Accounting Services, Internal Audit & MIS Reports

Accounting Services

The Term Book Keeping involves the recording the Company’s financial transaction on a daily basis. With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions. Bookkeepers are individuals who manage all financial data for companies. Without bookkeepers, companies would not be aware of their current financial position, as well as the transactions that occur within the company.

Accurate bookkeeping is also crucial to external users,  which include investors, financial institutions, or the government that need access to reliable information to make better investment or lending decisions. Simply put, the entire economy relies on accurate and reliable bookkeeping for both internal and external users. Accounting is the creation of Financial Strategy based on the data collected in day to day book keeping. We need accounting because it’s the only way for business to grow and flourish. Accounting is the backbone of the business financial world. The concepts of assets, liabilities, and income and the need to reconcile these areas is still the basis for all accounting functions today.

Accountants are so important, because it communicates  so much of the information that owners, managers, and investors need to evaluate a company’s financial performance. In fact, the purpose of accounting is to help stakeholders make better business decisions by providing them with financial information.

Accountant will do?

• Audit your books to ensure accuracy

• Interpret Numbers in your books

• Create strategy based on those numbers

Internal Audits

The role of internal audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively. Internal Audit teams duty is to provide an unbiased and objective view. They must be independent from the operations which organisation evaluate and report to the highest level in an organisation: senior managers and governors. Typically this is the board of directors or the board of trustees, the accounting officer or the audit committee. To be effective, the internal audit activity must have qualified, skilled and experienced people who can work in accordance with the Code of Ethics and the International Standards. The nature of internal auditing, its role within the organisation and the requirements for professional practice are contained within the International Professional Practices Framework (IPPF). The components and the detailed content of the IPPF are available in the Global professional guidance area of the website.

Internal auditors deal with issues that are fundamentally important to the survival and prosperity of any organisation. Unlike external auditors, they look beyond financial risks and statements to consider wider issues such as the organisation’s reputation, growth, its impact on the environment and the way it treats its employees. In sum, internal auditors help organisations to succeed. The assurance part of their work involves telling managers and governors how well the systems and processes designed to keep the organisation on track are working. Then, they offer consulting help to improve those systems and processes where necessary.

INTERNAL AUDIT PROCESS

Internal audits are a key management control activity that ensures the internal business processes are consistent. An internal audit is a form of audit process that occurs within the organisation to assess the conformity of internal processes and systems.

ROLE OF AN INTERNAL AUDIT

The internal audit activity helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.” Assess compliance with state and federal laws and contractual obligations.

The following audits tools would be required to perform an internal audit:

• Internal Auditor(s)

• Audit plan

• Audit checklist

• Audit schedule

Steps for Performing Internal Audit

• Know what and when to audit

• Create an audit schedule

• Pre-planning the scheduled audit

• Conducting the Audit

• Record the findings

• Report the findings

Management Information System Reports

An Management Information System report is a tool managers use to evaluate business processes and operations. This describes the different kinds of Management Information System reports and how they are used. Management Information System automatically collect data from various areas within a business. These systems are capable of producing daily reports that can be sent to key members throughout the organization. Most Management Information System can also generate on-demand reports. On-demand Management Information System reports allow managers and other users of the system to generate an Management Information System report whenever they need it.

Many large businesses have specialized Management Information System departments, whose only job is to gather business information and create Management Information System reports. Some of these businesses use sophisticated computing technology and software to gather information. However, the method of collecting information does not have to be that complex. Smaller businesses often use simple software programs and spreadsheets for their Management Information System reporting needs.

There can be as many types of Management Information System reports as there are divisions within a business. For example, information about sales revenue and business expenses would be useful in Management Information System reports for finance and accounting managers. Warehouse managers would benefit from Management Information System reports about product inventory and shipping information. Total sales from the past year could go into an Management Information System report for marketing and sales managers. Reports can be prepared on basis of Process Control, Sales & Marketing, Inventory Control, Accounting & Financing and Human Resources.

Advantages/Benefits

• Management Information System Reports are used as a communication and planning tool.

• Companies are able to identify their strengths and weaknesses due to the presence of Management Information System revenue reports, employee’s performance record etc. Identifying these aspects can help a company improve its business processes and operations.

• Giving an overall snapshot of the company.

• The availability of customer data and feedback can help the company to align its business processes according to the needs of its customers. The effective management of customer data