Financial Accounting Essay -- Business and Management Studies:

Financial AccountingFinancial accounting or book-keeping is the process of recordingfinancial transactions from the casual operation of a business.The sale of goods to a customer and the subsequent settlement of thedebt argon two examples of financial transactions.Sales AccountingWhen credit gross sales be made to customers, a record expects to be kept ofamounts owing and paid. Payment is norm aloney requested with an invoice.An invoice usually gives details of goods supplied, quantities, pricesand VAT. Credit sales are usually made on weekly a basis, which meansthat the customer has to pay within that period to obtain thediscounts, if any offered. Overdue payments need to be chased, sosales accounting systems normally take a leak reports analysing theindebtedness of different customers. Debt control is vital to businessprofitability and computerised systems can produce straightaway andup-to-date reports as a by-product of the main application.Human Resources---------------The h uman resources (personnel) lean is responsible for theselection (usually by interview), recruitment, training anddevelopment of staff. Personnel records on employees will store allthe information needed by Salaries and Wages to make the correctpayments to employees this will include details of, for example,gross salary, tax code, statutory sick pay and holiday entitlement.Depending on the size of the organisation, information may also beheld concerning qualifications, courses attended and careerdevelopment plans.Design------The fancy function is present where an organisation develops its ownproducts and services a trader who simply buys and sells goods has noneed of a design group unless designing logos etc which maybe carriedout by another firm. Design is part of the research and development(R&D) function, which is vital to organisations wishing to radicallydevelop their product range. The nature of design teams depends on theproduct or service being designed. The skills and tal ents of a cardesign team are clearly very different from those of a team designinga cover for a magazine.ProductionMarkets for a businesss products should ideally, drive the productionfunction. In other words, it should be geared to produce the necessarymix and quantities of products required by customers. If goods ar... ...ons need specialist staff todevelop, introduce, maintain and update the various systems that makeuse of information technology. The responsibilities of ICT Servicesare much broader than those traditional held by wholly centralisedcomputer services or data processing departments because communicationis a larger part of IT with the accession of the internet andE-mail amongst other things.. The development of cheaper and morepowerful microcomputer systems has resulted in computer facilitiesbeing distributed more widely. For this reason, ICT Services needs toprovide a much more flexible service and support user systems at thepoint of use. For example, uses of netwo rk workstations need supportwhen equipment, such as a share printer, breaks down or they mayrequire help in the use of software on the network. This contrastswith a centralised department, which holds all the computer equipment,carries out all computer processing and restricts user access tospecialised applications, run through dedicated terminals. ICTServices may be known variously as calculator Services, ManagementInformation Services or less commonly now, the Data ProcessingDepartment.