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Record Keeping Systems

Record Keeping Systems

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Published by ClassOf1.com
Businesses handle financial records in various ways. A small-business owner can keep the records personally or employ a full-time or part-time bookkeeper or accountant. Larger businesses establish an accounting department or use an accounting service organization. The record-keeping system a business adopts determines, in part, the way it will handle its records.
Businesses handle financial records in various ways. A small-business owner can keep the records personally or employ a full-time or part-time bookkeeper or accountant. Larger businesses establish an accounting department or use an accounting service organization. The record-keeping system a business adopts determines, in part, the way it will handle its records.

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Published by: ClassOf1.com on Jul 10, 2013
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Finance
LEARN TO EXCEL
Homework Help
24/7 Support
Step-by-Step Solutions
Experienced TutorsDetailed Explanationwww.classof1.com/homework-help/financeToll Free: 1-877-252-7763
 
 
Sub: Finance Topic: Handling Financial Data
*
The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not forsubmitting the same in lieu of their academic submissions for grades.
http://classof1.com/homework-help/finance-homework- 
Record Keeping Systems
Businesses handle financial records in various ways. A small-business owner can keep the recordspersonally or employ a full-time or part-time bookkeeper or accountant. Larger businesses establishan accounting department or use an accounting service organization. The
record-keeping system
abusiness adopts determines, in part, the way it will handle its records. Systems for keeping financialrecords may be simple or complex, and they may require almost no financial knowledge to use or maybe highly technical. Today almost all business records systems are computerized. Regardless of thetype of record system a company selects, the system must be accurate, keep information safe andsecure, and provide timely and accurate information.
SMALL-SCALE RECORD SYSTEMS
Manual record systems in which all information was enteredand analyzed by hand were used by businesses for thousands of years. If you have taken anaccounting class, you have probably had experience with a manual records system. Fewbusinesses other than some that are very small rely on manual systems today. Easy-to-use andaffordable accounting software that runs on personal computers has replaced most manualsystems. However, standardized accounting forms and records systems for manualrecordkeeping can be obtained at office supply stores. Many small firms rely primarily on theircash register to gather most of the information needed for their financial records. In additionto printing receipts for customers, cash registers maintain printed tapes of the details of each
sales transaction. This information can be used to enter data into the business’s accounting
records. However, cash registers record only information on customer sales, which is anincomplete record of the financial transactions of the business. Records also have to bemaintained of all purchases and payments as well as any income received that is not recordedin the cash register.
 
 
Sub: Finance Topic: Handling Financial Data
*
The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not forsubmitting the same in lieu of their academic submissions for grades.
http://classof1.com/homework-help/finance-homework- 
LARGE-SCALE RECORD SYSTEMS
Today most large firms and many small ones use accountingsoftware programs to record, process, and store information. A desktop computer is adequatefor most small companies, but larger firms need more complex systems that can process hugeamounts of data quickly and accurately. Large corporations employ many bookkeepers andaccountants. Some prefer to hire outside firms to perform some of their required financialrecord keeping.
Outsourcing
is hiring an outside firm to perform specialized tasks for abusiness. A business outsources because the firm that is hired has specialized expertise thatthe business needs. Buying these expert services may be less expensive than creating a newdepartment in the business. An example of outsourcing for financial services is contractingwith a data-processing center. A
data-processing center
is a specialized business that providesa full set of computerized financial records to other businesses for a fee. A business transmitsfinancial data to the data-processing center, which processes the data and prepares recordsand reports that the business needs. Large companies require large and complex automatedsystems for keeping records. Accounting departments usually maintain these records,although the initial recording of transactions occurs throughout the organization. Anaccounting department is commonly divided into several sections. Each section is typicallyresponsible for handling one or more phases of accounting, such as cash records, receipt andpayment records, depreciation records, and tax and payroll records.

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