The accounting profession has always provided financial information useful in making economic decisions. In the present knowledge economy, relevant, accessible information and its effective management have gained even greater value and will be even greater in value when extensible markup business language (XBML) is more extensively used.

There are three main areas of accounting, differentiated by the information requirements of the specific audiences. The areas are Financial Accounting, Management Accounting and Tax Accounting.

Financial Accounting is the information accumulation, processing, and communication system designed to meet the decision-making needs of external users, including actual and potential investors, creditors, employees, and the general public.

 Managerial Accounting refers to the process of generating and analyzing data used by management in its decision making to aid in the efficient operation of the firm. This includes information such as unit cost of products; revenue, cost, and profit estimates for strategic alternatives; and long-range budgets.

Finally, Income Tax Accounting is important for complying with tax laws, as well as for minimizing tax expenditures. 

Auditing which is a specialized service is dealt with in greater details by one of the Consultants to Carlue.

Suffice it to say, auditing had its origin in the necessity for the institution of system of check upon persons whose business it was to record the receipt and disbursements of money on behalf of others.

Today the  responsibility of an auditor is to express an opinion on the financial statements based on the  audit.

These financial statements are the responsibility of the Directors and management. The Directors and management are required to select suitable accounting policies and then apply them consistently, make judgments and estimates that are reasonable and prudent, follow applicable accounting standards and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors and management are responsible for keeping proper accounting records, for safeguarding the assets of the company, and for the prevention and detection of fraud and other irregularities.

Carlue's capabilities span Entry Level, Small Business, Mid-Market, and Medium Enterprise sectors. Carlue's  customers range from single-user small businesses to medium sized multi-faceted and multi-branched operations  with turnover of millions of dollars.

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Last modified: 06/26/05