The urgency of the research study
In the development of a socialist-oriented market economy that integrates with the global market, businesses must be dynamic and innovative To thrive in this diverse economic landscape, companies need to adapt quickly, embrace creativity, and engage in continuous learning.
Enterprises play a crucial role in safeguarding business capital while aiming to maximize profits To achieve this, it is essential for businesses to actively promote the consumption of their goods, as this strategy not only generates income to cover costs but also facilitates business expansion.
Sales play a crucial role in every business, making the effective organization of sales accounting vital for providing timely and accurate information This information empowers leaders to make informed decisions regarding business operations Accountants contribute by offering recommendations and approvals, as well as proposing suitable solutions to assist directors in managing and developing the business both in the present and for future growth.
Recognizing the significance of revenue accounting, I have chosen to explore the topic "Revenue Accounting and Business Results Determination at Hoa Phat Dung Quat Steels Joint Stock Company" for my graduation thesis This decision stems from my desire to integrate theoretical knowledge acquired during my studies with practical experience gained from my work in accounting at Hoa Phat Dung Quat Steels.
Subject and scope of the research
Subject: Revenue accounting and business result determination at
Hoa Phat Dung Quat Steels Joint Stock Company
Scope: Theories and practices related to Revenue accounting and business result determination at Hoa Phat Dung Quat Steels JointStock Company
Purpose and meaning of the research of the topic
The primary objective of this article is to equip students with practical knowledge and experience by evaluating the sales accounting practices and business results of Hoa Phat Dung Quat Steels Joint Stock Company This assessment aims to identify the key strengths and weaknesses within the accounting systems, leading to the development of solutions that enhance revenue accounting quality and improve business result determination Ultimately, these improvements will support effective management and streamline the consumption process, driving greater efficiency for the company.
- Summarizing the theoretical issues of sales accounting and determining business results.
- Find out and assess the current situation of the accounting work, accounting and sales and determine business results.
- Analyze the advantages as well as exist in the accounting of sales and determine business results
- Proposing some key solutions to improve the quality of the company's accounting work.
Research Methodology
To gather primary documents, it is essential to directly consult with accountants and staff at Hoa Phat Dung Quat Steel Joint Stock Company Additionally, engaging with instructors and accounting experts can provide valuable insights into the research topics.
To conduct research on sales accounting topics and assess business results, secondary materials were collected through textbooks, articles, and theses Additionally, observational methods were employed to gather secondary documents, including vouchers, accounting records, and financial statements from Hoa Phat Dung Quat Steels Joint Stock Company for the year 2019.
The research results are derived by synthesizing and processing collected documents as evidence, employing descriptive statistical methods and qualitative analysis This approach facilitates a comparison between the actual situation and the theoretical framework or accounting regime, enabling the inference and presentation of comprehensive research findings.
Conclusion
In addition to the introduction, list and conclusion, the thesis consists of
GENERAL THEORY ON ACCOUNTING FOR REVENUE
Importance of accounting for revenue and business result in a
1.1.1 Definition of revenue and business result
The process of revenue and business result
Businesses engage in sales activities to fulfill market demands while aiming for profitability To achieve their profit objectives, companies must effectively convey the value of their products through these sales efforts.
Sales represent the final stage of the production and business process, involving the transfer of ownership of products or goods to customers This process entails converting real capital, in the form of tangible products, into monetary capital, thereby facilitating financial transactions and managing associated benefits and risks for consumers.
To successfully sell products and provide services, enterprises must incur expenses, which may include cash outflows, asset deductions, or debts that decrease the owner's capital Concurrently, businesses generate revenue and additional income, contributing to an increase in equity At the end of an accounting period, enterprises assess their performance by comparing total revenue and income against the costs incurred for each activity.
Business results reflect the outcomes of economic activities over a specific period, calculated by summarizing the production and operational results of enterprises They represent the difference between total revenue and total expenses incurred during that accounting period.
1.1.2 Characteristics and importance of revenue and business result.
Sales and determination of business results are of utmost importance for commercial enterprises The accurate determination of business results is the basis for determining the performance of an enterprise.
Business results are crucial for the survival and growth of service trade enterprises and significantly impact the broader economy, particularly in a market-driven environment To enhance their performance, businesses must create tailored business plans that meticulously assess costs and outcomes Effective revenue accounting and the accurate determination of business results serve as essential tools for managing and optimizing business operations.
Sales revenue accounting provides crucial insights for business administrators, enabling them to assess the effectiveness of sales plans by analyzing various factors such as type, quantity, quality, price, and payment methods It also facilitates the evaluation of cost estimates related to sales, management, financial operations, and other expenses, ultimately determining the overall business results This information serves as a foundation for strategizing future business activities, optimizing operations, reducing costs, and enhancing revenue generation.
Sales revenue accounting is crucial for assessing business performance and enables State agencies to effectively monitor compliance with obligations to the government This information aids in the formulation of suitable policies aimed at fostering the comprehensive development of the national economy.
Sales revenue accounting is crucial for stakeholders like investors, suppliers, and creditors, as it provides essential insights into a company's financial performance and overall business health.
That is the basis for these subjects to capture the business situation of the business, promptly make business decisions that are most beneficial to themselves.
Sales accounting and the determination of business results are crucial for effectively collecting, processing, and delivering information to decision-makers A well-organized accounting system is essential for providing timely and accurate economic data, which significantly enhances financial and economic management within enterprises This scientific and rational approach to accounting not only supports informed decision-making but also maximizes the effectiveness of general accounting practices.
Accounting is a vital component of management tools, especially in the context of sales process management It plays a crucial role in accurately evaluating a business's performance and ensuring effective sales accounting practices.
1.1.3 Request to manage the sales process and determine business results in the business
To effectively achieve business objectives, an enterprise must adhere to fundamental sales accounting requirements and accurately assess its business results.
- Managing the movement of each type of goods in terms of quantity, quality and value.
- Manage the plan and the implementation of the consumption plan for each period, each customer, each type of goods.
To enhance sales and reduce costs, businesses should focus on learning and exploiting market opportunities while applying effective methods for delivering goods and services Implementing strategic promotional policies is essential for continuous growth in sales.
- Strict management of sales costs, business management costs, financial operations costs and other expenses incurred in the business process to maximize profits.
Effectively managing and monitoring each sales method and customer is crucial for ensuring timely payments and minimizing financial losses By keeping track of customers' payment statuses and requesting payments in the appropriate form and timeframe, businesses can prevent capital stagnation and safeguard their revenue.
- Provide accurate, truthful and complete information about sales situation, determine business results and distribute results, serving financial reporting and corporate management.
To ensure accurate business outcomes, it is essential to systematically and scientifically organize the evaluation process This approach guarantees that the final results of business operations are determined effectively while meeting all obligations to the State promptly and completely.
In order to successfully manage the sales operation, sale and revenue accountants must perform the following main tasks
- Reflect and record fully, promptly and accurately the existing situation and the fluctuations of each type of finished goods and goods according to quantity, quality, category and value norms.
- Reflect and record fully, promptly and accurately the revenues,deductions of revenues and expenses of each activity in the enterprise, along with monitoring and urging receivables of customer.
- Reflect and calculate accurately the results of each activity, monitor the situation of performance of obligations to the State and the situation of distribution of results of activities.
- Provide accounting information for the preparation of financial statements and analysis of economic activities related to the sales and revenue process.
In conclusion, the sales and revenue process plays a crucial role in maintaining production balance across industries and production units, directly influencing the supply-demand dynamics in the market It also facilitates equilibrium between monetary flow and goods circulation Effective sales are vital as they generate profits, cover operational costs, and showcase the business's capacity and market position.
ACCOUNTING FOR REVENUE AND BUSINESS
Overview of the company
2.1.1 Establishment and development of company
The Hoa Phat Dung Quat Iron and Steel Production Complex, with a total investment of 52 trillion VND, boasts an impressive annual production capacity of 4 million tons Its primary offerings include construction steel, high-quality rolled steel, and hot rolled coils, positioning it as a key player in the steel industry.
Main products or services provided
Hoa Phat specializes in construction steel, high-quality rolled steel, and hot rolled coil flat products Utilizing an advanced closed blast furnace technology, similar to its successful implementation in Hai Duong province, the company employs modern equipment sourced from leading global manufacturers This environmentally friendly technology incorporates dry coke stamping to produce coke coal, effectively recovering heat and exhaust gases while maximizing by-products for electricity generation Additionally, the company ensures that all produced water is recycled and not released into the environment Since late 2019, Hoa Phat has also begun exporting its products to other companies within the Hoa Phat group.
Mission and Purpose of Company
Hoa Phat Dung Quat Steel Joint Stock Company, a key member of Hoa Phat Group, leads the construction steel market in Vietnam The company operates a state-of-the-art iron and steel complex featuring a closed blast furnace and advanced technology Its strategic location includes a deep-sea port capable of accommodating 200,000-ton vessels, facilitating efficient transportation of raw materials and finished products both domestically and internationally Upon full completion of the project, the company aims to secure a top-ranking position in the industry.
50 largest steel companies in the world
Hoa Phat Dung Quat Steel Joint Stock Company excels in quality through its large-scale production and modern technology, supported by a team of experienced experts, engineers, and skilled workers Their commitment to design and quality aligns with national standards, resulting in durable, aesthetically pleasing, and sophisticated steel products The company offers a diverse range of exquisite patterns that meet all project requirements.
The establishment of Hoa Phat Dung Quat Steel Joint Stock Company represents a strategic investment by Hoa Phat Group, leveraging both financial resources and skilled labor to enhance productivity, boost revenue, and generate profits for the Group.
-In order to access and dominate the market, the company has constantly improved the design and product quality to meet the needs of the market.
Higher employee turnover has led to increased worker income, significantly enhancing their quality of life Innovations in machinery, equipment, and technology have strengthened the company's market position, resulting in year-over-year revenue growth that allows for timely and increasing fulfillment of financial obligations.
With the efforts, intellect and hard labor, Hoa Phat Dung Quat Steel Company has become a reliable partner of investment manufacturers and a reliable supplier for domestic and foreign customers.
Industry which company belong with
The company engages in a variety of business activities, including the production of steel and iron, iron ore exploitation, and the collection of lignite It also specializes in trading metals and metal ores, as well as providing freight transport services by road and through coastal and inland waterways Additional services include cargo handling, the production and sale of metals, and the mining, processing, and trading of metal ores and scrap The company manages both metal and non-metal waste, offers support services for mining operations, and produces and trades coke coal Furthermore, it exploits natural resources such as stone, sand, and gravel, purchases building materials, and provides freight services, car rentals, and leasing of mechanical machines and equipment.
- Chairman of the Board of Directors Mr Tran Tuan Duong
- General Director: Mr Mai Van Ha
- Deputy Director: Mr Ho Duc Tho; Mr Dinh Van Chung; Mr.
Nguyen Quang Tung; Mrs Vuong Thi Ngoc Linh
The Director holds the authority to represent the establishment and is responsible for appointing the production director and overseeing professional departments This role includes signing on behalf of the company to manage and utilize assets and capital effectively, ensuring optimal profits in production and business operations while aligning with the company's short, medium, and long-term development plans.
The Deputy Director is responsible for overseeing all production and business activities, ensuring a smooth and continuous operational process This role involves advising the Director on administrative organization, motivating staff, managing records and documentation, and addressing administrative issues in accordance with established protocols.
- SALES DEPARTMENT: Marketing, product consumption, construction and responsible for executing business plans.
- Advise the Board of Directors at the same time to manage assets, capital and accounting - finance activities.
- Implementing the Company's financial plan in accordance with the Ordinance on Statistics and Statistics of the State and the Resolution of the Board of Directors.
- Receive the State's policy documents in accounting-finance To advise the Board of Directors - the Board of Directors of the Company on the financial aspects of the Company.
- Develop annual financial-accounting plans according to the Resolution of the Board of Directors, balance the cargo flow plan.
- Manage capital and use purpose set by the Board of Directors - General Director.
- Transaction relations with banks in borrowing capital to invest in production and business.
- Make full, accurate updates of all costs incurred, timely settlement of books.
- To organize and direct the inspection of the work of accounting, accounting statistics, collection and processing of internal accounting information.
- Monitoring the implementation of goods flow plans, prices, asset use management.
- Manage the revenue and expenditure budget of the whole Company.
- Assume the prime responsibility for, and coordinate with functional departments and attached units in, implementing and guiding the financial - accounting work.
- Monitor, manage, urge debt recovery.
- Regularly check attached units, detect and promptly propose violations that arise to the Board of Directors and the General Director.
- Perform other duties when requested or authorized by the Board of Management.
- Advise the General Director of the Company in the production, storage and preservation of equipment and machinery.
- Organization of implementation: production process, import and export process, storage, transportation and delivery of goods to meet business needs.
- Planning and implementing production plans according to business requirements.
- Organize the implementation of import and export plans.
- Manage goods in both quantity and quality.
- Arranging, preserving goods and controlling storage conditions.
- Ensuring order, labor safety and fire prevention at the workplace.
- DEPARTMENT OF TECHNICAL AND OPERATING
- Advise the General Director of the Company in the management, quality management system.
- Organize the implementation of product quality control and inspection activities according to the set quality plans and objectives.
- Quality planning and goals on quality assurance.
- Management of equipment and test and measuring equipment.
- Guide professional teaching and training to improve skills and qualifications, participate in directing occupational safety.
- Perform other duties when requested or authorized by the Board ofManagement.
DEPARTMENT OF WAREHOUSE AND WORKSHOP
- Advise the General Director of the Company in production storage and preservation of equipment and machinery.
- Organization of implementation: production process, import and export process, storage, transportation and delivery of goods to meet business needs.
- Planning and implementing production plans according to business requirements.
- Organize the implementation of import and export plans.
- Manage goods in both quantity and quality.
- Arranging, preserving goods and controlling storage conditions.
- Ensuring order, labor safety and fire prevention at the workplace.
Organization Department - The main product has the function of implementing the Company's Charter, the Resolution of the Board of Directors for the shareholders and employees hired under the contract.
The organization is dedicated to implementing state policies and laws by advising the Board of Directors and the General Director on key areas such as organizational structure, personnel management, labor payroll, salaries, bonuses, and labor discipline Additionally, it ensures compliance with social insurance regulations and promotes motivational measures in the workplace, while also supporting functional departments in administrative and organizational tasks.
- Lead and coordinate with the units attached to the company to
- Making annual recruitment and training plans at the request of production and business tasks and resolutions of the BOD.
- Organize and control the recruitment, training, staffing arrangements.
- Manage documents and records on organization, labor, recruitment, training.
- Managing salary and labor, Checking units in implementing the Resolution of the Board of Directors, the Company's regulations for employees.
- Directly assist the General Director in dealing with employees' regimes such as retirement, job loss, liquidation of labor contracts.
- Manage and implement the Company's rules and regulations, ideological work, emulation and commendation.
- Managing the implementation of plans for construction and repair of infrastructure and material facilities.
- Advise and implement plans to buy office equipment to serve the production and business of the Company.
- Perform other duties as requested by the Board of Directors
- DEPARTMENT OF PRODUCT QUALITY MANAGEMENT Mission
Effective planning, management, and execution of inspections and acceptance processes across the Company are essential to comply with the Ministry of Natural Resources and Environment's regulations on the quality management of cartographic products.
The role involves directing and guiding production units throughout the pre-acceptance testing and handover process, ensuring that both production stages and final products meet quality standards before delivery to customers.
Collaborate with the Technology Department and production teams to implement effective strategies for managing product quality Address and review product quality complaints, investigate the root causes of any issues, and develop suitable solutions to enhance overall quality management.
Implement a structured approach to the management, storage, and preservation of documents, archives, semi-finished products, and cartographic surveying materials Ensure the efficient supply and distribution of technical data and documents to align with the production requirements and plans set forth by the Company's Director.
- Drafting and disseminating and guiding units to implement management documents within the scope of professional management of the Division;
To enhance the professional qualifications and competencies of staff responsible for product acceptance at the Company and its affiliates, we propose the implementation of a comprehensive training and retraining program This initiative aims to ensure continuous improvement in their skills and effectiveness in fulfilling assigned tasks.
Comments on accounting for revenue and business result in Hoa Phat
The Company has established a functional online management system that clearly delineates tasks for officers and departments, ensuring independence and accuracy in operations Superiors lead their teams directly, fostering a culture where subordinates understand their responsibilities and strive for excellence in their duties Each department operates with a high degree of specialization, while maintaining strong interdepartmental relationships that facilitate effective support and collaboration This cohesive approach enables the Company to successfully complete product sales and exports to customers.
(Ký, Ghi rõ họ tên)
(Ký, Ghi rõ họ tên)
NGƯỜI ĐẠI DIỆN THEO PHÁP
The sales and accounting departments must collaborate effectively; the sales office generates sales orders and forwards them to accounting as a basis for product delivery Additionally, the sales team is responsible for collecting customer payments to be deposited into the primary accounting fund.
The Company's management structure is well-organized and scientifically designed, promoting effective interdepartmental coordination and aligning labor distribution with employee qualifications This strategic approach has enhanced the production process and improved product sales As a result, the Company's products have established a strong market presence, earning the trust of numerous domestic and international customers, which will benefit the organization in the long run.
The accounting system is structured in both centralized and decentralized formats, with operations taking place in the Company's accounting department This includes managing invoices, vouchers, import/export notes, and inventory of raw materials and finished products, all monitored by factory accountants and branches Each factory and branch maintains its own accounting, ensuring uniform, accurate, and complete tracking of product consumption through proper voucher collection The roles and responsibilities of accountants within the Company are clearly defined, fostering interdependence and collaboration among staff The effectiveness of the accounting mechanism is enhanced by this division of labor, which aligns with the diverse nature of the accounting workload.
The accounting staff are assigned roles based on the principles of scientific labor division, ensuring that job quality and employee performance are fundamental to successful task execution The Company’s accounting structure follows key principles, including the separation of duties, efficiency, cost-effectiveness, specialization, and collaboration among employees.
The Company boasts a team of young, dynamic, and highly qualified accountants who ensure that accounting practices align with both internal regulations and state laws, while also adapting to the unique aspects of the Company's production and business activities This robust accounting system plays a crucial role in effectively managing the Company's financial operations and is poised to significantly contribute to its long-term development.
The Company's diverse product range and large sales volumes make tracking sales challenging; however, the integration of information technology has streamlined the consumption accounting process Currently, the Company utilizes SAP accounting software tailored to its specific business and production needs By importing data from relevant consumption documents, the system automatically updates the corresponding records, ensuring high accuracy Additionally, the software generates various essential documents, such as receipts, payment notes, delivery notes, and import notes, which are organized in a bound book format for easy preservation and to prevent document loss.
The implementation of suitable accounting software has significantly enhanced product consumption tracking, leading to improved labor productivity while reducing workload and saving time Additionally, with computers connected through a LAN network, accountants can easily access each other's tasks, ensuring that when employees are on vacation, their responsibilities can be seamlessly managed by colleagues This connectivity also facilitates smooth transitions when an employee leaves, making the handover process straightforward for both parties involved.
The company's accounting operations are conducted consistently and in compliance with Circular No 200/2014/TT-BTC issued by the Minister of Finance on December 22, 2014 This ensures that all accounting practices align with the latest regulations from the Ministry of Finance and are adapted to the current economic landscape.
The Company currently utilizes a voucher system in compliance with Decision No 200/2014 / TT-BTC, issued by the Minister of Finance on December 22, 2014 The vouchers align with the Company's product consumption characteristics, ensuring that all elements are accurate and provide sufficient grounds for recording sales transactions The document circulation regime is efficient and streamlined, maintaining strict management protocols; all documents must be complete, clear, truthful, and indelible, with full signatures and necessary approvals from superiors Rigorous controls are in place to oversee all documents before any economic transactions are recorded.
About using the account mode.
The account system is generally a flexible application of the account system issued under Decision No 200/2014 / TT-BTC dated December 22,
In 2014, the Minister of Finance emphasized the importance of detailed financial accounts, which the company organized into sub-accounts to effectively track product consumption This structured approach has allowed the company to manage multiple levels of accounting efficiently.
The implementation of level 3 and level 4 accounts enhances the tracking of transactions related to the Company's product consumption process, providing a clearer and more accurate overview By utilizing detailed accounts alongside the general account system, the potential for confusion is minimized This structured accounting approach ensures that operational information is delivered to administrators promptly and accurately.
The Company has established a robust warehouse management system designed to protect goods from environmental factors like rain and wind, ensuring product integrity and preventing damage from rust or natural loss The warehouses are systematically organized into logical groups, facilitating efficient management and inspection of import and export quantities for each type of product.
In addition, the stores also arrange locations to display products that attract customers' attention.
The company always pays special attention to the consumption of goods Sales offices and branches have expanded their market search to boost the volume of goods sold.
The organization of goods consumption accounting and overall accounting practices has effectively met established requirements, ensuring consistency in scope, calculation methods, and economic indicators This approach guarantees that accounting data is accurate, reasonable, clear, and easy to comprehend The accounting process has minimized record duplication while maintaining consistency in the original data sources Consequently, the accounting organization within the Company aligns well with the operational conditions of various businesses nationwide, with the achievements of the accounting function clearly reflected in the Company's business results.
While accounting software offers numerous benefits, it also has limitations that can impact financial accuracy The effectiveness of the software is contingent upon expert usage; errors can lead to incorrect cost accounting and flawed financial statements When software defects arise, it is crucial to notify the design company, as repair times can disrupt operations across various departments Additionally, reliance on computers for accounting tasks poses risks such as data loss from viruses Specifically, the SAP software currently in use has a significant drawback: it cannot effectively track receivable debts by invoice This limitation necessitates manual monitoring of liabilities, which can result in delayed tracking and potential financial oversight.
All Statement of the Company are prepared in accordance with the Minister of Finance's Circular No 200/2014 / TT-BTC dated December 22,
Some suggestions for improvement of accounting for salary and payroll
3.1.1 Requirements of accomplishing the sales and determining business results
In today's open economic era, enterprises face numerous opportunities and challenges, with intense competition both domestically and internationally To thrive and grow, businesses must discover effective and legal strategies for operation A crucial aspect of this process is product consumption accounting, which remains a key focus for businesses as they strive for continuous improvement and development.
Effective accounting practices are essential for enterprises to maintain strict control over production and business outcomes, manage assets efficiently, and make informed decisions As economic development progresses, accounting—especially in product consumption—must evolve to enhance the quality of information provided, meeting the increasing demands of managers and relevant organizations.
Organizing product consumption accounting and assessing consumption results within the company is essential for understanding achievements; however, this aspect of the accounting plan also faces certain limitations.
Company has the ability to improve and refund In order to meet the requirements of the management Therefore, perfecting this accounting practice is indispensable.
Principles of improvement and completion
To fully understand the principles of compliance with accounting regulations, it is essential to familiarize oneself with the accounting standards, guiding circulars, account systems, and accounting book forms established by the Ministry of Finance.
Adhering to key principles is crucial for effective accounting organization within an enterprise To enhance the accounting of product consumption, it is essential to ensure that revenue and expense records align consistently This requires a flexible and creative approach tailored to the specific operational context of the business, ensuring compliance with legal standards while maintaining accuracy and ease of application.
To achieve economical and efficient accounting, it is essential to accurately complete the accounting for product consumption and determine consumption results This process aids accountants in managing and preserving accounting vouchers while ensuring high accuracy and timely information Ultimately, this enhances the efficiency of directors in overseeing business activities.
To enhance the efficiency of accounting work, it is essential to promptly request complete and accurate information The process should prioritize the integration of technical devices and equipment that facilitate quick, timely, and precise calculation, recording, and processing of data, ultimately leading to continuous improvement in accounting practices.
- Must be consistent with the company's business characteristics
The current economy of our country is characterized by a multi-sector structure, where each enterprise possesses unique production and business traits along with specific management needs While the State provides overarching policies and regulations applicable to all businesses, it is crucial for enterprises to adapt these guidelines flexibly to align with their individual circumstances Additionally, this adaptation must maintain consistency in assessment methods, voucher usage, accounting practices, and reporting systems.
- Must ensure adequate and timely provision of information for corporate governance
Effective sales accounting is essential for accurately assessing sales performance Accounting serves as a critical tool for gathering, processing, and delivering information to meet the management needs of business leaders To support optimal decision-making, accounting must provide timely, accurate, and relevant information.
- The completion of accounting work must ensure efficiency and feasibility
Effective organization of accounting work is essential for maximizing profits while ensuring thrift and efficiency To achieve this goal, businesses must focus on increasing revenue and implementing strategies to reduce costs, which is crucial in a market economy Additionally, refining accounting practices should be practical and resource-efficient, allowing businesses to capitalize on opportunities without wasting time, effort, or money.
To complete the sales accounting and determine the business results in particular and the whole accounting system in general, the following requirements must be met:
To enhance sales accounting and accurately assess business results, it is essential to adhere to Vietnam's accounting regulations and principles The process of finalizing sales accounting and determining business outcomes must align with the Ministry of Finance's directives regarding implementation methods, voucher systems, accounting records, account frameworks, and reporting standards.
To enhance sales accounting and accurately assess business outcomes, it is essential to align practices with the specific characteristics of business management and the unique organization of accounting tasks, ensuring maximum efficiency.
Effectively managing sales accounting and analyzing business outcomes goes beyond merely supplying accounting data; it plays a crucial role in delivering comprehensive, accurate, and timely financial insights for internal management and stakeholders interested in the company's financial health.
+ Accomplishing must be sensitive, honest, in accordance with market rules on the basis of saving time and costs.
3.1.2 Some suggestion for managerial accounting
Each product contributes uniquely to a company's overall profit, and changes in the production structure can significantly impact profitability Therefore, an effective accounting department is essential for analyzing business activities and providing managers with timely information for informed decision-making This includes optimizing product demand and pricing strategies Additionally, the company should prioritize the preparation of management reports to support executives in making beneficial decisions To achieve these objectives, accountants must possess strong professional skills and a solid understanding of corporate governance, as effective accounting management enhances product consumption tracking and improves overall financial outcomes.
The analytical insights provided by accounting enable administrators to implement timely and effective solutions, optimize production plans, establish consumption standards, and collaborate with technical departments to minimize consumption This strategic approach helps reduce production costs, enhancing the company's competitiveness in both domestic and international markets while strengthening its overall market position.