Just as manufacturing uses controls to ensure quality of product, controls are used in accounting to generate accurate information, maintain security over assets and comply with Generally Accepted Accounting Standards. The company implements various controls to assure accurate and timely information.
Accuracy is one of the two primary characteristics for defining customer service for the small business owner. Whether one informs, delivers a product in conjunction with the service or evaluates; accuracy is critical for the customer to make an informed decision or appreciate the correct product with the service.
In the world of accounting, we stand on two principles; timely and accurate information for the client. Without either, the client can’t make good decisions. As accountants our job is to record economic transactions and report this information in a financial format. For the client it is imperative that the information is provided in a reasonable period of time after the activity.