Describe about the Traditional Roles of Accounting Functions?
The financial functions are mainly about the raising the funds of the shareholders and makes investment and proper allocation of the earning returns to them according the decision taken by the financing, investing and the dividend distribution pattern of the organization. Mainly a firm gives better performance in the financial functions of the operational activities of the business process to better utilization of the planning and execution activities of the financial functions of the organization. Accounting functions are mainly invented for the tax assessment and the investment ship resources at a national level of different countries. Stewards having agent ship with owner of lands where they used to utilized the charges of the land to utilized the as much as possible value for the particular accounting standard. The national assessment is firstly made by the country Britain to calculate the taxation of the taxable income of that country’s wealth. According to many authors it is research that continues review is for the development of the accounting and the reporting statements of the corporate (Agur, 2013).
The principles of the accounting is mainly focus on the accounting of the financial statement of the company to calculate the assets and the returns acquired by the company’s owner. The count of the assets is mainly done by the process of the book keeping as a primary step. The revolution techniques is mainly make concentration on the resources of technical operations. This technique is created requirement of investment of capital and the multiple investor’s returns according to the joint company Act and company Act 1844. The companies are mainly manage their cost and accounting management to support the decisions of the managers. The process of the management to give appropriate solutions for the financial management. The firms mainly help in the same criteria which is reducing the business risk and the maintained the balance of the business assets properly and also they are about to get the investment returns from the invested money in the market stock (Bailey & Sawers, 2012).
There are many financial and non-financial challenges which is directly give impact on the finance functions and its results on the globalization strategies. There are many difficulties given by the economy and the suffering from the past few financial crisis. There are challenges faced by them in a global economy by economic financial disasters (Bauman, 2013).
There are many situations arises where the financial functions is to maintain the management system of an organization. The financial and accounting system of the is delivering the consisting different kinds of financial functions example general ledger, financial statement analysis, calculation of the account receivable and accounts payable of the accounting and the asset management accounting and the cash handling accounting. Enterprise resource program is the ultimate solution to make proper management of the financial data of the business operational system. There are many changes required by the organization to structure their financial status. The customers are the only who are meet with the legalized report and the accounting facilities which is support in the minimizing the risks of the business and make required changes and lock the opportunities for company (Craig & Amernic, 2014).
The financial management is mainly getting strength from the financial tools of the business by exchanging the data by ERP tools of the financial solution in the organization. There are some examples are following in nature which getting advantages by the enterprise resources system (Hampton, 2013).
The data models prepared by the system is mainly help in the preparing a data report for the company and making a database report for the future reference. The processing model of the system mainly inspect the activities of the financial departments and support in the coordination techniques of the business to control and monitor their productivity by given a period of time. The delivery model is also providing the techniques of the financial statements and also preparing the logical policies for the company. The tools like ERP always support to the organization to provide the proper report to the company at a proper time for the growth of the business (Holzmann, 2013).
There are many financial management instruments which is help in the proper management process of the organization by mitigating the challenges of the financial functions.
This is the first step of the accounting process in the organization to record the all kind of the transaction in the organization. The system help in preparation of the general and ledger accounting process by fulfilling all the accounting principles accepted by the business process.
In the process of preparation of the accounts payable process is mainly about the recording all the transactions done by the business organization from their supplier in different kind of transactions mode and the preparation of the invoice of the payment.
In the process of preparation of the accounts receivables process is mainly about the recording all the transactions done by the business organization from their customers or the debtors in different kind of transactions mode and the preparation of the invoice of the receiving cash from the business activities. According to system the notice and letters for the debtors will be automatically generate at the proper period of time and give the proper details about the business debts and other activities related to the debtors of the business (Kaur & Singh, 2013).
This system is mainly help in the maintaining the different types of the business and depreciation activities and different methods of maintaining the assets. The financial statements are mainly prepared at the policies of the generally accepted accounting principles and the IFRS practices of the accounting. There are many financial tools are prepared for the different credit accounting transaction, cash book invoicing and the bank reconciliation activities (Larkin & Ruppel, 2015).
These reporting system is giving the proper information about the planning of budget and the other functions of the business process and future operational planning of the organization. Maintenance of different tools of system which provide the proper database information about the business operations.
According to the support of this process the company is mainly manages the department of the various business processes and management of those projects efficiently and always take a statement of record for the actual performance of the business activities. The system is also help in the monitoring the database and the statements of the financial reports of the particular organization.
Trident Corporation organization is mainly expanding their business activities in the inventories management and the accounts payable for increasing the selling activity to indirectly make accounts receivable of organization activities arises. There are mainly three components of the net working capital of the organization. Accounts payable and receivable is increased the fund level of the current asset and decreases the liabilities side of the balance sheet. Accounts payable is mainly calculated for the fund the organizational operational activities. The company Trident Brazil’s NWC shows that cash and the short term capital is not adjusted in the calculations. Those are the main part of the current assets and liabilities of the business. Working capital is mainly help in the frequent changes in the operational activities of the organization. According to the accounting principles of the accounting standards trident company is also tried to minimize the working capital calculation of an organization (Mano & Yamamura, 2013).
Account receivable is mainly decreases if the organizational collection of the business is accelerated. Inventory collection which is gives the proper outcomes about the unfinished and finished products of the company and increases the rate of the products which are produces in that manufacturing concern and decrement in time of the Just-in time techniques of inventory management. These measurement techniques will be equalised by the payment of the client of the business activities and the selling activities will get hampered if the stock is not proper in the organization. The financial statements of the organization will also get affected by the net working capital with related to the accounts payable activities. If the working capital of the company is not maintained by them properly will give negative impact on the connection of the company and the supplier of the goods and services to the organization and decrement of the reliability and the supply chain management (Peytcheva & Majoor, 2014).
Reference
Agur, I. (2013). Wholesale Bank Funding, Capital Requirements and Credit Rationing. IMF Working Papers, 13(30), 1. doi:10.5089/9781475571622.001
Bailey, W., & Sawers, K. (2012). In GAAP We Trust: Examining How Trust Influences Nonprofessional Investor Decisions Under Rules-Based and Principles-Based Standards.Behavioral Research In Accounting, 24(1), 25-46. doi:10.2308/bria-50071
Bauman, M. (2013). The adequacy of fixed asset disclosures under U.S. GAAP. Research In Accounting Regulation, 25(2), 149-156. doi:10.1016/j.racreg.2013.08.002
Beyersdorff, M. (2014). International GAAP 2014. Chichester, West Sussex: Wiley.
Bierstaker, J., Monahan, T., & Peters, M. (2013). Going Concern Designations and GAAP versus Non-GAAP Earnings Metrics. Issues In Accounting Education, 28(1), 77-92. doi:10.2308/iace-50298
Craig, R., Smieliauskas, W., & Amernic, J. (2014). Assessing Conformity with Generally Accepted Accounting Principles Using Expert Accounting Witness Evidence and the Conceptual Framework. Australian Accounting Review, 24(3), 200-206. doi:10.1111/auar.12039
Craig, R., Smieliauskas, W., & Amernic, J. (2014). Assessing Conformity with Generally Accepted Accounting Principles Using Expert Accounting Witness Evidence and the Conceptual Framework. Australian Accounting Review, 24(3), 200-206. doi:10.1111/auar.12039
Edwards, J. (2014). The method of bookkeeping, deduced from clear principles. Accounting And Business Research, 1-22. doi:10.1080/00014788.2014.978255
Hampton, M. (2013). Money as social power: The economics of scarcity and working class reproduction. Capital & Class, 37(3), 373-395. doi:10.1177/0309816813502762
Holzmann, O. (2013). Private Company GAAP. J. Corp. Acct. Fin., 25(1), 73-78. doi:10.1002/jcaf.21911
Kaur, H., & Singh, S. (2013). Managing Working Capital Efficiency in Capital Goods Sector in India.Global Business Review, 14(2), 343-355. doi:10.1177/0972150913477526
Larkin, R., DiTommaso, M., & Ruppel, W. (2015). Wiley not-for-profit GAAP 2015. West Sussex: Wiley.
Mano, Y., & Yamamura, E. (2013). Influence of a Wife’s Working Status on Her Husband’s Accumulation of Human Capital. Asian Economic Journal, 27(4), 323-339. doi:10.1111/asej.12017
Peytcheva, M., Wright, A., & Majoor, B. (2014). The Impact of Principles-Based versus Rules-Based Accounting Standards on Auditors’ Motivations and Evidence Demands. Behavioral Research In Accounting, 26(2), 51-72. doi:10.2308/bria-50707
Ruppel, W. (2014). Wiley GAAP for Governments 2014. Hoboken: Wiley.
Silva Guerreiro, M., Rodrigues, L., & Craig, R. (2014). Changing from a Rules-based to a Principles-based Accounting Logic: A Review. AABFJ, 8(2), 110-120. doi:10.14453/aabfj.v8i2.8
Stone, G., Fiedler, B., & Kandunias, C. (2014). Harnessing Facebook for Student Engagement in Accounting Education: Guiding Principles for Accounting Students and Educators. Accounting Education, 23(4), 295-321. doi:10.1080/09639284.2014.908730
Terry Towel, Textile, Yarn, Paper Manufacturers India,, 2. (2015). Terry Towel, Textile, Yarn, Paper Manufacturers India, Trident Group. Tridentindia.com. Retrieved 26 April 2015, from https://www.tridentindia.com/
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download