Accounting Systems
Accounting systems gather, process and accumulate information to prepare reports of the results of business transactions to managers for decision making, and interested third parties to evaluate the ownership, measurement and accountability responsibilities of managers. Accounting systems are part of the core infrastructure of a company and are developed and implemented at the inception of a business, and systematically reviewed and updated as new accounting standards are promulgated, data processing technologies are developed, and the company changes through growth and/or reorganization.
The timeliness and accuracy of financial reports are a product of the accounting system. If the accounting infrastructure is weak, the timing and accuracy of reports may be at risk, which could incorrectly influence the utilization of company resources.
The system of internal accounting control, or the fundamental "checks and balances" to safeguard company assets, is related to the accounting systems, processes and procedures and should be developed when the accounting system is developed, and modified when there are changes to the basic accounting system. Internal controls should also be assessed as a component of the risk management.
Accounting systems services assist managers with design, development, modification, implementation and evaluation of accounting systems, processes and procedures and internal accounting controls.
Accounting systems services include the following:
- Accounting systems, process and procedure development
- Internal accounting control development
- System integration, commonly through business transactions
- System, process and procedure risk assessment
- Management reporting
Related services include the following:
Contact Ralph P. Perrino, CPA, LLC for more information on business advisory services.