Bookkeeping or accounting? On-line meeting with a certified bookkeeper of international Professional Bookkeepers Academy
On May 23, 2023, the 1st year students of the Master’s program “International Accounting and Taxation” had an valuable meeting with Dr. Heorhina Kampo, a certified bookkeeper, who cooperates with the international Professional Bookkeepers Academy.
In business communication with foreign partners, it is necessary to clearly understand the differences in the competencies and functional tasks of various specialists, which does not always correspond to Ukrainian practice.
Heorhina demonstrated practical cases about the differences between bookkeeping and accounting in foreign countries, the peculiarities of organizational and practical work of bookkeepers and accountants, showed how to work with a professional accounting program and the formation of financial statements.
The issues of tax accounting and calculating tax payments aroused special interest. Heorhina showed, using the example of personal income tax, which factors affect the estimated tax amount in certain foreign countries. It was interesting to find out that the calculation of wages, social benefits, and pensions and, accordingly, their taxation and reporting in some foreign countries is carried out on a weekly basis. This fact also indicates various approaches to the organization of relations between subjects of economic relations in different countries.
The conversation with Heorhina gave understanding of many other issues that clearly underline the cultural and historical differences in the organization of financial processes and activities of various institutions in different countries. For example, Heorhina spoke about the banking system and money circulation in the Republic of Ireland, in particular, about the rather active use of check books and checks when paying for goods and services by the population of remote regions, the procedure for financial monitoring of payments by citizens. As it turned out, in certain Western countries, post offices provide the population with many other services, perform additional accounting functions, and are not limited to postal services only.
The knowledge of peculiarities of doing business and living in other countries gives better understanding of work in an international context for students. They are aware of the need to know the historical, cultural and mental features of foreign partners for effective communication and achieving mutually beneficial results.
We sincerely thank Dr. Heorhina Kampo for a very interesting meeting, we wish her further professional achievements and hope for fruitful cooperation in the future!
Department of Accounting and Auditing