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Wednesday, July 16, 2014
Tuesday, July 15, 2014
One of accounting’s chief concerns is to be as accurate as possible in describing a business’ financial condition. Businesses rely on accounting, more today than ever in the history of business. Legislation has imposed new rules and regulations on the accounting in companies to protect the interests of people who have a vested interest in those companies. The Sarbanes–Oxley Act (SOX) of 2002 is well-known for its impact on companies by proving more accountability for company management.
There are many areas of accounting that benefit from flowcharts that describe processes inside a company. A flowchart can describe who, what, when, and how a process is managed. Many times, a flowchart is superior to a written description alone. Written descriptions can work well, but there are often ambiguities that exist in the description. A flow chart spells out the process path for all interested parties.
Take, for example, revenue recognition. Proper recognition of revenue is important for any public company. Improper revenue recognition can lead to companies needing to go back and restate financials. Anything that can minimize the potential for making mistakes on revenue recognition is a great thing, as the reinstatement of previously declared financials is a bad thing for any company.
Any changes to standards, such as revenue recognition, require companies to reexamine their business processes and systems that underlie the business cycle. This planning process helps companies to define what changes are necessary to meet the requirements of any new or existing standards. Also, a determination can be made on what data is needed to capture the flow of accounting tasks and public disclosures.
ConceptDraw Finance and Accounting Area
ConceptDraw PRO, by CS Odessa, has updated and added new finance and accounting solutions to the ConceptDraw Solution Park for free download by our customers. These new solutions provide financial managers and accountants with updated tools for visual financial planning, reporting, modeling, auditing, and accounting.
The solutions from the Finance and Accounting area extend ConceptDraw PRO v.9.5 (or later) with financial and accounting diagrams and charts. The ConceptDraw Solution Park is an area of the ConceptDraw web site were we continually add new templates, samples, libraries, and functionality to add value to our customers’ user experience. CS Odessa has launched over 30 new solutions over the last 12 months, and all of them are available at no charge for our customers. In addition, ConceptDraw customers have available to them no-charge technical support. Our support team is standing by to help our customers stay productive. Support is available via phone, ticket, and email. CS Odessa strives to be a value and productivity leader. This is exemplified by our support, product licensing, learning materials, and commitment to customer satisfaction.
All ConceptDraw products support the latest Apple OS X and Microsoft Windows operating systems. For more detail please visit the ConceptDraw product site at ConceptDraw.com.