Setting up of an accounting system

One of the pitfalls of a new business is the inability to set up a good accounting system. Many times we see startups whose initial success gets to waste because of the failure of the owner/managers to set up even the most rudimentary internal control, to adopt proper procedures in documenting transactions, and to manage resources properly. Most of the time, they rely on trust and gut feel, often leading to business failure.

One way is to adopt a manual of accounting procedures. In general, it defines the responsibilities of the managers/personnel of the company in relation to managing of the company's resources, lay outs the procedure in authorizing, undertaking, and documenting financial transactions, and mandates the establishment and adherence to internal controls. In our experience, it clears a lot ambiguities that comes with a new venture.

The GEL Accounting Solutions & Consultancy provides assistance in setting up accounting systems in small and medium size enterprises. It includes the provision of a simple accounting manual procedures, sample of forms that may be used, and an orientation to managers and personnel on the procedures. For inquiries, feel free to contact us through the contact information available at our website.