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Vital! The accounts are an essential element of the management information system.
They tell management, in financial terms, what the company/organisation has done, but, more importantly, the accounts provide a basis for decision making.
Although organisations are dependent on external factors for survival, careful management of resources (by means of accountinng information) can help to mitigate losses, but also must be used facilitate the identification and exploitation of opportunities.
The accounts can provide various measures of efficiency and effectiveness, from identifying co-relationships between marketing activity and sales, to staff and asset performance. Good accounting can be used in a predictive way, and as a basis for rewarding those within the company/organisation who contributed to past success.
Accounts can be an incentive to better business. Good budgeting therefore plays a part, all part of a good accounting system. The essence of good accounts includes accuracy, timeliness and clarity and simplicity of format, so that all users can make informed decisions.
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∙ 15y ago
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