The accounting system is the major quantitative information system in almost every organisation parastatal and government establishment. It provides information for two broad purposes:
- Internal reporting to Managers, for use in planning, policy formulation, decision making, and control of operations.
- External reporting to Shareholders, Government and other outside parties, for use in Investor decisions, taxation, e.t.c.Our standard practice is to review the nature of your business viz – a – vis the management information requirements. We then design and install efficient reporting systems covering Inventory Control, Budgeting, and Costing
- The system could be manual or computer-based; nevertheless, these significant features remain the same, viz:
- A coding system for the categorisation of all transactions.
- Utilisation of standard books of account, appropriate records and other documents.
- Establishment of control procedures to ensure that the records are reliable.
- Salary administration (Payroll)
- Induction of your accounting staff on the new system.