The Traditional Roles of Accounting Functions

Question: Describe about the Traditional Roles of Accounting Functions? Answer: The Traditional Roles of Accounting Functions The financial functions are mainly about the raising the funds of the shareholders and makes investment and proper allocation of the earning returns to them according the decision taken by the financing, investing and the dividend distribution pattern of the organization. Mainly a firm gives better performance in the financial functions of the operational activities of the business process to better utilization of the planning and execution activities of the financial functions of the organization. Accounting functions are mainly invented for the tax assessment and the investment ship resources at a national level of different countries. Stewards having agent ship with owner of lands where they used to utilized the charges of the land to utilized the as much as possible value for the particular accounting standard. The national assessment is firstly made by the country Britain to calculate the taxation of the taxable income of that countrys wealth. According to many authors it is res earch that continues review is for the development of the accounting and the reporting statements of the corporate (Agur, 2013). The principles of the accounting is mainly focus on the accounting of the financial statement of the company to calculate the assets and the returns acquired by the companys owner. The count of the assets is mainly done by the process of the book keeping as a primary step. The revolution techniques is mainly make concentration on the resources of technical operations. This technique is created requirement of investment of capital and the multiple investors returns according to the joint company Act and company Act 1844. The companies are mainly manage their cost and accounting management to support the decisions of the managers. The process of the management to give appropriate solutions for the financial management. The firms mainly help in the same criteria which is reducing the business risk and the maintained the balance of the business assets properly and also they are about to get the investment returns from the invested money in the market stock (Bailey Sawers, 2012). An evaluation of the financial and non-financial challenges which directly affected the finance functions as an outcomes of the globalisation There are many financial and non-financial challenges which is directly give impact on the finance functions and its results on the globalization strategies. There are many difficulties given by the economy and the suffering from the past few financial crisis. There are challenges faced by them in a global economy by economic financial disasters (Bauman, 2013). The overall status of the financial crisis is ruined the efficiency and effectiveness of the organization which mainly give direct impact on outcomes. It is very slow down process by which the previous standards are tried to match by the recent standards. The ratios within the productivity of the organization is inverse related with the growth of the financial status in the economy. The rate of inflation maintaining the stability and the lower status in the economy which is also below the objectives of the organization rules and regulations. Deflation rate is severally tried to increase at some point of time during the crisis period. Preparing financial statements are huge load for the private companies which enhance the debt and gross domestic products generally rising and the 35% of the debtors are increases by the non-financial private organizations (Beyersdorff, 2014). The central banks are the only hope for the financial markets to find out the yield for the organization. Fiscal policies of the economy is mainly depends upon the fiscal deficits and revenues of the financial organization. Many nation are consolidated their financial statements and the debt ratios which is belongs to the gross domestic products of the related nation is increasing rapidly and showing unstable situation for the financial functions way in the economy. The monetary policies are mainly under the surrounding of the testing limits. The juridical and the monetary terms value of the foreign currencies under the policy rate provided by the banks and its practices and policies and makes some terms conditions for the purchase of the asset and the lending of any asset for long period of time (Bierstaker Peters, 2013). Production economies are not straight get impact by the economic crisis. According to many situations the credit growth is full of strength by rising in the asset price of the economy. The overall scenarios are giving the print of the financial imbalances for building a news economic status and try to make changes in the liquidity conditions of the global market (Craig Amernic, 2014). How the finance functions has tried to adapt the challenges for orderly serve the better management system There are many situations arises where the financial functions is to maintain the management system of an organization. The financial and accounting system of the is delivering the consisting different kinds of financial functions example general ledger, financial statement analysis, calculation of the account receivable and accounts payable of the accounting and the asset management accounting and the cash handling accounting. Enterprise resource program is the ultimate solution to make proper management of the financial data of the business operational system. There are many changes required by the organization to structure their financial status. The customers are the only who are meet with the legalized report and the accounting facilities which is support in the minimizing the risks of the business and make required changes and lock the opportunities for company (Craig Amernic, 2014). The compliance policies are made to help the chief financial officer to utilize those regulations and the overall process of the financial functions by the compliance activities with the support of the regulatory policies are like generally accepted accounting principles, international financial reporting standards, and the Sarbanes- Oxley. The financial management of a company is mainly depends upon the accounting structure of the company which maintained and managed by the developed ERP systems of the financial management tools. The organizations are preparing the database model for the better structure of the data models. To increase the business activities of the organization the managers of the companies are mainly about to work efficiently and effectively and by utilizing these financial tools the company is not needed to many hands to prepare a financial statements and the employees of the business will also provide the proper intension to the business process and provide additional advantages in their projects (Edwards, 2014). The financial management is mainly getting strength from the financial tools of the business by exchanging the data by ERP tools of the financial solution in the organization. There are some examples are following in nature which getting advantages by the enterprise resources system (Hampton, 2013). Planning of the budgets of the business, asset accounting and the calculation of the payroll of the organization. To support the activities of the support the purchase and sells activities of the business operations and maintained the expenditure of the business. Payroll cost of the company is properly calculate by this tool by the calculation of the total business activities and also save the precious time of the human resource team of the organization. The data models prepared by the system is mainly help in the preparing a data report for the company and making a database report for the future reference. The processing model of the system mainly inspect the activities of the financial departments and support in the coordination techniques of the business to control and monitor their productivity by given a period of time. The delivery model is also providing the techniques of the financial statements and also preparing the logical policies for the company. The tools like ERP always support to the organization to provide the proper report to the company at a proper time for the growth of the business (Holzmann, 2013). There are many financial management instruments which is help in the proper management process of the organization by mitigating the challenges of the financial functions. General and ledger preparation Preparation of account payable reports Preparation of the account receivable reports Calculation of the assets value of the company Reporting of the financial statements and proper analysis of business activities Inspection of the workflow of the organization in different departments. General and ledger preparation This is the first step of the accounting process in the organization to record the all kind of the transaction in the organization. The system help in preparation of the general and ledger accounting process by fulfilling all the accounting principles accepted by the business process. Preparation of account payable reports In the process of preparation of the accounts payable process is mainly about the recording all the transactions done by the business organization from their supplier in different kind of transactions mode and the preparation of the invoice of the payment. Preparation of the account receivable reports In the process of preparation of the accounts receivables process is mainly about the recording all the transactions done by the business organization from their customers or the debtors in different kind of transactions mode and the preparation of the invoice of the receiving cash from the business activities. According to system the notice and letters for the debtors will be automatically generate at the proper period of time and give the proper details about the business debts and other activities related to the debtors of the business (Kaur Singh, 2013). Calculation of the assets value of the company This system is mainly help in the maintaining the different types of the business and depreciation activities and different methods of maintaining the assets. The financial statements are mainly prepared at the policies of the generally accepted accounting principles and the IFRS practices of the accounting. There are many financial tools are prepared for the different credit accounting transaction, cash book invoicing and the bank reconciliation activities (Larkin Ruppel, 2015). Reporting of the financial statements and proper analysis of business activities These reporting system is giving the proper information about the planning of budget and the other functions of the business process and future operational planning of the organization. Maintenance of different tools of system which provide the proper database information about the business operations. Inspection of the workflow of the organization in different departments. According to the support of this process the company is mainly manages the department of the various business processes and management of those projects efficiently and always take a statement of record for the actual performance of the business activities. The system is also help in the monitoring the database and the statements of the financial reports of the particular organization. Working capital calculations and Trident Corporation business supporting their management by financial functions Trident Corporation organization is mainly expanding their business activities in the inventories management and the accounts payable for increasing the selling activity to indirectly make accounts receivable of organization activities arises. There are mainly three components of the net working capital of the organization. Accounts payable and receivable is increased the fund level of the current asset and decreases the liabilities side of the balance sheet. Accounts payable is mainly calculated for the fund the organizational operational activities. The company Trident Brazils NWC shows that cash and the short term capital is not adjusted in the calculations. Those are the main part of the current assets and liabilities of the business. Working capital is mainly help in the frequent changes in the operational activities of the organization. According to the accounting principles of the accounting standards trident company is also tried to minimize the working capital calculation of an organization (Mano Yamamura, 2013). Account receivable is mainly decreases if the organizational collection of the business is accelerated. Inventory collection which is gives the proper outcomes about the unfinished and finished products of the company and increases the rate of the products which are produces in that manufacturing concern and decrement in time of the Just-in time techniques of inventory management. These measurement techniques will be equalised by the payment of the client of the business activities and the selling activities will get hampered if the stock is not proper in the organization. The financial statements of the organization will also get affected by the net working capital with related to the accounts payable activities. If the working capital of the company is not maintained by them properly will give negative impact on the connection of the company and the supplier of the goods and services to the organization and decrement of the reliability and the supply chain management (Peytcheva Ma joor, 2014). Reference Agur, I. (2013). Wholesale Bank Funding, Capital Requirements and Credit Rationing.IMF Working Papers,13(30), 1. doi:10.5089/9781475571622.001 Bailey, W., Sawers, K. (2012). In GAAP We Trust: Examining How Trust Influences Nonprofessional Investor Decisions Under Rules-Based and Principles-Based Standards.Behavioral Research In Accounting,24(1), 25-46. doi:10.2308/bria-50071 Bauman, M. (2013). The adequacy of fixed asset disclosures under U.S. GAAP.Research In Accounting Regulation,25(2), 149-156. doi:10.1016/j.racreg.2013.08.002 Beyersdorff, M. (2014).International GAAP 2014. Chichester, West Sussex: Wiley. Bierstaker, J., Monahan, T., Peters, M. (2013). Going Concern Designations and GAAP versus Non-GAAP Earnings Metrics.Issues In Accounting Education,28(1), 77-92. doi:10.2308/iace-50298 Craig, R., Smieliauskas, W., Amernic, J. (2014). Assessing Conformity with Generally Accepted Accounting Principles Using Expert Accounting Witness Evidence and the Conceptual Framework.Australian Accounting Review,24(3), 200-206. doi:10.1111/auar.12039 Craig, R., Smieliauskas, W., Amernic, J. (2014). Assessing Conformity with Generally Accepted Accounting Principles Using Expert Accounting Witness Evidence and the Conceptual Framework.Australian Accounting Review,24(3), 200-206. doi:10.1111/auar.12039 Edwards, J. (2014). The method of bookkeeping, deduced from clear principles.Accounting And Business Research, 1-22. doi:10.1080/00014788.2014.978255 Hampton, M. (2013). Money as social power: The economics of scarcity and working class reproduction.Capital Class,37(3), 373-395. doi:10.1177/0309816813502762 Holzmann, O. (2013). Private Company GAAP.J. Corp. Acct. Fin.,25(1), 73-78. doi:10.1002/jcaf.21911 Kaur, H., Singh, S. (2013). Managing Working Capital Efficiency in Capital Goods Sector in India.Global Business Review,14(2), 343-355. doi:10.1177/0972150913477526 Larkin, R., DiTommaso, M., Ruppel, W. (2015).Wiley not-for-profit GAAP 2015. West Sussex: Wiley. Mano, Y., Yamamura, E. (2013). Influence of a Wife's Working Status on Her Husband's Accumulation of Human Capital.Asian Economic Journal,27(4), 323-339. doi:10.1111/asej.12017 Peytcheva, M., Wright, A., Majoor, B. (2014). The Impact of Principles-Based versus Rules-Based Accounting Standards on Auditors' Motivations and Evidence Demands.Behavioral Research In Accounting,26(2), 51-72. doi:10.2308/bria-50707 Ruppel, W. (2014).Wiley GAAP for Governments 2014. Hoboken: Wiley. Silva Guerreiro, M., Rodrigues, L., Craig, R. (2014). Changing from a Rules-based to a Principles-based Accounting Logic: A Review.AABFJ,8(2), 110-120. doi:10.14453/aabfj.v8i2.8 Stone, G., Fiedler, B., Kandunias, C. (2014). Harnessing Facebook for Student Engagement in Accounting Education: Guiding Principles for Accounting Students and Educators.Accounting Education,23(4), 295-321. doi:10.1080/09639284.2014.908730 Terry Towel, Textile, Yarn, Paper Manufacturers India,, 2. (2015). Terry Towel, Textile, Yarn, Paper Manufacturers India, Trident Group. Tridentindia.com. Retrieved 26 April 2015, from https://www.tridentindia.com/