In the modern business today there is no more manual accounting instead a lot of companies and businesses all over the world are trying to use and adapt by having an accounting system that is computerized, less hassle and fast processing.
One of the huge benefits of having an accounting system is that it systematizes the whole process. Instead of spending so much time creating that reports, all you have to do is to make a few clicks of the button and reports are generated quickly.
When strategizing the business via and accounting systems, it is important to organize by function. Small businesses can’t afford a lot of people for separate duties. But by having an internal control structure that will let you have a new accounting system, it helps the risk through mechanics and procedures rather by paying high salaries to your employees.
Having an accounting system produces relevant information that tells a lot of things about the company. If you want a customized accounting system for your company make sure
it is accurate and easy to use.
The basic accounting process for a manufacturing company perhaps, looks like this:
- Purchase raw materials.
- Enter goods into raw materials inventory.
- Begin the manufacturing or assembly process.
- Enter goods into work in process inventory.
- Pay suppliers or pay employees (at service companies).
- Complete the manufacturing or assembly process.
- Enter goods into finished goods inventory.
- Sell the inventory.
- Collect payment for credit sales.
If a company have an accounting system that means their workflow is organized and at the same time efficient. It also involves fewer employees. There are thousands of accounting system that suits the companies motives and goals including QuickBooks, Sage Pastel, MYOB, SAP and Oracle.