Therefore by implementing the mySAP in Pierre Lang improved the accuracy of information and eliminates the need for manual data transfer tax to develop the report. 4 Q) why is security so important to the company and how it is protected? Answer: The security is most important for any company because the companies need
How Have Modern Accounting Systems Made a Difference in Modern Organizations? Principles of Accounting I Acc 205 How Have Modern Accounting Systems Made a Difference in Modern Organizations? Modern accounting systems have made a significant difference in modern organizations. The accounting systems that facilitate the financial management of modern organizations have allowed them to be what they are. In fact much of these systems were developed so that the businesses that are now operating as organizations could expand under the stewardship of an increasing number of merchants and executives while maintaining the highest level accountability by providing records that prove or disprove the integrity of those trusted to run business by those that own them.
He also went on to mention that he was in need for an individual who is knowledgeable about his business. Gail Bennett’s presentation stood out and made Mr. Matthews realize that Putnam, Rhodes and Shafer accounting firm has a team of auditors who are highly efficient and specialized within his business industry. The audit team at Putnam, Rhodes and Shafer prepared a proposal to achieve the deal with Cable Co. the proposal was a professional document that included several accomplishments through their professional expertise. One of the more appealing parts of their proposal was the information that they included on their knowledge of mergers and acquisitions. This proposal was able to provide Cable Co. with the knowledge of how the accounting firm will bring value to their company.
When you decide to take the path of in-house accounting, accounting software is vital to your company’s survival because your business does not have an accountant. This way, you can be sure everything is backed up and correct. This also applies to the second mistake which is inconsistencies. Keeping up with the books can be a stressful. To make sure you do not have to play catch up later and risk making a mistake, take an hour a week to go back over the numbers and make sure your books are correct.
Lastly, we will summarize the information presented with a synopsis of what internal control measures are recommended. Ultimately, LBJ wants to go public in the future and to do so the company must have strong internal accounting controls in place and utilized. LJB Company: Internal Controls Report. Per LBJ’s request, this report has been created to provide your organization with the tools necessary to implement a solid internal control accounting procedure system. Internal controls are extremely important accounting practices that help ensure the safety of your business from fraud and clerical errors.
Although confusing, portions of the code have been around for longer than the code itself and is known as the foundation of ethical reasoning. Accountants everywhere are required to follow this code in order to even be a member in the AICPA and should follow it even if they are not. Building the trust of the public is not an easy task in light of all the scandals that have been uncovered even under close scrutinization from the AICPA. This code provides rules and explains the meaning behind what “ethics” really means and is therefore referred to as “the foundation” of ethical reasoning. The most important purposes behind the Code of Professional Conduct are to protect the investor, the employee, and the creditor.
Effects of Unethical Behavior Jesse C. Jones IV University of Phoenix Accounting is book keeping methods involved in making financial business transactions such as liabilities, statements, assets, and operating results in a business. Accounting is put in place to provide valuable financial information through out every business. This information is critical and plays vital roles by providing detailed information that determines whether to invest or not invest in particular business ideas. Based off the above information accounting is important in every business, but through ethical practices and behavior in accounting there are also unethical practices and behavior. Each business operates and functions different, but one part of the business that is similar to other businesses is the accounting department.
It is also important to a business to have some type of base plan for any business that affects its revenue, expenses and profits. It provides a long term direction to the organization and it helps the organization achieve a competitive advantage. It will also tell about the business in the market, values and the way that they may handle resources in order to meet the objectives of the company as a whole. One of the main things that it helps to do is helps to analyze the internal and external environment. Something to remember is that without strategy the company would be pretty much shooting in the dark.
The constant changes in the business environment have had a strong impact on management accounting in practice. With interest in understanding how processes of management accounting change and how organizations establish management accounting practice, these issues became a subject of study for Burns and Scapens (Burns & Scapens 2000). At the time, within management accounting research, a wide range of theoretical diversity in fields as economics, organization theory, sociology, social theory, politics and social anthropology had certainly provided management accounting researchers with deeper insights into the nature of this area, however, with no deep impact on its practice (Scapens 2006). To obtain insights in organizational and management accounting change, researchers have been using numerous types of institutional theory, such as the new institutional economic (NIE), which concerns structures used to govern economic transactions; the new institutional sociology (NIS), which concerns
The job analysis and design in the organization was well though it should also be explained well to their employees or applicants. 3. We understand that the recruitment and selection process for the company would be costly and time consuming but our advised the management to be extra careful in choosing the kind of employee to recruit and hire. The company should avoid making “short-cuts” during this critical process as man power can greatly affect their organization given the fact that they are more on customer service and extensive use of man power. Carefully filtering the applicants and utilizing enough time in deciding who to choose would be more beneficial for the company in the long run as it would lessen turnover and resignations.