Improving Accounting Practices Through Responsibility Accounting

Improving Accounting Practices Through Responsibility Accounting
Prepared for:
Wells Electronics
Prepared by:
xyz
April 12, 2021
Contents TOC \o "1-3" \h \z \u Executive Summary PAGEREF _Toc68544307 \h 3Findings and Conclusions PAGEREF _Toc68544308 \h 3Recommendations for improving accounting practices PAGEREF _Toc68544309 \h 3Introduction PAGEREF _Toc68544310 \h 4Purposes of this Study PAGEREF _Toc68544311 \h 4Overview of the methodology PAGEREF _Toc68544312 \h 4Methods PAGEREF _Toc68544313 \h 5Conclusions PAGEREF _Toc68544314 \h 5Recommendations PAGEREF _Toc68544315 \h 6References PAGEREF _Toc68544316 \h 7
Subject: Instituting Responsible Accounting to the Firm
Attached below is the report that was previously requested. It relates to the query concerning the need to incorporate responsibility accounting to Wells Electronics. Responsibility accounting is a control system in which individuals are made responsible for the costs they accrue (Fowzia, 2016). It comprises both primary and secondary research. The employees of Wells Electronics undertook the primary research.
This report has been prepared for the accounts manager and senior management for the purpose of addressing the issue at hand.
Wells Electronics has been doing well in recent times. However, there has been a need for improvement of accounting practices that would improve the organization's standards. The suggested recommendations would ensure that the organization would decrease the firm's losing money through nefarious accounting procedures. It will also galvanize the rest to adhere to the recommended accounting practices.
I am grateful to have the opportunity to improve the organization's operations to ensure the firm remains competitive. The willingness of the employees to participate has been crucial to the process.
Please feel free to make any suggestions and alterations to the report or highlight any issues that have not been addressed. It would be an honor to get the opportunity to implement the changes as suggested.
Executive Summary
Wells Electronics was formed to become a leading force in the manufacturing and distribution of electronic equipment for home use. The organization has been able to achieve this mission and vision. The purpose of this report is to:
* Determine the reasons as to why there has been inconsistencies and discrepancies in the accounting department and its operations
* Ascertain recommended solutions of which the main one would be to institute responsibility accounting
Online interviews were carried out to establish how the accounting department employees discharged their responsibilities and the reasons why the accounting practices had deteriorated. Questionnaires were submitted online and to be filled within a week by the staff. These were the only research methodologies that could be applied as a result of the coronavirus pandemic.
Findings
The findings would reveal the main reasons as to why the organization was incurring costs that could have been avoided.
Recommendations for improving accounting practices
The recommendations to this issue are as follows:
* A revision of the current accounting practices through instituting responsibility accounting
* Advocating for teleconferences to enable the staff to normalize their day-to-day interactions and assist one another.
Introduction
In recent months, Wells Electronics has undergone various changes that have led to the decline in accounting practices. A successful company has its challenges when dealing with the expansion of its operations. Some issues will always fall through the cracks. Since some departments do not necessarily align or overlap, it could become problematic.
The lack of proper accounting practices may result in the organization accruing higher operational costs. There is also the chance of losing huge contracts. It is an even bigger issue when it is caused by human error.
Purposes of this Study
The purpose of this study is to determine the decl...