Accounts System

Created by: TinaCoolBeansSarg
Created on: 28-10-14 13:09

Accounts Systems

All companies need to keep formal accounts to keep track of financial transactions.

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Account systems are used to keep track of money paid out or in and any amounts owing or owed

Accounts Systems are used to ensure that the accounts reconcile (the amount coming in minus the amount going out equals the cash in hand) and that any errors are highlighted

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Accounts Systems are used to allow management an overview of how well the company is doing

Accounts Systems are used to fulfil legal requirements.

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Apart from recording day-to-day transactions, accounts software produces vital management information, such as details of profit and loss, that are needed by senior management.

A variety of reports can highlight issues that may have arisen in different parts of the organisation.

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Other cards in this set

Card 2

Front

Account systems are used to keep track of money paid out or in and any amounts owing or owed

Back

Accounts Systems are used to ensure that the accounts reconcile (the amount coming in minus the amount going out equals the cash in hand) and that any errors are highlighted

Card 3

Front

Accounts Systems are used to allow management an overview of how well the company is doing

Back

Card 4

Front

Apart from recording day-to-day transactions, accounts software produces vital management information, such as details of profit and loss, that are needed by senior management.

Back

Card 5

Front

Back

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Accounts System