What Is Management Accounting Setup and Why Is It Essential?
In any technical or scientific field, the best way to simplify complex concepts and make them understandable for people in other fields or the general public is by drawing analogies with commonly known examples.
So, let’s compare your business to the construction of a building.
Naturally, before building the structure, you carefully plan its direction, entrances and exits, center of gravity, the location of its windows, and what each window will overlook. Only after this planning do you lay the foundation. If the foundation is not laid correctly, the planned outcomes may not materialize—the building could lean, collapse, or result in a disaster.
The setup of management accounting is the foundation that ensures all operations in your business are recorded accurately. Without proper accounting setup, obtaining the necessary information in the required format could become difficult, or some critical information might be inaccessible altogether.
What Does This Service Include?
1. Understanding Your Business Needs:
First, we inquire about your business processes specific to your industry and the type of information you need in a particular format. Based on these discussions, we provide tailored recommendations using our expertise.
2. Evaluating Your Software Requirements:
We assess whether the 1C software, provided by official distributors, meets your needs. If it does not align with your requirements, we guide you on suitable alternatives.
3. Implementation in 1C Software:
Based on the information collected and agreed upon, we configure the following in the 1C software:
- Setting up accurate accounting policies and parameters
- Defining income and expense centers
- Establishing daily and monthly operational document workflows
- Proper classification of items
- Accurate categorization of third parties
- Classification of expense and payment items
- Configuration of other essential elements tailored to your operations
4. Presentation:
We then verify that all necessary information can be retrieved effectively and present it to your team through detailed training sessions.