Installing a new computerised accounting system would help minimise these labour intensive tasks and minimise administrative overheads. Chic Paints Ltd Essay Sample This report has been written using information gathered from the accounts staff at Chic Paints Ltd. As a mother of two returning back to work, I found the service provided by Osborne Training excellent, affordable and flexible. The report will seek to make recommendations that will help the organisation improve and build on its strengths and identify areas of weaknesses and address them along with areas exposed to potential for fraud. For example, the company should designate confidential bin to dispose recyclable paper and plastic bin for recyclable plastic bottles.
Strategic plans have meanta massive shiftin philosophywhere previouslythe company manufactured manyproducts as a conglomerate including household paints which resulted in huge competition from competitors and resulting in low profitmargins. The Bank may also request information such as Statement of cash flow. I know I keep seeing the name of my case study's company mentioned! The purpose of the balance sheet is to show the financial position of the business on any day. Table of Contents 1 Terms of Reference 3 2 Executive Summary 3 3 Methodology 4 4 Introduction 5 4. There are five members ofstaffwhich report to Hazel. Any help would be very much appreciated. While internal controls are specific to a company and their business operations, a few basic controls are common among businesses.
Thus, the objectives of this reports are: Explanation and review of the existing accounting system at Chic Paints Limited; Identification of weaknesses in the system and effect of those on the organisation; and Recommending methods and steps for improvement in the existing system. The author claims that credit crunch played crucial role in increased house prices slamming housing activity. In July 2 possible replacements were found who are thought to have the necessary skills. Furthermore,with the companybeing manufacturing based,costing systems are implemented to help the companyreview monthlyfigures. There is a feeling of being free and in control when you? Her time however is very expensive she also has not done this work for a few years so lack of experience would slow her down which would not be a cost effective solution for the business.
Previously, we provided case studies such as a to z hire, chic paints ltd. Your training provider will be able to give you guidance so it is important that you discuss it with them. Further explanation of these terms can be found in the terminology section 2 3 1. It would also be a lot more cost effective to hold meetings in this way where possible. Health and safety legislation- as set out in a variety of legislation. They will wantthe company to issue respectable creditterms,financial information such as monthly statements,price lists and changes in paintprices and also how much ofa credit limitthey will receive before the accountis put on stop. They should establish how solvent the customer is and whether they are likely to have any problems paying their invoices on time.
As you may be referring to an individual piece of evidence more than once in your evidence summary you will need to cross reference all pieces of evidence by giving each a unique number and refer to page number, paragraph number etc. The main accounting system is notintegrated with the payroll system and as such this requires journal entries to transfer the payroll costs,as a result,this could mean thatjournal entries are not correct and if no reconciliation is completed between the system itmaymean more wages could be paid to whathas been journaled to the wage nominals. This statement does not show the company activity for a whole year. Net assets are over £25 million and the company employs 350 staff. The cells will expand to fit you text. The financial world is most certainly one of the key areas where technology has made great impact.
Invoices which are overdue should be flagged up and reminders automatically sent out to the customers by the accounts receivable clerk. The purpose of the Purchase Ledger is to reconcile supplier accounts from goods being received to payment been made. Analysis of Current Accounting System 11 6. A brief overview about each accounts employee, an overview of the accounting system and a list of events that have occurred over the past six months can be found in the company diary. You would also receive a tutorial book by post to help you prepare for the project. Net assets over the same period have increased from £20 million in 2007 to over £25 million in 2013. Executive Summary This report evaluates the accounting system ofChic Paints Ltd and the internal controls with recommendations on how these can be developed and improved to safeguard the company.
The sales invoices are generated using a goods despatched listing. To do so is considered malpractice. Recycling paper,ink cartridges and plastics as well as turning off all unused electronic devices are all ways in which the companycan become more sustainable. Implementing of all the recommendation of this report should improve efficiency of the whole run of the Sales Ledger. Even if the outcome is not what… Words 828 - Pages 4 the first floor, so the stairs are used by members of the public. Company can incur late penalty charges for late payments. It can be a pollutant and an environmental stressor and interferes with normal activities such as sleeping.
Please note, there is no tutor support in the self study method. There is a lot of leeway in this, it is your report and as long as it's laid out in a sensible, coherent manner then it should be fine. A stand-alone full absorption costing system was installed three years ago, along with a more traditional standard costing and variance analysis system. The companyis currently operating in a supplier marketwhere new biodegradable materials are becoming available at a slightpremium of20 per cent more than the products currentlyused. Gregorio, an unemployable college drop-out, pretended to be a public works contractor, and asked his former college seatmate, who owns a large hardware store, for a 90-day credit on Php200,000 worth of construction materials. The users will be affected more by changes in the system if such changes require non-disclosure of information important for such users.