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.|
- What Are The Purpose Of A Cost And Management Accounting System?
- Accounting Information Systems: What, Functions, Importance and Role (Part 1)
- Explain what we mean by Financial Reporting and what are the limitations of financial reporting.
- Part A: Classification Of Accounts-Basic Principles
- What Are the Usual Features, Advantages or Benefits And Examples Of Management Reports Obtained From A Computerized Accounting System.