What Are the Different Types of Financial Accounting Systems?

The financial system (or accounting system) is an operating system that establishes organizations, positions, management rights and responsibilities, and personnel to reflect, supervise, control, and coordinate business operations and financial activities in accordance with financial objectives.

Financial System

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Financial system

Financial systems generally have multi-currency processing capabilities and user-defined accounts

The basic characteristics of the financial system include:

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1. Evaluation of financial organization

Financial organization is not only a relatively independent system, but also a major component of the corporate organizational structure. It is a system of organizations, positions, functions, rights and responsibilities, and personnel related to the processing and transmission of financial information, cost management, fund management, financial risk management, and related internal controls. Financial organization involves organizational setup, organizational functional structure, organizational power structure, financial organization personnel structure, post division of labor, and accounting code of conduct. therefore. The following evaluation indexes can be set from the contents involved.

(1) Establishment of financial organization.

First, the establishment of financial organization evaluation institutions should be complete, systematic, scientific, and mutually restrictive. Taking a joint stock company as an example, the company is required to set up a special audit committee or a board of supervisors under the board of directors of the company. The company's management and management set up the deputy general manager of finance as the supreme financial leader, and set up a financial organization where the finance department, accounting department, and audit department cooperate and check and balance. . Second, the financial organization evaluates the organization's ability to respond to the external environment. Financial organizations are required to be flat, flexible and networked. The flat financial organization takes accounting information, financial information, and business information as its axis, responds quickly to the environment, can make quick decisions, and has strong resilience. Flexible organizational structure. Refers to the company's concentration of people with different knowledge and skills working in different fields to achieve a certain goal in a specific dynamic group. Work together on a project. After the project is completed, the group members will return to various places. This dynamic team organization structure is flexible. It is flexible and can effectively use various resource advantages. The networking of financial organizations requires full and formal communication and exchange channels within and between organizations. At the same time, it can realize the network configuration of the company's overall resources.

(2) Functions and authority structure of financial organization.

First, the functions and powers of the post should be systematically arranged within the framework of the financial organization. It is required that there should be no blind spots in the coverage of the functions of each post, no conflict or overlap, and the functions should promote and supervise each other. Secondly, it is required that the authority and authority accorded with relevant laws and regulations; the hierarchy be clear; the responsibility and authority be balanced.

(3) Personnel structure and job division of financial organizations.

The overall quality of financial organization personnel should be a pyramid structure, which is conducive to organizational leadership. Requires the division of labor and control of posts in accordance with relevant laws, regulations, standards and financial systems; the formulation of job descriptions, specifying the content of job divisions and job requirements

(4) Accounting behavior norms.

Accounting behavior norms include accounting behavior legal norms and accounting behavior professional ethics norms. It is required that the two functions at the same time, strictly regulate the accounting behavior, and make the accounting behavior optimized. The legal norms and professional ethics norms for evaluating corporate accounting behavior should be uniform, complete and operable.

2. Evaluation of financial human resources

Human resources are the source and primary resource for the survival and development of an enterprise. Financial human resources are also the source of financial systems. Is the first factor in the quality of financial work. Financial human resources evaluation is to evaluate the information and value of human resources acquisition, use, maintenance, and consumption of financial organizations. According to the characteristics of financial human resources and the purpose of evaluation. It can be evaluated from three aspects: the cost and effectiveness of financial human resource allocation, financial human resource training and development, and financial human resource performance evaluation.

(1) Cost and effectiveness of financial human resource allocation.

The allocation of human resources should be in accordance with the principle of cost-benefit, and the allocation of financial human resources is strictly based on the requirements for the quality of each post. The corresponding personnel must not be high-consumption talents, and personnel who do not meet the requirements of post quality must not be used. The effectiveness of financial human resources is reflected in the principle of effective control, which requires that the allocation structure of financial human resources should aim at the organic and coordinated operation of the financial system and the comprehensive and effective internal control. Carry out purposeful, environmentally adaptive and hierarchical configuration.

(2) Training and development of financial human resources.

The purpose of financial human resources training and development is to provide training for financial personnel to master the knowledge, technology, and abilities required to constantly generate new requirements for jobs due to changes in the external environment. Ensuring employees to work effectively on the job. Promote the all-round development of employees, self-realization of employees and the strategic objectives of the company's business operations to organically unify and realize the harmonious development of people, enterprises and society. Understand the requirements of skills and knowledge of each financial position and the current quality of the individual staff. Then the characteristics and structure of the demand for financial human resources development are clarified. Based on this, an appropriate human resources development plan is designed. This ensures the adaptability and effectiveness of financial human resource development.

(3) Performance evaluation of financial human resources.

Financial human resources performance evaluation should be complete, organic, scientific, specific and enforceable. The organic requirement requires that the financial human resources performance evaluation system is an organic part of the enterprise human resources performance evaluation system, so as to achieve a systematic and objective evaluation of the comprehensive performance of the financial staff from the basic level, the executive level to the strategic level. The human resources evaluation system does not leave blind spots in the evaluation of financial personnel. Even when measuring the current performance, we also need to consider the possible impact in the future. Scientifically requires financial human resources evaluation to formulate standards and perform evaluations based on scientific management theory and development rules. Specificity and enforceability require the detailed rules of financial human resources performance evaluation to meet the actual needs of the enterprise to achieve the expected results.

3. Evaluation of financial information systems

The construction and application of financial information system is the central link of enterprise informatization. Financial information systems play an increasingly important role in market competition. The establishment of a comprehensive, efficient, instant and integrated financial information system can effectively manage information flow and capital flow, optimize the allocation of corporate resources, and improve the utility of corporate value management. The purpose of financial information system construction is to use information technology support systems. On the basis of informatization, it has further developed to intelligently organize and analyze data to provide useful data support for business managers.

The evaluation of financial information system is the evaluation of the application level of financial information system. The evaluation of the financial information system application level is generally a measurement and evaluation of the financial information level of the enterprise, the function, efficiency, and security of the financial information system. You can set evaluation indicators from what it contains.

The level of financial informatization, including the level of hardware configuration of financial information systems, the level of software development and application, and its compatibility and expansion capabilities.

The function and efficiency of financial informatization refers to the ability to collect, process and output relevant information of the enterprise, including the ability and efficiency of the financial information system to fully process financial information, the ability and efficiency of relevant non-financial information, and the effective elimination of information noise ability.

The security of financial information system refers to the security of the access and storage of financial data in a network environment. The core requires that people in different positions in the financial information system have the corresponding operating authority for the system.

4. Evaluation of corporate financial processes

The basic connotations of corporate financial processes are: work-centered, based on the theory of modern organizational division of labor, advocating customer orientation, organizational flexibility, employee empowerment, and the correct use of information technology to achieve the purpose of adapting to a rapidly changing environment. Therefore, the financial process of an enterprise can be evaluated in the following ways:

The degree of realization of process design with operation-oriented scientific methods as the center.

The advanced division of labor thinking should be based on the scientific division of labor theory to design internal and external divisions of financial processes and external cooperation.

The flexibility of financial processes and the ability to adapt to the environment. The financial process itself should have the flexibility to select the optimal process and the ability to provide information diversity based on changes in the external environment.

The degree of informatization of financial processes. Financial processes should be based on the information system platform and the operation supply chain as the implementation path. Build a real-time, dynamic, and efficient and integrated financial process information subsystem.

(5) Adaptability of financial processes. Evaluate the adaptability of financial processes to corporate organizational forms. The core is to evaluate the adaptability and handling capacity of financial processes to transactions or events caused by rapid environmental changes.

5. Evaluation of corporate financial internal control

The evaluation of corporate financial internal control refers to the independent evaluation, testing, and analysis of various financial internal control policies, procedures, and measures adopted by the enterprise within a certain period of operation based on the financial audit work to test and evaluate the corporate financial The construction, implementation and effectiveness of the internal control system. The purpose of enterprise financial internal control evaluation is to promote the establishment of a sound financial internal control system with standardized operations, scientific management and systematic monitoring.

The internal financial enterprise control evaluation includes asset management financial internal control evaluation, financial management financial internal control evaluation, and financial organization internal control evaluation.

Assessment of financial internal control of asset management, mainly evaluating the separation and establishment of related asset business positions and personnel, the scientificity and effectiveness of asset authorization approval and related restrictions, and the control of asset acquisition, daily management, disposal and transfer And the supervision and inspection of related asset business.

Evaluation of financial internal control of financial management, mainly including costs, purchases, sales, investment, fundraising, guarantees, high-risk business, related party transactions, etc. It mainly reflects the responsibilities and authority of relevant business organizations and personnel, decision-making mechanisms and procedures, the approval system for major business decisions, the system of project approval, feasibility studies, decision implementation and holding, and disposal.

Evaluation of financial organization internal control. It mainly reflects the responsibilities and authority of financial institutions and personnel, the formulation of goals and policies, the preparation and approval control, the implementation and adjustment control, and the analysis and assessment of execution results.