Building a Comprehensive Accounting System

A comprehensive accounting system is an essential element in ensuring financial accountability and should serve to:

  • Identify and record all transactions
  • Record transactions quickly and accurately
  • Record transactions in the proper period
  • Present transactions and disclosures properly in the financial statements

One common misconception is that a computer system is an accounting system. It is important to understand that accounting software is only a means to process data and does not necessarily ensure that all the above objectives are met. A breakdown in the financial reporting system often occurs when the system and flow of transactions through the organization is not organized in an orderly and efficient way, and those individuals assigned to the varying tasks may not have been properly trained.

Guiding You

By creating and documenting an efficient financial accounting procedures plan, your organization can avoid a breakdown or failure in your accounting processes and financial reporting. Wegner CPAs can guide you in implementing a comprehensive financial accounting procedures plan, by providing you with sound solutions and problem-solving resources, including: