How accountant use drone technology depends on the kind of job. Drone technology is unmanned aerial vehicles (UAVs) that can fly remotely (Kanellakis & Nikolakopoulos, 2017). According to Laricchia (2022), the global market for drone is predicted to increase from $26.3 billion in 2021 to $41.3 billion by 2026. In 2020, the US and the UK for instance used drones to deliver drugs, material during covid-19 pandemic.
Drone technology can be useful in the war zones, intelligence gathering. Also, it potential to bring new ways of doing business to both big and small accounting and auditing firms. The technology can now be deployedinto civilian roles, such as accounting and auditing profession, search and rescue. Also, in traffic monitoring, videography, surveillance, delivery services, weather monitoring, drone-based photography, firefighting, agriculture, personal use (Laricchia, 2022).
The accounting and auditing profession has experienced radical changes in carrying out their responsibility. This could be due to the current technological advancements like drone technology, the Artificial Intelligence (AI), blockchain technologies, Internet of Things, big data.
In the accounting profession, for instance, any accounting or audit firms working with clients that own big mineral deposits or mining facilities or inventory can now make use of drones to fly over the area to snap thousands of pictures and measurements which can aid accurate assessments of holdings (Ovaska-few, 2017). The old practice of climbing to measure a coal physically is over as with just two-meter GPS tracking pole, that can be done within a stipulated time and obtain estimated volume.
Where Drone Technology has be deployed
In addition, the permission to use drone are nowadays required for all types of aerial drones. In Germany for instance, there are limited to zones outside nature protected areas and of high urban density or conglomerations of people. From December 31, 2020, new EU regulations will apply and replace national regulations for each country.
The Federal Aviation Administration’s issued new rules in 2016 on the usage of drone that is estimates is a $127 billion global market. It means a new rule has been set for United States to use drone technology for their operation (Ovaska-Few, 2017).
In Poland, the initiative of Drone Powered Solutions was birthed where a law was passed in 2013 to freely commercialized the operation of the machines. The accounting, audit, and consulting firm started a drone-focused division after the country passed laws in 2013 friendly (Ovaska-Few, 2017.)
In Australia, Rio Tinto who has its facility in a remote area planned in 2016 to start using drone technology to monitor mine sites including the staff.
Growing demand for drone used in the workplace and in others area.
It was recorded that PwC completed its first stock count audit using drone technology. With the assistance of a drone, they were able to capture images at a coal reserve in South Wales and used them to measure the volume of the coal, based on the measurement of volume.
Also, Amazon and Google are already testing ways to deliver packages with drones. Facebook has started using drones to provide internet connections in remote locations.
Furthermore, Ford Motor Company filed a patent to start the use of drones for dead batteries. The patent was filed on 3rd Feb 2017 and circulated on March 8th, 2022, with assigned serial number 11271420.
Benefit of Drone Technology to the Accounting and Audit profession
Some range of benefits derived from using the drone:
Time-efficiency and effectiveness: Drone devices help to improve and increase effectiveness and efficiency in the accounting and auditing profession.
Accuracy: Produce accurate data that can be relevant for future forecast and planning. Using a drone to collect insight into the condition of assets is faster, cheaper, safer and more accurate than traditional methods.
Save Cost: Drones may save money for accounting clients, who can use them for stocktakes, mapping, safety monitoring and to inspect bridges and building.
Productivity: It can enhance productivity.
Reduce the risk of injury: For instance, the benefit in health and safety as the need for someone to climb over the coal pile are removed.
Speed: Helps speed up some business processes.
Monitoring strategies. Help monitor staff, operation and some dangerous zone. For instance, drones can assist the firm or staff to take account area difficult to reach.
Storage of long-term data: Moreover, drone methods allow for storage of long-term data which can be useful account physical factors (like weather, light conditions and geomorphology of the beach) for more spatial-temporal analysis (Kataoka et al.,2018).
However, note that this drone technology can’t work on its own. The technology produces data that needs to be interpreted and translated into meaningful information for a business decision.
As accountants or auditors, it requires that they strive to keep abreast of how the new technologies works and how they can be used to enhance effectiveness, efficiency and then develop the skills needed to interpret and present the data so that they can continue to add value to their businesses and employers.
The essay examined the relevant of drone technology to the accounting and auditing profession. However, commercial drones are the way of the future, and it’s going to make a big difference for any firm (Ovaska-Few, 2017). It is good to know how accountant use drone technology has come to stay with us. Moreover, the earlier we change our knowledge of the technology to our advantage the better. Furthermore, accountants and auditor need to accept this new technology with two hands opened. They should see how this new technology can enhance their job but not to see it as a threat.
The implications are stated below:
Be part of the at least 95% that will accept this new technology if they must prepare for the future.
Develop a new skill that is all-encompassing for them to be relevant at all times and drive the development of the accounting profession.
Become a consultant in the field to remain relevant and being in change of the world where we live by data.
Become a strategic thinker
Apply their professional judgement whenever is necessary.
Established Drone-focused division or department should be set up to handle all matter related to drone and lastly
Check the impact of drones on client’s business operations.
Top 35 Source Documents in Accounting are collated by the author to help accountant in their job. Also, it is a document that serves as the proof or source of the transaction.
Top 35 Source Documents in Accounting stated below:
These are sent by the buyer to the vendor. They will then outline exactly what the order should contain and when it should arrive.
2. Sales Invoice
This is made for account receivables. When an item is sold the seller will issue a document providing all the details of the sale.
3. Purchase Invoice
This is made for account payables. The seller will enter this as sales invoice while the buyer will enter it as purchase invoice.
4. Debit Note
This is evidence of reduction in purchases and can be useful to support purchases return journal. In customer books, debit note will reduce how much they owe to the seller.
5. Credit Note
This is evidence of reduced sales and support sales return journal. In supplier’s books, credit note reduces the amount owed by the customer.
This is a special bank note that represents the cash paid by the customer.
7. Revenue receipt
This is used to record the receipt of cash which is a proof that the payment is made.
8. Cash register receipts
This is a business paper that listed the money coming in from customers.
9. Bank or Credit advice
They are debit or credit bank advice. Bank credit advice is bank documents informing the business of an increase made in the business’s bank account. Bank debit advice is opposite of bank credit advice.
10. Deposit slips
When one receives cheque or cash from customer, the seller will take it to the bank and present.
11. ATM cards
The production of receipt from ATM machine can serve as evidence that money has been taken from the bank account.
12. Bank statements
This is a summary of financial transactions that occurred at a certain institution during a specific time period. For example, a typical bank statement may show your deposits and withdrawals for a certain month.
13. Bill of exchange
This is an unconditional order in writing, addressed by one person to another, signed by the person giving it. It also require the person to whom it is addressed to pay on demand.
14. Payroll report
This can also refer to the list of employees of a business and the amount of compensation due to each of them.
15. Cancelled Cheque
This is a check that has been paid or cleared by the bank
16. Cheque Stubs
This is the check kept by the payee with information such as the check number, date, and amount.
17. Employee Timecard
This is a method for recording and tracking the amount of an employee’s time spent on each job
18. Board minutes or minutes of meetings
The secretary of the board usually takes minutes during meetings.
19. Goods Dispatched Note (GDN)
This a document of the company that lists the goods sent out to a customer. The company will keep one record of goods dispatched notes.
20. Goods Issues Note (GIN)
This is a physical record of the movement of goods or materials from the warehouse or store to production department.
21. Stock take Records
This is also called stock counting. It is when you manually check and record all the inventory that your business currently has on hand
22. Stock Record (i.e., Bin card)
A Bin Card is a card indicating quantitative records of the receipts, issues and balances etc.
23. Goods Received Note (GRN)
This is source document that shows the goods that a business has received from a supplier.
24. Remittance advice
This source document can confirm the amount paid and shows discrepancies that can easily be investigated.
25. Insurance Endorsement Certificates
This is where one party will add the other party as an “additional insured” on their commercial liability insurance policy.
26. Point of Sales Summaries
This can be used to record a number of sales at a cash register.
Memo is a written document businesses use to communicate an announcement, policy changes, price increases or notification to take an action, such as attend a meeting, or change a current production procedure.
28. Computer-generated Receipts
This is the kind of receipts is to be generated by the computer.
29. Lease Agreement or Rental Agreement
Lease contracts are formal documents that identify the lessor, lessee, what’s being leased, whether it’s an asset or a property.
30. Sales Tax Returns
This is the taxpayer’s document of declaration. This will enable the taxpayer to furnish the transaction details during a tax period and deposits his Sales Tax liability.
31. Cash Register Tapes
This allowed one to keep a record of all customer transactions and/or provide them with a receipt.
32. Adjustment Notes
This are issued to customers due to damaged, returned or undelivered goods
33. Employee Pay Advice
This source document that can helped to provide written evidence concerning employee income.
34. Payroll Advice Report
This payroll reports helped small businesses understand payroll costs and summarize payroll data.
35. Evidence of Sale or Disposal of Assets
This is the removal of a long-term asset from the company’s accounting records.
Kindly add your own source documents to the Top 35 Source Documents in Accounting listed above. This will help us to update our records accordingly.
Watch several videos of how to prepare financial statements from source documents
Cooperative accounting is the applications of financial accounting principles, concepts and policies to cooperatives in order to ascertain its financial position, promote accountability, efficient management and ensure viable operations of co-operative financial resources.
Furthermore, the cooperative law makes the keeping of proper sets of accounting records and the preparation of the final accounts compulsory for every registered cooperative society and sets of information that must be disclosed in the final account.
ACCOUNTS AND RECORDS.
Member’s passbook is opened for every member which serves as a personal account on which all transactions between a member and the society are recorded. Below is the front- and back-page sample of members passbook.
2. ANALYSIS BOOK
Analysis book is use for recording members’ contributions, loan disbursed and repayment, membership withdrawal, fine and other incomes on monthly basis. Also, this book helps to analyse the transaction on a monthly basis. This book help cooperative to always spread open in front of members at any general meeting of the society.
3. PERSONAL LEDGER
Personal ledger helps to record member’s contributions of shares, savings, deposits, withdrawals, loan and refunds. In addition, the entries into this book are from the individual’s entries in the analysis book which is also entered in the passbook. With proper recording of transaction, individual cash balances can be seen at a glance.
4. LOAN REGISTER
Loan register is a source document containing information regarding all loans granted at any time. Such information includes membership personal number; member identity number; committee meeting minute number; cheque number. Also, includes amount authorized and approved; amount applied for and granted; date of approval and refund; period of the loan.
5. CASH RECEIPT
Cash receipt helps to record all money received in cash or in cheque. Also, it is financial transactions used as supporting evidence that money have been received on behalf of the society. Moreover, all receipts must be serially numbered and used in that order.
The cooperative law all over the world made the keeping of proper books of accounting records compulsory. In the light of the above, seeking expert help from those with practical experience become crucial in cooperative accounting system. If you require the best way to manage a co-operative society is to buy co-operative book in Amazon.com.
Some of the best consultancy services any expert can specialize on are financial and auditing services, tax management services, education services, cloud computing, accounting packages. Also, human resources management and career development, business and marketing development, professional training services, books and journal publication, self-publishing and lot more.
Kind of Consultancy services rendered by Ohimai Consulting
The selected list is among the best consultancy services as discussed below.
Financial and auditing services. The consultancy will ensure that accounting and auditing of all their clients are handled professionally.
Tax management services. The consultant manages all the taxes such as Pay-As-You-Earn (PAYE), company income tax, tax return fillings, creation of Tax Identification Number, VAT management, tax clearance, stamp duty. the consultant will ensure that all their clients don’t default or violate the tax law but ensures full compliance of their civil right and obligation.
Educational Services. The consultant through the consultancy services will render helps to students and non-students in foreign land. Through these services, Ohimai Consulting now mentored students in the foreign universities.
Cloud Computing. The consultant will be able to manage several firms without having to visit them in their various offices. These services can be rendered by the consultant from any location to their clients.
Accounting Packages. The consultant will earn money from these services rendered to their clients. Services like sales a of accounting packages, training on how to manage the software and also the installation as well as the setting up of the book of account.
Human Resources Management. Consultants will make money from rendering of recruitment services, training of company staff as well as professional and career development in all field.
Self-publishing in Amazon. The consultant that can create content in writing and in video are position to make money from just publishing e-books for sales online.
In summary, consultancy is a profitable business where an expert can earn money from several sources. To learn area where an expert can earn more money, then watch the video below for more information.
E-Collection is electronic collection of government revenue. Therefore, E-Collection through Treasury Single Account received new development since inception.
However, some of the improvement to e-collection are in line with Central Bank of Nigeria (CBN) circular of 10th December 2020.
New Development of E-Collection/TSA implementation in Nigeria
1. New TSA cost of E-Collections for payer and Ministries, Department and Agencies (MDAs). The charges are grouped into two.
(A). Transaction charges borne by the payer. i) If the payment is received through Point of Sales (POS), it will attract N150 plus 0.50 per cent of the amount being paid subject to a maximum of N1, 000 per transaction.
ii). If payment is received through other channeled, it attracts N150 exclusive of Value Added Tax (VAT)
(B). Transaction charges borne by the MDAs.
(i) They provide the platform for collection.
(ii) They will process all data about the payment and the payer.
(iii) They transmit the data and replicate them and lastly
(iv) Fund sweeping. For this, stakeholder below is to receive fromPayment Solution Service providers (PSSPs) or Deposit Money Banks (DMBs) fund sweeping. This depends on who is playing the collection role for the MDAs. NIBBS is to receives 10% while Office of the Accountant General of the Federation (OAGF) to receives 2.5%.
2. New TSA sharing formula for collection cost received among the various stakeholders as follows:
3. The government link the revenue generating agencies to TSA portal through (PSSPS). PSSPs are companies appointed by government to collect TSA payments from ministries departments and agencies (MDAs).
As at today, payer has to initiate payment from the receiving agencies portal. The way to initiate is to get register or enrolled in the receiving agencies portal.
Requirement to Sign Up for E-Collection/TSA Platform
For E-Collection platform to be effective, these requirements are essential:
a. Provide Tax Identification Number (TIN) and certificate
c. Wait for account to be approved by the receiving agencies
Then, payer cab initiate payment from payer personal account in the receiving agencies portal
Payer will automatically transfer to TSA portal from the receiving agencies portal, for instance Remita
4. Time to Initiate Payment
Payer can only initiate Payment into TSA only when step 3 is being completed.
The addition of Etranzact, Interswitch to join SystemSpec (the operator of Remita) to collect government revenue.SystemSpec has acted as a sole PSSPS appointed by government to collect TSA payments from MDAs.
6. Electronic Payment Companies
The main electronic payment companies involved in TSA increased to four companies. They are Etranzact, Interswitch, SystemSpec and Nigeria Interbank settlement System (NIBSS).
Therefore, NIBBS ensures that all the relevant stakeholders comply with the framework and also communicate collection codes for remittance to PSSPs.
Ogbonna and Ojeaburu (2015) in their study recommended among others, that the government should strengthen Government Integrated Financial Management Information System (GIFMIS) module. Also, cover other area of interest in the national budget to achieve economic development. Moreover, more need to be done to ensure E-Collection are active in all MDAs.
Conceptual framework is dealt with in this post. In line with theoretical foundation and previous research related to this study, a conceptual framework that describes the relationship between environmental accounting and sustainability development in Nigeria. The independent variable (predictor variable) used are oil spillage cost, oil drilling waste disposal cost and degradation as dimensions while the dependent variable (criterion variable) used are human development index and human poverty index as measures.
Figure 1:1 Conceptual framework of environmental accounting and sustainability development in Nigeria
Sources: (List all your source.)
Some school will require you list out the indicators as a bullet under the dimensions of independent variables and measure of dependent variables. Ensure all the indicators are discussed in chapter two (i.e. literature review). One essence of indicator is that it will increase the literature of your work. It will also make it easier for someone to see at glance the direction of your work.
Source of Reference
The essence of the source of reference is because someone may have use one of the dimensions of independent variable and measures of dependent variable before now. So, you have to reference those author accordingly.
The model in Figure 2:1 above, showed the relationship between environmental accounting and sustainability development in Nigeria. Environmental accounting is the predictor variable with the following dimensions oil spillage cost, oil drilling waste disposal cost and degradation, while sustainability development in Nigeria is the criterion variable with a measure as human development index and human poverty index, whereas the moderating variable is firm size. The directions of the arrows shows the direction of the study relationship. The operational framework thus, illustrates the hypothesised relationship with each arrows representing a study hypothesis. In the operational framework each of the dimensions of environmental accounting are linked to the measures of sustainability development in Nigeria.
This Heuristic Model below is showing the result of the test between the dimensions of environmental accounting and measures of sustainability development in Nigeria.
Figure 5.1: Heuristic model of environmental accounting and sustainability development in Nigeria
Bold line indicates strong positive significant relationship
This heuristic model in figure 5:1 shows the result of this study based on the hypotheses tested. The framework used an arrow to explain the relationship between variables that is significant and insignificant.
The design of conceptual framework, operational framework and heuristic model are dynamic in nature. All the design does not need to follow this pattern.
Always find out from your school the accepted design. This information shared will guide you as a researcher and student of higher institution in producing a better thesis and publications.