MYOB (Mind Your Own Business)

| Used to keep track of all the financial transaction in a business such as all items purchased, all bills paid, and all payroll calculations

SMW’s current accounting information system is a cutting edge relational database system through Microsoft Access with internal controls set to adequately prevent and detect errors and fraud. This relational database system tracks sales orders, shipments, accounts receivable, cash receipts, purchases, accounts payable, cash disbursements, inventory levels and other relevant accounting information. The system’s output is compliant with Generally Accepted Accounting Principles (GAAP). The database processes currently in use at SMW are described below.

Facilitates the flow of documents/information to and from the unit, and ensures financial integrity and consistency by controlling, in accordance with policy, purchase and payment authorities, receipt of goods and services, requisitions, reconciliation of accounts and travel accounts.

It adds value to the business i.e. it enhances the business operations which would inturn have a positive impact on the business

| 1) Takes away some level of control of accounting and bookkeeping processes2) Allows vendor access to potentially sensitive financial information

To enhance a user’s ability to understand and compare an entity’s operating results, reporting entities are required to describe all significant accounting policies in their financial statements. As such to decide if an accounting principal is significant, is the management’s decision.

To be able to give Accounting Technology students quick reference when it comes to Income Statements.

The purpose of monitoring, controlling and recording income and expenditures is so that you can keep track of every financial movement and its outcome, in doing this you can review progress, to ensure value for money is being maintained , to meet the legal, regulatory and organisational financial requirements, identify problems when they arise and make adjustments so that you are more likely to make a difference.

a) “to be able to retrieve information whenever it is needed. For example each organisation has to keep accurate records or information of their employees in order to be able to use this information for planning ahead (…)

To have a record of how the business is running. This allows us to determine how the business is sitting financially and display what money is going where and whether there is room for improvement. Basically, it is used to anaylse the business as a whole and to determine performance for both employees and for the organisation.

Feedback: The primary purpose of accounting is to provide information that is useful for decision-making purposes. Accounting is 'not an end', but rather it is a 'means to an end.' LO 1

Accounting Department: Data and information are the lifeblood of accounting. It needs good quality data to yield valuable information. Management information system helps the accounting department accomplish this task. Also, professional management information system reports are created by the accounting department for accurate analysis of the business’ performance. These reports are comprehensive and assist the middle and top management in determining the right decisions regarding the finance, accounting and overall business operations. All accounting reports are important to all stakeholders of a company. (Management Information System Reports)

Extensive hands-on experience with daily bookkeeping, investment fair valuation, monthly, quarterly and year-end financial preparation, tax analysis, and k-1 filing.

Facilitates the flow of documents/information to and from the unit, and ensures financial integrity and consistency by controlling receipt of goods and services, requisitions, reconciliation of accounts and travel accounts.

The broad objective of this Manual is to document, in simplified terms, accounting policies, controls, systems and procedures. The manual also ensures that the activities of the Association are accounted for in a