Accounting Information System

Executive Summary

This report pertains to the selection of an Accounting Information System for an organization having 50 employees and annual revenues of $10 million. A number of accounting information systems has been discussed in the report, but most of them are suitable for a large sized organization with high geographical expansion and huge number of employees. It is evaluated whether a business is small or large, but it always requires the implementation of an appropriate accounting information system to enhance its productivity and reduce its operating expenses.

As the company is operating in an apparel industry, therefore, the PolyPM ERP software has been recommended for the better operations of the company because it contains a number of industry specific characteristics. This will help the company in effectively designing its strategies and products, which will increase its revenues in the long run.

Introduction

The paper provides an in-depth understanding of the potential challenges that ABC manufacturing will face due to its high dependence upon manual accounting and other management practices. It is important to notice that even in such a technologically advanced era, where almost all the manual and analogue tasks have been transformed to a digital one, ABC manufacturing is still operating manual systems for managing their accounts and other operational management tasks.

The paper is aimed to provide an appropriate suggestion for the selection of a suitable accounting information system that would not only help them in managing their accounts and financial transactions, but will also assist the management in effectively managing other operations of the business.

Company Overview

ABC manufacturing is a small sized family-owned business having its operations in the Melbourne city. The business has 50 employees working at different tasks and locations in the city. It has been established about 20 years ago as a small sized business and their main product line was winter clothes and the main target customers were a number of cloth shops in the city.

It has reported revenue of $10 million during the last year, which is a handsome profit for this size of business. The company has recently expanded its business and launched some new product lines, but due to ineffective cost management of the company, it was unable to offer these products to the customers at competitive prices and faced a downturn in the market in terms of revenues and market share.

One of the major reasons behind its high operating cost is the company’s manual operational and managerial practices because it has to hire a number of personnel for managing different tasks of the company, which can be otherwise cost effectively and efficiently performed by establishing an automatic or computer-based infrastructure for the management of all the major tasks of the company. With the help of such systems, the company would become capable of performing and monitoring multiple tasks simultaneously even in remote areas of the country.

Business Requirements

The current concern of ABC manufacturing is related to the uncontrollable operating cost of the company, which is causing huge losses to the company’s reputation and earnings as well. The major reason behind such a high operating cost is its manual business practices because manual operations don’t only require higher number of employees, but also requires a large office area and other related expenses to accommodate these high numbers of employees.

Therefore, the company needs to employ such an expert information system that will not only address the accounting related requirements of the company, but will also help the management of the company in reducing their operational expenses to increase its efficiency and performance. It will also help the company in transforming its manual sales management and revenues recognition methodologies to a digital one, which will enhance the accuracy and efficiency of the sales function of the organization and increase the overall productivity of the organization (Dickhaut & Lere, 1983).

For the success of a business, it is necessary to have such a competent team of the management, which can make timely and accurate future forecasts regarding the company’s future performance and earnings, such forecasts are usually based upon the company’s past performance and the adjustment of its operations towards the changes of the internal and external economic factors.

It is reported that the company has been planning to expand its business to other markets of the city and even outside the city, therefore, it is necessary for the management to make a competitive feasibility report regarding the company’s expansion of its operations. The feasibility report should be based upon certain realistic estimates and calculations because the company has to take their decision on the basis of that report.

Communication plays a vital role in the development and success of any sort of business because it keeps the employees updated about different departments and functions of the organization. Therefore, it is necessary to integrate an effective communication system into the current organization structure, which will help the company in effectively executing certain activities like job rotation and job enlargement. Inventory management is one of the important processes of an organization that can have a great influence over the future performance of a company.

In order to meet the increasing market demand and retain its customers in the long run, the company has to maintain an effective inventory management system. Which will not only help it in maintaining an effective purchasing function, but also help it in reducing the cost by employing a just in time inventory system. Although, the company has a limited number of employees, but in relation to its size that the management of these employees also becomes a very tough task, therefore, the company needs to have a competent payroll system.

So that it can become capable of keeping the payroll record and disbursement of salaries to the individual bank accounts of all the employees on certain fixed time, i.e., on the 1^st day of a starting month or on the last day of an ending month. For a customer centric organization, it is very necessary to meet the changing trends and demands of the market because it would not be capable to stay in competition without addressing the needs and demands of the customers.

Therefore, the management of the company should be capable of evaluating the changing trends of the market and it should be able to timely respond to these changes. This will help the company in capturing the potential customers on a timely basis and give a competitive edge to the rest of the industry.

System Requirements

AIS should be designed in such a manner that it can cover all the business functions of ABC manufacturing, i.e., from managing the accounting transaction system for supporting the top executives of the company in financial planning and decision-making processes. The system should connect all the three major operational departments of the company, i.e., sales, purchasing and production, so that the transactions can be summarized for the internal decision making of the middle line managers.

The AIS should also be equipped with a sophisticated cost accounting system, which will help the management in tracking the total cost associated with the production of a product. This will help the company in proper allocation of its resources and also help it in exploring different opportunities to lower down the production cost. It should also have certain qualities of an expert management system, which means that the system should be capable of organizing data in a logical manner and then forming decision on the basis of this information (Dickhaut & Lere, 1983).

The AIS should be updated according to the applicable financial reporting framework of the entity and should also comply with all the legal requirements of the country where the entity is having operations. It should be capable of exercising strong internal controls over different functions of the organization and connect different departments of the organization with each other through a cloud computing mechanism. It should contain tools like customer relationship management, supply chain management and capable of using advanced accounting techniques, i.e., activity-based costing (ABC system). This will help the company in performing improved managerial reporting by employing a number of analytical techniques.

Software Selection

There are a number of companies that are offering different software packages to the business community. Some of them sell the software as an end product to the buyer, while the other enter into a service agreement with the companies and offer them different packages, while retaining the ultimate control and ownership of the software with themselves (Fulmer & Gerard, 2015). Intacct is one of the most efficient and productive software that can be employed in a small or midsized business. It is a SaaS (Software-as-a-service) product, which means that it can be accessed at any time by visiting the website of the company through a browser.

It offers a number of products according to the requirement of the entity and support applications for the management of core accounting, project accounting, revenue management, purchasing, order and billing, multi-currency management, financial reporting and also help in the decision-making process (Wu & Cao, 2009). Another software known as Sage ERP is a collection of different products that are designed to meet the requirements of a highly diverse industry, i.e., Sage ERP Accpac, MAS and X3. These products cover a wide range of services and provide a competitive environment for a manufacturing concern. Sage ERP offers functionality for inventory control, supply chain management, manufacturing and distribution, material resource planning and human resource management.

PolyPM provides a complete ERP and PLM solution for small and mid-sized manufacturing and distribution concerns. The software is specifically developed for a company operating in the apparel manufacturing industry. It offers a wide range of industry specific services and possess certain unique characteristic like it can be customized according to the requirements and size of the business. The developer of this software is easily accessible and ready to help the users at any time on their doorsteps. It can be implemented in an organization having annual revenues not exceeding $300 million.

The company is currently operating in a single city with 50 employees and $10 million annual revenues; therefore, a medium sized ERP software is suitable for the company, which would only be able to manage the key operational and management functions of the company. Implementing a medium ERP solution will require lower capital investment as compared to implementing a high-end solution.

It is evaluated that the company is currently operating manual systems and it would require a significant number of resources to train the employees of the company to run a totally computerized system. Therefore, initially the implementation of a medium level ERP will help the company in arranging a suitable training environment for its employees, where they can learn how to carry out computerized based operations. This will reduce the expenses of the company by eliminating the cost required for the training of the employees (Mojzis & Coufal, 1970)

Another reason behind the implementation of a medium level ERP is its user-friendly interface, which will reduce the risk of error and execute different functions of the organization effectively even during the trial period. Unlike the high-end complicated ERP solutions, the medium level ERP system will not require the company to transfer all of its departments to the computerized system simultaneously rather it will provide an opportunity to initially implement the ERP over some of its departments and if the response is favorable, then the company should extend this system over the rest of the organization as well. This will help the company in evaluating the performance of the proposed ERP system and also help it in fixing the weaknesses of the proposed system (Kamiński, 2010).

Accounting Information System Vendor Selection

The Sage ERP and PolyPM ERP solutions are the most suitable options for the company and the company has to make a choice out of these two solutions because the ERP solution offered by the Intacct is not suitable for a business like that of ABC manufacturing. Sage ERP solution is developed by the Sage Company, which is a $2.24 billion business and headquarter of the company is located in England. The company is also operating in other regions of the world under the same brand name (Jutras, 2003). It offers a number of ERP solutions and users have to make their choices according to the specific requirements of their business.

The company also develops software on the demands of the customers and sells it to the buyer as an end product. The Sage ERP X3 is the most suitable product for ABC manufacturing because it is a very cost effective and easy to use product. Users can integrate this software into different processes of their business through a single common system that can be accessed through a single user interface. The software will help the management in timely decision making by dealing different issues of the customers and business in real time scenarios.

It is also capable of addressing the changing business environment and demands of the customers due to the growth of the company enabling the users to improve the productivity of their operations. This software can translate multiple languages for the users and can be used at different locations simultaneously. However, the implementation of this software would require the company to invest heavily at the start, but it will benefit the company in the long run.

PolyPm software is an ERP solution developed by the Polygon Software Company, which has a long history of developing industry specific software for the apparel industry. The company had developed its first software about 30 years ago, known as the PloyNest. However, with the development of technology, most of the businesses have started to transform their operations on the ERP solutions and therefore, the company had also developed a unique ERP solution that is also having the PLM/PDM in addition to the ERP, which are integrated into a single application. The software allows its users to integrate all the functions of the organization from product development to distribution processes.

It helps the management in building an understanding about the specific market requirements and changing trends of the market, so that they can adjust their products accordingly (Chen et al., 2011). Unlike the Sage ERP X3, it can be customized according to the specific requirements of a user’s business and can be installed directly into the client server and run over the SQL database of the Microsoft. This option will reduce the cost of implementation of new ERP software. By incorporating all the steps involved in product development, companies can get a better understanding of the overall lifecycle of a product, from the development of an appropriate and attractive design to the execution of production and distribution activities.

Some of the functions that are incorporated into the software and related to the specific requirements of the apparel business include fabric inspection, size ranges, Cut planning and CMT production. The software also contains some standard production functions to enhance the quality of the products like PSV, order tracking and BOM. It also connects different departments of the company with one another so that they can effectively communicate and share their individual experiences (Bell et al., 2010).

Accounting Information System Recommendation and Conclusion

I would recommend the PolyPM software to the ABC manufacturing company because the company is operating in the apparel industry and this software has been developed according to the specific requirements of the apparel industry. The software contains all the functions and specifications that can easily meet the requirements of ABC manufacturing. It will help the management of the company in managing their operations and product development activities and just like other management expert system, it will also provide suggestions to the management regarding incorporating different sort of changes in its products.

Due to its simple to use interface and low system requirements, it will not require the company to invest heavily in its installation or implementation in the organization (Fulmer & Gerard, 2015). The proposed ERP system will also help the company in managing its inventory, because inventory management is the most important function of an organization and a slight miss management of this function can cause huge losses to the organization, i.e., goodwill, customers and corporate reputation.

The proposed ERP solution will also make a real time connection between different departments of the company and especially between the production, inventory and sales department, this will help them in effectively communicating with each other, which will not only enhance the quality of the product but will also reduce the material wastage (Daneva, 2004).

A strong communication between different departments of the company will allow its management to implement a just in time inventory management system, which will further reduce its operating cost and the company will become capable of offering its products at competitive prices, based on the successful deployment of an accounting information system ERP.

On the basis of the discussion made in this paper, it has been concluded that Accounting Information System can enhance the productivity and performance of an organization and open a number of new opportunities in terms of new business ventures and growth strategies. The selection of an appropriate Accounting Information System should always be based upon a critical evaluation of the organization’s needs and operations (Hamilton, 2003).

Although, the implementation of such software requires a high initial investment, but in front of the long-term benefits associated with the establishment of such software, these elements are negligible. However, it is observed that a competent software is the one that can incorporate all the legal, ethical and accounting standards and implement them in the operations of the organization.

References

Bell, R., Dentale, S., Buchner, A. & Mayr, S., 2010. ERP correlates of the irrelevant sound effect. Psychophysiology.

Chen, K., Razi, M. & Rienzo, T., 2011. Intrinsic Factors for Continued ERP Learning: A Precursor to Interdisciplinary ERP Curriculum Design. Decision Sciences Journal of Innovative Education, 9(2), pp.149-46.

Daneva, M., 2004. ERP requirements engineering practice: lessons learned. IEEE Softw., 21(2), pp.26-33.

Dickhaut, J.W. & Lere, J.C., 1983. Comparison of Accounting Systems and Heuristics in Selecting Economic Optima. Journal of Accounting Research, 21(2), p.495.

Fulmer, B.P. & Gerard, G.J., 2015. Selecting an Enterprise Resource Planning System: An Active Learning Simulation. Journal of Emerging Technologies in Accounting, 4(12), pp.150-76.

Hamilton, S., 2003. Maximizing your ERP system. 1st ed. New York: McGraw-Hill.

Jutras, C.M., 2003. ERP optimization. 1st ed. Boca Raton, Fla.: St. Lucie Press.

Kamiński, A., 2010. Computer Integrated Enterprise in the MRP/ERP Software Implementation. Foundations of Management, 2(2).

Mojzis, M. & Coufal, J., 1970. ERP Experimentation Guide Software. Front. 2nd. INCF. Congr. of. Neuro..

Wu, H. & Cao, L., 2009. Community Collaboration for ERP Implementation. IEEE Softw., 26(6), pp.48-55.

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Management Accounting Process

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Management Accounting Process

Title: Management Accounting Process. Management accounting entails the process of identifying, analyzing, recording, and presentation of informed management information to the different management in entities so as to make informed decisions. The informed decisions are both short and long term ones. The information provided may be wide covering different areas like the sale made in ascertain period and the budgets, the growth in profitability, customer base and payments made. The information being provided relates to the management, is always timely and is useful in making the entity’s decision.

The managerial information is critical in making different strategic decisions, helps in making performance decisions which are involved in creating an area of comparing the profits of the entity with previous periods and coming up with better techniques of improving on the same (Drury, 2013, p.17).The organization is also involved in the creation of risk managing actions on different lines of management whereby this will be through ensuring that the entity ventures in different business through taking risks which may lead to better performance.

The data which is collected by the different management accountants are involved in the process of planning, performance rating and maintaining operational status. Planning enables the different entities to know what to produce and when. This is aided by knowing the amount of the raw materials being needed and the labor force too. The planning process enables the entities to take into consideration performance rating which entails comparing the input rate for the different employees and the resultant profit.

Maintaining the operational status enables the different management to know the cost incurred in the production process and keeping a record of what is occurring in the entity. The costs incurred in the production process can be identifying from the different raw materials and the input in the production process based on the labour force and the time employed. The improvement in the operational status of an entity will hence lead to achievement of different set target which will motivate the different management personnel and the staff too. These goals can only be achieved with good setting of strategies by the management accountants from the initial states and making the different responsible personnel on what to do. The different roles assigned will at the end evaluated and the achievement of the different target evaluated too.

Role of Management Accountants

The traditional management accountants role were mainly geared towards cost control and reduction but the Strategic accountants in the current era are focused on a wide area of activities like ensuring that there is improved competitiveness, identifying new opportunities in different markets and ensuring that the decisions being made are longterm and of benefit to the different organizations (Hilton, 2013,p.39).The roles of the management accountants have hence highly changed in the current period as compared to the past. This has been brought about by the increasing level of technological advancements, increased business sizes and the existence of different opportunities in different areas. The following are the different roles played by the Strategic management accountants in the current world which are quite different from the traditional management accountants.

Keeping a Prospective View in the Entity

The management accounting process management is employed today by the strategic management accountants is of more benefit as compared to the traditional one resulting from the different changes in the global environments. The management accountants today use information which is more broad-based and doesn’t consider only internal information in an organization and is highly prospective. The broad-based information has been made through having a broad information base through the enterprise resource planning systems. The newly implemented systems by the management accountants enable them to be able to keep track of huge amounts of data relating to different parties. The data can be kept for the different customers and suppliers of the entity which will enable them to keep a track of the active and frequent customers and suppliers too. The data enables the different management accountants in ensuring that the make the payments to the different suppliers in time and hence they don’t build up their balances which may lead to the inability to settle them in future.

Keeping this track enables the different suppliers need to be met in time and hence that will also increase and improve on their supply of the different resources to the entities as there will be no fear of losing any amount upon their supply. The customers’ data can have also been kept to track the different purchasing habits and in case some of the customer’s claims of any balances owed to the entity, it can be easily traced (Malmi,2016, p.32).This has enabled the entities to be able to identify the different measures to meet their customers’ needs and overcome competition in their environment.

The use of the prospective data on how the entity may be performing with the different customers and suppliers has enabled the different management accou tan ts to come up with different strategies of maintaining the existing customers and suppliers and acquiring new more ones and hence being able to open up in a wider area which leads to an improvement in their competitiveness.

Management Accounting Create Competitive Focus

The strategic management accountants are involved in creating a competitive focus in their different environments as compared to the manufacturing focus of the tradition alk management accountants. The traditional management accountants were focusing only on the manufacturing process and the monetary value benefit they will get. This made most of the entities produce different products with the concerned of the value they would acquire, while in the new era the management accountants are taking into consideration the value of the different non-financial information in an entity like the predicted sales, the market share, the potential competitiveness.

The environmental concerns which have no direct costs but have a great impact on the public and the future generations are also taken into consideration (Hasniza Haron,2013, p.104).The consideration of the different budgeted sale has enabled different entities performance to be high as they are forced to work on tight schedules to ensure that they meet the different standards. The entities are also involved in ensuring that these deadlines are kept in track and improvements in the quality of the products with far pricing which lead to an improvement in their sales.

Taking into consideration the different aspects of their market share in the market has enabled the different entities to keep information on their performance and hence be able to track on the weak areas where improvement is highly needed. The market share size enables the different entities to borrow more from their competitors in getting to identify the gaps which exist between them and the competitors too. These gaps are core in ensuring that the entities are to out-win the other customers in the wider competitive market. The new strategic management accountants are able to identify the different non-direct cost acts which have an impact on the entity now and in the future.

The management accounts in the current era are involved in ensuring that they meet the different cost acts which are involved in creating good relations with their different stakeholders. These activities are like being involved in the different community development projects and providing incentives to the different customers and suppliers too like providing trips to the customers who made the high purchase in the entity (Malmi, 2016, p.34). These incentives create a good gesture to the different stakeholders and hence the organization can easily be in a line of attracting and maintaining more different customers and stakeholders too.

Acquiring the different information of stakeholders from the different periodicals, business magazines and newspapers to have enabled the management accountant to be able to keep a track of the potential market opportunities in the different environment. Benchmarking in the different entities which have been performing well in their environments leads to the entity acquiring the different new skills which enable them to be more competitive and hence improve on their performance.

Identifying New Economic Possibilities

The strategic management accountants are involved in learning more of the potential economic possibilities which enable them to create a new marketing area and acquiring more new market. The new possibilities are obtained from the different researches which are carried out by the accountants and the teams in their entities. The strategic management accountants are involved in researching more on the different changes in the accounting and reporting field, the new potential markets and the possibilities of any challenges in the future.

Researching on the different possibilities has hence led to the creation of a wider line of management techniques which are enabling the different organization thrives well in their markets. The researches on the increasing demands of the different products of an entity enable the different manufacturers to come up with more efficient production mechanisms which will not only cut costs but also increase on the quality of the different commodities (Goretzki,2017, p.20). Researches on using the computerized production techniques in different entities has enables the organizations to cut costs on manpower as a lot of data can be easily compiled through the use of computers by only a few individuals.

The cut cost can be employed in different fields like in research or improvement of the production process in the entities. The entities are also able to identify new potential marketing areas in different zones. This will hence lead to more improved production process by the different entities which will mean that there will be a high level of increasing quality to attract more customers. The new marketing areas will also lead to more researches on how to target supply over a wider market scope which will lead to more research in the area of the population growth with demands of the different products. This leads to the opening of different branches by the different organizations in the different parts so as to be able to efficiently supply to their potential customers (Malmi,2016,p.38).

Management Accounting Decision Making

The strategic accountants are involved in creating an environment of tracking the past and ensuring that they focus on improving on the same. This has been enabled through having different lines of sequence and pattern analysis in the different entities. The different entities are hence employing the use of the Target cost techniques in planning their different daily operations. This technique includes the use of patterns in terms of customer growth, growth in sales and profitability.

These are carried out on a monthly basis and the trend of the movements are extrapolated over the other years and the final amounts are compared to the budgeted ones (Puyou,2018, p.13). The use of the sequences and patterns has enabled the different entities in creating a room of potential improvement in performances are the different operation lines are considered while carrying out this.

The strategic accounts considered the possibilities of improving on the past sequences and patterns since the different cycles like increasing more technologically advanced production machines which will cut staff costs. The accountants are also involved in creating an environment in which the different patterns which have been existing can be employed in making decisions on the future performance of the entity which will be through ensuring that the past weakness is sealed. The accountants are also involved in enabling the management know the area where more cost is being incurred in the running of their business and hence come up with new techniques on how to cut on the same while maintaining or improving on their values. The sequence of the decisions being made are all long term and are of great impact on the entity.

Identifying New Opportunities

The strategic management accountants are involved in making decisions of relative positions as compared to the traditional management accountants who were only focused on a single entity. The strategic management accountants are hence involved in creating a decision on different entities which involves coming g up with plans on how to come up with new entities in different areas. Making decisions for a wider scope has hence enabled most of the strategic accountants to come up with new plans of creating a new potential business in different areas.

Decision making on a wider scope leads to the increase in the level of acquiring more new techniques in running the entity which leads to more improvements in the different areas of management (Puyou, 2018 ,p.22) Making decisions on different areas enables the accountants to learn more on different line businesses which are of advantage to the whole entity. this will hence mean that the final decisions will be of great importance as this will lead to more borrowings on the different areas which lead to better performance. Making decisions in the different entities leads to the creation of more opportunities in identifying new business opportunities which will be of great importance to the different operations in the entities.

Creating Linkages With Management Accounting

The management accounts take into consideration of creating different linkages. The creation of linkages is made through creating new market opportunities in the different business areas and also in meeting different accountants globally. There have been different conferences which are held for the different accountants globally which lead to the creation of linkages in sharing the different management techniques by the different accountants.

Traditionally, the different accountants were not able to create linkages in their operations as they were overlooking them. The creation of the linkages creates an opportunity for different accounts in acquiring more new skills in learning their different management roles (Janin, 2017, p.16). The creation of the linkages makes the different accounts to be in the line of making new opportunities in their operations and hence be able to know the different changes which have occurred in the new management positions. Creation of linkages in different matters in an entity leads to the creation of more room for embracing different changes in an entity.

The linkages enable different accountants to link different acts to an entitled cause. This will hence create a room for the different accountants to know the cause of different challenges in an entity and also come up with the solutions to the same challenges.

The management accountants are hence core in running the different entities as they are considered when there is an arising in a challenge in the management in terms of operations and in determining the performance of the entity in future. The strategic management accountants are hence core in ensuring that the different entity operations are running efficiently while ensuring cost-cutting measures and quality of the different products. The accountants are hence core in ensuring that the different set targets are achieving and helping in guiding on how the same should be achieved.

Conclusion

Management accountants are very core in the running of an entity and their contributions towards the performance of an entity should always be appreciated as they are core in guiding on the planning, decision making and implementation of the different processes too.

References

Drury, C. M. (2013). Management and cost accounting. Springer.

Goretzki, L., & Strauss, E. (Eds.). (2017). The Role of the Management Accountant: Local Variations and Global Influences. Routledge.

Hasniza Haron, N., Kamal Abdul Rahman, I., & Smith, M. (2013). Management accounting practices and the turnaround process. Asian Review of Accounting, 21(2), 100-112.

Hilton, R. W., & Platt, D. E. (2013). Managerial accounting: creating value in a dynamic business environment. McGraw-Hill Education.

Janin, F. (2017). When being a partner means more: The external role of football club management accountants. Management Accounting Research, 35, 5-19.

Malmi, T. (2016). Managerialist studies in management accounting: 1990–2014. Management Accounting Research, 31, 31-44.

Maskell, B. H., Baggaley, B., & Grasso, L. (2016). Practical lean accounting: a proven system for measuring and managing the lean enterprise. Productivity Press.

Otley, D. (2016). The contingency theory of management accounting and control: 1980–2014. Management accounting research, 31, 45-62.

Puyou, F. R. (2018). Systems of secrecy: Confidences and gossip in management accountants’ handling of dual role expectations and MCS limitations. Management Accounting Research, 40, 15-26.

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Corporate Tax Avoidance Project

According to Christensen et al. (2015), corporate tax avoidance means using the legal strategies to adjust the financial circumstances of an individual to lower the amount of tax the said individual is owing to the state. Corporate tax is achieved through claiming permissible credits and deductions. Most often, corporate tax avoidance is usually confused with tax evasion. Although the two phrases could sound similar, however, Armstrong et al. (2015) believe that tax evasion applies illegal techniques like under reporting the income of an individual to make him or her avoid paying the taxes. According to Sikka (2010) tax avoidance strategy of a given corporation is an ‘organized hypocrisy.’

Avoidance Strategy as an Organized Hypocrisy

I agree with Sikka’s Term that tax avoidance is an organized hypocrisy. Just to mention, companies tend to excel at speaking on social responsibilities when at the same time they devising structures to enable them evade paying taxes. The tenacity of corporate tax avoidance as well as the evasion lures a devotion to organized hypocrisy which can be properly comprehended as the gaps that exist between the decision, the action and the corporate talk, (Brunsson, 1989, 2003). Corporate tax avoidance is indeed an organized hypocrisy.

In particular, a case of WorldCom, which is a US telecommunications organization, collapsed amid of allegations of fraud in the year 2002. Consequently, the second reason why I agree with Sikka’s claim that corporate tax avoidance is an organized hypocrisy is the case of KPMG that was borrowed in 1997 considering the initial fee of three million dollars. Later, KPMG recouped a half a million dollars fee which meant to carter for the feasibility study. Notably, the organization proceeded to earn the bonuses of performance totaling to extra two million dollars.

Main Costs of Tax Avoidance

According to Koester, Shevlin, and Wangerin, tax avoidance will keep on inflicting and results to costly consequences to millions of individuals as long as the leaders of low-income countries are excluded from the tax avoidance solution (2016). Notably, in July 2014 at Los Angeles College, President Obama proclaimed loudly that those who employed creative measures to ensure their taxes were reduced were merely corporate deserters renouncing their citizenship to shield profits. Gaertner (2014) reveals that such strategies by individuals to avoid corporate tax have severe costs. There are five main cost types which are generated by companies and individuals vigorously avoid tax.

First, the authorities handling tax collection attempt to counter ingenious tax avoidance practice and institute new opinions and regulations which in turn become supplementary to the tax code. Although the purpose of this measure is to increase certainty, however, the end results is a convoluted tax which leads to the second cost of tax avoidance which is corporate compliance cost.

The third cost of corporate tax avoidance is increasing the cost of administration. Forth, tax avoidance encourages the formation of lobbyists and tax specialist industries which are created to exploit the system. The last main cost of tax avoidance is the loss of the government revenue. According to Hanlon (1994) and Sikka (2003), the federal government of the United States losses fifty to one hundred and seventy billion dollars annually due to tax avoidance.

Key Issue Surrounding Tax Avoidance

According to the Guardian on 30^th March 2009, developing countries often receives approximately one hundred and twenty billion dollars from G20 countries in the foreign aid in which the said developing countries are losing an approximate amount of between eight billion and one trillion dollars from the unlawful financial outflow every year to the countries of the west (Kar & Cartwright-Smith, 2008). As Baker (2005) and Cobham (2005), about five hundred billion dollars is lost over a variety of corporate tax avoidance structures in which a substantial amount is attributed to price practices which shifts profits from the developing countries to already developed countries.

Tax is a major cost to many companies and they formulate strategies which ensure that such costs are minimized thus causing tax avoidance. According to Finch (2004), although rules still remain to be rules, nevertheless, they are prone to be broken and thus no matter which legislations are in place, the lawyers and the accountants will always find a way around the game of tax avoidance. Multinational is the leading case studies of tax avoidance since they have multiple locations which allow them to organize profits in those countries which are favorable tax regimes (Bowler, 2009).

Moral and Economic Implications of Corporate Tax Avoidance

In my own thoughts, corporate tax avoidance has negative moral and economic implications. The company which avoids tax uses the definition of CSR and also relies on a set of moral principles to assess their taxpaying behaviors using the lens of morality and ethics. However, moral reasoning is more complex than one can imagine. Following the thoughts of KMPG (2006), tax payment forms a key responsibility in the contemporary corporation. Some people usually consider paying corporate tax as a moral problem although others find it as being moral while a good portion will find the payment of corporate tax as an immorality.

On the other hand, economic implication of corporate tax is that it makes accounting companies be capitalist and thus cannot buck the system pressure to raise their own profits thus creating new tax avoidance schemes and reducing the contribution to the government (Sikka, 2005). When the tax is not collected fully, the accumulated tax compels the government to stop spending in critical areas like welfare and schools which leads to underdevelopment.

Ways in Which Corporate Tax Avoidance can be Restricted

I think that there are ways that can be used to restrict corporate tax avoidance. First is through legislation. Legislation can be achieved through standardizing corporate reporting systems to make the government process information and also compare taxes across firms to see who is avoiding the corporate tax. The legislation should aid in the detection of fraud and strictly monitor a company’s insiders on the matters of tax.

The legislation on the tax avoidance can be enforced through well-functioning courts through playing the central importance of law enforcement of the contracting parties. The other way in which tax avoidance can be restricted is through ensuring proper accounting standards. Leuz et al report that proper accounting standards bring about a global reporting coverage than often thought (2003). Single sets of accounting cannot sufficiently compare reporting and disclose any malpractice.

Harmonization of Accounting Standards- Implementation and Challenges

It is argued that there should be standardization of the accounting policy among nations to fully realize the global economy. Harmonization of accounting standards facilitates international transactions as well as minimizing the costs of exchange through the provision of standardized information to the world’s economy. The harmonization is done by the International Accounting Standards Committee (IASC), the International Accounting Standards Board (IASB) and the International Financial Reporting Standards (IFRS). The said bodies are mandated to implement the accounting standards across the world.

However, there are challenges faced during the implementation. First is the challenge of comparability. Comparability can be achieved through like things looking alike as well as unlike things looking unlike (Trueblood, 1966). According to Truebold, “things” in the accounting include the regulatory culture, the culture of auditing, the culture of account as well as the financial and business culture. The other challenge is associated with the problem of interpretation in which language is a problem when translating IFRS from English or to English.

Most accounting standards are limited in bringing convergence. It should be noted that adopting a single set of accounting cannot be sufficient to allow comparability as well as disclose relevant practice even if the said principles are compulsory to all the countries. However, the idea of adopting common sets of accounting standards cause more comparable reporting techniques as well as high-quality accounting standards like the IFRS (Leuz et al. 2003). Adopting IFRS requires that the party countries must have the asset pricing market which provides accounting values.

High accounting standards cause high quality and transparent reporting to most companies. In addition, IFRS causes economic benefits as well as cost saving. When harmonizing the accounting standards, there is a challenge of public versus private owned enterprises which includes the related party transactions. Following the observation above, the issue of comparability in accounting becomes a problem because tricky auditing problems arises (Leuz et al. 2003).

The harmonization of accounting standards requires the implementation guidance. According to Baker (2005), the IFRS have the implementation guidance to the accounting standards either through the non-authoritative guides or being standard themselves. For instance, IFRS issued the share-based guidance which is made up of forty four paragraphs relating to the application guidance. Similarly, the body issued non-authoritative guidance which guides the implementation of IFRS to guide the harmonization of the accounting standards.

The IASB body on the other hand created the international financial reporting interpretation committee which oversees the share-based payment guidance. However, Trueblood (1966) believes that the countries and enterprises which apply the IFRS in their accounting standards will become more heterogonous in terms of the size, the jurisdiction, the ownership structure as well as the structure of the capital and there will be an increase the degree of accounting sophistications.

According to Brunsson (1989), the international convergence on the harmonization of standards demands that the implementation of IFRS policies and guidance must be increased in order to achieve the intended accounting standards. The scholar adds that if the IASB committee fails to respond to the demands concerning the detailed implementation guide of the accounting standards, then the preparers of the harmonized standards must look for the implementation guidance from elsewhere.

The preparers can turn to EITF consensus to obtain answers to the questions concerning the application of IFRS. On the contrary, the form of convergence generated above is not as a result of cooperative behavior or the joint decision but as a result of auditors and preparers who seek guidance from a non-IASB credible source.

The implementation of the harmonization of the accounting standards exhibits a challenge in which the individual party countries’ financial reporting outcomes which are partly determined by the requirements of the accounting standards and partly by the incentives. The premise of the financial reporting outcome is that the accounting standards requires sufficient judgment by the preparers and auditors so that the figures reported are materially affected by the incentives of the financial reporting outcomes and the requirements of the accounting standards. Nevertheless, the typical relationship between the accounting standards and the incentives of the financial reporting outcomes is not well understood which forms part of the challenges in the implementation of accounting standards.

Leuz et al. (2003) institute that allowing the adoption of the IFRS will allow for the test of incentives that interacts with two or more standard regimes within the accounting standards. Warfield et al (1995) reveals that the financial reporting outcome is majorly affected by the ownership structure of the international accounting structure. The evidence which is available on the above claim reveals the marked specific jurisdiction differences in the ownership structure that affects the harmonization of the accounting standards.

La Porta et al. (1999) have analyzed the ultimate ownerships of the mid and large size firms in the twenty seven wealthy countries and identified four types of ultimate owners who play a key role in the accounting standards. The types include the public held non-financial institutions, the public owned financial institutions, the families and individuals as well as the state. The ownership structure of an enterprise needs to be considered before making implementations on the harmonization of the accounting standards.

Harmonization of the accounting standards requires the globalization of the trends involving the technology as well as globalization of finance. In the United States comparability of the financial data is one of the major driving forces behind the accounting standards. The comparability has been within the companies of the United States until 1980s where they began focusing on the capital markets. Some countries prefer comparability while others do not (Leuz et al. 2003).

In 1991 the FASB board was challenged to become more actively involved in globalizing trends and the internationalization of the accounting standards. The plan published by FASB instituted the objectives for achieving comparability between the accounting standards of the United States and the major national standards-setting bodies.

References

Armstrong, Christopher S., Jennifer L. Blouin, Alan D. Jagolinzer, and David F. Larcker. “Corporate governance, incentives, and tax avoidance.” Journal of Accounting and Economics 60, no. 1 (2015): 1-17.

Avoidance: Some Evidence and Issues. Accounting Forum, Vol. 29(3), 325-343.

Baker, R.W. (2005), Capitalism‘s Achilles Heel, New Jersey: John Wiley.

Beresford, D.R., Katzenbach, N. and Rogers Jr., C.B. (2003). Report Of Investigation by The Special Investigative Committee of the Board Of Directors Of WorldCom, Inc. Washington DC.

Bowler, T. (2009, February). Countering tax avoidance in the UK: Which way forward? Institute for Fiscal Studies. Discussion Paper No. 7.

Brunsson. N. (1989), ―The Organization of Hypocrisy: Talk, Decisions and Actions in Organizations‖, John Wiley, Chichester.

Christensen, D. M., Dhaliwal, D. S., Boivie, S., & Graffin, S. D. (2015). Top management conservatism and corporate risk strategies: Evidence from managers’ personal political orientation and corporate tax avoidance. Strategic Management Journal, 36(12), 1918-1938.

Christensen, J. and Murphy, R. (2004), ―The Social Responsibility of Corporate Tax Avoidance: Taking CSR to the Bottom Line‖, Development, Vol. 47 No. 3, pp. 37-44.

Cobham, A. (2005). ―Working Paper 129: Tax Evasion, Tax Avoidance, and Development Finance‖. The University of Oxford Finance and Trade Policy Research Centre.

Gaertner, F. B. (2014). CEO After‐Tax compensation incentives and corporate tax avoidance. Contemporary Accounting Research, 31(4), 1077-1102.

Hanlon, G., (1994). The Commercialisation of Accountancy: Flexible Accumulation and the Transformation of the Service Class, London: Macmillan.

Kar, D. and Cartwright-Smith, D. (2008). Illicit Financial Flows from Developing Countries: 2002—2006. Washington DC: Global Financial Integrity.

Koester, A., Shevlin, T., & Wangerin, D. (2016). The role of managerial ability in corporate tax avoidance. Management Science, 63(10), 3285-3310.

KPMG, (2005). ―KPMG International Annual Review 2005, KPMG.

La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1998) Law and finance, Journal of Political Economy, 106, pp. 1113–1155.

La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (1999) Corporate ownership around the world, Journal of Finance, 54, pp. 471–517.

Leuz, C., Nanda, D. and Wysocki, P. (2003). ‘Earnings management and investor protection: an international comparison’. Journal of Financial Economics, 69: 505– 527.

Sikka, P. and Hampton, M.P. (2005). The Role of Accountancy Firms in Tax.

Trueblood, R.M., 1966. Accounting principles: the board and its problems, in Empirical Research in Accounting: Selected Studies 1966, The Institute of Professional Accounting, Graduate School of Business, The University of Chicago, Chicago, pp. 183–191.

US Bankruptcy Court Southern District of New York, (2004). Third and Final Report of the Insolvency Examiner: In re WORLDCOM, INC., et al, Chapter 11, Case No. 02-13533 (AJG), Kirkpatrick & Lockhart LLP, Washington DC.

Werther Jr., W.B., and Chandler, D., (2005). Strategic Corporate Social Responsibility: Stakeholders in a Global Environment. London: Sage.

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Corporate Accounting – Significance, Application and Standards

Corporate Accounting is one of the major parts in financial management procedures of an organization. Accounting practices are necessary for a company in order to show how an organization has been successfully operating over the course of the year and making future plans for budgets and expenditures (Das, 2011). However, it is studied that accounting is a broadest term which have several branches and areas for different business and for different purposes. In which some of them are financial accounting, cost accounting and corporate accounting (Malwitz, 2008). However, this paper is merely focusing on defining the corporate accounting by incorporating corporate accounting theories, significance, concepts, legislation, applications and standards.

Corporate accounting is a special branch of accounting which can be defined as the quantity, recording and interpretation of financial information and data of a limited company which can be either a public limited company or a joint stock company (Fyler, 2013; Ijiri, 1980). Moreover, it is found that corporate accounting is an accounting which is particularly for larger companies since smaller-scale companies, sole traders or partnerships business cannot implement corporate accounting to maintain their financial record or information.

It is because smaller-scale companies, sole traders or partnerships businesses have not much requirements and demands in order to fulfil the accounting standards and to meet with accounting principles (Ijiri, 1980). On the other hand, large scale organizations or limited companies have sufficient financial information and data that they have to show to the general public and regulatory bodies therefore they have to maintain proper financial records with the help of corporate accounting (Fyler, 2013; Ijiri, 1980; Das, 2011).

Furthermore, it is studied that corporate accounting also deals helps the limited companies or large scale organizations in term of preparing final accounts, maintaining cash flow statements, analysing and interpreting financial results of the respective company particular for any specific events such as amalgamation, absorption, and helps company in preparation of consolidated balance sheets (Paton & Littleton, 1986).

By reviewing several studies, it is identified that the corporate accounting has some basic principles and foundations on which the overall accounting practices are based. The key foundations of corporate accounting include Accounting Cycle, Double Entry Accounting, and financial statements (Bennett, 2013). In which Accounting Cycle involves the regular recording and reporting of financial data or information. The accounting cycle completed within a specific period of time as per the policies of companies. Usually, it completed in a month or year.

Corporate Accounting Cycle

The accounting cycle begins by recording all financial transactions such as cash exchanges or debits and credits by using a general ledger approach. General Ledger is a precise and clear summary of all accounts including payable and receivable (Bennett, 2013; Ijiri, 1980). The next stage of accounting cycle is the adjustment of general ledger which can be done by taking items or entries which are not the direct transactions, such as bad debt, taxes and accrued interest. Thus, it is a key area therefore accountants must ensure that revenues and expenditures are match up as per each accounting period. In case, of accountant failed to do this properly, it can lead to confusion over financial irregularities and at the end of the period it can create confusion in overall revenue and total profit for the period (Bennett, 2013; Ijiri, 1980).

The second key element of the corporate accounting is double entry accounting, which can be defined as the standard accounting concept used by limited companies or large scale organizations. The basic of double entry accounting is based on the notion that for all actions there is an equal and opposite reaction (Bennett, 2013; Ijiri, 1980). It means that when a financial gain takes place in any part of financial statement, it should be escorted by a loss somewhere else on the balance sheet.

Suppose that of if a limited purchases a product to sell, so it will show the decrease in cash in financial statement and in the same way it will show the increase in inventory of certain organization (Bennett, 2013; Ijiri, 1980). Finally, the financial statement is another key aspect of corporate accounting, which is refers to the financial reports prepared at the end of the company’s financial year.

This financial report basically includes the cash flow statements, balance sheets and income statements for the previous 12 months. The financial reports of an organization show the summary and of all financial activity including overall profits or losses incurred by respective company (Bennett, 2013; Ijiri, 1980). Furthermore, it has been examined that the financial report helps accountant of a limited company in terms of preparing tax returns, while stockbrokers and investors use the same financial reports for the comparison between respective company and international business performance.

In addition to this, it is found that the financial reports also help the managers of certain company in terms of a assessing the performance of the company as well as in making proper plan and budget for company to successfully execute its operation in upcoming year. Following is the table that represents the different accounting terms used in UK and USA (Joos & Lang, 1994):

Table 1 – Accounting Terms as Per UK and USA Standards

United States of America	United Kingdom
Balance sheet/Statement of financial position	Balance sheet
Inventory	Stock
Treasury Stock	Own Shares
Receivables	Debtor
Payables	Creditors
Provisions	Accounting for loss contingencies
Stocks	Shares
Retained Earnings	Profit and loss Reserves
Paid in surplus	Shares premium account
Management’s premium of operations	Operating review
Management’s discussion of financial resources and liquidity	Financial Review
Fiscal year	Financial year
Income statement/Statement of earning	Profit and loss account
Revenue/sales	Turnover
Affiliated company	Associated company
Earnings per share	Net income per share
Scrip dividend	Stock dividend
Balance sheet	Balance sheet/Statement of financial position
Tangible fixed assets	Property, plant and equipments

In addition to the above, it is identified that in most of the limited companies particularly in UK (United Kingdom) and USA (United States of America), for the preparation of financial reports or execute corporate accounting practices specific accounting standards are used which are only set in common law (Joos & Lang, 1994). However, in different countries, it has been studied that the corporate accounting are different from each other therefore different countries uses different accounting regulations in order to maintain financial records and for the preparation of yearly financial reports.

Furthermore, it has been examined that throughout the world there are two types of accounting standards are used which includes the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) (Young & Wiley, 2011; Everingham, et al., 2007).In which International Financial Reporting Standards (IFRS) provides rules for business affairs from the global perspective in which the accounts and financials of a company can be understood and compared across international boundaries (Young & Wiley, 2011; Everingham, et al., 2007). On the other hand, General Accepted Accounting Principles (GAAP) provides rules to collect and interpret financial data for multinational competitors with the help of financial statement (Young & Wiley, 2011; Everingham, et al., 2007).

International Financial Reporting Standards

It is further examined that the International Financial Reporting Standards (IFRS) are mostly adopted by the companies operating throughout the European Union. Beside it, the organization in several countries like Australia, South Africa and Russia are also now widely followed IFRS accounting standards for the recording of financial information and analysing and interpreting financial data. In contrast, specifically in the United States limited companies are bound to utilize the GAAP accounting standards for all kinds of accounting practices (Young & Wiley, 2011; Everingham, et al., 2007).

Thus, it has been concluded that, the corporate accounting system allow companies to successfully maintain financial data as per their company policies, regulated accounting standards and accounting principles or laws determined by common law.

References

Bennett, R. (2013) Corporate Accounting Basics. Free Press.

Das, B. (2011) Is Corporate Accounting a science or an art? Accounting, pp. 1-1.

Everingham, G. K., Everingham, G., Kleynhans, K., Posthumus, L., Kleynhans, J. E., & Posthumus, L. C. (2007) Principles of Generally Accepted Accounting Practice. Juta and Company Ltd.

Fyler, T. (2013) What Is A Definition Of Corporate Accounting

Ijiri, Y. (1980) An Introduction to Corporate Accounting Standards: A Review. The Accounting Review, 620-628.

Joos, P., & Lang, M. (1994) The Effects of Accounting Diversity: Evidence from the European Union. Journal of Accounting Research, 32, 141-168.

Malwitz, M. (2008) Financial Consolidation and Reporting Solutions: Adding Value to Enterprise Resource Planning Systems. Oracle Paper, pp. 1-21.

Paton, W. A., & Littleton, A. C. (1986) An Introduction to Corporate Accounting Standards. Amer Accounting Assn.

Young, E. &., & Wiley, J. (2011) International GAAP 2012 – Generally Accepted Accounting Practice Under International Financial Reporting Standards. John Wiley & Sons.

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Introduction Accounting

Introduction to branches of Accounting

Accounting is an important concept that its history can be traced back centuries ago. Many businesses, based on numerous transactions made in a day requires accountability and proper records keeping for such in information in order to enhance other activities within a business enterprise such as communication. With the absence of accounting for businesses, this would act as a stabling block for the attainment of organizational objectives such as profit maximization as management of resources requires proper innovative structures for accountability.

According to Dyson (2004) the accounting branches can be segregated into three key areas; financial, cost, tax and managerial accounting (Dyson, 2004, p.12). Accounting plays a significant role in different business enterprises especially on key areas such decision-making, giving information, protection of business from various transactions involved with other business environments and explaining the business position. Financial Accounting is the art of managing business financial recording that stipulates the business position and it progress in growth through the analysis of profits and losses.

According to Babarinde (2003) financial accounting is a system that deals with explaining the situation and the state of affairs for businesses through preparation of financial statements such as the balance sheet and trade and profit loss account (Babarinde, 2003 p. 313). Financial accounting also plays a significant role in running a business enterprise as the system give the estimates of costs on products, functions, activities and the firm progress. Through financial management in a business entity can get quality information to plan through budgeting that gives estimates on expected expenditures.

Cost accounting is the system used in controlling activities of production that would regulate expenditures for the business in order to enhance profit maximization. According to Abeygunasekera and Fonseka (2013) every business has its control system that helps in cutting cost either through the production processes such as manufacturing, recruitment, training and development and delivery of services. Through such processes, cost accounting acts a system for the management to control such expenditures incurred through transactions with different business environments as well as in the processes of availing goods and services to consumers (Abeygunasekera and Fonseka, 2013).

Managerial accounting is the process that facilitates the management with information concerning the company’s progress that enhances the management in carrying out their day to day functions. The management in every business ought to have the facts in decision-making, planning, and in the development of policies and through managerial accounting such is facilitated. According to Mbroh (2013) he argued that in managerial accounting, frequent information is made obtainable to the management such as information on funds, profit and cost that gives a bulge of the business advancement and must be factual in support of truth and fairness (Mbroh, 2013).

Recommended accounting methodology for companies

It is necessary for the management of any business to how commitment in recording business transactions as this information can be retrieved for further use when such information is required. There are for instance methods of accounting that are commonly used across bossiness in the world of today. This includes the single entry and doubles entry methods that are used interchangeably in businesses. Use of double entry techniques has proved to have various advantages for many that use it. In the double entry, two columns are created for transaction entries in both what the company receives and also spends while running the business.

By following the right procedures in preparation of journals, trial balance, and final account, the use of the double entry techniques businesses benefits in different ways that is recommendable. Through such a system, the management is also to create the accounting book through a device known as the trial balance that give more accurate inform about the business transaction.

It is also easier to ascertain on the profits and losses incurred by a business if the transaction entries are properly entered in the trial balance device. According to Mbroh (2013) he also argued that a financial statement such as the balance sheet, the system gives accurate information concerning the position of the business enterprise (Mbroh, 2013). The management is also able to know if the firm has made any development such as profit maximization and growth. This as well regulates spaces for errors as the transaction entries in both the debit and the credit side should balance in the system. Through the double entry system, the management is also able to carry out a comparison study during a specific period such as between two consecutive years. It also becomes easier in making decisions for the business as the business position is made clear for instance in the trade and profit loss accounts.

References

Abeygunasekera, A.W.J.C and Fonseka, A. T (2013) Non-Compliance with Standard Practices by Small and Medium Scale Enterprises in Sri Lanka.

Babarinde A. (2003) Financial Accounting, Volume 1, Lagos: JBA Associates Ltd.

Dyson J. R (2004) Accounting For Non-Accounting Students, 6th Ed. Financial Times/ Pitman Publishing Imprint, England.

Mbroh, (2013) Control Systems Practiced By Small and Micro Enterprise Owners within the Cape Coast Metropolitan Area of Ghana in Asian Journal of Business and Management Sciences Vol. 1 No. 9 [28-47]

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