Some Good Features of An Efficient Accounting System
|The accounting system should be in tailor made to the particular business or industry for which it is designed and not vice versa
|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
|Able to satisfy the needs/requirements of the various kind of users like owners, managers, creditors, public or government departments ( taxation)
|Able to provide accurate records to avoid or mitigate losses of cash, materials and labor through dishonesty or inefficiency
|Able to provide prompt provision of accurate information whether in terms of financial, operating and control reports
|Able to be sufficiently flexible to cope with changes and developments in the particular business or industry
|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.
|The cost of operating it should not be greater than the benefits or services it provides.