How to Produce a Well-Written Accounting Essay
Even if you think that you will cope with accounting essay without any difficulties because you have already succeeded in numerous courses, the same result is not guaranteed with accounting. Since it is a field of study that focuses on preciseness, your papers will also have to be concise and specific. Accountants are usually involved in the activity of analyzing how businesses operate; they are deeply preoccupied with how companies and corporations work. It can be one of the possible topics that you will be asked to explore in your assignment. Writing papers in accounting might be a real hurdle for you, because they need profound knowledge in the subject, hands-on practice, and deep research abilities.
Please have a look at the tips presented below that will help you manage accounting writing.
- Comprehend paper instructions.
Whenever you get any writing assignment, you should realize what you are supposed to do (in other words, the scope of work). Some accounting essay topics can be explored in the form of a memo or a client letter, whereas others must be written with a formal approach and research-based principles. Students who major in accounting or simply pass this course as a part of the curriculum will face the following writing assignments: memos research papers, term projects, opinion and position papers, summary/analysis essays, and so on. If you are not sure how to handle assignment writing, contact your teacher and clarify instructions. Otherwise, how can you get a good grade for the task that you could barely understand?
- Focus on the pre-writing steps
Do not simply start writing your essay without proper preparation. You should think “how should I cope with my accounting essays?” If you want to submit a well-researched paper with outstanding ideas, self-organization is of primary importance. Usually students face late submissions and either lose grades or fail assignments. To avoid such instances, time management is essential. You should think about all stages of writing well ahead because some steps can take more time than you expected. For instance, your professor told you to carry out research, but your topic has been rarely discussed among researchers. Thus, you will have to spend more time than usual to gather relevant materials. If you are done with the research procedure, you can begin writing your outline.
- Work on the actual writing.
If you have completed papers in other precise sciences, writing an accounting essay can be similar. The major difference will be the usage of more facts and presenting all ideas in an objective manner. You will not have to take either side in accounting papers and get rid of the subjective claims, because unbiased ideas are what professors expect to see in your piece of writing.
If you have to write an essay in accounting, it should include such components: introduction, main body, and conclusion. There are usually 3 body paragraphs. If you utilize any research ideas, be sure that they are properly cited according to the citation style mentioned in your instructions (APA, MLA, Harvard, Oxford, etc.).
- Focus on the logical sequence of ideas
Be it accounting writing or any other academic assignment, you should always appeal to logic and get rid of all logical gaps or fallacies. The style of writing must be formal. Very extensive sentences with complicated vocabulary will not surprise your professor. Moreover, do not think that writing more pages will positively influence your grade. Professors do not like reading excessive word count and stop reading the essay on the exceeding page.
- No time to handle writing in accounting? There is always a way out!
We understand that sometimes you will not be able to write an accounting paper on your own, because you will have to spend time on something more important. In such cases, you can contact Essays-Lab.net and ask us “do my essay in accounting” and our online writing service will assign the most competent and skilled writers to complete your paper. Make the right choice of a custom writing service not to put all your future at stake.
Great Accounting Essay Sample ( ERP )
Widely known as ERP, enterprise resource planning is a term commonly used in industries in reference to the activities that organizations use to run their businesses in a proper way. The most crucial feature of the ERP is the facilitation of information flow so decisions related to the business are driven by data. A software suite of ERP has the capacity to collect as well as organize data.
The data allow the management to determine the KPIs (indicators in key performance) in ‘real time.’ The modules of the software can assist the company in managing and monitoring the chain of supply, lifecycle of products, inventory, procurement and finance, critical aspects of the business, projects and human resources. Usually, these features are analyzed through a set of connected executive dashboard units. Maximum utility of ERP software is achieved through integrating it with other software systems used by the company.
As such, deploying a new in-house system of ERP software can involve a set of re-engineering business process, re-training of employees and back-end IT maintenance for integration of database, ad hoc reporting and analytics of data. Legacy ERPs are viewed as homogenous, large, complex systems that do not readily lend themselves the same way SaaS (software-as-a-service) ERP model of delivery does.
Unlike the organizations that store data in the cloud, vendors of ERP use services that are cloud related to conduct ERP functions. The services are widely relied upon by the mobile users. A 2-tiered ERP uses both cloud services and on-premises at implementation (Rouse).
Benefits of ERP
Across the globe, businesses are increasingly relying on the systems of ERP as cost effective substitutes for other software apps. However, the hefty sums of money involved in installing them stop the small enterprises from benefiting from ERP. The introduction of low-cost software from e-resource ERP has, somewhat, allowed the mid-market firms to enjoy the benefits of ERP.
With the help of ERP package, the organization should have a strong foundation that incorporates all basic aspects of managing an enterprise. Another benefit that the users of ERP enjoy is its amazing ability to help the company cut losses and improve its service delivery across all sectors of the firm (GreenBeaconSolutions).
In addition, the system allows the management to effectively manage the scheduling of production, accurately assess inventories, and automate the manual processes. It brings a holistic procedure of analyzing performance with it, giving executives the visibility of real-time into all processes of the business as well as allowing them to make standardized decisions. In a nutshell, ERP systems can revolutionize the ability of mid-market firms to compete on the global front.
In a recent study, researchers have compiled stats that highlight the efficiency of ERP in business. Primarily, it can help the business reduce costs in three categories – administrative, manufacturing operating, and inventory costs. According to the findings, ERP can reduce inventory costs by 21%, manufacturing operating costs by 17% and administrative costs by 16% (GreenBeaconSolutions).
Because ERP packages cuts across all phases of the business, its significance spreads beyond cost reduction. In solving issues, for example, it can improve the company’s services and responses to the customers as well as solve interoperability issues between several manufacturing regions. Additionally, it can improve the standardization of the manufacturing processes as well as streamlining the processes of order-fulfillment.
ERP is also used as the facilitator of the connections the firm and its partners or suppliers. Scholars have also pointed that ERP is the ultimate tool for complying with the government policies as well as working in line with environmental regulations. In an effort to study different implementations of ERP, researchers have revealed that there are several business-specific rewards of this software (GreenBeaconSolutions).
Features of ERP
While the vendors try to design their software in the unique way possible, they still end up installing them with some features that highlight certain similarities. For example, almost all mid-market ERP suites have similar modules, including financial management, CRM, HCM, BI, SCM, and operations of manufacturing. Whilst there are some differences, they tend to be granular with each of the aforementioned modules (GreenBeaconSolutions).
Vendors of ERP
They are the developers of the packages of ERP. Through research, they develop packages that are flexible, efficient, and easily usable as well as implementable. With the new advancements in technology, they upgrade the products in line with demand and modernity. When selecting an ERP vendor, users must look further than evaluating the performance of the software (Erppandit).
The general overview of procurement process involves five fundamental steps. The stages of procurement are determination of requirements, creating order for purchase, receipts for goods, verification of the invoice, and making payments.
Processes of Accounting
The processes of accounting comprise of two broad categories – management accounting and financial accounting. The following are detailed explanation the processes:
FI (Financial Accounting) involves keeping records of financial effects on the processes of business as they are undertaken. The reports are then used to create financial statements intended for meeting regulatory and legal reporting requirements. Usually, financial statements are presented to the external audiences of the organization such as the SEC.
Colloquially, Financial Accounting deals with keeping tracks of all financial transactions of the company with the help of certain parameters. Accountants use standard guidelines to summarize records before presenting them in a financial statement or record. This type of accounting is conducted in order to reflect the correct financial position of the company at any time that the accountants deem right (AccountingCoach).
Management Accounting, also known as CO (controlling), is the exercise of making partnerships in management in order to make appropriate decisions, devise management systems for improved performance and planning, and expert provision of financial reports. The control of management in terms of formulation and establishment of the organization’s strategies is also part of management accounting (Thomson, 2007).
Usually, financial data records are kept in the general ledger of the company. A COA (Chart of Accounts) is an ordered accounting listing that contains the general ledger of the company. COAs are grouped in three categories – group, country-specific and operative COA. Every enterprise is tasked with maintaining its operative COA in an effort to keep accurate records of financial data.
The country-specific and group COAs, however, are only used in certain cases. There are specific organizational data designed for the firm’s financial accounting. They are business area, organization code, and client code. According to this data, even the company’s biggest enterprise can have a single client (highest level of the organization).
In a firm, the business areas are internal enterprise divisions used for defining responsibilities and ways of meeting the requirements for making segmental reports of the enterprise’s external environment. Segments are business sectors, in which the performance level is monitored independent of the other divisions.
The firm uses GL (general ledger) to record the outcomes of all internal transactions. Its definition, however, is entirely dependent on the type of COA recorded in it. Thus, a GL is a COA instantiation for a specific firm and can comprise of all COA accounts. Its segmentation relies on the levels of the organization with company and client codes being its main segments.
It is imperative to distinguish the general client segment’s account number from others in the GL by giving it a unique value. For accounting module, the users are supposed to input data. The group of the field status is used for two purposes – screen display and entry of document rules.
Companies use item management for matching the account debit with credits and subsidiary ledgers for tracking assets, vendors and customer transactions. In general, the records of financial transactions are used to the steps in the process of financial accounting with the data items listed on the line items and header sections.
Verification of Invoice
Verifying an invoice impacts the general ledger in many ways. First, the invoice amount is debited in the GR/IR account while the vendor account is credited by the same amount. Similarly, a credit posting is made to the corresponding account of reconciliation in the GL (payable account).
A financial and invoice document are also created while the updates to the master of the material and order history are also made. The final step in the verification process involves making payments of the invoice to the vendor. This verification step is initiated by the submission of the invoice receipt from the vendor.
Invoice verification is requires three sets of data – user input, documents of transaction and master data. They are used to create a document of the invoice and conduct a three-way match. Lastly, the outcome involves generating the invoice document and updates the financial accounting document, material master and purchase order.
The Figure for Invoice Verification Process
A general ledger also contains reconciliation accounts, which are used for consolidating subsidiary ledger transactions for assets, vendors and customers. The processing of payable accounts is designed for tracking the sum of money the organization owes other companies and individuals using accounts ledger that are not included in the GL.
Figure of Debit and Credit Postings
The master for vendor and the corresponding account in the sub-ledger have a similar account number. As such, a reconciliation account must exist in the GL to make a record of the transactions total value.
Processing of Payment
Processing of payment step is initiated by the verification and receipt of invoice from the vendor. The data used in this process are vendor data, data, and amount of the invoice as well as the terms of payment, vendor master address and method of payment.
The outcomes of the process are:
- Paying the vendor
- GL account updating
- Creation of GL accounts
- Bank account crediting
Figure of Payment Processing
Figure of outcome of payment processing in SAP ERP
ByDesign Business for SAP improves the tracing power of documents with the help of ERP. Most views of documents have a “View All” command that allows the user to look at the tabs having different data views. Below is an example of one of the data views (Document View) that is also shown at the tabs:
In a Business Suite of SAP/ERP, accessing the Document Flow (Relationship Browser) feature is difficult. However, accessing it from an invoice document requires the user to click on the ‘Environment’ tab. Below is a demonstration of the same.
These steps allow the user to view individual documents selected from tree structure. Below is a sample:
The user can view individual documents by double them. For example, if a user searches for an invoice document through a Relationship, he or she can select it from the corresponding tab. Specifically, ‘Purchase Order History’ tab is used for accessing a purchase order that was finished through the invoicing procedure.