Financial Accounting

Purpose

To meet the information needs of all users.

The definition of Financial Accounting is "the art of identifying, classifying, recording, reporting and communicating relevant and reliable financial information that is useful to users for decision making and evaluating decisions about the allocation of scarce resources”.

Users include:

• Resource providers
• Recipients of goods and services
• Parties performing a review or oversight function
• Board of Directors and Management, and
• Various governing bodies

Reports should include information about:

• Performance
• Financial position
• Financing and Investing activities, and 
• Compliance

This information should be historical and prospective in nature.

Intended Results

To meet the information needs of users. We start with information needs first and then design processes, configure and implement systems that meets all these requirements.

Benefits include:

• Increased efficiency and effectiveness
• Reduced finance operations costs
• More sustainable, predictable and resilient systems
• Better control and transparency
• More flexibility and scalability
• Less risk
• Process excellence through best practices and standardisation
• Focus on important actions that improve productivity and growth

BTO can help you with...

Financial Accounting

• maintain general ledger
• process receipts
• record payments
• prepare bank reconciliations
• cash flow management and control
• maintain debtors ledger
• maintain fixed asset registers
• maintain creditors ledger
  > process invoices
  > process payments
  > creditor statement reconciliations
• process all necessary journals in the general ledger
• reconcile balance sheet accounts and relevant general ledger accounts
• financial reporting
  > balance sheet statement
  > income statement
  > cash flow statement
  > ratio analysis

Call us on 0425 210 249 or complete our contact form to discuss your needs.