January 23, 2012
Kudler Accounting System Paper
These days it is especially important to pay attention to details when it comes to deciding if your accounting system is providing the kind of information that may be required of you to produce. I think legal requirements and government regulations are becoming more demanding as to what they expect to see if someone such as the I.R.S. were to show up and ask for an audit. I would like to talk a little about a few of the key features, core technology, benefits, and costs of installing and maintaining an efficient accounting system and some of the benefits it would be to your company, especially in areas where details are crucial. Like the existing accounting system that you have all probably gotten used to here at Kudler, a new accounting system would be set up the same way; by modules. Each module would be more comprehensive and attentive to details that have been apparently overlooked by the present system. In the way of features, I could say that it is the most important overall feature a new system could offer this company. New technology has provided for faster, more detailed and organized data auditing and reporting. This is essential in today’s business world to keep accurate, itemized data entries in order to satisfy government business regulations such as standards set by the I.R.S. Detailed information is especially critical for a company like Kudler, whose business transactions and data entry are performed by a single person. From an internal control standpoint, this isn't desirable. Having only one person, or even a few people doing all the accounting that has to be done in a lot of different areas, opens the door for fraud and embezzlement. Companies that employ more people assigned functions can structure tasks in such a way that those done by the same person don't pose a control threat. Realizing that for smaller...