Final business

WORKSHEET ASSIGNMENT

Giulia Seabra

SSU

Bus 480

09/02/22

WORKSHEET FOR ASSIGNMENT 23: FINANCIAL CONTROLS

Bookkeeping and accounting system is a method of keeping track of all financial activities such as sales, purchases, expenses, and cash flow. The single-entry type is the ideal bookkeeping and accrual accounting system is ideal for Sexlab because it easily tracks financial transactions. It also provides a perfect balance between speed and accuracy which is beneficial to both business owners and accounting professionals. Bookkeeping and accounting system is a method of keeping track of all financial activities such as sales, purchases, expenses, and cash flow. The single-entry type is the ideal bookkeeping and accrual accounting system is ideal for Sexlab because it easily tracks financial transactions. It also provides a perfect balance between speed and accuracy which is beneficial to both business owners and accounting professionals.

The single-entry type of bookkeeping and accrual type of accounting system produce much more control information than double entry type, it also generates less amount of data. As we progress within the system, the data will be simplified more and more until it finally reaches a situation where the amount of data has decreased significantly because all transactions are controlled by some form of double entry method. Thus, the conclusion is that it has 100% accuracy since the single-entry accounting uses less data to keep track of transactions.

The accountants will manage each accounting system by pricing, analyzing, and auditing accounts when preparing financial statements for shareholders or investors. They maintain the single-entry bookkeeping records the debits (and credits) on a debit side and credit side, plus accrual accounting records all transactions from the date of conversion to actual cash.

The accounts in an accrual type of system will start at the beginning and end when a transaction is entered into the system. In single entry type of accounting, such as cash basis, the account is debited or credited when there is a payment or receipt and this entry would be reflected in the company’s financial statements. Business ratios are the foundation of financial statements. Basic business ratios include: Currents ratio for Assets versus Liability, Working Capital Turnover, Tax Rate Structure and the Internal Rate of Return. These ratios summarize and compare a company's financial data to determine its financial health and provide input for future planning. For example, gross margin is the ratio shows the relationship between revenue (revenue from sales) and cost of goods sold, indicating whether the company is generating enough money from each sale or product it sells.

WORKSHEET FOR ASSIGNMENT 24: SALES AND MARKETING CONTROLS

A few control techniques used for monitoring sales activities are inventory control, sales order, credit card bill collected from customer, stock inventory count and information on accounts receivable provided to their suppliers. The objective of these controls is to ensure that the product or service being sold meets certain quality standards or that the customer satisfaction with the product or service is satisfactory. The sales and marketing control records include accounts receivable, accounts payable, inventory, financial statements and even production statistics from various departments/businesses owned by the company.

Sales and Marketing data are processed in your CRM system, using the sales channel information you have recorded. For example, if an order came from a customer that had been identified as a potential customer of yours but did not qualify for coverage under their policy then that transaction would come under ‘Intentional Transaction’ and so in our CRM system we would give this a negative value per line item. The negative value indicates to us ‘Sales Activity’ so we would monitor this against our ‘intended’ sales quota, again per line item. If our actual sales activity fell short of our intended quota then we would adjust up our adjusted sales quota and continue to monitor the original intended sales quota against the adjusted sales quota.

The other control records are relevant to our accounting functions: Sales, Purchases and Payable records would be useful in verifying these amounts with our general ledger. Marketing or Advertising records will help us monitor our marketing activities regularly by creating adverts and articles that highlight these new features of our store during peak periods of interest.

Sales and Marketing Controls are used to ensure that the company is meeting its targets. The data collected from the proposed activity is used to assess whether or not the sales activity is generating the results expected. Sales and Marketing Controls are used to clearly define the target area for our sales team, measure their performance in terms of their sales call results or email delivery ratio and provide an accurate report that indicates performance levels against targets. For example, if after sending out 100 cold emails, we were only able to get two qualified leads for our initial campaign, then this would result in us potentially re-thinking our strategy and increasing or decreasing the number of contacts sent out (or applying other tactics).

WORKSHEET FOR ASSIGNMENT 25: OTHER BUSINESS CONTROLS

Sales and Marketing Controls include policies, procedures, and checklists for: marketing strategy; sales channels; sales person training; lead generation; campaign monitoring; and customer service policies. Some business controls are designed to ensure that the types of goods or services offered by the firm comply with legislation and regulations, while others are intended to manage risk or create efficiency.

These business controls will help us optimize sales and marketing efforts to achieve both financial and strategic objectives. They include our budgeting process, accountability systems and internal controls. Sales and Marketing controls are important because they help ensure that my products fulfill their needs and give them exactly what they expected. The control is also designed in such a way that it will not take much time to implement. The control fulfills another duty, which is that it monitors the performance of the sales team to make sure that the target set for them is met. The best business controls are a combination of things that help to reduce the risk of action failures, and make control processes more efficient. They should support other tools and policies while reducing operational risks.

REFERENCES

Centorrino, G., Naciti, V., & Rupo, D. (2022). Management Accounting: Past, Present, and Future of Double-Entry Bookkeeping and Ledger. In  Academy of Management Proceedings (Vol. 2022, No. 1, p. 11258). Briarcliff Manor, NY 10510: Academy of Management.

Dobie, A., & Oldroyd, D. (2020). Bookkeeping. In  The Routledge Companion to Accounting History (pp. 102-135). Routledge.

Wiranegara, D. A., & Wahyudi, A. (2018). Accounting and Bookkeeping (1st and 2nd meeting ESP Module).