SETTING UP ACCOUNTING SYSTEM

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MAGNA CARTA LAW FIRM has team of licensed and experienced accountants who can assist you in setting up Accounting System for your company. We also provide training sessions in terms of managing VAT, salary tax, income, and profit tax, etc.

Setting up Accounting System is a method of collecting financial and accounting data consisting of various documents. This includes accounting records and reports in order to measure the performance in the previous periods. Businesses indeed need a good and reliable system for the accounting department. This will be an effective management tool in controlling the operations to meet the company’s objectives

Methods of Setting up Accounting System

1. Collecting the details of the business operations

Collecting all financial and accounting data, forms, and the details of business operations is important in using and designing the entire accounting system.                                                                                                                                          

2. System Design

After collecting all the data, the data will then be analyzed. Consequently, the system will be set up according to your business and then optimize it for best accounting performance.

3. Systems Operations Training

To finally start operating the system, our team will thoroughly explain each significant sections and functions to your staff.

4. Inspection and follow-up of the system implementation

After the new system implementation, we will track and check the performance for a certain period to see if it complies with the objectives and whether the results are correct and complete.

Overall, having a systematic accounting process will definitely enhance your business operations. However, it also needs a good cooperation between the entrepreneurs and the accounting experts to provide all significant details of the business to improve the platform.

BENEFITS OF SETTING UP ACCOUNTING SYSTEM

1. Less errors in accounting operation

This will help to timely and accurately process a large volume of accounting information. It will allow you to easily access each transaction in the financial statements. Here, you can go through the previous accounting records systematically in the document files.

2. Efficient accounting performance

It reduces duplication and repetitiveness and optimizes workflow. All staff can use the database to make a potential plan.

3. Information Network

Without entering initial data repetitively, a good system will help to connect between accounting programs such as payroll program. The system network will help you save more time and reduce working processes.

4. Cost saving

The entrepreneurs who make a good accounting plan will eventually understand their costs and expenses. The better the system is, the less working process involved. There is no need to hire more employees to investigate all processes. Therefore, a good accounting system helps reduce the cost in hiring employees in terms of salary and welfares.