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Re-Engineering Of Accounting System

 

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Accounting system is an information system with a strong independence and its single output indexes are difficult to share information with other information subsystems under the traditional data management. An accounting system is one of the most overlooked and undervalued assets a company has. If you don't have the right accounting system in place you may be missing one of the most efficient and affordable ways to improve your financial results and establish a foundation for growth. In today's world, accounting departments run lean. Asked to do more with less, accountants are being pushed to the max. Since adding staffs is usually not an option, here are different ways to lighten accounting workload.

 

In today's episode of Make it Happen, we are directing our clients improve their accounting system to overcome the challenges holding back their small business development.

A good accounting system can be an extremely powerful tool for business owners. When structured with the specific needs of the business in mind, it has the power (through the magic of debits and credits) to convert data into a format that actually tells an interactive, completely personalized story about your business. The balance sheet is a snapshot at a specific date, while the profit and loss is more akin to a narrative. By providing feedback on how your business is doing it allows you to control the course of your story.

 

Re-engineering Your Accounting System

 

Let's be honest. Not everyone was meant to do their own accounting work. Certainly not everyone enjoys performing their own tasks. It takes discipline, maintaining a strict schedule and making the time to do the work. Whether your current accounting system consists of handwritten notes, a software program that intimidates you or a process that could use a little streamlining, we can help. From properly setting up your system to providing you with training on how to use it efficiently, accounting system support at CCN can help you get your accounting work accomplished more quickly and more effectively than you ever thought possible.

 

If your business already has an accounting department, there may be ways to help your team get the work done faster and more efficiently by improving your accounting system's processes and procedures. Just because it's the way you've always done it, or the way you were trained, doesn't mean it can't be improved.

 

The end result is what matters most - producing financial statements that help you run your business. Sometimes, it's as simple as shortening or streamlining your existing reports. Or it can involve designing reports that better help you meet your goals.

 

Our services cover:

  • Conduct process walk-throughs. Meet with process owners and gain an understanding of how their work gets done to uncover opportunities for improvement. You don't need to build fancy flowcharts or document every step. Obtain a thorough understanding of the end-to-end process by speaking to all process participants regardless of their department.
  • Use best practices. Implementation of accounting best practices can significantly reduce your department's workload while improving accuracy, cycle time, response time, data quality and employee morale. It can also improve the compliance requirements.
  • Take advantage of unused system functionality. If you are using any of the mid-to-large-size accounting software packages, chances are you are not using it to its potential. Often the software is capable of a requested function, but it may require some work. What usually never gets past the discussion phase is a calculation of cost vs. Benefit

  • You don't have to be a systems expert or know how to implement software. You simply need to understand what the vendor included as delivered functionality. That information should be available from vendor-provided documentation.

     

  • Conduct process training. After completing your process walk-throughs, evaluate the need for staff training. We send staff to professional development classes and provide training on how to properly accomplish day-today activities. To varying degrees, especially at the lower levels, employees don't work at peak efficiency or don't fully take advantage of the systems they use. Significant productivity improvements can be achieved by providing appropriate training.

 

Setting up an accounting system that is tailored to your business practices and adaptable to leverage technology is essential to the financial health and long term success of your business.

 

We recommend our clients the best suitable accounting software which systematizes your essential accounting functions and procedures. Remember, your accounting software is just one part of your accounting system that can help you automate and gain greater.

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