The Accounting system for a business should produce timely and accurate information, just like the dashboard of an automobile. The ability to capture each financial transaction in a timely manner is vital. A system that can do this accurately and with the proper controls to prevent theft or waste is necessary for the continued good health of any enterprise.
The system should be setup to accurately reflect the revenue, expense and balance sheet items that are unique to the business. Cash control, Accounts Payable and Accounts Receivable are primary concerns. After that issues such as Inventory, asset control, job costing, budgeting and cash flow issues can be addressed.
The result is timely and useful information to aid in decision making, tax returns, loans and other activities that fall into the overall business strategy of the company.