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Accounting System

 

 

Every business needs information from its accounting system. To produce reliable, accurate, relevant, and easy-to-use information for management and external users, the accounting system itself must be well-designed and well-organized in accordance with generally accepted accounting principles or accounting standards. A good accounting system is fundamental to the generation of reliable and accurate financial information, since the system is a set of methods, concepts, structure and procedures, in which financial information is gathered, processed, and summarized into financial statements and reports.

Once you have realized the importance of the accounting system, you would wonder how your business can have a good accounting system and what we can do for you. Russell Bedford Hua-Ander can provide assistance in setting up or designing a new system for new businesses and in reviewing and restructuring the existing system for those entities already in operation. Typically, our focus will be put on the following main components of the accounting system:

- Accounting and financial rules and policies
- Structure and duty assignment of accounting department
- Main accounting treatments and procedures
- Chart of accounts
- Ledgers
- Structure of financial statements

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A good accounting system is not a copy of general accounting standards or regulations. In designing the system, we consider many factors: the size, type, and structure of the entity, the industry in which the entity operates, the Group/parent company/investing party's specific accounting policies and requirements for special reporting purposes such as consolidation or segment reporting, the requirements of internal control, compliance with applicable accounting standards or GAAP, and tax considerations.

When the client opts for a computerized or automated accounting system, we can help choosing or recommend a software package suitable to the client's needs and environment. Based on the setup of the above-mentioned main components, we can assist in initializing the software system by properly setting up the accounts, ledgers, and statements configurations, having test-run of the system and data entry of beginning balances. If a manual system was used before, a conversion service is also available from Russell Bedford Hua-Ander.


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