General accounting what? The business process 

However, in fact, many businesses, especially medium organizations and small or newly formed, still have difficulties in the development of this profession: from the control voucher, collated data between the parts to financial reporting and data analysis. If input data is not accurate or synthesis process lack of standardized business is prone to false statements, tax risks and difficulties in financial management.

Therefore, master professional is not only to help businesses comply with legal regulations, but also optimized operating costs, improve efficiency management and financial planning more accurate. The same Lac Viet learn in detail about the role, task and how to deploy the task effectively in this article.

1. Overview of general accounting in business

1.1 general accounting what is? Roles and responsibilities in business

General accounting position is responsible for recognition, control and synthesis of the entire financial data arising in business. This is considered the “data center accounting”, whose mission is to connect all business information to set up the system window list and report management service leadership. Other than the accounting department, professional liability professional synthetic cover the whole chain of data to ensure consistency between the operating portion, provides a financial picture transparent, accurate.

The role of accounting:

• Ensure accuracy – transparency of financial data: Provide reliable data, as a basis for any financial decisions (planning, cash flow, cost control, budgeting), avoiding the wrong business performance.
• Support leadership in management decisions: Not only recorded, but also the analysis of data and deliver timely information that helps leaders make decisions effective strategy.
• Control compliance legal – accounting standards: perform The ultimate control, ensure the whole part accounting practice comply with tax regulations, electronic invoicing and accounting standards, helping businesses avoid the risk of fines, arrears.
• Connect the parts and create a data consistency: the role of coordinating and cross-check, to ensure the accuracy of data input from every department (sales, warehouse, hr) before synthesis on the general system.

Responsibility – powers: Though depending on the scale of organization, but in general, general accounting, the group responsible for the following:

• Responsibility (core Tasks)
• • Organizing and tracking system of bookkeeping.
  • Examined, collated data from the operating portion details (inventory, liabilities, expenses, fixed assets).
  • Establishment of financial reports periodically (balance Sheet, reports business results...).
  • Participate in the analysis of data (sales revenue, cost, profit) to support financial planning.
  • Fulfill obligations declaration and payment of tax according to the regulations.
  • Proposed solutions to improve accounting procedures to improve efficiency and minimize risk.
• Powers
  • Access to the system accounting data.
  • The right to ask the relevant department to provide records and documents right term.
  • The right to propose the regulations noted vouchers and criteria of cost control.

With respect to the organizations and enterprises are to find out information about accounting profession, understanding the role – responsible for this is quite important to develop the proper accounting, especially when business growth can arise many business more complex.

1.2 Understand about accounting profession synthetic

Perspective accounting professionals, can split the business into 4 focus groups:

• Recorded – control input data: Professional synthetic no input details for each business but to ensure that all data from the operating portion is recorded right process. Thanks to the control input strictly business to avoid common errors such as: deviation liabilities, accounted for the wrong account, omissions costs.
• Merge data across the enterprise: When the data from the parts to be put into the system, service synthesis of conducting a review and merge. This step is the decision to build the financial picture overall. The business need the most, including: revenue – expenses, debts and receivables – payables, inventory, and assets – capital.
• Establishment – presentation of financial statements: this requires high accuracy as well as related to the ability to bear great responsibility. Financial statements are important documents for: Home admin internal/ Bank when reviewing credit/ tax authorities/ investors. Calculate the correct term and transparency are leading factors.
• Analyze financial data – staff for leadership: trends In the number of chemical management today's business expectations professional synthetic offers more than just reporting the “past”. They need information to help forecast to make the decision. This analysis helps enterprises actively operating in the optimal cost as well as increase efficiency, profitability.

2. General accounting what? The business should implement

Duties of the general accounting is generally divided cyclical data processing: daily, monthly, quarterly and annually. This helps maintain business continuity, transparency about the stability of the financial system – accounting. With the perspective of professional accountants in business, below is the detailed analysis:

2.1. General accounting daily

This is a group of professional guarantee of enterprise data was recorded right – enough – timely according to each working day. Data input of today's platform to collate month, quarter and year later. The main tasks include:

• Reception – check vouchers from the operating sections: including bills of sale, bonds for income and expenditure vouchers, import export warehouse, clipboard application, contract to purchase services.
  For example, with Respect to stock from purchase, need to check the dovetail between the amount on the invoice as well as the actual number enter the warehouse, to avoid deflection data between parts purchases – inventory – accounting.
• Collated data with the operating portion: It is the duty of general accounting in business to ensure not incurred difference.
  For example: the Number of rows on the storage system must match the number of that accounting sales recorded.
• Recorded transactions into the accounting system: If the business using accounting software, job mainly is to check and approve the data. This reduces the risk of errors, guarantees stable data each day.
• Track the money flow everyday: include checking account balances, bank, cash flows out into the accounts receivable – pay. With many businesses, medium – small, control the money flow everyday is the determining factor to ensure solvency.
• Quick reports for leadership when there are large fluctuations: For example, the cost of unusually large orders or revenues – expenses incurred in addition to the plan.

These tasks help prevent risks skewed data right from the start, dramatically reducing the time for projection last month, and financial data is always “ready” served administrator.

2.2. General accountant monthly

Group business is “the window” plays an important role in the assessment of the business situation in each period. The main tasks include:

• Reconcile receivables – payables: general accounting reconciliations with customers, suppliers and each part internal. This ensures accurate data before reporting month.
• Calculate the price of capital – recorded cost: Based on windows inventory, purchase orders, service contracts...
  For example: cost of goods sold must be calculated based on the method by which business apply (FIFO, weighted average...).
• Recorded depreciation of fixed assets: This is the cost required to determine accurately, since a direct impact on profitability. The depreciation calculation wrong can lead to corporate profit reports “virtual”.
• Transfer revenue – cost: Help determine the results of business activities by the month. This data serves assess the business performance of each department.
• Reporting on internal management: including report on business results, the debt situation, cash flow, cost.
  Benefits: leadership quickly evaluate volatility to make the decision list.
• Declaration of value added tax (VAT) in months (if subject to declaration and month): Ensure the correct term to avoid late payment penalties.

The mission on helping leaders grasp the business situation in real time, optimize cash flow thanks to the data on public debt, the cost and limit the risks to tax the same errors accumulated data.

2.3. General accounting quarterly

Business quarterly, usually focusing on tax obligations and assess business performance at the aggregate level over. The main tasks include:

• Establishment – submit a report corporate income tax (estimate): based on revenue – expenses in the quarter to calculate the number of temporary tax filing. The temporary submission of the right – enough to avoid risks to be charged interest for late payment of last year.
• Rate fluctuations, revenue – profit quarterly: This is the foundation to forecast the situation all year.
  For example, If the second quarter costs rose sharply, accounting should cause analysis (raw material prices increase, costs increase, or due to errors noted).
• Review the entire data of the operator: including inventory, fixed assets, liabilities... to prepare for the window last year.
• Management reports you'll: Help businesses see the trend operate overall, not only by each month separately.

Optimal planning of corporate INCOME tax the year, to help businesses timely adjustment (increase/decrease budget, cost control) as well as support leaders to build growth plans for the next quarter.

2.4. Accounting the annual general

This is the most important stage in the entire work, general accounting, by data year-end is grounded legal and financial importance for business. The main services include:

• Inventory, asset inventory: This is required to ensure the property value on the books match the reality. If no inventory business can fall into a state of “interest author – the hole truth”.
• Revise the entire bookkeeping: collate all accounts, handling the account suspension, differentials, testimony from the teen.
• Reporting fiscal year: includes: balance Sheet; a report on business results; statements of cash flows; notes to financial statements
• Settlement tax year: This is the mandatory duty of professional, synthetic requested data must be accurate absolute.
  Analyze business performance all year: To support leaders plan the following year: the objective of revenue, profit margin, cost structure,...

These tasks help create financial transparency, help businesses to access loans from investors, reduce the risk of audit, tax and help leaders a comprehensive view to planning the new year.

3. Deployment process accounting synthetic efficiency in business

A process general accounting clear, standardized to help businesses reduce errors, save operating costs and improve the quality of decisions. Under the angle of the direct implementation of synthetic work, here are 5 steps that core business need to deploy this version.

Step 1: Determine the scope of accounting and standardized schematic account

In this step, the business must be aggregated to shape the entire financial picture of the business: sales come from, where cost includes the group, the assets – capital was sorting out the stars. The standardized schematic account not only the legal requirements according to Circular 200 or 133, which is the platform that helps the recognition takes place consistently.

For example: If the business activity field, it should be separated clearly account revenue – costs according to each array to the leader board easily evaluate effective.

Financial data are standardized from the beginning, to limit errors accumulate, save time for projectors end of the month (especially when the business expanded scale) to help businesses build control mechanisms, internal clear.

Step 2: standardize vouchers – data input

It is the duty of general accounting in business to ensure all vouchers incurred are valid, sufficient information and appropriate regulations. Stock from just small flaws may also lead to skewed data books or tax risks.

A number of important requirements include:

• Vouchers must clearly indicate the content business: purchasing, sales, advance payment.
• Information must be consistency between the parts: stock, sales, purchase, accounting.
• Electronic invoice to the right time arises.

For example, When the sales invoice is not correct delivery date, the revenue will be recorded in the wrong period, affect the reporting month.

This step significantly limit the risk, tax penalties, and there is data input “clean”, help the synthesis process as well as reports happen faster.

Step 3: application of accounting software to reduce crafts

When the day more and more businesses scale, based entirely on Excel or manual processes increase the risk of errors in cost control. Application accounting software helps to automate the step data entry, collation, transfer and reporting.

Benefits of the application software is automatically accounted for a lot of repetitions, reduce the load for the data to be continuity between the warehouse – sale – bank – debt, the app will also help detect the difference immediately instead of last months new to check out at the same time also supports the establishment tax report automatically according to the standard sample.

In addition, optimal productivity accounting personnel, increase transparency, as well as the accuracy of data to create a platform for digitization of the entire financial operations.

Step 4: control – for projector – approval data

After the data is entered into the system, general accounting need to perform for under each section to ensure accuracy before the window. This is the most important step for businesses to avoid false data.

Content for projection, including:

• Reconcile receivables – payables with customers & suppliers.
• Check inventory between the books and the actual inventory.
• Check payment vouchers, records advance.
• Reconcile cash book – bank books with statement practice.

For example: For projected cash daily helps avoid excess – lack of funds, which is a common error in business there is no process control.

This helps to detect errors early, avoid affecting the financial reporting period-end, reduce the risk of fraud or loss during operation and data when the leader has high reliability.

Step 5: reporting – financial analysis service administrator

In the last step, general accounting not only reported according to legal norms, but also to provide data analysis to help leaders understand business trends to decision-making.

Management reports include:

• Business results each month, each department.
• Cash flow the cash flow forecast for next period.
• Ratio analysis cost, cost structure, profit margin.
• Evaluate the effectiveness of the project or product.

For example, If the cost of sales increased sharply while revenues did not increase, respectively, the analysis report must specify the cause (increased hr, increased discounting, or recorded a wrong moment).

This step is to support leadership decisions more quickly and accurately, helping to track investment performance, allocate resources appropriately in order to create a basis for business planning the following year.

4. The challenges often encountered when doing business with a fix

4.1. False data between the parts

One of the common problems when performing general accounting is the data discrepancies between the parts such as inventory, sales and accounting. Causes are usually due to the data entry manually, teen, process, collate data periodically or systems are not synchronized. False data not only cause confusion in the internal report, which also affects financial decisions.
How to fix: the Enterprise should be applied process control cross to collate data periodically between the parts. Use accounting software integrated as LV-DX Accounting help automatically sync data, reduce errors and save time for screening. For example, when inventory updates for import and export goods, the system automatically updates the debt, as well as the capital, avoiding the difference between accounting & inventory.

4.2. Overload vouchers – lack of process control

The business has a trading volume frequently overload vouchers, which leads to difficult to manage and easy to miss. The lack of process control stock from also increase the risk recorded wrong or duplicate information.
How to fix: build process control stock from clear, from the stage of reception, check to approval. Application accounting software for scanning digitized vouchers, automatic classification, as well as reminders when the voucher has not been processed. This helps general accounting capture the full and correct the transactions, and at the same time reduce the load of manual work.

4.3. Risk lost data when storing craft

Archive stock paper or data entry craft easily lead to loss or damage to data. When the accountants have to spend a lot of time, slowing down progress report. This is a particular challenge for the business is scaling, or have multiple branches.
How to fix: digitize the entire stock from the storage system management focus. Accounting software, LV-DX Accounting provides features to stored electronic data safety, privacy, and have the ability to quick search. Thanks to that, the risk strayed significantly reduced for general accountant can access information anytime, anywhere.

4.4. Financial reports slow, inaccurate due to lack of tools

When there is no tool support, the synthesis of data from multiple parts to financial reporting usually takes several days, even weeks. This affects the ability to timely decisions of business leaders. In addition, reporting the errors made by humans.
How to fix: Use accounting software integration allows for automatic synthesis of data, report prepared under the accounting Standards in Vietnam (VAS). With LV-DX Accounting, the financial statements like the balance sheet reports the results of business, cash flow is established, accurate to update in real time.

5. Business benefits received when deploying general accounting efficiency

The deployment professional accountant general a way, it brings many direct benefits to business, particularly in the context of financial management digitization is becoming the norm.

• Financial control accuracy: When the entire transaction is recorded in full and unified under one system, businesses can track cash flow, liabilities, costs as well as revenue in real time. This helps leaders make decisions, investment management for working capital more accurate. For example, when all voucher sales and revenue and expenditure is entered directly into the system, service synthesis can immediately know the financial situation is at that don't have to wait for projectors craft between the parts.
• Transparency data: Data is synchronized from the department such as sales, warehouse, hr and accounting help to minimize the disparity information. Transparency this increase in trust for the shareholders/investor/tax authorities, at the same time reduce the risks of conflict as internal audit or external.
• Performance-enhancing hr accounting: When business is automation, accounting personnel to focus on analysis to make decisions instead of entering data manually.
• Minimize risk – errors related to the tax – legal: The establishment of the tax reporting and financial reporting are standardized system under current regulations help reduce the risk of penalties for errors or late term. At the same time, businesses can easily access stock from when the tax authority is required to enhance their ability to comply with the law.
• Optimal operating costs: reducing The data entry manually, reduce errors, as well as accelerated processing report helps businesses save personnel costs, reduce the cost of printing storage to optimize operational processes overall.

6. Management accounting business efficiency with the application LV-DX Accounting

To operate effectively, business, general accounting, business need a system that allows control centralized data, restrict data entry and automate the process of collation. This is why many businesses are turning to the platform accounting numbers.

LV-DX Accounting is accounting solutions are developed according to the standards of financial management-modern corporate support:

• Automatic accounting automatically according to form.
• Control of documents – public debt in real time.
• Set up tax reporting – financial statements accurately and quickly.
• Optimal operation for businesses that are scaling.

Register to watch a free demo to assess the degree of fit with existing processes, or receive a consultation solution from our team of experts to be proposed deployment model is most effective for the business. All detailed information about features, operation of the platform are updated at the official page: https://lacviet.vn/lv-dx-accounting/.

General accounting is the heart of the financial system business, ensure data accuracy, transparency and timely support, leadership, effective decision-making. The full implementation of the professional help reduce the risk, cost savings as well as enhance productivity accounting personnel. Understand the roles and responsibilities for the process to standardize the business service to help businesses comply with the law, optimal financial management to plan for sustainable development. Through control data closely, as well as analysis of data periodically, businesses can forecast cash flow, evaluate business performance at the same time making a decision strategy exactly.