Features Of An Efficient Accounting System

August 3rd, 2007 Comments off
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Some Good Features of An Efficient Accounting System

 1   The accounting system should be in tailor made to the particular business or industry for which it is designed and not vice versa  
 2   It should provide for the complete integration of costing and financial records. Wherever possible, have an integrated system rather than one which is interlocking between cost and financial side which reconciles a lot of  profit reconciliation  
 3   Able to satisfy the needs/requirements of the various kind of users like  owners, managers, creditors, public or government departments ( taxation)  
 4   Able to provide accurate records to avoid or mitigate losses of cash, materials and labor through dishonesty or inefficiency  
 5   Able to provide prompt provision of accurate information whether in terms of financial, operating and control reports  
 6   Able to be sufficiently flexible to cope with changes and developments in the particular business or industry  
 7   To be effective it must be capable of producing the required type of information in the form desired by the management at the time it is needed.  
 8   The cost of operating it should not be greater than the benefits or services it provides.  

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Financial Accounting

 
 

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