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Having a well-organized accounting cycle has to do with the internal controls of your business. To keep track of the financial statements, revenues, and other financial elements, structuring a step-by-step accounting cycle is necessary. Now, if you are having difficulties determining the current status of your company’s internal controls, we can provide a solution to that! Our Accounting Flow Chart Templates are 100% customizable in Word. Files are available in A4, and US Letter sizes you can conveniently print. It’s now or never, so manage your sales and track your inventories by downloading our flowchart templates today!
In business, the transaction process is a complicated stage. With the amount that goes in and out, it’s difficult to track expenses, income statements, and other financial components. There is an increasing demand for financial reports to every company, which resulted in a necessity. This is where accounting does the work for every internal control. Hence, the roles and importance of accountants in business is an asset to every firm.
In creating an organized representation of details, flowcharts serve as a suitable material. Flowcharts are essential to every firm’s accounting information system. It also shows a well-structured diagram of a company’s financial situation. Accounting flowcharts have different types, and that includes the treasurer flowchart, purchase order flowchart, and many more. With a list of accounting flowchart types, these all follow a format to provide credibility.
Below are helpful steps that you can read through and apply it to your financial reports.
When creating a flowchart, always make sure to prioritize the gathering of information. Collect data, such as budget reports, expense summaries, sales, and other important materials. To avoid messing up with your input, you can start with an outline. So, outline the items that will be reliable in determining the company’s financial position. These variables serve different functions that will be supplied to your flowchart.
Don’t get confused with flowcharts and report analysis. An accounting flowchart should not be lengthy and wordy. To provide a detailed and highly informative flowchart, add the details. For most accounting professionals, formatting the flowchart becomes more manageable when the whole process is prepared accordingly beforehand. So, you can start writing the process from the bigger pictures. The primary variable should be placed at the topmost part, followed by the items that create a step-by-step guide.
Creating a flowchart structure is tricky, and you have to make sure that the accounting cycle follows the appropriate order. First, you have to create boxes or basic shapes that are arranged accordingly with the process you created in the second step. Next, to connect related data and information, you can use tools and connectors, such as lines or directional arrows, to avoid misleading the flowchart recipients. Now, keep in mind that labels must be incorporated in proper order.
Incorporating design elements for flowcharts is limited to symbols and colors. So, you have to create a simple chart that contains informative design elements. It doesn’t necessarily need to be an accounting symbol, but you can use business-related icons that would represent your accounting variables for clarity. To avoid confusion, you can incorporate color code for the same processes allowing related variables to flow in the same direction.
Once you have completed the flowchart, it is important to check and verify it with your teams to secure an accurate output. Let an accounting expert verify your document. This is also the process of determining inaccurate, redundant, and unnecessary steps. Review if the connection of one variable from the other relates coherently. Once done, you can save your file and print it.