not know are likely to be
  • Will work late hours to find a solution.
  • Investigate technically to find the solution so that the Go-Live date is not impacted.
  • Involve other members to find solutions

  The answers expected are:

  • Will this problem affect the Go-Live. If no, then there are other issues to look into and see that Go-Live is not impacted.
  • Look for a workaround, if available. Suggest alternatives.
  • Handle this issue post go live.

Simple isn’t it !!! Don’t bluff. The employer is not looking for a “Superman”.

• Technical Questions: You will asked question about finance or taxation or companies act. You should focus on application of knowledge. If you are asked to quote about sections in taxation or transaction fields in ERP application, then you can tell them, if you know. If you do not know, then you can tell them that it is no big deal, if you had a book or system infront of you. Then you can continue to say is what matters is application of knowledge and those abilities you have it.
• Do you have questions: Before the conclusion of interview, the interview will generally ask you “Do you have any question?”. This is a point you should ask questions relevant questions about the job. Last but not least, you should conclude with “So far in the interview, do you have any concerns ?”. This will give an opportunity to explain yourselves further, if something was missed earlier.
• Conclude your interview by thanking them and inquiring with the lead interviewer when/how they would let you know regarding the outcome. The answer will enable you to to know whether you have moved ahead in the stage of job interview.

Generally, the decision whether your application will progress to next stage will be decided by the panel moments after the conclusion of the telephonic interview.

Simple Rules:

• CV should be simple and shows your accomplishments
• You are confident in the interview. Your voice should say so.
• You are able to demonstrate
• You are a team player
• Can handle situations
• Best fit for the job description

• Be honest in answering questions.

These few tips will take you to the next round.

Cheers,

Santosh Puthran
AICWA

Did you like the post ?
Subscribe to Management Accountant by Email

Related Posts:

1. Be a radio transmitter to get a new job
2. Goal Setting about your career
3. SAP or Oracle Financials which one should I do
4. Interviewing Techniques

Digg it

Read Full Post »

Telephonic Interviews What employers look for

Telephonic interviews is the current trend. This is very popular since it saves time of the employers in screening the candidates as well as interviewing candidates who are based in different geographical area. Telephonic interview is a common feature in IT industry both for permanent employment and for contractors.

Few tips to get through the interview.

• Job specs: Read the job description thoroughly that you are being interviewed for. If you do not know or your recruiting agent has not provided details, then ask for it. This will help you discuss in the interview and will give a comfort level to the employer that you are serious about the job. If you are not interested in pursuing the job, please let the employers know. No one likes to waste time.
• Environment: Choose a quite place for your interview so that there are no interruptions during the call. You may never know that the it may be a conference call and interviewers are joining from different locations.
• Structure: The interviewer will generally introduce himself and team members to give an idea of the background who are interviewing. The lead interviewer will explain you about structure of interview, about the company, the job specs. Typically in IT industry, the interview will tell you before hand whether it is a techincal round and what they would expect from the discussion.
• CV: The interviewers will have a thorough look at your CV and the questions will be asked to you will based on what you have written. Be honest about your work experience and “no jargons”. Do not mention anything that is difficult to explain. Interviewers will ask you what you know and not what you don’t know. So keep your CV simple and maximum 4 pages so that it is browsed in 2 minutes. E.g of good CV is to include Career Objective and Career Summary to begin with bullet points on accomplishments in two last assignments. Bad CV is of 16 pages with details till the end.
• Answering: Be calm and attentive. Interviewers are not expecting that you know everything. But they are generally looking whether you can communicate, work with them and handle situations. In telephonic interview, your voice will show the level of confidence in you. Be calm, take pause wherever necessary. We were interviewing a candidate and we could feel his pulse during the discussion. Everyone is stressed on interview but not the full length of interview.
• Senario based questions: A scenario based questions is to test the skills on how a candidate handles situations. In one of the SAP interview, we asked question “You are one week from Go-Live. You have a problem in the level 3 of dunning procedure. It was working fine but due to change in some configuration, it is not working properly. What would you do in this situation ? The answers from candidate who do not know are likely to be
  • Will work late hours to find a solution.
  • Investigate technically to find the solution so that the Go-Live date is not impacted.
  • Involve other members to find solutions

  The answers expected are:

  • Will this problem affect the Go-Live. If no, then there are other issues to look into and see that Go-Live is not impacted.
  • Look for a workaround, if available. Suggest alternatives.
  • Handle this issue post go live.

Simple isn’t it !!! Don’t bluff. The employer is not looking for a “Superman”.

• Technical Questions: You will asked question about finance or taxation or companies act. You should focus on application of knowledge. If you are asked to quote about sections in taxation or transaction fields in ERP application, then you can tell them, if you know. If you do not know, then you can tell them that it is no big deal, if you had a book or system infront of you. Then you can continue to say is what matters is application of knowledge and those abilities you have it.
• Do you have questions: Before the conclusion of interview, the interview will generally ask you “Do you have any question?”. This is a point you should ask questions relevant questions about the job. Last but not least, you should conclude with “So far in the interview, do you have any concerns ?”. This will give an opportunity to explain yourselves further, if something was missed earlier.
• Conclude your interview by thanking them and inquiring with the lead interviewer when/how they would let you know regarding the outcome. The answer will enable you to to know whether you have moved ahead in the stage of job interview.

Generally, the decision whether your application will progress to next stage will be decided by the panel moments after the conclusion of the telephonic interview.

Simple Rules:

• CV should be simple and shows your accomplishments
• You are confident in the interview. Your voice should say so.
• You are able to demonstrate
• You are a team player
• Can handle situations
• Best fit for the job description

• Be honest in answering questions.

These few tips will take you to the next round.

Cheers,

Santosh Puthran
AICWA

Did you like the post ?
Subscribe to Management Accountant by Email

Related Posts:

1. Be a radio transmitter to get a new job
2. Goal Setting about your career
3. SAP or Oracle Financials which one should I do
4. Interviewing Techniques

Digg it

Read Full Post »

Telephonic Interviews …. What employers look for

Telephonic interviews is the current trend. This is very popular since it saves time of the employers in screening the candidates as well as interviewing candidates who are based in different geographical area. Telephonic interview is a common feature in IT industry both for permanent employment and for contractors.

Few tips to get through the interview.

• Job specs: Read the job description thoroughly that you are being interviewed for. If you do not know or your recruiting agent has not provided details, then ask for it. This will help you discuss in the interview and will give a comfort level to the employer that you are serious about the job. If you are not interested in pursuing the job, please let the employers know. No one likes to waste time.
• Environment: Choose a quite place for your interview so that there are no interruptions during the call. You may never know that the it may be a conference call and interviewers are joining from different locations.
• Structure: The interviewer will generally introduce himself and team members to give an idea of the background who are interviewing. The lead interviewer will explain you about structure of interview, about the company, the job specs. Typically in IT industry, the interview will tell you before hand whether it is a techincal round and what they would expect from the discussion.
• CV: The interviewers will have a thorough look at your CV and the questions will be asked to you will based on what you have written. Be honest about your work experience and “no jargons”. Do not mention anything that is difficult to explain. Interviewers will ask you what you know and not what you don’t know. So keep your CV simple and maximum 4 pages so that it is browsed in 2 minutes. E.g of good CV is to include Career Objective and Career Summary to begin with bullet points on accomplishments in two last assignments. Bad CV is of 16 pages with details till the end.
• Answering: Be calm and attentive. Interviewers are not expecting that you know everything. But they are generally looking whether you can communicate, work with them and handle situations. In telephonic interview, your voice will show the level of confidence in you. Be calm, take pause wherever necessary. We were interviewing a candidate and we could feel his pulse during the discussion. Everyone is stressed on interview but not the full length of interview.
• Senario based questions: A scenario based questions is to test the skills on how a candidate handles situations. In one of the SAP interview, we asked question “You are one week from Go-Live. You have a problem in the level 3 of dunning procedure. It was working fine but due to change in some configuration, it is not working properly. What would you do in this situation ? The answers from candidate who do not know are likely to be
  • Will work late hours to find a solution.
  • Investigate technically to find the solution so that the Go-Live date is not impacted.
  • Involve other members to find solutions

  The answers expected are:

  • Will this problem affect the Go-Live. If no, then there are other issues to look into and see that Go-Live is not impacted.
  • Look for a workaround, if available. Suggest alternatives.
  • Handle this issue post go live.

Simple isn’t it !!! Don’t bluff. The employer is not looking for a “Superman”.

• Technical Questions: You will asked question about finance or taxation or companies act. You should focus on application of knowledge. If you are asked to quote about sections in taxation or transaction fields in ERP application, then you can tell them, if you know. If you do not know, then you can tell them that it is no big deal, if you had a book or system infront of you. Then you can continue to say is what matters is application of knowledge and those abilities you have it.
• Do you have questions: Before the conclusion of interview, the interview will generally ask you “Do you have any question?”. This is a point you should ask questions relevant questions about the job. Last but not least, you should conclude with “So far in the interview, do you have any concerns ?”. This will give an opportunity to explain yourselves further, if something was missed earlier.
• Conclude your interview by thanking them and inquiring with the lead interviewer when/how they would let you know regarding the outcome. The answer will enable you to to know whether you have moved ahead in the stage of job interview.

Generally, the decision whether your application will progress to next stage will be decided by the panel moments after the conclusion of the telephonic interview.

Simple Rules:

• CV should be simple and shows your accomplishments
• You are confident in the interview. Your voice should say so.
• You are able to demonstrate
• You are a team player
• Can handle situations
• Best fit for the job description

• Be honest in answering questions.

These few tips will take you to the next round.

Cheers,

Santosh Puthran
AICWA

Related Posts:

1. Be a radio transmitter to get a new job
2. Goal Setting about your career
3. SAP or Oracle Financials which one should I do

Did you like the post ?

Subscribe to Management Accountant by Email

Read Full Post »

Convergence of Accounting Standards

I read this news item on the Financial Times and it is quite interesting.

The accounting rules used by US, Japanese and Canadian groups are moving closer to the reporting standards employed in the European Union, according to a report by the European Commission on Thursday. Read More

Share your thoughts on whether we should have only one currency across the world.

Cheers,

Santosh Puthran

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1. Accounting Bodies

<!– ch_client = “talk2santosh”; ch_width = 180; ch_height = 150; ch_non_contextual = 1; ch_default_category = “2010”; var ch_queries = new Array( “books”, “accountancy” ); var ch_selected=Math.floor((Math.random()*ch_queries.length)); if ( ch_selected

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CMA Logo

The Profession of Right choice represented by the right tick and the color red representing the Whistle blowing capability and three dimensional letters representing Triple bottmline (strategy management and accounting) and corporate governance -social, economic and environment professional.

Hope this enthralls the professionals as it will the stakeholders.

Blog posted by RV.

PS: The logo is not confirmed yet and nothing on ICWAI website – SP

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