INTRODUCTION
Introduction
In this chapter, the researcher provides a comprehensive overview of the research topic, outlining the theoretical and practical context, as well as the key research issues Additionally, the chapter details the research objectives and questions, highlighting the significance, scope, and limitations of the study.
Background of the study
Effective accounting organization is crucial for enhancing management efficiency within enterprises It plays a significant role in adhering to the State's economic and financial regulations while providing accurate, comprehensive, and timely information on financial resources This information aids managers in making informed decisions that optimize asset utilization, leading to improved economic performance and a productive operational environment Additionally, accounting organization encompasses the establishment of various factors and relationships that influence accounting activities, ensuring that tools are utilized in a scientific, rational, and effective manner.
Mai Ngoc Consulting and Training Co., Ltd, established in 2017 under business registration number 4601328667 by the Thai Nguyen Province Department of Planning and Investment, specializes in training and providing services in accounting, auditing, company establishment consulting, and financial statement management As a service-oriented company, it carries a significant responsibility in financial management, which is crucial for its long-term success and development.
Statement of the Problem
Mai Ngoc Consulting and Training Co., Ltd., despite being a young enterprise in the accounting training sector, faces challenges in establishing a professional accounting process that meets actual demands Currently, the accounting information provided is primarily for reporting purposes, lacking practical utility in analyzing the company's financial status To enhance both the scale and quality of training while effectively utilizing the resources contributed by company leaders, it is essential to organize accounting operations scientifically and align them with the company's practices Therefore, refining the accounting processes at Mai Ngoc Consulting and Training Co., Ltd is crucial for improving financial management quality and advancing the training mission.
For my graduate thesis, I have selected the topic "Improving the Accounting Organization at Mai Ngoc Consulting and Training Co., Ltd." This research aims to address both theoretical and practical issues related to the accounting practices at the company, stemming from my observations of their organizational activities.
Research objectives and questions
The aim of this research is to clarify the theoretical aspects of accounting organization within enterprises, focusing specifically on the practices at Mai Ngoc Consulting and Training Co., Ltd The study seeks to propose solutions for enhancing the organization of accounting work at the company, ultimately aiming for improved efficiency and effectiveness in their accounting processes.
To accomplish this purpose, the research tasks set out are:
Systematize and clarify the general theoretical basis of the accounting work in the enterprise in general
Analyze the current status of the accounting work at Mai Ngoc Consulting and Training Co., Ltd., clearly stating the results achieved, the limitations and the main reasons
Give directions and propose solutions to improve the organization of the accounting work at Mai Ngoc Consulting and Training Co., Ltd
In order to accomplish the proposed research objectives, the thesis needs to answer the following two research questions:
(1) What is the real situation of accounting work at Mai Ngoc Consulting and Training Co., Ltd?
The accounting organization at Mai Ngoc Consulting and Training Co., Ltd faces several limitations, including inefficient processes and a lack of standardized procedures To enhance the effectiveness of the accounting organization, implementing streamlined workflows, adopting advanced accounting software, and providing ongoing training for staff are essential solutions These improvements will not only increase accuracy and efficiency but also support better financial decision-making within the company.
The Significance of the study
The individual has played a key role in systematizing the theoretical aspects of accounting organization within businesses, with a specific focus on Mai Ngoc Consulting and Training Co., Ltd.
This article examines the current state of the accounting organization at Mai Ngoc Consulting and Training Co., Ltd and proposes targeted solutions to enhance its accounting processes By assessing the specific challenges faced by the company, the study aims to improve overall efficiency and effectiveness in its accounting operations.
The Scope of the study
The research scope of the subject is the content of the accounting work organization at Mai Ngoc Consulting and Training Co., Ltd in recent years:
Organize the accounting voucher system
Organize the accounting account system
Organize the application of accounting book systems and forms of accounting
Organize the preparation and analysis of accounting reports
Organize to preserve and archive Accounting vouchers.
Definition of term
Accounting vouchers Accounting vouchers refer papers reflecting arising and completed economic and financial operations, serving as a basis for recording accounting books
Accounting documents refer accounting documents, accounting books, financial statements, management accounting reports, audit reports, accounting inspection reports and other documents related to accounting
The accounting regime encompasses the regulations and guidelines governing accounting practices within a specific sector, established by the state management agency or an authorized organization.
Financial accounting Financial accounting refers the collection, processing, inspection, analysis and provision of economic and financial information by financial statements to the subjects wishing to use information
Management accounting refers the collection, processing, analysis and provision of economic and financial information according to the requirements of economic and financial management and decisions within the management unit
Economic and Economic and financial operations refer specific arising activities financial operations that increase or decrease assets and sources of assets of the accounting unit
Accounting inspection Accounting inspection refers examining and evaluating compliance with the law on accounting, the truthfulness and accuracy of accounting information and data
Accounting forms Accounting forms refer accounting book models, bookkeeping order and methods and the relationship between accounting books
Tangible fixed assets are physical items essential for business operations, including buildings, machinery, equipment, and vehicles These assets maintain their original form while being utilized across various business cycles, playing a crucial role in the overall functioning of an organization.
Intangible fixed assets are non-physical assets that hold significant value for a business, encompassing investments in items such as land-related costs, issuance rights, patents, and copyrights These assets play a crucial role in various business cycles, contributing to the overall financial health and operational capabilities of an organization.
Finance lease fixed assets are tangible assets leased from a finance leasing company, allowing the lessee the option to purchase the asset at the end of the lease term or continue leasing it under the agreed terms The total rent specified in the financial leasing contract must equal or exceed the asset's value at the contract's signing.
Depreciation of fixed assets is the reduction in their value and usability resulting from factors such as usage in production and business activities, natural wear and tear, and advancements in technology over time.
Depreciation of fixed assets refers the calculation and systematic allocation of historical cost of fixed assets to production and business costs during the depreciation period of fixed assets
Residual value of fixed assets
The residual value of fixed assets is defined as the difference between the historical cost of the asset and its accumulated depreciation up to the reporting date.
LITERATURE REVIEW
Basic theoretical issues about accounting organization in enterprises
2.1.1 Overview of the accounting work organization
Accounting plays a crucial role in the functioning of businesses across various sectors With the advancement of information technology, multiple approaches to accounting have emerged, leading to diverse definitions of the term Here are some key definitions of accounting.
The State Accounting Organization defines accounting as the process of systematically recording and calculating numerical data related to value, type, and working time This practice primarily focuses on reflecting and verifying the movement of assets, as well as the processes and outcomes of production and business activities It also encompasses the management and utilization of capital and funds at both the state and enterprise levels.
Accounting is defined as the systematic process of recording, measuring, and delivering economic information, which aids users in making informed assessments and decisions, according to the American Association of Accountants in their publication "Reporting on Basic Accounting Theory."
The American Accounting Principles Board (APB) stated in Notice 4 that accounting serves as a vital service, delivering quantitative information about economic organizations This primarily includes financial data that aids users in making informed economic decisions.
The American Institute of Certified Public Accountants (AICPA) has defined:
“Accounting is a service Its function is to provide quantitative information about economic organizations, mainly financial information that helps users to make economic decisions.”
On the basis of the accounting concepts, we can define “Accounting organization” as follows:
An accounting work organization refers to a systematic approach for coordinating methods, techniques, and resources within the accounting framework It encompasses the essential functions and responsibilities of accounting, which include accurately and promptly reflecting, measuring, monitoring, and reporting data related to accounting objects, while maintaining a close relationship with other management areas.
2.1.2 The role of accountants and accounting organizations in the business
Accounting is a crucial component of economic and financial management systems, significantly impacting financial management within enterprises and the overall operation of the national economy It serves as a vital tool for monitoring and regulating all economic and financial activities, thereby ensuring the effectiveness of enterprise processes.
Managers utilize accounting as a systematic science to gather, process, and analyze information related to assets and financial activities This regular and structured approach ensures that they have the necessary data to support effective management decision-making.
Accountants play a crucial role in business management, as highlighted by the Vietnamese Accounting Law, which states that accounting serves as an essential tool for overseeing and managing business operations It facilitates the monitoring and safeguarding of assets, materials, and capital, thereby empowering businesses to maintain control over their production and financial activities.
For business administrators: Accounting serves economic managers Based on accounting information, managers make plans, projects and check the implementation of projects, plans in place
State management agencies can leverage the inspection and synthesis of accounting data to gain insights into the business operations, costs, and profits of various units This understanding enables them to formulate effective taxation policies and other regulatory measures.
Effective organization of accounting work is crucial for enterprise management Tailoring accounting practices to align with the scale and unique characteristics of production and business operations enhances management efficiency This adaptability enables businesses to make timely, optimal, and informed decisions, ultimately improving overall effectiveness in management and operations.
The quality of accounting information is crucial for making safe and effective business decisions Financial and management accounting provide essential information systems for administrators To establish these systems, accounting organizations must be structured in a rational and scientific manner.
Organizing accounting functions in alignment with business operations not only reduces costs but also facilitates the timely and comprehensive delivery of high-quality economic information tailored to various management needs.
2.1.3.1 Organize the original voucher and record systems
In a business, various departments such as Sales, Administration, and Human Resources engage in economic and financial activities aligned with their specific functions These departments are responsible for collecting, recording, and synthesizing data, while providing the accounting department with technical standards, cost estimates, and product lists They also prepare assigned statistical reports, ensuring the accuracy and truthfulness of the data submitted All activities are documented, and these documents are then transferred to the accountant for further processing.
According to Ngo The Chi and Truong Thi Thuy (2010), accounting vouchers serve as essential documents that validate the completion of economic and financial transactions It is crucial that all accounting data is substantiated by legitimate accounting vouchers; otherwise, it is deemed invalid.
Valid accounting vouchers are essential documents that accurately and promptly capture all necessary elements and criteria, adhering to the specific guidelines for each voucher type To ensure comprehensive and timely accounting information for an entity, these vouchers must thoroughly represent all economic transactions occurring within the organization.
RESEARCH METHODOLOGY
Research design
Effective organization of accounting work plays a crucial role in the management and administration processes of managers To gather insights, the author conducted a survey targeting the company's board of directors, department heads, and all accounting department employees The primary data collection method utilized was a survey questionnaire.
The survey questionnaire was built to collect the answers to the research question included:
- How to organize the accounting work in the company?
- How to organize Accounting vouchers in the company?
- Is the account system open scientific?
- Is the accounting book organization done well?
- How is the reporting system of the departments?
Methods of data collection
To implement the contents and research objectives stated, the author uses a combination of research methods and procedures as follows:
Researching and synthesizing materials from textbooks, related studies published to help the author override the theory
Quantitative research method: The author observes the accounting apparatus operation process, the professional processes combined with the survey of managers and accountants to collect and analyze data
The author employs statistical and synthesis methods to analyze and comprehend the current state of accounting practices at Mai Ngoc Consulting and Training Co., Ltd.
Research data
The thesis utilizes secondary data sourced from the organization's charter, reports, and relevant documents pertaining to its accounting practices Additionally, the company gathers its accounting books and reports, employing various general and comparative methods This approach facilitates the development of a theoretical framework that enhances the understanding of the research problem at hand.
The author gathers primary data by obtaining a list of directors, department heads, and finance-accounting staff from the HR department Subsequently, a survey is conducted utilizing a questionnaire that includes both closed and open-ended questions.
The author conducted direct interviews using survey questionnaires to gather information on the current state of accounting practices at Mai Ngoc Company This analysis led to the development of recommendations aimed at enhancing the organization of accounting work at Mai Ngoc Consulting and Training Co., Ltd.
After collecting data from survey questionnaires, the author analyzed the information by categorizing it based on the influencing factors of the accounting work organization The data was then manually entered into Excel for analysis and synthesis, allowing for the calculation of vote percentages and statistical representation of the results.
REAL SITUATION ORGANIZATION OF ACCOUNTING AT MAI NGOC
General of Mai Ngoc Consulting and Training Company Limited
4.1.1 Introduction about Mai Ngoc Consulting and Training Company Limited
General information about the enterprise
Mai Ngoc Consulting and Training Co., Ltd is one of the leading reputable accounting training companies in Thai Nguyen city The company officially came into operation on March
On March 13, 2017, the company was officially registered under business registration certificate No 4601328667 by the Department of Planning and Investment of Thai Nguyen province The head office is situated at 43C Nguyen Dinh Chieu Street, Group 17, Phan Dinh Phung Ward, Thai Nguyen City, Thai Nguyen Province, with Ms Ngo Thi Mai serving as the legal representative The company's primary focus is on practical accounting training.
The formation and development process of Mai Ngoc Consulting and Training Co., Ltd
Founded in early 2017, Mai Ngoc Consulting and Training Co., Ltd has established itself as a reputable accounting training provider in Thai Nguyen city and its surrounding areas within a relatively short span of nearly four years Despite facing significant challenges and fierce competition in the professional training industry, the company has transformed its initial modest enrollment into remarkable achievements through the dedicated efforts of its employees By continuously learning and adapting, the company has successfully asserted its brand and gained recognition as a leading training unit.
Our mission is to train highly skilled accountants who can independently prepare and analyze financial reports Additionally, we empower business managers to effectively oversee their accounting systems, enabling them to identify correct practices and areas for improvement.
Diagram 4.1 Organizational diagram of the company
The individual overseeing the management and operations of the company is legally accountable for all its activities, ensuring compliance with regulations and laws.
Is a person with high accounting expertise and takes the role of a professional advisor in all accounting training activities of the Company
Organize the implementation and management of outgoing and incoming documents in accordance with the company's regulations
Manage seal and engraved name set of the center leader
Maintenance and monitoring of equipment and machines at the company
Monitor and evaluate human resources situation
Statistics of human resource needs
Forecasts future workforce needs in the company (every 3 months) based on planned production processes, changes and other factors
Develop human resource programs and plans for the company
Proposed implementation of human resource development policies
Recruitment and training of personnel
Salary - bonus management and policy regimes, health insurance, social insurance
Assist the Director with accounting, statistics, economic information, activities related to financial management
Ensure capital sources to meet the needs of production and business activities of the company, inspect and evaluate the efficiency of usage capital and assets of the Company
Organize the accounting, accounting statistics, accurately and fully reflect the data, the situation of capital rotation in the business activities of the Company
Analyze the economic efficiency of company's business projects
Balance the company's financial plan
Take the lead in the periodic implementation of financial statements, inventory and asset assessment in the center, proposing liquidation of backlogged, poor-quality, and unsuitable assets and materials
Advising to develop and issue documents (regulations, guidelines, plans, strategies, ) on the company's training programs
Consulting, introducing information about the company's training programs for trainees in need
Fostering and training a team of collaborators with sufficient knowledge and skills for admission counseling
Synthesizing and analyzing enrollment-related statistics: evaluate the effectiveness of enrollment counseling
The department includes a team of teachers and management teachers for the purpose of Japanese language training of the center
Develop curriculum and directly teach students
The ministry is responsible for checking the student's compliance with the company's rules and regulations Handling violations according to competence
4.2 The Real situation of Organization of accounting work at Mai Ngoc Consulting and Training Co., Ltd
4.2.1 Real situation of the accounting apparatus system organization
The accounting apparatus serves as a vital tool for effective economic management within an enterprise To ensure optimal operation, accounting work must be organized scientifically and reasonably The company structures its accounting apparatus centrally, aligning it with state regulations and the unique characteristics of its operations and management This centralized approach places all accounting functions, from initial recording to reporting and verification, within the Finance-Accounting department As the company does not have subsidiaries or affiliated branches, this streamlined organization enhances operational efficiency.
The Accounting Department consists of five members who operate under the direct supervision of the company director The team is led by the Chief Accountant, who oversees the accountants working directly beneath them, structured according to an established organizational chart.
Diagram 4.2 Organizational chart of accounting apparatus at Mai Ngoc Consulting and Training Company Limited
The Chief Accountant, reporting directly to the General Director, oversees all financial activities within the organization This role involves inspecting and controlling financial processes, establishing initial recording protocols for statistical reports, and providing an overall assessment of the company's financial health.
General accountant : collect data from documents recorded in the ledger, balance sheet and prepare monthly settlement reports to send to the company and State management agencies
Payment accountant : based on original documents to write receipts, cash receipts, bank deposits, pay wages and allowances
Material, fixed assets accountant : is responsible for monitoring the import and export of tools, the increase and decrease of fixed assets
Treasurer: is responsible for keeping the company's cash based on valid original cash receipts and payments
The company utilizes a general journal accounting system and conducts inventory accounting through the regular declaration method, tailored to its unique characteristics and in accordance with the initial recording regime set by the State.
4.2.2 Real situation of the original documentation and recording system organization
Mai Ngoc Consulting and Training Co., Ltd is currently utilizing an accounting vouchers system in accordance with Circular No 133/2016/TT-BTC, issued on August 26, 2016, by the Minister of Finance This circular provides guidelines for the accounting regime tailored for small and medium enterprises and has been in effect since January 1, 2017.
The accounting vouchers utilized by the company integrate the existing accounting framework with the specific scale and nature of its operations, effectively encompassing all economic transactions that occur during business activities.
All economic and financial transactions within the production and business activities of Mai Ngoc Consulting and Training Co., Ltd are meticulously documented and recorded in accounting vouchers These vouchers ensure full, honest, and objective representation of the company's operations.
Table 4.1 List of Accounting vouchers at Mai Ngoc company
No Document name Serial number Nature
A Accounting vouchers issued under this Decision
6 Product confirmation or job completion form
8 Out-of-rent payment table 07-LĐTL x
11 Inventory of deductions from salary amounts
12 Salary and social insurance allocation table
3 Report of damage, lost tools and tools 03-VT x
4 Report on materials remaining at the end of the period
5 Minutes of inventory of materials, tools, products, goods
7 Distribution of raw materials, materials, tools, apparatus
7 Fund inventory (used for VND) 08a-TT x
1 Record of delivery and receipt of fixed assets
2 Record of liquidation of fixed assets 02-TSCĐ x
3 Record of handover of fixed assets overhaul completed
4 Record of revaluation of fixed assets 04-TSCĐ x
5 Record of fixed asset inventory 05-TSCĐ x
6 Schedule and amortization of fixed assets
B Documents issued under other legal documents
1 Certificate of sick leave to enjoy social insurance x
2 List of people taking leave to enjoy sickness and maternity benefits x
4 Financial leasing service invoice 05 TTC-LL X
5 List of purchases of purchased goods without invoices
Document inspection is a crucial aspect of the accounting process at Mai Ngoc Company Each document undergoes a minimum of two evaluations: an initial review followed by a subsequent verification to ensure the validity and legality of the vouchers.
The first inspection involves the payment accountant verifying the validity and legality of vouchers, which is crucial for ensuring accuracy in financial operations Conducting this inspection promptly after economic transactions helps to prevent errors at the initial documentation stage, thereby supporting effective accounting practices.
The chief accountant and director conduct the next inspection to verify the validity and legality of the accounting vouchers, while also re-evaluating the initial inspection performed by the payment accountant.
At Mai Ngoc Company, the inspection of accounting vouchers is conducted regularly and promptly to identify any violations of regulations or inconsistencies with internal spending policies Despite these efforts, some documents are bypassing the accounting department, which undermines the accounting control function and limits the effectiveness of the company's inspections Consequently, issues such as incomplete documentation or non-compliance with regulations persist.
4.2.2.3 Classification and arrangement of documents
Analysis and discussion
4.3.1 Evaluate the original documentation and recording system organization
To evaluate the effectiveness of accounting voucher organization at Mai Ngoc Consulting and Training Co., Ltd, the researcher collaborated closely with the management team and accounting staff, utilizing a 5-level Likert scale ranging from 1 (Totally disagree) to 5 (Totally agree) The findings reveal a positive assessment of the performance of accounting vouchers within the company.
Documentation on labor quotas and wages 2.5
Survey results indicate that documents related to sales indicators, material norms, and fixed assets received average scores of 3.3 to 3.4, reflecting their effective use However, documents concerning labor and wage quotas scored only 2.5, indicating a lack of effectiveness Specifically, the "Travel document" fails to record the distance traveled by employees on business trips, leading to inaccuracies in per diem calculations This necessitates adjustments to enhance payment accuracy for commuting staff Additionally, the "Overtime timesheet" is prone to misuse, as some departments exploit self-attendance checks without HR certification, suggesting a need for more rigorous oversight to ensure honesty and accuracy in overtime reporting.
Documents on monetary indicators received a low average score of 2.4, indicating that survey participants believe these documents are not utilized effectively Specifically, the "Application for Advance" form complicates the management of advance balances for individuals and collectives, leading to concerns about a potentially large outstanding advance balance at the end of the period and difficulties in recovering these advances.
The preparation of accounting vouchers has effectively adhered to the accounting regulations, ensuring that they are valid, legal, and formatted correctly These vouchers comprehensively capture all necessary accounting details Additionally, the use of software for creating various vouchers, such as receipts and payment slips, has greatly reduced preparation time and minimized the risk of errors in documentation.
4.3.2 Evaluate the organization in applying the system of accounting accounts
The survey results to evaluate the effectiveness of Mai Ngoc's accounting account system are as follows:
The survey results indicate that the company's accounting system has achieved an impressive average score of over 4, demonstrating its effective implementation This accounting system plays a crucial role in the consistent monitoring and reporting of funds from various financial sources, thereby ensuring strict management of revenues, expenditures, and resource allocation for appropriate purposes.
4.3.3 Evaluate the organization of the accounting book system
Through the survey from the questionnaire and the survey results on the organization of the accounting book system at Mai Ngoc Company, the results are as follows:
Detailed book list of accounts 3.2
Survey results indicate that a comprehensive list of revenue books, expenses, and accounts received an average score exceeding 3 points, highlighting their effective use Conversely, the summary book list, which scored 2.5 or lower, was deemed ineffective by survey participants, suggesting that this type of book is not utilized efficiently.
4.3.4 Evaluate the making and analyzing accounting reports
Through the survey from the questionnaire and the survey results on the organization of the financial reporting system in Mai Ngoc, the results are as follows:
Report on Banking and service activities 3.2
Report on Materials and Fixed Assets 3.0
The survey results indicate that the tuition fee report has achieved an impressive average score of 4.2, demonstrating its effective application and high utilization.
Reports on banking and service activities, as well as materials and fixed assets, consistently achieve average scores between 3.0 and 3.2, indicating their continued effective utilization.
With the payment report and the combined report having an average score of less than
The analysis of financial reports at Mai Ngoc reveals that the balance sheet and accompanying notes are not utilized effectively The balance sheet merely serves as an accounting tool to verify account balances, failing to provide a comprehensive view of the entity's financial status Additionally, the notes lack detailed explanations and assessments that would help readers understand the financial situation accurately Instead, the content remains superficial, with analysis criteria that are overly general and not tailored to the specific circumstances of the unit.
When conducting a survey to evaluate the time of reporting at the company, the specific results are obtained as follows:
The survey results indicate that the annual report preparation time received the highest average score of 4.1, while the quarterly and monthly report times scored 3.3 and 3.2, respectively This suggests that participants view the time taken for quarterly and monthly reporting as acceptable.
The weekly report received a low evaluation score of 2.5, indicating that its effectiveness is compromised due to the reporting timeframe being too close together.
Management accounting information complements the mandatory financial reporting system by providing administrative reports tailored for company management These reports include inventory assessments, material and tool inventories, and fee collection summaries, which are essential for effective decision-making and operational oversight.
Through the survey from the survey questionnaire and the investigation results on administrative accounting information at Mai Ngoc company, the results are as follows:
Report revenue and expenditure differences by course
Expense report for one participant in the course
The company's governance report has been rated highly effective, achieving an average score of 4.2 To enhance its effectiveness, the company should develop a strategic plan for its implementation Additionally, leveraging management accounting information can provide company leaders with timely and accurate insights, facilitating better analysis and evaluation of activities, ultimately supporting informed decision-making by managers.
To assess the effectiveness of the accounting inspection organization, a survey was conducted to gauge the frequency of internal and external inspections within the company The survey results indicated a range from 1 (very infrequently) to 5 (very frequently).
The survey indicates that internal inspections are conducted infrequently, with an average rating of 2.5, suggesting the absence of a dedicated accounting inspection department; instead, these responsibilities fall primarily on the chief accountant and other accountants Additionally, the external inspection frequency is notably low, rated at just 1.5, highlighting the rarity of such evaluations.
4.3.6 Evaluate the organization of information technology application in accounting
Evaluate the current status of accounting work at Mai Ngoc Consulting and Training Co.,
Regarding to accounting apparatus organization
The accounting system is efficiently structured to fulfill all necessary requirements, with clearly defined roles for each section Accountants are highly qualified professionals, trained in their specific field and committed to their responsibilities.
Regarding to organization of the accounting voucher system
The preparation of accounting vouchers at Mai Ngoc Consulting and Training Co., Ltd adheres to the required accounting regime, ensuring that all documents are valid, legal, and formatted correctly The use of information technology in accounting has enabled the creation of various documents, such as salary payment sheets and social insurance records, through software To maintain accuracy, certain voucher samples are produced in pre-printed forms, including inventory delivery vouchers, inventory receiving vouchers, payment requests, and advance payment requests.
Regarding to organization of the accounting account system
The accounting account system of Mai Ngoc Company that is being applied has fully reflected all economic and financial information of the unit in accordance with the current regulations
To enhance accounting oversight and improve the efficiency of its financial operations, the company has established several secondary and tier 3 accounts tailored to its specific business needs, in addition to the prescribed accounts.
Regarding to organization of the accounting book system
Mai Ngoc Consulting and Training Co., Ltd has implemented a general journal accounting system alongside computerized accounting software, which aligns well with the company's operational characteristics This system facilitates the efficient recording and reflection of accounting and financial data, ensuring ease of use The computerized design enhances clarity in information management, while the printed and archived accounting records comply with regulatory standards Additionally, the accounting books effectively support the preparation of financial statements.
Regarding to organization of the financial reporting system
The company's accounting reporting system is fully established, in accordance with the reporting format, the reports are prepared in accordance with Vietnamese Accounting Standard
The presentation of financial statements, as outlined in No 21, relies on accurate data derived from arising vouchers, ensuring a true reflection of the company's financial status at the end of the accounting period The entire organization is responsible for consolidating data from its affiliated units to prepare a comprehensive general report that illustrates the overall operational condition This report serves as a foundation for analyzing and evaluating the company's current situation and development over the year.
Mai Ngoc Consulting and Training Co., Ltd conducts monthly inspections to enhance the organization of accounting within the company, ultimately improving the quality of accounting and management The thorough review of accounting documents, records, and adherence to accounting policies effectively minimizes errors and issues in financial management.
Regarding to application of information technology in accounting work organizations
Utilizing accounting software to systematically organize information by accounts and accounting books ensures that the Company adheres to accounting regulations and standards This approach is tailored to meet the specific conditions of the entire Company, facilitating the use of general and detailed accounts while streamlining accounting processes.
Mai Ngoc Consulting and Training Co., Ltd has successfully organized the accounting work within the company, but there are still several important points to consider for further improvement.
Regarding to accounting apparatus organization
The company's accounting team, consisting of just five members, requires each accountant to manage multiple operations simultaneously, resulting in a heavy workload and occasional errors Additionally, the varying qualifications of employees, who are tasked with responsibilities outside their areas of expertise, contribute to confusion and a lack of accuracy in the accounting processes.
The company's accounting system prioritizes the processing of financial accounting information; however, the absence of a dedicated accounting department hampers effective corporate governance and restricts internal management decision-making.
Regarding to organization of the accounting voucher system
The company's accounting vouchers are collected from various sources, leading to numerous non-compliant documents that lack essential information Issues such as missing payment methods, incorrect company addresses, and unclear invoice details persist Additionally, vouchers from different teams are often delayed in their transfer to the accounting department, which hampers the accuracy and timeliness of monthly financial reporting.
The accounting department has failed to print and distribute new legal documents, forms, and vouchers promptly, resulting in the continued use of outdated forms that violate current regulations Consequently, the company lacks essential documentation to accurately reflect emerging economic transactions in accordance with their nature, content, and management requirements.
Regarding to organization of the accounting account system
The company's accounting system lacks the necessary accounts to accurately reflect its economic transactions, resulting in insufficient and unreasonable detailed accounts For instance, while account 5111 is opened for regular operations, it fails to provide detailed revenue insights Consequently, this leads to time-consuming and inaccurate reporting.
Failing to accurately reflect tuition debts in annual results violates regulations, impacting the management of revenue and expenditure differences for students This discrepancy also leads to inaccuracies in financial reporting among units within the same system Furthermore, the calculation of depreciation for fixed assets utilized in service business activities lacks suitable allocation criteria, as some assets are used for both regular and service operations.
Regarding to accounting book system
The implementation of the general accounting book system is complete; however, the detailed book system is either not fully operational or lacks comprehensive records This inadequacy complicates the tracking of essential financial documents, such as detailed revenue, cost, materials, and general administration expense books Although these records are generated from accounting software, their application is confusing for the unit due to its specific characteristics Furthermore, the company has not produced a detailed report on outstanding tuition fees by class, hindering timely debt recovery measures.
Regarding to financial reporting system