How accountant use Drone technology to achieve their task depends on the sectors or schedule of activities. In addition, drones are unmanned aerial vehicles (UAVs) that can fly remotely.
The global drone market predicts to increase from $26.3 billion in 2021 to $41.3 billion by 2026. Also, in 2020, both US and the UK used drones to deliver drugs during the COVID-19 pandemic (Appelbaum et al., 2020).
Drone technology has proven helpful in war zones and intelligence gathering and also in a civilian role, such as:
In Germany, there are limited zones outside protected areas with high urban density or people conglomerations.
Also, all EU Member States, including Norway and Liechtenstein.
Switzerland and Iceland are also expected to apply this regulation soon.
In United States for example, they used drone technology for their operation(Ovaska-Few, 2017).
In 2013, Poland passed a law allowing the commercial operation of drones, which led to the birth of Drone Powered Solutions.
South Africa that has entirely established drone regulations in place which was carefully integrated into existing aviation law.
Lastly, in Australia, Rio Tinto who has its facility in a remote area planned in 2016 to start using drone to monitor mine sites including the staff.
Companies that have used drone in their workplace and in others area of operations.
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.
Amazon and Google are already testing ways to deliver packages with drones.
Facebook has started using drones to provide internet connections in remote locations.
Basin Electric’s utilization of drones has enhanced efficiency and safety while concurrently reducing costs.
Furthermore, Ford Motor Company filed a patent to start the use of drones for dead bateries. The patent was filed on 3rd February, 2017 and circulated on March 8th, 2022, and assigned serial number 11271420.
How Accountant Use Drone Technology to the Accounting Profession.
Source: Naira Technology
With the help of drone technology, however, accountants can now complete their work in a shorter amount of time. Technological advancements have significantly changed the accounting and auditing profession in recent years.
In 2017, the emergence of drone technology has revolutionized the accounting and auditing profession. Drones have opened up new possibilities for accountants to perform their tasks more efficiently and effectively.
Emerging technologies like AI, blockchain, big data, the IOT, and drone technology have revolutionized accounting profession (Qasim et al., 21).
For example, accounting and audit firms that work with clients in mining and inventory can utilize drone technology to take thousands of pictures and measurements of a site (Ovaska-Few,2017).
Also, this can aid in accurate assessments of holdings, making tasks like physically measuring coal a thing of the past. An estimated volume can be obtained in less time with just a two-meter GPS Tracking pole.
What are the Benefits of Drone Technology to the Accounting and Audit profession.
Perform physical inventory: Drone could recount inventory if required-data feed repeatedly into audit app that re-performs the process. Using drones to automate livestock inventory count reduced count time from 681 hours to 19 hours (Qasim et al., 21).
Accuracy: Produce accurate data that can be relevant for future forecast and planning. It depend on how accountant use drone technology to collect insight into the condition of assets. This is faster, cheaper, safer and more accurate than traditional methods (Johnson, 2022).
Save Cost: Drones may save money for accounting clients, who can use them for stock takes, mapping, safety monitoring and to inspect bridges and building.
Productivity: It can enhance productivity
Also, Reduce the risk of injury: he benefit in health and safety as the need for someone to climb over the coal pile are removed.
Speed: Helps speed up some business and accounting 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. This is useful to account for physical factors (like weather, light conditions and geomorphology of the beach) for more spatio-temporal analysis.
Automate and accelerate repetitive accounting tasks (Qasim et al., 21).
The technology produces massive amounts of data that require interpretation and translation into meaningful information for informed business decisions.
Also, as accountants keeping up to date with new technologies and understanding their potential to enhance efficiency and effectiveness is essential. Developing the necessary skills to interpret and present data will enable them to add value to their employers. Since the drones technology are control by expert . However, drones are prone to making mistakes just like any other technology, which is why one can exempt them from errors.
Furthermore, competent accountants who are conversant with latest technology, play a crucial role in helping companies thrive and maintain a competitive advantage. It is imperative that organizations have skilled accountants on their team to achieve these goals.
Implications of How Accountant use drone Technology to the Accountants and Auditors
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 every time and drive the development of accounting profession.
For companies to successfully transform, there will be a great demand for individuals with fundamental knowledge and expertise. For instance, such individuals must possess the necessary skills and understanding to support the company’s transformational goals.
Also, 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 professional judgement whenever is necessary and obtain a better results
Establish Drone-focused department that enable accounting firms to handle all matter related to drone.
Check the impact of drones on client’s business operations.
Lastly, it is vital for every accountant or auditors to be familiar with the present drone regulations in their countries.
In this article, the writer examined how accountant use drone technology and to achieve their work on daily basis. Similarly, drones can improve the accuracy and efficiency of audits. However, how they can use it to collect data and perform inspections in hard-to-reach areas.
Consequently, the article highlighted the potential impact of commercial drones on the accounting profession, with predictions that this technology will revolutionize traditional accounting procedures (Ovaska-Few, 2017). Accounting professionals and academics need to recognize the significance of drone technology and patronize the suppliers as it is here to stay. In addion, the sooner we adapt to this technology and use it to their advantage, the better. Accountants and auditors are condition to embrace this new technology and see it as an improvement to their jobs instead of threat.
Why you must investment in real estate in Nigeria are enormous is a question that needs answer. In an unpredictable time like this when the economy of Nigeria is being blighted by inflations and interest rates are reaching for the sky, real estate has become a suitable and top investment with which to cushion the impact of the harsh economy on your financial future.
Through real estate, you can enjoy amazing returns on investment and leverage real estate to build enviable wealth. Below are the five top reasons why real estate investment being the right investment for you in an austere time like this.
Real Estate Delivers Higher Returns Than the Stock Market with Less Volatility
Real estate is not subject to the kind of volatility that plagued stock markets around the world. Your property investment appreciates in value as the market improves, thus giving you the edge to build equity. However, in the stock market, the risk remains as there are numerous unpredictable factors outside your control that can negatively impact your investment. In real estate, you have more control of your investment because your property investment is a tangible asset that you can leverage to create new channels of wealth while your capital keeps appreciating.
Real Estate Has a High Tangible Asset Value
Apart from the fact that homeowner’s insurance will protect your investment in real estate, your property investment will always have appreciated value.
Asset for Collateral
Your real estate investment can stand as collateral to secure loans from financial institutions for your business expansion. Real Estate investment is the most valid collateral from all over the world to secure a lot and that is because the value of landed properties keeps appreciating.
It Guarantees Financial Stability
Why you must invest in real estate in Nigeria is also because of the crunching economic condition, your real estate investment can give you financial stability through returns on investment on your property investment. Throughout history, real estate investment has withstood economic instability. An investment in property is an investment in financial stability.
An Investment in Real Estate Can Diversify Your Portfolio
Portfolio diversification is a vital way to grow financially by spreading out your risk and real estate investment gives you that opportunity. Real estate will always serve as a way to secure fixed assets to mitigate the risk in your portfolio. As they say, it is not safe to put all your eggs in a single basket. Real estate gives you that golden opportunity to have many baskets with which to grow your wealth.
Why you must invest in real estate in Nigeria is something you need to give a thought. As you invest in other business, you can also give the option of investing in real estate where many have taken advantage of the value of appreciation to their investment.
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.
Master program on international finance is for Master student in foreign universities. You are required to prepare/submit an individual report discussing the following:
Choose a Multinational Enterprise (MNE) listed on an internationally recognised Stock Exchange (including for example, London, Dublin, New York or Paris). You are required to:
a. Critically discuss two recent developments in the international financial environment which appear to have impacted on your chosen company’s recent performance and development. Analyse how these two developments are likely to impact on the company in the near future. (14 marks)
b. Discuss the following key elements of the MNE’s international financial and/or risk management strategy (and how they appear to have affected the financial performance of your chosen company): · Sources of finance · Dividend policy (14 marks)
c. With reference to your chosen Multinational Enterprise (and using the most recent annual report published), analyse the financial performance (in terms of profitability, liquidity, efficiency and investment) of the company in the two most recent consecutive financial periods (e.g. 2018/19 or 2019/20, ) using 8 different accounting ratios (prior year comparative figures will be available in the annual report). (32 marks).
(i) You must advise your tutor of your chosen multinational enterprise to ensure suitability for use and avoid duplication
(ii) It is advisable to choose your multinational enterprise and download the most recent annual report. This will facilitate your preparation and allow you to effectively participate in weekly class activities;
Master program on International finance Guidelines 1)
The assignment may take the form of an individual written word-processed briefing report of not more than 2500 words, including title page, contents page, in-text references and citations, but excluding tables, reference list and appendices
Part of Solution to the Question
Honda is a Japanese company that specialize in the manufacturing of automobiles, motorcycles and power equipment with headquarter in Tokyo, Japan (Honda, 2021a; Forbes, 2021). Honda made a net profit of ¥509,932 million and ¥695,444 million in 2020 and 2021 years respectively.
Honda is ranked 39 among the top 100 companies in the Fortune Global 500 list (Fortune 500, 2021). The financial performance and developments are analyzed, explained and outlined, including how it copes with the risks linked with its sources of finance and dividend policy.
2 Section A: Current developments
2.1 Development One—Covid-19 Pandemic
The covid-19 pandemic impacts the financial performance of Honda to the extent that its production activities were affected (Honda, 2021a).
2.2 Development Two—Chip Shortage
Honda was affected by the global microchip shortage. This caused Honda and other major brands to slowdown vehicle production and caused sales drop by 50%. This development made Honda to have low inventory and prompted their prices to rise (Hesketh, 2021). Over 100,000 vehicles were affected last years due to this chip shortage (Reuters, 2021).