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Some Good Features of An Efficient Accounting System |
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| 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. |