The two important terms “accounting” and “bookkeeping” are easily confused. What are they, how do they interrelate, and how do they interface with accounting methods, policies and procedures? What is the difference between bookkeeping and financial accounting?
Lean is a journey. If you’re like most companies, your lean journey starts in manufacturing with something simple like a 5-S program and then moves on to more difficult lean tools like analyzing your value streams and then eventually reorganizing your whole supply chain. This is all great stuff but when are you done? What comes after lean manufacturing?
Accounting methods are the account rules a company uses to maintain its financial transactions. GAAP and IFRS pronouncements constitute the universal principles companies use to keep the “books”. What are common accounting methods? Continue reading What Are Common Accounting Methods?
How familiar are you with the accounting rules and concepts utilized by accounting systems? If you were more confident with the information generated by your accounting program, would it help you to use it more effectively to run your company? More importantly, do you understand how your Accounting Policies and Procedures integrate with the accounting rules and concepts to produce the internal controls you need? Continue reading What Are Accounting Management Systems?