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As an innovative problem solver with the unique ability to pursue creative solutions to a variety of issues and concerns, Dr. Sam Cash carries over 25 years of solid experience working in and for a number of organizations across the for-profit and nonprofit sectors. Dr. Cash’s wide range of experience includes nonprofit governance, reporting, filings, accounting, auditing, fund-raising, advancement services, external affairs management, and communications. Educationally, Dr. Cash participated in the development of courses in leadership, audit training, and estate planning. He is a regular advisor to business and nonprofit leaders and staff and maintains an active presence in his church and community.
Proven leader to guide M3’s sales force.
M3 Hotel Accounting announced that Scott Watson has joined the Gainesville-based hotel accounting software company as the Vice President of Sales. This newly created position will help to guide M3’s sales force as it grows and expands in the industry.
Scott has over twenty-six years of sales and sales management experience in the financial software industry. Scott joins M3 from Reich & Tang, a division of Natixis Global Asset Management. As National Sales Manager, he effectively led a sales team that successfully entered new markets, deployed new products and dramatically increased market share. Scott holds a Bachelor of Science degree in Business Administration from the University of Arkansas, Fayetteville.
In his new role, Scott Watson will lead the expansion of the M3 product line. His sales team includes M3 veterans Steve Pappas and consultant Rick Frommer, as well as newly acquired hospitality industry veteran Brad Hoover. The team will work together to support M3’s existing product line of hotel accounting softwares, such as AccKnowledge and M3 Link, as well as products like payroll services, document imaging and new offerings scheduled to launch in 2012.
“To be invited to become a member of the M3 team at this time in their life cycle is exciting,” shared Watson. “We look forward to developing our sales team as the company continues to buck the national trend by expanding, growing and hiring.”
“The hiring of Scott Watson marks a turning point for our company,” explained Allen Read, Chief Operating Officer/President of M3 Hotel Accounting. “Scott’s leadership and sales strategy expertise will enable M3 to expand our services and offerings on a much larger scale, with the opportunity to reach customers across North America and even further as we continue to grow.”
As the industry leader in hotel specific accounting software, M3 Hotel Accounting processes over $8 billion in financial transactions annually. The company was founded in Gainesville, Georgia in 1998, and currently provides internet-based accounting and payroll services to over 2,700 hotels across the country, with annualized revenue growth of 25% over the last 10 years.
Scott Watson can be reached at 770.297.1925, Ext. 571, or by e-mail at scott(at)m3as(dot)com.
“Outsourcing accounting tasks to specialists is part of the solution to counter the challenge of talent crunch for accounting and finance professionals,” says Satish Bakhda of http://www.rikvin.com, a company registration and accounting services provider based in Singapore.
The comment was made in response to a recent survey finding which revealed that Singapore employers, looking to hire finance professionals, are finding it increasingly difficult to find suitably qualified talent. Rikvin Consultancy renders full suite of accounting services to companies in Singapore. Satish Bakhda adds, “Outsourcing accounting function will bring multiple benefits by reducing the burden on resources and because it is being managed by experts in the area it will meet the highest standards and relieve the management to focus on core tasks at hand.”
Financial leaders surveyed for the fifth annual Robert Half Global Financial Employment Monitor reported difficulties finding skilled staff and growing concern about their ability to hold on to their best employees. Singapore was also covered in the survey. Rise in demand for high quality talent, with well rounded skill set and tighter regulations were suggested as some of the challenges.
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is reliable. The principles of accountancy are applied to business entities in three divisions of practical art, named accounting, bookkeeping, and auditing.
Accountancy is defined by the Oxford English Dictionary (OED) as “the profession or duties of an accountant”.
Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as “the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof.”
Accounting is thousands of years old; the earliest accounting records, which date back more than 7,000 years, were found in Mesopotamia (Assyrians). The people of that time relied on primitive accounting methods to record the growth of crops and herds. Accounting evolved, improving over the years and advancing as business advanced.
Early accounts served mainly to assist the memory of the businessperson and the audience for the account was the proprietor or record keeper alone. Cruder forms of accounting were inadequate for the problems created by a business entity involving multiple investors, so double-entry bookkeeping first emerged in northern Italy in the 14th century, where trading ventures began to require more capital than a single individual was able to invest. The development of joint stock companies created wider audiences for accounts, as investors without firsthand knowledge of their operations relied on accounts to provide the requisite information. This development resulted in a split of accounting systems for internal (i.e. management accounting) and external (i.e. financial accounting) purposes, and subsequently also in accounting and disclosure regulations and a growing need for independent attestation of external accounts by auditors.
Today, accounting is called “the language of business” because it is the vehicle for reporting financial information about a business entity to many different groups of people. Accounting that concentrates on reporting to people inside the business entity is called management accounting and is used to provide information to employees, managers, owner-managers and auditors. Management accounting is concerned primarily with providing a basis for making management or operating decisions. Accounting that provides information to people outside the business entity is called financial accounting and provides information to present and potential shareholders, creditors such as banks or vendors, financial analysts, economists, and government agencies. Because these users have different needs, the presentation of financial accounts is very structured and subject to many more rules than management accounting. The body of rules that governs financial accounting in a given jurisdiction is called Generally Accepted Accounting Principles, or GAAP. Other rules include International Financial Reporting Standards, or IFRS, or US GAAP.
AMONG of the biggest challenges facing small businesses are access to markets and the cost of accounting services, says Lwazi Bam, head of corporate finance and chief executive-designate of accounting firm Deloitte.
Bam is expected to assume his new role in June next year.
He said small and medium enterprises needed cooperatives to operate, guaranteed sources and procurement and government support in a highly regulated arena.
Bam said small businesses needed services offered by chartered accountants but such services were not affordable. He said there was a need for accountants to be trained in order for them to focus on small and medium enterprises.
Bam said one of the most important elements in business today was to improve client services and make sure that the organisation constantly keeps up with the times.
“Deloitte is very passionate about training and developing its employees. We focus a lot on talent management and have structures and programmes in place to do that because we believe that it’s very strategic to the long-term interests of the organisation,” Bam said.
Having been in the accounting profession for more than 17 years, Bam still believes there is a serious lack of skills in the country, not only in the accounting profession but in all sectors crucial to the growth of the economy.
“If you haven’t contributed to society, you have not done much,” he said.
Bam is currently president of the Association of Black Accountants of Southern Africa.
He said one of the reasons for accreditation by the SA Institute of Chartered Accountants was to get accountants qualified to serve in other parts of the country.
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