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What is the purpose of an accounting system? Its purpose is to provide you, the business owner, with the information that helps you to act in the way that best achieves your business goals. This is its main purpose. It is to help you manage your business better. A subsidiary purpose is to help you prepare financial statements, complete your tax returns and so forth.
Accounting information should be reviewed regularly. For most businesses, this means at least monthly. You should ensure that your balance sheet is correct and that all accounts in your balance sheet can be reconciled to real and correctly valued assets and liabilities. If this is done, it should result in an accurate profit and loss statement. If you are not doing this, you are not obtaining the benefits that your accounting system can provide.
For our business clients, Cummings Flavel McCormack is committed to helping them have an accounting system that gives timely and valuable information to the business owner. Further, when required, we assist business owners to produce special purpose financial reports. And of course, we can prepare financial statements in compliance with Australian Accounting Standards.
We can also advise you on the most appropriate accounting system for your business. This includes giving recommendations and commentary on existing accounting software packages.
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