INTRODUCTION
Introduction
In this chapter, the researcher provides a comprehensive overview of the research topic, outlining the theoretical and practical context Key research issues are identified, along with the objectives and questions guiding the study Additionally, the significance, scope, and limitations of the research are discussed to offer clarity on its contributions and boundaries.
Background of the study
Effective accounting organization is crucial for enhancing management efficiency within enterprises It ensures strict adherence to state economic and financial regulations while providing accurate, comprehensive, and timely information on financial resources This information aids managers in making informed decisions to optimize asset utilization and enhance economic performance Furthermore, accounting organization encompasses the establishment of essential factors, conditions, and relationships that influence accounting activities, ensuring the scientific, rational, and effective use of accounting tools.
Mai Ngoc Consulting and Training Co., Ltd, established in 2017 and registered under license number 4601328667 by the Thai Nguyen Province Department of Planning and Investment, specializes in training and providing services in accounting, auditing, and company establishment consulting With a focus on financial management, the company recognizes the significant responsibility that comes with its services, which are crucial for determining its long-term success and development.
Statement of the Problem
Mai Ngoc Consulting and Training Co., Ltd., despite being a young enterprise in accounting training, faces several shortcomings in its accounting processes While the organization has established basic steps, it lacks a professional framework to meet actual needs, resulting in accounting information that is primarily for reporting rather than effective financial analysis To enhance both the scale and quality of training, it is essential to organize the accounting operations scientifically and align them with the company’s practices Therefore, refining the accounting processes at Mai Ngoc Consulting is crucial for improving financial management and better supporting the training mission.
For my graduate thesis, I focused on "Improving the Accounting Organization at Mai Ngoc Consulting and Training Co., Ltd." This topic stems from my experience with the company's accounting practices and aims to address both theoretical and practical challenges in their accounting organization.
Research objectives and questions
The objective of this research is to clarify theoretical aspects of accounting organization within enterprises, focusing specifically on the practices at Mai Ngoc Consulting and Training Co., Ltd The study aims to propose solutions for enhancing the efficiency and effectiveness of accounting operations at the company.
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?
Mai Ngoc Consulting and Training Co., Ltd faces several limitations in its accounting organization, including inefficiencies in financial reporting, lack of standardized procedures, and inadequate staff training To enhance its accounting practices, the company should implement standardized accounting procedures, invest in staff training programs, and adopt advanced accounting software to streamline processes and improve accuracy These solutions will not only address current challenges but also promote better financial management and decision-making within the organization.
The Significance of the study
The individual has played a significant role in structuring the theoretical aspects of accounting organization within businesses, specifically focusing on Mai Ngoc Consulting and Training Co., Ltd.
This article evaluates the current accounting practices at Mai Ngoc Consulting and Training Co., Ltd and proposes effective solutions to enhance their 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 financial operations refer specific arising activities that increase or decrease assets and sources of assets of the accounting unit.
Accounting Accounting inspection refers examining and evaluating inspection 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 resources essential for business operations, including buildings, machinery, equipment, and vehicles These assets maintain their original form while contributing to various business processes.
Intangible fixed assets are non-physical resources that hold significant value for a business, including expenses associated with land usage, issuance rights, patents, and copyrights These assets play a crucial role in various business cycles, contributing to the overall investment strategy and operational efficiency.
Finance lease fixed assets are assets leased by a business from a finance leasing company, allowing the lessee the option to purchase the asset at the end of the lease term or continue leasing under the agreed terms The total rent specified in the financial leasing contract must be at least equal to the asset's value at the time the contract is signed.
Depreciation of fixed assets is the reduction in their value and utility resulting from factors such as usage in production, natural wear and tear, and advancements in technology throughout their operational lifespan.
Depreciation of fixed assets involves the systematic allocation of their historical costs to production and business expenses over their useful life This process ensures that the financial impact of fixed assets is accurately reflected in accounting records, allowing businesses to manage their resources effectively.
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 is a vital tool for the functioning of any business or organization With the advancement of information technology, various approaches to accounting have emerged, leading to multiple definitions of the term.
The charter of the State Accounting Organization defines accounting as the systematic recording and numerical calculation of value, type, and working time Its primary focus is on reflecting and verifying the movement of assets, as well as the processes and outcomes of production and business activities, including the utilization of capital and funds at both the state level and within individual enterprises.
Accounting is defined as the systematic process of recording, measuring, and communicating economic information, aimed at assisting users in making informed assessments and decisions This definition, endorsed by the American Association of Accountants in their publication "Reporting on Basic Accounting Theory," highlights the essential role of accounting in providing valuable insights for stakeholders.
According to the American Accounting Principles Board (APB) in Notice 4, accounting is defined as a service that delivers quantitative information, primarily financial data, about economic organizations, which 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 organized accounting system is essential for effectively coordinating methods and resources within the accounting framework It plays a crucial role in accurately and promptly reflecting, measuring, and monitoring data related to accounting objects, while also 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, essential for effective financial oversight in businesses and the overall management of the national economy It serves as a vital tool for monitoring and controlling all economic activities, significantly contributing to the efficiency of enterprise operations.
Managers utilize accounting as a scientific tool to systematically collect, process, and analyze information regarding 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 vital role in business management, as highlighted by the Vietnamese Accounting Law, which states that accounting serves as a crucial tool for overseeing and managing business operations It ensures effective monitoring and protection of assets, materials, and capital, thereby empowering businesses to take proactive measures in production and financial initiatives.
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 situation, costs, and profits of various units This information enables them to formulate effective taxation policies and other regulatory measures.
Effective organization of accounting work is crucial for enterprise management, as it aligns with the scale and unique characteristics of production and business operations By tailoring accounting practices to meet specific management needs, businesses can enhance their management efficiency, enabling them to make timely, optimal, and effective decisions.
The quality of accounting information is crucial for making safe and effective business decisions Financial and management accounting provide essential information systems that support administrators To establish these information systems, the accounting organization must be structured in a logical and scientific manner.
Effective organization of accounting tasks aligned with enterprise operations not only reduces costs but also guarantees 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 They are responsible for collecting, recording, and synthesizing data, while providing the accounting department with technical standards, cost estimates, and material lists Additionally, they prepare statistical reports for the accounting department and ensure the accuracy and truthfulness of the data All these activities are documented, and the resulting documents are submitted to the accountant for processing.
According to Ngo The Chi and Truong Thi Thuy (2010), accounting vouchers are essential documents that verify the completion of economic and financial transactions All accounting data must be supported by valid legal accounting vouchers; otherwise, they are considered invalid.
Valid accounting vouchers are essential documents that accurately and timely capture all necessary elements and criteria in accordance with established guidelines To ensure comprehensive accounting information is recorded, these vouchers must thoroughly reflect all economic transactions occurring within the entity.
RESEARCH METHODOLOGY
Research design
Effective organization of accounting work is crucial for managerial management and administration To gather relevant 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 employed 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 assess the current state of accounting practices at Mai Ngoc Consulting and Training Co., Ltd., enhancing the understanding of their operations.
Research data
The thesis utilizes secondary data gathered from the organization's charter, reports, and relevant documents pertaining to accounting practices Additionally, the company compiles its accounting books and reports, employing general and comparative methods to establish a theoretical framework that enhances the understanding of the research problem.
To gather primary data, the author compiled a list of directors, department heads, and finance-accounting personnel from the HR department Subsequently, a survey was conducted utilizing a questionnaire that included both closed and open-ended questions.
The author conducted direct interviews using survey questionnaires to gather information on the accounting practices at Mai Ngoc Company This data was analyzed to assess the current state of accounting operations, leading to the development of solutions 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 grouping it according to the factors influencing the accounting work organization The data was then manually entered into Excel for analysis and synthesis, allowing for the calculation of vote percentages and subsequent statistical evaluation 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, established on March 13, 2017, is a leading accounting training company in Thai Nguyen City, operating under business registration certificate No 4601328667 issued by the Department of Planning and Investment of Thai Nguyen Province The company is headquartered at 43C Nguyen Dinh Chieu Street, Group 17, Phan Dinh Phung Ward, Thai Nguyen City, with Ms Ngo Thi Mai serving as the legal representative Specializing in practical accounting training, Mai Ngoc Consulting and Training Co., Ltd is recognized for its reputable services in the region.
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 Despite facing significant challenges and fierce competition in its early years, the company's dedication and continuous efforts have led to remarkable achievements Initially starting with a modest number of trainees, the company has grown significantly, demonstrating its commitment to professional training and experience in the industry.
Our mission is to develop highly skilled accountants who can independently handle financial and hired reports Additionally, we aim to empower business managers with the knowledge and tools to effectively manage their accounting systems, enabling them to identify and rectify any discrepancies in their financial practices.
Diagram 4.1 Organizational diagram of the company
The individual overseeing and managing the organization's operations is legally accountable for all company activities This person bears responsibility under the law for ensuring compliance and effective management of the company's functions.
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
Admissions office Trainning department Professional advice
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, necessitating a scientifically organized approach for optimal operation The company structures its accounting system in a centralized manner, in accordance with state regulations and its operational characteristics All accounting tasks, from initial recording to reporting and auditing, are managed primarily by the Finance - Accounting Department, which consists of five members directly overseen by the company director The Chief Accountant leads this team, supported by other accountants, ensuring efficient and cohesive accounting practices throughout the organization.
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 operations, establishing initial recording protocols for statistical reporting, and providing comprehensive assessments of the company's financial status.
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 method and conducts inventory accounting through the regular declaration method, reflecting its adherence to the initial recording regime of the State and its distinct operational characteristics.
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 voucher system in accordance with Circular No 133/2016/TT-BTC, issued by the Minister of Finance on August 26, 2016 This circular outlines the accounting regime specifically designed for small and medium enterprises and has been effective since January 1, 2017.
Accounting vouchers utilized by the company integrate the existing accounting framework with the unique scale and characteristics of its operations, effectively encompassing all economic transactions that occur during business activities.
All financial and economic transactions related to the production and business activities of the company are meticulously documented and recorded in accounting vouchers This ensures transparency and accuracy in financial reporting Below is a comprehensive list of accounting vouchers used by Mai Ngoc Consulting and Training Co., Ltd.
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 is subjected to a minimum of two reviews: an initial inspection followed by a subsequent verification to ensure the validity and legality of the vouchers.
The first inspection involves verifying the payment accountant's work to ensure the validity and legality of vouchers This initial review is crucial, as it occurs promptly after economic and financial transactions, helping to prevent errors in the initial documentation necessary for accurate accounting.
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 discrepancies or violations of regulations and 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 As a result, issues such as incomplete documentation or non-compliance with regulations persist.
4.2.2.3 Classification and arrangement of documents
As the company experiences growth in both the scale and quality of its training, its financial activities are becoming increasingly diverse and complex To enhance the efficiency of inspections, comparisons, and management, it is essential to implement a systematic and logical arrangement of documents The company has established a clear classification method for various financial documents, including receipts, payment vouchers, refund vouchers, credit vouchers, bank debt statements, payment orders, salary payment vouchers, and other professional documents, ensuring easy accessibility for inspection and comparison.
Analysis and discussion
4.3.1 Evaluate the original documentation and recording system organization
To evaluate the effectiveness of the 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 the overall performance of accounting vouchers at the company.
Documentation on labor quotas and wages 2.5
Survey results indicate that documents related to sales indicators, material norms, and fixed assets score between 3.3 and 3.4, reflecting their effective use and approval In contrast, labor and wage quota documents received a lower average score of 2.5, suggesting inefficiency in their application Specifically, the "Travel document" fails to accurately record the kilometers traveled for business purposes, impacting the calculation of per diem for commuting staff This discrepancy highlights the need for adjustments to enhance payment accuracy Additionally, the "Overtime timesheet" is vulnerable to misuse, as some departments exploit self-attendance without HR certification, emphasizing the necessity for closer scrutiny to ensure honesty and effectiveness in tracking overtime.
Documents related to monetary indicators received a low average score of 2.4, indicating that survey participants believe these documents are not utilized effectively Specifically, the company's "Application for Advance" form complicates the management of advance balances for individuals and collectives, leading to concerns about large outstanding advances at the end of the period and difficulties in recovering these advances.
The preparation of accounting vouchers largely complies with the accounting regulations, ensuring they are valid, legal, and formatted correctly These vouchers accurately reflect all necessary content elements The use of software for creating various vouchers, such as receipts and payment slips, has notably 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 account system has an average score exceeding 4, demonstrating its effective implementation This system has facilitated the consistent tracking and management of funds from various financial sources, ensuring strict oversight of revenues and expenditures while promoting the appropriate use of resources.
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, detailed expense records, and a thorough account list received an average score exceeding 3 points, highlighting their effective use In contrast, the summary book list, which garnered an average score of 2.5 or lower, has not been utilized effectively according to survey participants.
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, with average scores between 3.0 and 3.2 indicate that these reports continue to be utilized effectively.
With the payment report and the combined report having an average score of less than
The analysis reveals that the balance sheet and account balance reports have not been effectively utilized in Mai Ngoc The balance sheet serves merely as an accounting tool to verify ledger account balances, failing to adequately convey the entity's financial status Furthermore, the accompanying notes lack detailed explanations and assessments of the underlying causes, leaving readers without a clear understanding of the unit's financial situation Instead, the reports provide only general and formal analysis criteria, which do not meet the informational needs of the stakeholders.
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 evaluation, with an average score of 4.1 In contrast, the average scores for quarterly and monthly reports are 3.3 and 3.2, respectively, suggesting that participants view the time required for quarterly and monthly reporting as acceptable.
The weekly report received a low evaluation score of 2.5, indicating that its effectiveness is diminished due to the reporting timeframe being too close together.
Management accounting information supplements the essential financial reporting system by providing administrative reports tailored for management, along with any additional reports requested by management.
Company management such as: inventory report, inventory report, materials, tools, fee collection report
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 build on this success, the company should develop a strategic plan for more effective application in the future Enhanced management accounting information will provide company leaders with timely and accurate insights, facilitating thorough analysis and evaluation of operations, ultimately aiding managers in making informed decisions.
To assess the effectiveness of the accounting inspection organization, a survey was conducted to measure the frequency of internal and external inspections within the company The findings indicate a range of responses from 1 (very infrequently) to 5 (very frequently).
The survey indicates that the average frequency of internal inspections is 2.5, suggesting that these evaluations are not conducted regularly and that the company lacks a dedicated accounting inspection department Instead, the responsibility for accounting inspections falls primarily on the chief accountant and the accounting staff Additionally, the external inspection rating is notably low at 1.5, reflecting an infrequent occurrence of such assessments.
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., Ltd
Regarding to accounting apparatus organization
The accounting system is efficient and tailored to meet all financial requirements It is managed by a qualified accountant, who possesses specialized training and a strong commitment to their role, ensuring that each accounting section is distinctly defined and organized.
Regarding to organization of the accounting voucher system
The preparation of accounting vouchers at Mai Ngoc Consulting and Training Co., Ltd adheres to the established accounting regulations, ensuring that all documents are valid, legal, and formatted correctly while accurately reflecting the necessary content elements The company has integrated information technology into its accounting processes, utilizing software for certain documents like salary payment sheets and social insurance records Additionally, to maintain accuracy, other voucher types, such as inventory delivery and receiving vouchers, payment requests, and advance payment requests, are produced in pre-printed forms.
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 characteristics, in addition to the mandated primary accounts.
Regarding to organization of the accounting book system
Mai Ngoc Consulting and Training Co., Ltd has implemented a general journal accounting system integrated with computerized accounting software, aligning well with the company's operational characteristics This approach facilitates efficient data recording and financial information management, ensuring ease of use The computer-based system produces clear records, with accounting books printed and archived in compliance with regulatory standards, effectively supporting the preparation of financial statements.
Regarding to organization of the financial reporting system
The company's accounting reporting system is fully established and adheres to Vietnamese Accounting Standard No 21 for financial statement presentation Reports are generated based on accurate data from arising vouchers, ensuring a true reflection of actual figures At the end of each accounting period, the entire company consolidates data from its affiliated units to prepare a comprehensive report that illustrates the overall operational status This process allows for thorough analysis and evaluation of the company's current situation and development throughout the year.
Mai Ngoc Consulting and Training Co., Ltd conducts monthly inspections to enhance the organization of accounting within companies, thereby improving the quality of accounting and management practices These inspections focus on reviewing accounting documents, verifying entries in accounting books, and ensuring compliance with accounting policies and regulations As a result, the company effectively minimizes errors and negative impacts in financial management.
Regarding to application of information technology in accounting work organizations
Utilizing accounting software to organize information by accounts and maintain accounting books ensures that the Company adheres to accounting regulations and standards This approach allows for a tailored application that meets the specific needs of the Company, facilitating the use of general and detailed accounts while streamlining the accounting process.
Mai Ngoc Consulting and Training Co., Ltd has successfully organized the accounting work within the company; however, there are still several important aspects that require attention.
Regarding to accounting apparatus organization
The company's accounting team, consisting of just five members, faces a heavy workload that requires each accountant to manage multiple tasks simultaneously This situation often results in errors, as employees possess varying qualifications and are assigned to roles outside their expertise, leading to confusion and decreased accuracy in financial operations.
The company's accounting system prioritizes the processing of financial information; however, the absence of a dedicated accounting department hinders effective corporate governance and restricts internal management decision-making.
Regarding to organization of the accounting voucher system
The company's accounting vouchers originate from various sources, leading to inconsistencies and non-compliance with regulations Many vouchers lack essential information, such as payment methods and accurate company addresses, while some invoice lists are poorly documented or erased Additionally, vouchers generated by different teams are often not transferred to the accounting department promptly, causing delays of several days This results in inaccuracies and untimeliness in the monthly accounting synthesis.
The accounting department's failure to promptly print and distribute new legal documents, forms, and vouchers has resulted in the continued use of outdated forms, which violates current legal requirements.
The Company has not yet used necessary documents to reflect the arising economic transactions with the nature and content of the transaction and management requirements.
Regarding to organization of the accounting account system
The company's accounting system lacks the necessary accounts to accurately represent its economic transactions, resulting in insufficient and unreasonable detailed accounts For instance, while account 5111 is opened to reflect regular operations, it does not provide detailed revenue insights Consequently, this leads to time-consuming and inaccurate reporting.
The lack of timely reflection of tuition debts in annual results violates regulations and complicates the management of revenue and expenditure differences during the student period This oversight leads to discrepancies in financial reporting across units within the same system Additionally, the depreciation of fixed assets utilized for service business activities lacks proper allocation criteria, as some assets support both regular and service business functions.
Regarding to accounting book system
The implementation of the general accounting book system is complete; however, the detailed book system remains either partially open or inadequately recorded This inconsistency hampers the ability to verify essential records, such as detailed revenue, cost, materials, and general administration expense books Although these records are generated from accounting software, their application is confusing due to the unit's specific characteristics Additionally, the company has failed to prepare a comprehensive report on outstanding tuition fees by class, hindering timely debt recovery efforts.
Regarding to financial reporting system
CONCLUSION AND RECOMMENDATION
Conclusion
Revamping the organization of accounting work is essential for all businesses and economic sectors Efficient accounting practices lead to the generation of accurate financial statements, which in turn ensure the reliability of economic and financial information This study explores key aspects of this vital process.
This article emphasizes the significance of understanding the theoretical aspects of accounting organization within a company It evaluates the current state of accounting practices, highlighting both strengths and weaknesses, and suggests improvements to enhance the effectiveness of accounting systems The goal is to ensure that accurate and timely financial information is available to support informed decision-making in business management.
The thesis has largely achieved its objectives and requirements within its limited scope, reflecting the actual conditions and leadership perspectives at Mai Ngoc Consulting and Training Co., Ltd Despite significant efforts, constraints related to time and qualifications have led to some shortcomings The author aspires to enhance the accounting work and welcomes feedback from educators and individuals interested in this topic to improve the thesis further.
Recommendation
5.2.1 Recommendation to state management agencies
State agencies must enhance the accounting standards system and the accompanying guidelines for their implementation, as well as the accounting and corporate governance framework This improvement is essential for achieving uniformity in management practices and ensuring compliance with the Enterprise Law.
Raising awareness of the importance of accounting in enterprises is crucial for the State It is essential to thoroughly investigate the relationship between regulations and their practical application to develop effective and appropriate policies.
To enhance the quality of accounting and auditing services, the State must consistently reform and advance professional organizations within the accounting inspection and auditing sector Additionally, it is essential to establish a legal framework for internal audit activities by specifying them in legal documents, which will support the growth of internal audit functions in every enterprise.
Regularly organize accounting training courses for accountants in the business when there is a change in the accounting regime issued for accountants to approach most accurately, avoid misunderstanding and misunderstanding.
5.2.2 Recommendation to Mai Ngoc Consulting and Training Limited Company
Mai Ngoc Consulting and Training Co., Ltd must recognize the critical role of accounting organization in its operations It is essential to comply with legal requirements and adhere to the financial and accounting regulations set by the State, while diligently executing the functions and responsibilities outlined in the business registration.
Regularly update information on accounting regimes, policies, regulations, standards, and accounting law; organize professional training and fostering for accountants.
To enhance efficiency, the company is focused on upgrading its technical facilities and implementing advanced information technology for rapid information collection and processing A key priority is the continuous improvement of accounting software, along with regular training to ensure staff can fully leverage these technological advancements in their accounting tasks.
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7 Pham Thi Nhung (2010) Improving the accounting organization at the Toan Phat Group
8 Nguyen Thi Nhu Linh (2010) Improving accounting work at the Vietnam Airlines
9 Nguyen Ai Ly (2010) Improving accounting organization at Viet A Group
10 Ngo The Chi (2000) Organization of accounting work at 405 Viet Tri City Construction
11 Ngo Thi Thu Hong (2007) Improving the accounting organization in small and medium enterprises to enhance corporate governance.
12 Luu Duc Tuyen and Ngo Thi Thu Hong (2011) Organization of accounting work in enterprises
13 Nguyen Manh Thieu (2011) Organization of accounting work in Vietnam securities companies.
14 Ngo Thi Thu Huong (2012) Improving the accounting organization in the joint stock companies of Vietnam Cement production
15 Pham Thi Nhung (2011) Improving the accounting organization at the Toan Phat Group
16 Tran Hai Long (2011) Improving accounting work in enterprises of Vietnam National Oil and Gas Group
17 Nguyen Tuan Anh (2011) Improving the accounting organization in Vietnam Economic
Groups according to the model of parent company subsidiary company
18 Pham Thi Minh Tue (2015) Improving the accounting organization in the enterprises of
Vietnam National Textile and Garment Group
(For employees of Finance - Accounting department)
To evaluate the current state of the accounting organization at Mai Ngoc Consulting and Training Co., Ltd, your cooperation in answering the following questions is essential Please rest assured that the information you provide will be kept confidential and used solely for research purposes.
1 Your current working position in the company
1 Does the company perform the accounting organization?
2 What work do you undertake?
A In charge of tuition fees
B In charge of materials, fixed assets
C In charge of the synthesis
D In charge of banking, service operations
3 Is the accounting voucher organization in your department done well?
(1 - Strongly disagree to 5 - Strongly agree)
Documentation of labor quotas and wages
4 Has the accounting account system in your department been scientifically opened?
(1 - Strongly disagree to 5 - Strongly agree)
5 Is the organization of the accounting books in your department done well?
(1 - Strongly disagree to 5 - Strongly agree)
Detailed book list of accounts
6 The system of prepare financial statements