INTRODUCTION
Introduction
In this chapter, the researcher provides a comprehensive overview of the research topic, detailing the theoretical and practical context, as well as the key research issues Additionally, the chapter outlines the research objectives and questions, while highlighting the significance, scope, and limitations of the study.
Background of the study
Effective accounting organization is crucial for enhancing management efficiency within enterprises It plays a significant role in adhering to the State's economic and financial regulations while providing accurate, comprehensive, and timely information regarding financial resources This information aids managers in making informed decisions that optimize asset utilization, ultimately leading to higher economic efficiency and a productive operational environment Furthermore, accounting organization encompasses not only the management aspect within a business but also the establishment of essential factors, conditions, and relationships that influence accounting activities, ensuring the scientific and effective use of accounting tools.
Established in 2017, Mai Ngoc Consulting and Training Co., Ltd is a private enterprise registered under license number 4601328667 by the Thai Nguyen Province Department of Planning and Investment Specializing in training and providing services in accounting, auditing, and company establishment consulting, the company also offers financial declaration, settlement, and financial statement services With a focus on financial management, Mai Ngoc Consulting recognizes the significant responsibility it carries, which is crucial for the company's success and long-term growth.
Statement of the Problem
Mai Ngoc Consulting and Training Co., Ltd., despite being a young enterprise in the accounting training sector, faces challenges in establishing a professional accounting process that meets actual requirements Currently, the company's accounting information primarily serves reporting purposes, lacking practical utility for analyzing its financial status To enhance both the scale and quality of training while effectively utilizing the resources contributed by company leaders, it is essential to organize accounting operations scientifically and in alignment with the company's practices Therefore, refining the accounting processes at Mai Ngoc Consulting and Training Co., Ltd is crucial for improving financial management quality and better supporting its training initiatives.
Stemming from the practice of accounting organization activities at Mai Ngoc Consulting and Training Co., Ltd., I chose the subject "IMPROVING THE ACCOUNTING
This graduate thesis focuses on the organization of accounting work at Mai Ngoc Consulting and Training Co., Ltd., aiming to address both theoretical and practical challenges By examining the current practices, the research seeks to provide valuable insights and solutions to enhance the efficiency of accounting operations within the company.
Research objectives and questions
The objective of this research is to clarify theoretical aspects of accounting organization within enterprises, with a specific focus on the practices at Mai Ngoc Consulting and Training Co., Ltd The goal is 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?
The accounting organization at Mai Ngoc Consulting and Training Co., Ltd faces several limitations, including inefficiencies in financial reporting and a lack of standardized procedures To enhance the effectiveness of the accounting organization, it is essential to implement streamlined processes, invest in accounting software, and provide ongoing training for staff These solutions will not only improve accuracy and efficiency but also ensure compliance with regulatory standards, ultimately contributing to the overall success of the company.
The Significance of the study
The subject has played a significant role in organizing the theoretical aspects of accounting work within businesses, specifically focusing on the practices at Mai Ngoc Consulting and Training Co., Ltd.
This article examines the current state of accounting practices at Mai Ngoc Consulting and Training Co., Ltd and proposes targeted 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.
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 businesses in today's information technology-driven world With the advancement of technology, various methods and definitions of accounting have emerged, reflecting its diverse applications in the business landscape.
The charter of the State Accounting Organization defines accounting as the systematic recording and numerical calculation of values, types, and working time Its primary focus is on reflecting and verifying the movement of assets, as well as analyzing the processes and outcomes of production and business activities Additionally, it encompasses the management of capital and funds for both state entities and individual enterprises.
Accounting is defined as the systematic process of recording, measuring, and delivering economic information, aimed at aiding users in making informed assessments and decisions, as outlined in the "Reporting on Basic Accounting Theory" by the American Association of Accountants.
According to the American Accounting Principles Board (APB) in Notice 4, accounting is defined as a service that delivers quantitative information about economic organizations, primarily focusing on financial data that assists 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 accounting work organization is a structured system that coordinates methods and resources within the accounting framework It encompasses the essential functions and responsibilities of accounting, ensuring that data related to the accounting object is reflected, measured, monitored, and reported accurately and promptly This system operates in close alignment with other management areas, highlighting the interconnected nature of accounting within the broader organizational context.
2.1.2 The role of accountants and accounting organizations in the business
Accounting is a crucial component of economic and financial management systems, significantly influencing financial oversight in businesses and the overall management of the national economy It serves as a vital tool for monitoring and regulating all economic and financial activities, playing an essential role in enhancing the effectiveness of enterprise operations.
Managers utilize accounting as a scientific tool to systematically gather, process, and analyze information related to assets and financial activities This regular and structured approach ensures that they have the necessary data to effectively support the management process.
Accountants play a vital role in business management as outlined in the Vietnamese Accounting Law, which emphasizes that accounting serves as a crucial tool for managing operations and overseeing the economy It ensures the effective protection and utilization of assets, materials, and capital, empowering organizations to maintain control over their 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 performance, costs, and profits of various units This information enables them to develop informed policies regarding taxation and other regulatory frameworks.
Effective organization of accounting work is a crucial aspect of management within an enterprise Tailoring accounting processes to align with the scale and unique characteristics of production and business operations, while also addressing specific management needs, significantly enhances overall management efficiency This strategic approach enables businesses to make timely, optimal, and effective decisions, ultimately improving their operational success.
The quality of accounting information is crucial for ensuring the safety and success of business decisions Financial and management accounting provide essential information systems that support administrators To establish an effective information system, the accounting organization must be structured in a logical and scientific manner.
Efficiently organizing accounting tasks in alignment with business operations not only reduces costs but also guarantees the timely and comprehensive delivery of high-quality economic information that meets 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 according to established regulations These departments are responsible for collecting, recording, and synthesizing data, while providing the accounting department with technical standards, cost estimates, and product lists They also prepare assigned statistical reports and are accountable for the accuracy and truthfulness of the data All activities are documented, and these documents are transferred to the accountant for further processing.
Accounting vouchers are documents proving that the arising economic and financial operations are actually completed, all accounting data must be proved by legal accounting vouchers Invalid
Valid accounting vouchers are essential documents that accurately and promptly capture all necessary elements and criteria in accordance with established guidelines for each type of voucher To ensure comprehensive accounting information is received and provided within an organization, these vouchers must thoroughly reflect all economic transactions occurring within the entity.
To effectively organize an enterprise's accounting voucher system, it is essential to align it with the State-issued document framework, adhere to the management requirements of accounting objects, and accurately reflect the nature of economic transactions.
The contents of accounting vouchers must ensure the following main contents:
(1) Name and number of the accounting voucher
(3) Name and address of the entity or individual making the accounting voucher
(4) Name and address of the entity or individual receiving the accounting voucher
(5) Contents of arising economic and financial operations
Related Studies
Effective organization of accounting work within a unit involves the proper implementation of recognized accounting policies, principles, and standards, alongside the application of suitable accounting methods This ensures accurate recording, processing, and dissemination of information, which is crucial for informed management decisions and enhances the operational efficiency of the unit Numerous studies, both globally and in Vietnam, have explored ways to refine accounting organization, highlighting the importance of continuous improvement in this field.
Research on accounting work organizations primarily focuses on constructing guidelines for event recording and preparing end-of-term financial statements A notable example is the study "Accounting for Governmental and Nonprofit Entities" by Earl R Wilson, Leon E Hay, and Susan C Kattelus (2001).
Lasse Oulasvirta from the University of Tampere conducted research highlighting why the developed country of Ohaanf Lan has not adopted international accounting standards within its accounting organizations His study also explored the implementation of these standards across European nations, particularly in the Nordic region The research emphasizes the challenge faced by accounting organizations in balancing the flexible and reasonable application of international accounting standards tailored to the specific needs of each country.
In her 2018 research, Nguyen Thu Ha explored the topic of "Improving the Accounting Work at Duong Vuong Electronic Services and Trading Co., Ltd." The study presents fundamental theories on accounting organization within enterprises, assesses the current state of accounting practices at the company, and offers strategic directions and solutions for enhancing accounting organization.
Pham Thi Nhung's research on "Improving the Accounting Organization at Toan Phat Group Joint Stock Company" evaluates the current accounting practices, highlighting both strengths and weaknesses Based on a solid theoretical framework, the author proposes several solutions aimed at addressing these shortcomings and enhancing the overall efficiency of the accounting processes at Toan Phat Group.
RESEARCH METHODOLOGY
Research design
Effective organization of accounting work is crucial for managerial management and administration To gather insights, the author conducted a survey targeting various stakeholders, including the company's board of directors, department heads, and all accounting department employees The research utilized a questionnaire as the primary data collection tool.
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 analyze the current state of accounting practices at Mai Ngoc Consulting and Training Co., Ltd., gaining valuable insights into their operations.
Research data
The thesis utilizes secondary data sourced from the organization's charter, reports, and relevant documents pertaining to accounting practices Additionally, the company gathers accounting records and reports, employing various methodologies, including general and comparative methods This approach helps establish a theoretical framework that enhances the understanding of the research problem at hand.
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 using a questionnaire that included both closed and open-ended questions.
The author conducted direct interviews using survey questionnaires to gather information on the current state of accounting practices at Mai Ngoc Company This analysis enabled the author to propose effective solutions for enhancing the organization of accounting operations at Mai Ngoc Consulting and Training Co., Ltd.
After collecting data from the survey questionnaires, the author analyzed the information by categorizing it based on the factors influencing the accounting work organization The data was then manually entered into Excel for further analysis and synthesis, allowing for the calculation of vote percentages and statistical representation 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 is one of the leading reputable accounting training companies in Thai Nguyen city The company officially came into operation on March
Established on March 13, 2017, under business registration certificate No 4601328667 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, Thai Nguyen Province The legal representative is Ms Ngo Thi Mai, and the company specializes in practical accounting training.
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 within a relatively short time Despite facing significant challenges, including fierce competition and limited experience, the company has overcome initial hurdles and steadily increased its number of trainees Through the dedication and continuous efforts of its employees, the company has achieved remarkable success and solidified its brand in the professional training industry.
Our mission is to train highly skilled accountants who can independently handle financial reports and analyses Additionally, we empower business managers with the knowledge and tools necessary to effectively oversee their accounting systems, enabling them to identify both correct and incorrect practices in their financial management.
Diagram 4.1 Organizational diagram of the company
The individual overseeing the management and operations of the company is legally accountable for all its activities.
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
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.
The Real situation of Organization of accounting work at Mai Ngoc Consulting and
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 To ensure optimal performance, accounting tasks must be organized in a scientific and rational manner The company structures its accounting system centrally, adhering to state regulations and reflecting its operational characteristics All accounting functions, from initial recording to reporting and verification, are concentrated within the Finance-Accounting department As the company operates without subsidiaries or affiliated branches, this centralized approach enhances efficiency and oversight in financial management.
The Accounting Department consists of five members who operate under the direct supervision of the company director The team is led by the Chief Accountant, who oversees the accountants working under their guidance, organized according to a structured chart.
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 company This role involves inspecting and controlling financial processes, establishing initial recording protocols for statistical reporting, and providing comprehensive assessments of the company's financial health.
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 system tailored to its specific characteristics and complies with the initial recording regime of the State, implementing inventory accounting through the regular declaration method.
4.2.2 Real situation of the original documentation and recording system organization
Mai Ngoc Consulting and Training Co., Ltd is currently implementing the accounting vouchers 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 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 specific scale and nature of its operations, effectively encompassing all economic transactions that occur during business activities.
All economic and financial transactions related to the production and business activities of Mai Ngoc Consulting and Training Co., Ltd are meticulously documented and recorded in accounting vouchers, ensuring transparency and accuracy.
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
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 revealed a positive performance in the management of accounting vouchers within the company.
Documentation on labor quotas and wages 2.5
The survey results reveal that documents related to sales indicators, material norms, and fixed assets received scores between 3.3 and 3.4, indicating their effective approval and usage In contrast, labor and wage quota documents scored only 2.5, suggesting participants believe these documents are not utilized effectively For instance, the "Travel document" fails to specify the kilometers traveled by employees on business, leading to inaccuracies in per diem calculations for commuting staff This necessitates revisions to ensure proper payment methods for traveling personnel Additionally, the "Overtime timesheet" has been misused in some departments, as it lacks HR certification, allowing for potential manipulation of recorded hours Implementing stricter oversight could enhance the accuracy and integrity of overtime reporting.
Documents on monetary indicators received a low average score of 2.4, indicating that survey participants believe these documents are not utilized effectively Specifically, while the company employs an "Application for Advance" form for advance payments, managing the advance balances for individuals or groups proves challenging This difficulty raises concerns about potentially large advance balances at the end of the period, making the recovery of these advances more complicated.
Accounting vouchers are essential documents that comply with the accounting regime, ensuring they are valid, legal, and adhere to prescribed formats These vouchers accurately capture all necessary content elements, facilitating precise financial record-keeping Additionally, the use of software for generating various vouchers, such as receipts and payment slips, has notably reduced preparation time and minimized the risk of errors in documentation.
Document inspection is a crucial aspect of accounting at Mai Ngoc Company, involving a minimum of two checks to ensure the validity and legality of vouchers.
The initial inspection involves verifying the payment accountant's work to ensure the validity and legality of the voucher This crucial step is essential 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 violations of regulations and procedures, as well as to ensure the validity and legality of the documents However, some departments bypass the accounting control function by submitting documents directly to management, which limits the effectiveness of the company's inspection process As a result, issues such as incomplete documentation or non-compliance with internal spending regulations still persist.
4.2.2.3 Classification and arrangement of documents
Evaluate the current status of accounting work at Mai Ngoc Consulting and Training Co.,
Regarding to accounting apparatus organization
The accounting system is efficiently structured to fulfill all necessary accounting functions Each accountant is a skilled professional, trained in their specific field and committed to their role Responsibilities within the accounting department are clearly defined, ensuring effective operations.
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 regime, ensuring that all documents are valid, legal, and formatted correctly while accurately reflecting the necessary content elements By leveraging information technology, the company generates certain documents, such as salary payment sheets and social insurance records, using specialized software Additionally, to enhance document accuracy, other voucher types, including inventory delivery vouchers, inventory receiving vouchers, payment requests, and advance payment requests, are produced in pre-printed formats.
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 monitoring and improve the efficiency of its financial operations, the company has established several secondary and tier 3 accounts tailored to its unique business characteristics, in accordance with the prescribed accounting standards.
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 system facilitates convenient data recording and reflection of accounting and financial information, enhancing usability and efficiency With a computer-based design, the recorded information is clear, and the accounting books are printed and archived in compliance with regulatory standards Additionally, the accounting books are tailored to meet the requirements for preparing financial statements.
Regarding to organization of the financial reporting system
The company's accounting reporting system is fully established, in accordance with the reporting format, the reports are prepared in accordance with Vietnamese Accounting Standard
No 21 - Presentation of financial statements requires accurate data derived from vouchers, reflecting the true financial position at the end of the accounting period The entire company is responsible for consolidating data from its affiliated units to create a comprehensive general report This report provides insights into the overall operational status of the company, enabling analysis and evaluation of its current situation and development over the year.
Mai Ngoc Consulting and Training Co., Ltd conducts monthly inspections to enhance the organization's accounting practices, ultimately improving the quality of accounting and management within the company The thorough review of accounting documents, records in accounting books, and adherence to accounting policies effectively minimizes errors and negative impacts in financial management.
Regarding to application of information technology in accounting work organizations
Implementing accounting software allows the Company to effectively organize information by accounts and accounting books, ensuring compliance with accounting regulations and standards This software is tailored to meet the specific needs of the Company, facilitating the use of general and detailed accounts and enhancing the overall efficiency of accounting operations.
Mai Ngoc Consulting and Training Co., Ltd has successfully organized the accounting work within the company; however, there are still several key points that require attention.
Regarding to accounting apparatus organization
The company's accounting team, consisting of only five individuals, faces a heavy workload that requires each accountant to manage multiple operations simultaneously, increasing the likelihood of errors Additionally, the varying qualifications of employees result in them performing tasks outside their areas of expertise, contributing to confusion and reducing overall accuracy in the accounting processes.
The company's accounting system prioritizes the processing of financial information; however, the absence of a dedicated accounting department hampers effective corporate governance and restricts internal management decision-making.
Regarding to organization of the accounting voucher system
The company's accounting vouchers are sourced from various origins, leading to the presence of non-standard documents that lack compliance with regulations Common issues include missing payment methods, incorrect company addresses, and unclear or erased invoice details Additionally, vouchers generated by teams are often not promptly submitted to the accounting department, resulting in delays of several days This lag hinders the accuracy and timeliness of the monthly financial synthesis conducted by the accounting department.
The accounting department has failed to print and distribute new legal forms and vouchers promptly, resulting in the continued use of outdated forms that violate current regulations Additionally, the company has not implemented essential documentation to accurately represent emerging economic transactions, which is crucial for compliance with both the nature of the transactions and management requirements.
Regarding to organization of the accounting account system
The company's accounting system has inadequately implemented essential accounts to accurately represent its economic transactions The existing detailed accounts, particularly the 5111 account for regular operations, lack sufficient granularity for revenue reporting As a result, detailed reporting is both time-consuming and prone to inaccuracies.
The lack of synchronous reflection of tuition debts in annual results violates regulations and hinders effective decision-making regarding the management of collection and expenditure discrepancies during the student period This oversight also leads to inaccuracies in the revenue and expenditure differences among units within the same system Additionally, the calculation of depreciation for fixed assets utilized in service business activities lacks suitable allocation criteria, as some assets support both regular and service business operations.
Regarding to accounting book system
The implementation of the general accounting book system is complete; however, the detailed book system remains inadequately utilized, with incomplete records in areas such as detailed revenue, cost, materials, and general administration expenses Although accounting software generates these books, their application is often confusing due to the unique characteristics of the unit Furthermore, the company has failed to prepare a comprehensive report on outstanding tuition fees by class, hindering timely debt recovery measures.
Regarding to financial reporting system
Propose solutions to improve accounting work at Mai Ngoc Consulting and Training Co.,
4.4.1 Improving the organization of the accounting system
The effectiveness of accounting work is significantly influenced by the competence of the accounting staff Toan Phat Group Joint Stock Company must develop an accounting system tailored to its management needs, business characteristics, and production scale to enhance the efficiency of its operations.
The company should evaluate the professional qualifications and qualities of its staff to ensure optimal performance Following this assessment, it is essential to reassign tasks and responsibilities to each accountant, aligning their roles with their individual strengths and capabilities for maximum efficiency.
To optimize accounting efficiency, it's essential to assess the workload of the company's accounting tasks This evaluation will help determine whether to hire additional accountants or reduce staff, preventing scenarios where employees are either underutilized or overwhelmed, which can negatively impact overall performance.
Each accounting department must have clearly defined responsibilities throughout the entire process, from collecting and processing information to inspecting and monitoring payments, managing receipts and expenditures, overseeing the use of supplies and assets, and handling the unit's capital, culminating in the synthesis and analysis of accounting data.
Regular training and retraining are essential for financial and accounting professionals to enhance their skills and stay updated on new accounting regulations Organizations should encourage accountants to take the initiative in their learning by providing opportunities for training and further education This includes allocating time and resources for staff to improve their professional qualifications and knowledge in financial and accounting management Additionally, promoting the learning of foreign languages among accountants is crucial to meet the growing demands of globalization and integration in the industry.
4.4.2 Improving the original voucher and record system organization
Complete the preparation and reflect the arising economic operations in the voucher
To enhance the accounting voucher system within the company, it is essential to adhere to the current accounting regulations by utilizing general vouchers that accurately represent the economic transactions occurring in the organization.
Complete the payment process, the system of accounting vouchers
The Finance and Accounting Department, along with company leaders, must collaborate to establish a streamlined payment process and develop clear guidelines for accounting vouchers that adhere to valid standards Creating internal accounting vouchers simplifies the accounting procedures for both accountants and non-accountants involved in economic transactions, ensuring that all parties understand the requirements and regulations associated with these vouchers.
Company leaders should collaborate with the Finance and Accounting department to establish clear payment procedures for each segment This will enable the Finance and Accounting leaders to create specific regulations for accountants to effectively manage their accounting sections.
After the accountants have written down their accounting process, the Head of Finance
The accounting department will review and enhance the payment process before submitting it for management approval Once approved, this streamlined process will be implemented, ensuring consistency in documentation and making it easier for payers to navigate.
The company must publicly disclose the signature samples of its Board of Directors, chief accountant, and cashier, as these samples are required to be registered with the authorities in compliance with the regulations set forth by the Ministry of Finance.
Complete the document classification and arrangement stage:
Accountants must systematically organize and classify documents, categorizing them by type—such as receipts, payment vouchers, and refund vouchers—in ascending numerical order Additionally, it is essential to create a detailed list of attached original vouchers for each document to streamline inspection and comparison processes.
The Finance - Accounting Department must establish an efficient document rotation process to prevent overlap and backlog This plan should be implemented only when there is clear specialization within each accounting function and when the rotating documents are distinctly identified Furthermore, in addition to adhering to current accounting laws and regimes with the voucher system, the Company should create custom vouchers that accurately reflect the nature and details of economic transactions This approach will enhance the accounting and bookkeeping processes, ultimately providing valuable information for management.
To enhance accuracy in financial reporting, it is crucial to strengthen inspections during the initial document preparation stage Each day, the general accountant should gather and review all vouchers, ensuring that original documents are correctly recorded and quantitatively assessed This process guarantees the clarity and authenticity of each item on the accounting vouchers, preventing issues such as missing signatures or incomplete information Additionally, it is essential to verify that the writing on the vouchers is accurate, free from cross-outs, insertions, or abbreviations.
It is essential to verify the legality of economic and financial transactions documented in accounting vouchers This involves comparing vouchers with relevant data and classifying them based on the timing and nature of the transactions If any discrepancies are identified, they should be promptly reported to the department leader along with a suitable correction plan.
4.4.3 Improving the organization and application of accounting account system
The new Accounting System does not categorize accounts into short-term or long-term assets and liabilities; instead, it uses Level 1 general accounts along with Level 2 and 3 accounts to monitor detailed accounting objects related to general categories Upon completion, the Company should adhere to the guidelines outlined in the relevant Circular.