Modern Accounting Systems in Modern Organizations
The modern accounting systems have made a difference in modern day organizations by finding ways to manage the financial records and revolutionize the way accounting helps improve businesses. Modern accounting systems have evolved over the years and are vital for current and future operations of an organization by implementing a strategy to follow starting with accounting in the business environment. The business environment plays a strong role in accounting because there certain individuals that rely on the information to make sound decisions which will affect the organization as well as outside organizations. “Business owners use accounting information to set goals, to measure progress toward those goals, and to make adjustments when needed” (Horngren, 2012).
The financial statements give owners the information they need to help make those decisions. The investors, creditors and even taxing authorities rely on modern accounting systems to ensure they are not being lied to and the financial records are completely sound. There are also certain organizations that govern the accounting procedures in an organization as well as the ethics along with standards of professional conduct because accountants
References: Billie Cunningham, L. A. (2012). Accounting: Information for Business Decisions. South Melbourne: Cengage Learning. Cagan, M. (2007). The Everything® Accounting Book, Balance your budget, manage your cash flow, and keep your books in the black. Avon: Adams Media. Retrieved from Netplaces.com. Grice, R. (2010, Mar 24). Ways poor business ethics and morals affect society. Retrieved from helium.com: http://www.helium.com/items/1782712-the-effects-of-unethical-business-practices-on-society Samant, J. M. (2011, Jan 06). Sales and Finance Work Together in the Best-Run Companies. Retrieved from salesandmarketing.com: http://www.salesandmarketing.com/article/sales-and-finance-work-together-best-run-companies Sharda Gangwar, D. G. (2009). Fundamental Principles of Accounting. Mumbai: Global Media . York, State University of New. (2012). Handbook09. Retrieved from newpaltz.edu: http://www.newpaltz.edu/internalcontrols/handbook09.pdf