A chief accounting officer and head of the accounting department are called as the controller. A controller is responsible for each and every activity of the business and they prepare the financial statement of the company (AccountingCoach, n.d.). Controller has the responsibility in monitoring every activity which has impact on the financials of the company. It is the responsibility of the controller to make analyses, interpreting and to control the entire accounting and financials of the company. Their duties include cost accounting, payroll, budgeting, internal auditing, forecasting, using appropriate accounting methods, accounting procedures and taxes (Bianco, n.d.).
Controller is responsible to account for every revenue and expenses incurred by the company; in short they have entire control over the funds of the company and are responsible for making important fiduciary decisions. Almost every decision that involves money cannot be made without the advice and opinion of controller. They are responsible in preparing financial report to the management stating about both actual and budgeted performance for the stipulated period. Besides these internal works, controller is responsible in presenting the appropriate report to the concerned government agencies (Bianco, n.d.). Controller has the responsibility in protecting the assets of the company which is done through appropriate internal control and auditing system.
Accounting system:
An effective accounting system is the need of hour and it is essential for any organization to sustain in the market. Accounting system will make work faster and they create for an excellent infrastructure especially when it is software based. In this first the controller should understand about...
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...ing software —StrategyBlocks. Retrieved February 28, 2014, from http://www.strategyblocks.com/business-strategy-software/
UC San Diego (2014, February 25). Internal Control Practices: Accounts Payable. Retrieved February 28, 2014, from http://blink.ucsd.edu/finance/accountability/controls/practices/accounts-payable.html
University Of Hawaii (2000). CASH MANAGEMENT AND SHORT-TERM INVESTMENT OF OPERATING FUNDS. Retrieved from http://www.hawaii.edu/svpa/ep/e8/e8201.pdf
Www.adhc.nsw.gov.au (n.d.). Chapter 3 - Strategic Business Planning. Retrieved from https://www.adhc.nsw.gov.au/__data/assets/file/0006/228750/969_ItsYourBusiness-Chapter3-StrategicBusinessPlanning_web.pdf
Www.general-data.com (n.d.). Comprehensive Fixed Asset Management Solutions | General Data Company, Inc. Retrieved February 28, 2014, from http://www.general-data.com/services/fixed-asset-management
Management accounting in organisation is very important for decision-making and to make the business more efficient and therefore increasing its profits. Is the process of preparing accounts that can help managers to make day-to-day and short-term decisions, by providing them with accurate and timely key financial and statistical information...
The functions of managerial accounting include planning, decision-making, controlling, and evaluation. To make good decisions, managers must constantly adapt to technological changes, changes in the organization's needs, and new approaches to other functional areas of business-- marketing, production, finance, organizational behavior, and corporate strategy. Planning is the setting of goals and developing strategies and tactics to achieve them. Controlling is concerned with achieving the goals and evaluating performance. The success of an organization lies heavily on the shoulders of those making these decisions.
Bagwell, Laurie Simon, and John B. Shoven. "Cash Distributions to Shareholders." Journal of Economic Perspectives 3.3 (1989): 129-40. Print.
Ross, S.A., Westerfield, R.W., Jaffe, J. and Jordan, B.D., 2008. Modern Financial Management: International Student Edition. 8th Edition. New York: McGraw-Hill Companies.
The oversight responsibilities of the board, the CAE lacking of expertise or broad understanding of financial controls and responsibilities, and the understaffed internal audit functions lacking of independence and direct access to the board of directors contributed to the absence of internal controls. To begin with, the board should be retrained to achieve financial literacy to review financial reporting. Other than attending formal meetings, the board of directors should be more involved with the management. For the Audit Committee, the two members who were recruited as acquaintances to Brennahan need be replaced with experts who are more sufficiently knowledgeable about accounting rules beyond merely “financially literate”. Furthermore, the internal audit functions need to expand with different expertise commensurate with the expanded activities of the organization, testing financial reporting rather than internal controls from an operational perspective. The CAE should be more independent and proactive to execute audit plans, instead of following orders from the CFO, and initiate a direct and efficient communication between internal audit and audit
Heisinger, K., & Hoyle, J. B.(2012). Accounting for Managers. Creative Commons by-nc-sa 3.0. Retrieved from: https://open.umn.edu/opentextbooks/BookDetail.aspx?bookId=137
It should be pres... ... middle of paper ... ... o monitor the health of the company and also to make the right choices. They are the most important users of financial information as without this group using the information properly the company could cease to survive. Bibliography Biz/ed 2004, Accounting [Online], available http://www.bized.ac.uk Duncan Williams 2004, User of Financial Statements, [online], available http://www.duncanwill.co.uk Finance Demon 2004, User of Financial Information, [online], available http://www.financedemon.co.uk Financial Reporting Council 2004, About the FRC [online], available http://www.asb.org.uk Hacker Young Chartered Accountants 2004, Accounts Explained [online], available http://www.account-explained.co.uk Joe Corbett 2004, Class Notes, Borders College, Galashiels
I am interested in conducting research and teaching in managerial accounting, auditing and assurance services and accounting information systems. In particular, I am interested in exploring the role of accounting information systems in decision making, internal control, and auditing. In order to gain an appreciation of these and related issues, it is essential for me to have a strong grounding accounting, accounting information systems, information technology, managerial accounting, as well as gain a general economic and management perspective.
The purpose of this document is to describe the nature, purpose and scope of accounting and it deliberately explains the details of each category in accounting. Accounting involves in preparing financial documents of an entity by analyzing, verifying, and reporting this records. It emphasizes its major characteristic role in field of banking and finance, with a mixture of supportive sub topics.
When I think of a financial manager, accountant quickly comes to mind. The role of accountant and financial manager are similar in several ways and often times they work closely together on various projects. The role of an Accountant is to ensure that their organization is run efficiently, make sure their records are accurate, and that their taxes are paid properly and on time. Accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients. They record and analyze the financial information of the companies for which they work. Other responsibilities include budgeting, performance evaluation, cost management, and asset management. “The role of the financial manager has expanded beyond traditional responsibilities related to company's finances. A financial manager, through his/her understanding of the company's financial health, the current market, and the goals of the company, helps set direction and guides decision making.” Financial managers perform several different task related to finance for their organization they normally oversee the preparation of financial reports, direct investment activities, and implement cash management strategies.
Many organizations have maximized the use of cash on hand by effective cash management techniques and the use of short-term financing. This paper will discuss various cash management techniques and short-term financing methods used by organizations.
Responsibility accounting is the practice that focuses on providing financial information useful in evaluating efficiency and effectiveness of managers or department heads, on the basis of financial performance directly under their control. Responsibility accounting is also based on the assumption that every cost incurred must be the responsibility of one person somewhere in the company. Examples could include; the cost of rent being assigned to the person who negotiates and signs the rental agreements; or the cost of an employee’s salary being the responsibility of that person’s direct manager, or human resources manager (S. Bragg, 2010).
An Accounting Information System (AIS) can be defined as software that helps accountants to collect data and process it to create information ((Bagranoff, Simkin and Norman 2010)
So in conclusion I hope by reading this you know have a better understanding accounting. Also I want you to have and understanding of how it was originated and the major contributors of the systems we use today in accounting.
The success of a company is very dependent upon its financial accounting. In accounting there are numerous Regulatory bodies that govern the accounting world. These companies are extremely important to a company because they set the standards when it comes to the language and decision making of a company. These regulatory bodies can be structured as agencies, associations, commissions, and boards. Without companies like the Security and Exchange Commission (SEC), The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), Internal Accounting Standards Board (IASB), Internal Revenue Service (IRS), and other regulatory bodies a company could not make well informed decisions. In this paper the author will look at only four of them.