icas inkwell
A Report into Accounting systems of Inkwell Ltd & recommendations for Improvement.
Contents
1. Terms Of Reference
2. Executive Summary
3. Methodology
4. Introduction
5. Findings and Recommendations
6. Cost and Benefit analysis
7. Appendices
Terms of Reference
1.1 This project has been prepared to cover the requirements of the Internal Control and Accounting Systems unit, for the Level 4 Stage for the Association of Accounting Technicians.
1.2 The report identifies weakness within the internal control, monitoring and looks at the needs which needs improving and outlines a cost benefit analysis of implementing the improvements of the accounting systems for Inkwell Ltd.
Executive Summary
2.1 This report was written to review the accounting systems of Inkwell Ltd. The investigation shows weaknesses in following the areas:
Credit Control
Security
Accounts payable/Stock inventory
Training
Wages and Salaries It is recommended that the following action should take place:
To have credit control procedures updated and to improve chasing debtors.
To have more control over security and to be up to date with the system that will be in place.
To have a purchase invoice matching module to have more control over the payable accounts and inventory
To have more reliable sources such as up to date manuals for new employees.
To change the when sales and warehouse and to be paid the same as the rest of the company
Methodology
3.1 The methodology for this report follows the analysis of information which I have received from the finance director being:
Diary of events over six months
Personal department information
Information technology policy and system
Sales and customer receipt policies
Cash and banking
Wages and Salaries
Company history
Introduction
4.1 Inkwell Ltd was established in 2003 by Paul Farnon and Victoria Dawson. In 2008 Anil Gupta bought into the company when the other two
Contents
1. Terms Of Reference
2. Executive Summary
3. Methodology
4. Introduction
5. Findings and Recommendations
6. Cost and Benefit analysis
7. Appendices
Terms of Reference
1.1 This project has been prepared to cover the requirements of the Internal Control and Accounting Systems unit, for the Level 4 Stage for the Association of Accounting Technicians.
1.2 The report identifies weakness within the internal control, monitoring and looks at the needs which needs improving and outlines a cost benefit analysis of implementing the improvements of the accounting systems for Inkwell Ltd.
Executive Summary
2.1 This report was written to review the accounting systems of Inkwell Ltd. The investigation shows weaknesses in following the areas:
Credit Control
Security
Accounts payable/Stock inventory
Training
Wages and Salaries It is recommended that the following action should take place:
To have credit control procedures updated and to improve chasing debtors.
To have more control over security and to be up to date with the system that will be in place.
To have a purchase invoice matching module to have more control over the payable accounts and inventory
To have more reliable sources such as up to date manuals for new employees.
To change the when sales and warehouse and to be paid the same as the rest of the company
Methodology
3.1 The methodology for this report follows the analysis of information which I have received from the finance director being:
Diary of events over six months
Personal department information
Information technology policy and system
Sales and customer receipt policies
Cash and banking
Wages and Salaries
Company history
Introduction
4.1 Inkwell Ltd was established in 2003 by Paul Farnon and Victoria Dawson. In 2008 Anil Gupta bought into the company when the other two