Jacqui Rose Eye Spy Economic Information

Question: Discuss about the Economic Information Jacqui Rose Eye Spy . Answer: According to (Klijn Koppenjan, 2008) he argues that accounting and bookkeeping tend to be the process of identifying, measuring, recording and interpreting economic information. The information provided tends to be used in making judgment. Bookkeeping in general term involves record keeping aspect accounting and hence more data is provided which accounting principles are applied in preparation of financial statements. In our case, we are trying to develop an analysis who is better between a bookkeeper and accountant for Jacqui. First, it important to note that accountant and bookkeepers tend to share a common goals and support business in any stage of their financial cycle. For better decision making, it would be vital if we could provide an effective analysis of the function undertaken by a bookkeeper and an accountant. To begin with will be bookkeeping which is the process of keeping records of daily transactions in a consistent way. Hence, it is comprised of posting debits and credits, production of invoices, competing payrolls and maintenance and balance of general ledger and historic accounts. Naqi (2008) perceives that bookkeeping main component is maintaining a general ledger. General ledger is the document where a bookkeeper keeps records and amounts of sale or expenses receipts. On the other hand, accounting in accordance to Jones Abraham (2007) is the use of high level process which uses financial data compiled by a bookkeeper to derive financial models. This makes accounting more subjective compared to bookkeeping which involves large transaction. Accounting involves preparation of adjustment entries, preparations of a firms financial statements, analyzing of preparation cost and completion of income tax-returns. The whole accounting process offers reports which bring key financial indicators together. Hence, the results developed in accounting tend to be easily understood and one is aware on the flow of the business. Hence, this means that in accounting one is able to predict the flow of the business. In regards to advising Jacqui on the best person to hire. From the above discussion, its evident that in bookkeeping there is some mediocrity when trying to make predictions about your business. Its also evident that the complexities in bookkeeping system depend on size of business or number of transaction. Hence, some errors are likely to emerge. But in accounting the results attained tend to be better because in accounting information is transferred from ledger into statements which reveal the bigger picture of the business (Nor-Aziah Scapens, 2007). On my opinion, I would advise Jacqui to consider employing an accountant because they help in preparing strategic tax plan, financial forecasting and also tax filling which is an added advantage for an organization. References Nor-Aziah, A. K., Scapens, R. W. (2007). Corporatisation and accounting change: The role of accounting and accountants in a Malaysian public utility.Management Accounting Research,18(2), 209-247. Jones, G., Abraham, A. (2007). Education implications of the changing role of accountants: perceptions of practitioners, academics and students. Naqi, S. A. (2008). The process of accountability.International Business Management,2(1), 1- 10. Klijn, E. H., Koppenjan, J. F. (2014). Accountable networks.The Oxford Handbook of Public Accountability.