Why Have Financial Controls? |
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Obviously the most important factor for having financial control systems is to help prevent a business from becoming bankrupt, due to having extensive debts which it cannot meet. With several accounting systems available to use, the type of financial accounting system your business will firstly depend on the Business Environment in which your business operates. Depending on your environment, your business will adopt standards enshrined in the accounting practices of the major accounting bodies like CIMA, ACCA, CIPFA, etc. The advantages of using such standards are:
The dis-advantages of using such standards are:
In the context of this section of the web-site, we shall be looking at financial/business accounting methods which are common to all businesses, as well as management accounting, which is specific to manufacturing businesses. Back to Accounting Strategies Main Menu |
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