Key Characteristics of an Internal Accounting System
Table of Contents
Features and Goals of an Accounting System
Internal Accounting System Essay
Imagine that you are a manager of an accounting department and would like to recruit another accountant who would deal with internal accounting. However, the CEO questions the importance of an additional accountant position. Create a 1-2 page memorandum on the following:
- Expound the goals and features of an internal accounting system.
- Add an explanation of the significance of this data to the company.
- Include a brief outline of the business ethics and the managerial accountant’s mission in upholding the code of ethics.
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Internal Memorandum To: CEO From: Accounting Department Manager Re: a Managerial Accountant Wanted An internal accounting system determines long-standing and short-term goals in the organization’s accounting department by arranging fiscal projects for the future. Also, the system simplifies the implementation of daily accounting tasks in the accounting department.
Objects and Features
An internal accounting system encompasses the fulfillment of everyday accounting tasks, such as tracking of all outgoing and incoming transactions, including the completion of pay-rolls for the company staff. The system deals with the monthly budget for the department in a simple and convenient way.
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Additionally, the system is created for accomplishing long-standing objectives, such as formulating an annual financial report by applying the data from the annual fiscal period. Consequently, such information lays the groundwork for any financial decisions of the company. This may entail the presentation of financial suggestions on the basis of valid financial facts for company projects by displaying the data in a trustworthy and well-structured manner.
A solid accounting system definitely facilitates the accomplishment of the company’s objectives. Duties, such as the calculation of discounts, updating income amounts and statements, and the tracking of financial operations, should not present any challenge to the accounting employees. Such an optimized system ensures smooth amalgamation of business activities for newcomers (Mock&Turner, 1999). The managerial accountant’s role in the matter of business ethics.
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Corporate ethics involves decision-making process that relates to applying ethical principles when solving issues that arise in a working environment. Every company should take business ethics seriously, as its imprudent decisions may affect other business employees. The managerial accountants utilize and manage crucial information for the entire company. Therefore, they should be particularly discreet whenever they refer to confidential data of the organization they work for. The most suitable way of demonstrating objectivity is by avoiding miscommunication or any other situations that would undermine professionalism (Maxwell, 2005).
