The outline provided will help you to organize your paper in a logical manner and will guide you through a complete evaluation of an organization's marketing system. The Accounts Receivables Clerk and Credit Controller has been at Chic Paints Ltd for two years and does not have any accounting nor credit control qualifications but has expressed an interest in acquiring some form of qualification in either area. After the management buyout in 2007 Chic Paints Ltd decided to move away from the household paints market and move into a more niche market manufacturing and supplying specialist paints used on boats, cars and industrial machinery due to a less competitive market and higher gross profit margins even though Chic Paints Ltd required increased capital expenditure on specialist equipment and a higher skilled workforce. The business is obliged to have risk assessment done and keep an accident handbook in the event of an accident at work, for example employee tripping on the stairs. I have read the book for Internal Controls and I am still struggling with choosing the topic. Mtetwa, 2013 Further, the company is also liable to the environment and society on the whole.
The general ledger allows Chic Paints Ltd to produce a trial balance and provides financial reports including audit trial, cash flow, income, budgetary information and other key financial indicators. Despite this,he believes in using delegation practices to control the accounting department,and as such manyof these issues are delegated to the ChiefAccountant, Hazel. Similarly to The Companys Act 2006, Chic Paints Limited will also need to abide by this act when preparing their financial. Recycling paper,ink cartridges and plastics as well as turning off all unused electronic devices are all ways in which the companycan become more sustainable. The report also identifies and presents the weaknesses in the existing accounting system along with the effects of the identified weaknesses. There are many job opportunities available in accountancy. Furthermore,there is a lack of control in the payroll system as the companygives Sage 50 access to the human resource department;this is riskybecause itis possible for an imaginaryemployee to be setup and consequentlyanother employee could setup their own bank details in order to receive paymentwhen wages a re processed.
Information on the Accounts Personnel and Department There are several members ofstaffthat are employed by Chic Paints Ltd. The costing technician,who costs all products and declares the minimum selling prices for the sales team based on the costs. This includes an inventory control system which is used to book goods in and out of the warehouse and production areas. Last year, however two of the directors, Ruth Jones and Ahmed Khan had indicated that they wanted to sell their shareholdings in the company and retire. . Six years on from the management buyout the company has steadily reduced its turnover from £200 Million to £120 Million but has increased its gross profit margin from around 12% at the time of the management buyout to around 30% today. The Chief Accountant also produces the annual budget based on the information which the budget holding department managers input to the Accounts department.
This is a major social responsibility issue because local sports teams are atthe heart of societies and by not funded the team this could have a negative impacton the income to the team. . Please note, there is no tutor support in the self study method. Other health and safety policies in place should be, manual handling and fire wardens. You can paste text into this document. So I have got clue what to write about thank you Hi all. Can someone guide me into a layout for this project.
Suppliers often told that the cheque is in the post. . The Statement of Profit or Loss provides information on the performance of Chic Paints Ltd as well as gains or losses that are not recognised in the profit or loss. It shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks down to operating activities, investing activities and financing activities. .
You will be required to identify areas of weakness that could lead to errors in the…. Using social skills to trick people. The purpose of the balance sheet is to show the financial position of the business on any day. The Accounting Function Department Structure The accountancy department is headed by Finance Director Dave Whistler this includes 8 members of staff. Where does the accounts department get its information from? On of Chic Paints main suppliers approached them to try and sell their new ultra green biodegradable paint pots these containers would degrade 95% biologically after they were finished with, helping to minimise impact on the environment. Moreover, working in a company with strong financial position is a matter of pride for employees and they like to show it off to their acquaintances.
The cash flow statement ties together all the information from the income statement and the statement of financial position to give a summary of the overall picture of the businesses inflows and outflows. Personal unencrypted memory sticks are used by the Store Manager on work computers. This is a breach of integrity. I am happy that I took the initiative to contact Osborne Training. However, one of the areas. Credit notes are raised using a credit note request approved by the relevant Sales Manager and those over £2,500 by the Sales Director. They will be able to make recommendations for improvements supported by a clear rationale of the impact upon the organisation and a cost benefit analysis.
If additional evidence is required please state Feedback to candidate 1 Understand. One advantage of smart classrooms, or classrooms infused with technology, is that the teacher can. . Along with credit control textbook I bought off ebay, though never actually took that module. External stakeholders are organisations separate from the companyor people who are not directly working within the companybut are influenced in one way or another from the results ofthe company,such as customers, suppliers,creditors,community,and the government.