How familiar are you with the accounting rules and concepts utilized by accounting systems? If you were more confident with the information generated by your accounting program, would it help you to use it more effectively to run your company? More importantly, do you understand how your Accounting Policies and Procedures integrate with the accounting rules and concepts to produce the internal controls you need?
Your Accounting policies and procedures manual, associated accounting procedures, and accounting documents, establishes your Accounting Management System. The system is designed to result in improving the effectiveness of your accounting operations and in your ability to satisfy auditor requirements.
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Maintenance of the Accounting Management System is the responsibility of the Controller/CFO in conjunction with the Accounting Department. The Controller maintains all documents that identify the sequence of accounting processes and, in conjunction with the appropriate department managers, defines the interactions of the processes within the procedures defining these processes.
Processes for management activities, provision of resources, and measurement reporting are included. Accounting procedures should include the methods needed to ensure that the accountability and control of processes are effective. You can find examples in our free sample internal control procedures. Top Management ensures the availability of resources to support the accounting operations and monitoring of processes through regular interaction with accounting department managers and through review activities at accounting Management Review meetings.
Accounting department managers and the CFO/Controller monitor, measure, and analyze accounting processes and implement any actions necessary to achieve intended results and continual improvement of the processes. These results are monitored at Management Review meetings.
None of these accounting programs comes with supporting accounting policy and procedure documentations. Internal controls do not exist and require manual processes and extra paperwork. Your accounting software does not come with support to help in your compliance with Sarbanes Oxley. Of course you can develop your accounting policies and procedures yourself, from scratch. But, this take a lot of time and expertise.
The audit resolution process begins when the results of an audit are reported to management, and is completed only after actions have been taken that correct identified deficiencies, produce improvements, or demonstrate the audit findings and recommendations are either invalid or do not warrant management actions.
All transactions recorded or posted into the Accounting Management System should be properly authorized and accurately represent the activity being documented. Both the timing and amount of the transaction should be in accordance with company accounting policies.
All transaction dates recorded in the company accounting system should accurately reflect the date the transaction occurred. Sales from the revenue cycle are recognized when earned and expenses when incurred. Processing, cutoff and period-end closing schedules and procedures should be documented. Cash sales should be recorded at the time of sale and deposited.
Prior or related transactions should be checked for conformity with the transaction being recorded (e.g., match invoice to purchase order). Amount of posted transactions should be checked against source documents. Balances with third parties should be verified as appropriate (i.e. debtors, creditors, or custodians of investments). Transactions should be recorded in conformity with documented accounting policies.
Transactions should be recorded in the accounting system accurately. An approved set of general ledger and subsidiary accounts are maintained for assets, liabilities, revenues, expenses, budgetary accounts, and other accounts. All transactions should be supported by documentary evidence, which becomes part of the accounting records. Error transactions should be reviewed, resolved, and cleared in a timely fashion. Manually determined control totals should be reconciled with recorded results.
Your Accounting Management System is comprised of your Accounting manual, associated accounting policies and procedures, and accounting documents. The Accounting Management System utilizes standard forms and provides control and accountability over these forms. Supervisors should review posted accounting transactions with source documents and processing documents. When organized correctly, your accounting system will result in improving the effectiveness of your accounting operations and in your ability to satisfy auditor requirements.
Accounting software is looking more and more like your own internet browser home page, (no surprise since each manufacturer is competing to be your primary web portal). New Accounting Software as a Service (SaaS) applications will make this a reality. But, in the process, the actual functions of accounting are less obvious, and as a result, less understood.
Hopefully, by understanding the concepts and consistent accounting rules utilized by all accounting software programs, you will develop more confidence to rely on the information generated by the program, you will have a deeper appreciation of the importance of accounting policies and procedures for internal control, and you will be able to use it more effectively to run your company.
The General Ledger software module (GL) provides a central repository for collecting and analyzing your financial information. Entries can be made directly into the General Ledger or they can be made from other application modules and then posted to the General Ledger software module.
Invlap General Ledger is a comprehensive Accounting management solution that provides highly automated financial processing, effective management control, and real-time visibility to financial results. It provides everything you need to meet financial compliance and improve your bottom line. Invlap General Ledger is an integrated accounting and inventory application that drive enterprise profitability, reduce costs, improve internal controls and increase efficiency.
Invlap General Ledger works seamlessly with other products to drive better decision-making, regulatory compliance, and optimized business processes at the lowest cost.
Moving forward, GFEBS plans to negotiate roles and responsibilities with financial management and comptroller by identifying subject matter experts on business process related issues, working with users to address problems, analyzing business processes, analyzing system or training problems, and proposing changes to Tier II support. GFEBS will also review cost estimates to right-size sustainment and will support the maturation of the functional governance board process.
Get off the merry-go-round of circulating from one platform to the next to manage your firm's workload. Mango Accountancy Practice Management Software was built by accountants to crack the code on how to efficiently run a modern accounting firm.
The financial management under the computer network presents many advantages and new characteristics. The first is digitalization and electronization. With frequent economic exchanges, electronic documents and vouchers can be transmitted all over the world. At the same time, unified management of product procurement, sales, and production can be realized, and two-way data exchange of capital transactions can be completed [9]. As the payment method and financial system are electronic, the capital transaction information can be shared on the network. At the same time, the internal enterprise can also complete the financial information accounting of the company and each branch through this system, making the internal financial efficiency higher [10]. The second is the real-time financial information. The system can realize that each department can summarize the real-time information to the financial department through the Internet. After the financial department obtains the information and processes it accordingly, it can directly return the processing results to the corresponding departments through the system, so as to greatly improve the internal financial information exchange of the company and give full play to the financial function of participating in production transactions. Strong real time is also one of the characteristics of the system [11]. The system reduces the time cost and space distance of traditional financial information interaction and can complete the functions of real-time follow-up and whole-link monitoring. The release of enterprise financial information can be sent in the form of electronic notice in the system, and the financial public information with different permissions can be viewed according to the level of different users of the system [12].
The financial accounting management system based on the computer network has the marginal cost decreasing effect. The larger the number of users of the system, the lower the average user construction and use cost. This is particularly obvious in the accounting system: (1) the cost of obtaining information is low, and the corresponding financial information can be obtained through system access, and the financial personnel do not have to sort out the complicated and redundant traditional report vouchers. (2) The transaction cost is lower. The financial system can automatically analyze product characteristics, complete product procurement online, and generate transaction records. (3) As online settlement and other methods have data reproducibility, they can be fully verified through automatic reconciliation to facilitate the audit work. (4) Realize tax burden automation. The system can be connected with the tax system to automatically calculate the amount of tax payable and complete the tax work [13]. 006ab0faaa
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