Accounting

Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting is also the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. Luca Pacioli in 1494 was the first person to register the practices of accounting such as double-entry bookkeeping etc. but accounting is believed to have started much earlier. Accounting, which has been called the “language of business”, measures the economic results of an organization’s economic activities and transforms this information to be made understandable to a variety of users, including investors, third parties, management, and State Regulators. Practitioners of accounting are known as accountants. The terms “accounting” and “financial reporting” are often used as synonyms. 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 management accounting, are invaluable in helping management make informed business decisions. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, “all major economies” have plans to converge towards or adopt the International Financial Reporting Standards (IFRS).

Accountant Job Duties include: Prepares asset, liability, and capital account entries by compiling and analyzing account information; Documents financial transactions by entering account information; Recommends financial actions by analyzing accounting options; Summarizes current financial status by collecting information; preparing balance sheet, profit and loss statement, and other reports; Maintains accounting controls by preparing and recommending policies and procedures; Reconciles financial discrepancies by collecting and analyzing account information; Maintains financial security by following internal controls; Prepares payments by verifying documentation, and requesting disbursements; Answers accounting procedure questions by researching and interpreting accounting policy and regulations; Complies with federal, state, and local financial legal requirements by studying existing and new legislation, enforcing adherence to requirements, and advising management on needed actions; Prepares special financial reports by collecting, analyzing, and summarizing account information and trends; Maintains customer confidence and protects operations by keeping financial information confidential; Maintains professional and technical knowledge by attending educational workshops.

In Albanian Accounting is organized on the basis of the National Accounting Standards (NAS, SKK). The leading organization is the National Accounting Council ( www.kkk.gov.al ), which adopts the International Accounting Standards (IAS / IFRS). Accounting services by a natural person, legal entity, business organization, Sh.p.k. (Shpk) and an expert accounting company are organized according to Albanian legislation in force. Fiscal Policies in Albania are organized by the Ministry of Finance (MoF, www.financa.gov.al) and are implemented and overseen by the General Directorate of Taxation (GDT, www.tatime.gov.al), as well as the General Directorate of Local Taxes and Tariffs (DPTTV, www.dpttv.gov.al). There are two levels of Accounting Certification in Albania, Certified Accountant and Registered Accounting Expert. The Certified Accountant’s Title is obtained from the Institute of Certified Accountants (MCI, IKM) while Registered Accounting-Expert’s from the Institute of Registered Accounting Experts (IEKA). The Main Financial Statements are 4: Statement of Financial Position (Balance Sheet), Statement of Performance (Income and Expense Statement), Cash Flow Statement: Direct or Indirect Methods, Statement of Equity Changes.

Some Accounting Elements in Albania:

Purchase Book, Sales Books, Payroll, Business Plan, Taxation, Finance and Accounting, Online Taxes, My Taxes, Accounting Courses, Monthly Tax Declarations, Purchases, Sales, Financa 5, Accounting, Auditing, Balance, Declarations, QKB, how to open a business in Albania, Finance-Accounting, Taxation, Fiscal Polices, Fiscal Consultancy, Customs, Import, Exports.

Accountant Skills and Qualifications:

Accounting, Corporate Finance, Reporting Skills, Attention to Detail, Deadline-Oriented, Reporting Research Results, SKK Rules, IFRS Rules, Albanian Legislation, Confidentiality, Time Management, Data Entry Management, General Math Skills.