By Steven M. Bragg
* Discusses matters now not lined in different books, together with most sensible practices budgeting, last the books, and regulate structures. * contains curiosity issue tables, pattern kinds for info access, pattern document codecs for inner in addition to exterior experiences. * gains flowcharts and checklists for key keep watch over issues within the significant accounting tactics.
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Too frequently, the accounting staff resists these sorts of changes, on the grounds that all transactions must be performed in exactly the same manner. The accounting department must realize that altering its way of doing business is sometimes necessary to support ongoing business relationships. Altering the focus of the accounting staff from an introverted group that processes paper to one that works with other parts of a company and is willing to alter its systems to accommodate the needs of other departments is required in today’s business environment.
This department is responsible for billings, payments, payroll, maintenance of the general ledger, tracking assets, and issuing financial statements. • Finance department. This department is responsible for treasury management, risk management, cash forecasting, and credit analysis. It also frequently conducts financial analysis as requested. • Human resources department. This department is responsible for the maintenance of employee benefit systems, recruiting and terminations, and a wide variety of other employee-related issues.
If there is a company policy requiring manager approvals of pay rate changes, overtime payments, or shift differentials, then there must be a continual information flow between the accounting department’s payroll staff and all department managers. 3-7 SUMMARY The discussion in this chapter has shown that the accounting department does not conduct its operations in a vacuum. On the contrary, nearly every transaction it processes requires some degree of interaction with another part of the company.
Accounting reference desktop by Steven M. Bragg