Accounting Principles for Smith and Williamson: Role, Functions, Systems, and Issues

This report discusses the purpose and scope of accounting, the evaluation of accounting functions in decision making, and the main branches of accounting. It also explains accounting systems and the role of technology in accounting. Additionally, it highlights issues of ethics, regulation, and compliance. The report includes financial statements and the calculation of profitability, liquidity, asset usage, and investment ratios.

Accounting Principles

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
The Role of Accounting in an Organisation...........................................................................3
What is the purpose and scope of Accounting?......................................................................3
Evaluate the accounting functions in decision making and meeting stakeholder and societal
needs and expectations...........................................................................................................4
What are the main branches of accounting and skill sets required?.......................................5
Explain the accounting systems and what is the role of technology in accounting...............6
Issues of ethics, regulation and compliance and the extent to which they are constraints or
threats to the organisation.......................................................................................................7
TASK 2............................................................................................................................................7
Financial Statements...............................................................................................................7
Calculation of profitability, liquidity, asset usage and investment ratios including the.........9
following:...............................................................................................................................9
Benefits of contemporary accounting software packages, with example.............................12
TASK 3..........................................................................................................................................13
Cash budget..........................................................................................................................13
Budget...................................................................................................................................14
Budgetary planning..............................................................................................................15
Budgetary control process....................................................................................................16
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
The process of documenting and encapsulating the transactions with interpreting and
reporting (Bailey and Samuels, 2018). The report revolves around the company Smith and
Williamson, leading provider of investment management, accountancy and financial advisory to
name a few. It gives details about the purpose and scope of accounting in the complex working
environment and the skill set required in accounting. It also consists of the justifications on how
accounting helps the group of shareholders to make informed decisions. Furthermore, it
comprises of accounting system and the use of technology in present day accounting. Along with
this it also highlights the issues of ethics, regulation and compliances and to what extent they can
harm the company. It also holds the preparation of cash budget for 6 months and importance of
budgets in an organisation. It encompasses the financial reports like income statement and
balance sheet of three clients. Moreover, it also provides the analysis of the financial statements
through the computation of various financial ratios.
TASK 1
The Role of Accounting in an Organisation
What is the purpose and scope of Accounting?
The process of documenting and encapsulating the transactions with interpreting and
reporting. The purpose of accounting is to collect and report the financials of Smith and
Williamson which shows the financial performance, financial position and cash flows of the
company. The information collected is then analysed in detail and decisions are made.
Scope of Accounting
Accounting plays a crucial role in keeping a systematic and till date records with several
transactions. It comprises of a number of services that have been incorporated by Smith and
Williamson. Following are the uses of accounting:
 Details about the past performance of business and the corrective measures that were
taken in order to correct the diversions.
 It is an art, as it helps in achieving the goals and how to fulfil the goals in the best manner
(Bhatia and Tripathy, 2018).
 It's a science, since reading, analysing is done with some accounting principles which are
universally accepted.

 It is necessary for forecasting and forecasting helps in identifying profits and the business
concerns that are profitable.
 Accounting helps in taking decision about capital structures, cost of capital, financial
ratios, budget, managing inventory, etc.
 Finding out the efficiency of each and every department.
Evaluate the accounting functions in decision making and meeting stakeholder and societal needs
and expectations.
Accounting functions involves the tracking, recording, summarising and reporting the
financials. The relation between accounting and decision making is that the company cannot
make decisions without accounting information. The stakeholders need to know about the
working and decisions made by the organisation. The accounting functions are as follows:
1. Investment decision - The most important function of finance is to diversify capital by
investing in long term assets and investments. It can also be termed as capital budgeting.
The two main components of investment are evaluation of every new investment in terms
of profitability, difference between the cut off rate of the previous investment and current
investment. It is important for Smith and Williamson to take investment decisions wisely
in order to grow (Bouvin, 2022).
2. Financial Decision - It is yet another very important function which is performed by the
finance manager of Smith and Williamson. It is used wisely to make decisions about
when, where and how a business should acquire funds. The firm benefits most when the
market value of the company's share reaches peak which represents that the wealth of the
shareholders has also increased.
3. Investment appraisal - In accounting and finance, applying the capital budgeting
techniques and investment appraisal techniques in Smith and Williamson will aid in
succeeding every major project through tests to make sure that it is worthy. It is the
examination which is done for the consideration of the profitability over an investment
over the life of an asset in relation to the affordability and strategic.
Stakeholder's and societal needs can be fulfilled by:

 Lenders: If the firm needs a loan, the lender looks at the financial information of the
organisation and according to that the loan is disbursed. The financial institutions
examine the credence of the company to provide credit (Cohen and Karatzimas, 2018).
 Investors and stakeholders: For a start up to receive funding requires accounting
information to get potential investors. They use the information to value the company.
Evaluating the financials, the stakeholders can see the profitability and the risks involved.
 Accountants: They help in decision making as they are certified professionals and can
help in giving a bigger picture of the company.
 Owner: The budget needs to be prepared and this can only be done when accounts are up
to date. The budget tells everything regarding the working and whether an asset should be
purchased or not.
What are the main branches of accounting and skill sets required?
Accountant is a person who is responsible for keeping, inspecting and analysing financial
statements. Accounting is diversified in a number of branches to focus on an aspect of business.
1. Financial accounting - Simplifying transactions of the business and keeping a book of
the financial statements. Financial accounting provides crucial information to the
creditors, banks, suppliers and investors.
2. Managerial accounting – It provides information to the internal management of the
company. Like financial accounting, managerial accountant also keeps a track of the use
of money. Managerial accounting focuses on the needs and wants of the management.
3. Cost Accounting – It focuses on examining the cost of a venture. It takes into account all
the factors of manufacturing to accurately determine the cost of the project (Costa and
Pinheiro, eds., 2021).
4. Auditing - It is done in both the formats internally and externally. Auditors take a look
into the businesses for the correct and accurate reporting, in accordance with the rules,
laws, obligations and financial integrity. External auditing is taken by some outside
auditor who examines financial statements of the company.
5. Tax Accounting – It takes into account both the central & state and federal tax. The
branch has to report the after effects of the tax on the businesses and has to provide
advisory services for the reduction of taxes and further decisions of the management.

Skills required to be an Accountant
 Knowledge of the Accounting principles - It is very crucial to have knowledge about
the regulatory standards which are related to the finances and the corporate sector ensures
the needs of the financial reporting.
 Proficiency in Accounting software – Software is difficult to grasp, so in order to be
efficient with technology, a person needs to understand and learn to use the programme
and give ample time to it (Fontenelle and Sagawa, 2021).
 Ability to prepare statements – The most important thing for a company is financials
which includes both present and past. Smith and Williamson require these financials to
analyse and formulate plans to grow. The professional must be proficient enough with the
formats and items of the statements to prepare an accurate book of accounts.
 Time management skills - This skill is very important for every professional,
accountants have to work on tight deadlines so time management skills are a must. Smith
and Williamson has a huge number of employees which require immaculate time
management.
Explain the accounting systems and what is the role of technology in accounting.
The accounting system is used in managing the financial interests of the company. Smith
and Williamson has a lot of data to be stored and managed and to keep it safe the company uses
different tools. The below mentioned points gives an explanation on how the technology plays an
important role in today’s scenario:
 Cloud – based systems: Smith and Williamson uses cloud-based system to compile the
data. Through this, the companies can access their data anytime by a simple login. The
manager can organize and recover the files whenever needed. This provides backup,
security and is proven to be really beneficial for the organizations (Gao, 2021).
 Mobile Accounting: Everybody is dependent on cell phones. Many applications have
been created to fulfil the purpose of accounting like making and sending bills, clicking
pictures of receipts etc.
 Specialized accounting software: Many software has been launched that provide
efficient tools which makes calculations quicker. This helps the business in providing

correct and reliable computation without wasting time. Smith and Williamson uses
Bravura Solutions Rufus Software.
Issues of ethics, regulation and compliance and the extent to which they are constraints or threats
to the organisation
Ethics in accounting focuses on making good and moral choices when preparing
statements. Ethical issues that take place in an organization are as follows:
 Discrimination: It means when the employee is discriminated and are not treated with
equality. This can happen in any kind of business organization. Discrimination is not just
ethical but also illegal. The employees are discriminated on the basis of age, gender,
religion and much more. This might lead to the mental harassment of any employee and
can lead to negative consequences.
 Unethical Accounting Practices: There are many business firms that neglects or do not
follow proper accounting standards. They make fake reports to mislead the interested
party. The management can also influence the accounting experts to prepare false
statements in the fiscal year by paying high fees. This will result in the disruption of a
firm's image. In some scenarios, the business leaks the financial data to another company
(Garcia, Katsuo, and van Mourik, 2018).
 Abuse of Leadership Authority: There are employers in the company that take
advantage of their power and authority in the inappropriate manner. This will result in
bringing the conflicts and misunderstanding among the subordinate.
 Corporate Espionage: Workers can also misuse the data of a company. They may steal
the intellectual property or even give the data to their competitors. All this leads to the
loss of customer interest and faith in the organization.
TASK 2
Financial Statements
Trading and Profit and Loss A/c Of Adam Smith
Particulars Amount Particulars Amount
To Opening Stock 40000 By Sales 547000
To Purchases 410000 By Closing Stock 42000
To Wages 33500
To Gross Profit 105500

589000 589000
To Rent 7500 By Gross Profit 105500
To Telephone
Expenses 500
To Interest Paid 600
To Net Profit 96900
Total 105500 Total 105500
Balance Sheet Of Adam Smith
Particulars Amount Particulars Amount
Capital 146100 Land and Building 200000
Loan 150000 Shop Fittings 40000
Creditors 14000 Debtors 10500
Bank 16400
Cash 1200
Closing Stock 42000
Total 310100 Total 310100
Trading & P&L Account of Tim and Ali
Particulars Amount Particulars Amount
To Purchases 210000 By Sales 345000
To Gross Profit 156500
By Closing
Stock 21500
366500 366500
To Office
Expenses 11900 By Gross Profit 156500
To Salary and
Wages 57500
To Bad Debts 600
To Net Profit 86500
Total 156500 Total 156500
Balance sheet of Tim & Ali as on 31st December 2021
Particulars Amount Particulars Amount
Capital A/c 125000 Building 160000
Net Profit 86500 Fixtures and Fittings 15000
Creditors 25000 Debtors 40000
Current A/c 7000 Cash 7000
Stock 21500

Total 243500 Total 243500
Income and Expenditure A/c of Ox Charity
Particulars Amount Particulars Amount
To Staff wages 4500
By Provision for
depreciation 2000
To Insurance expenses 1800
By Subscription
received 16100
To General expenses 2800 By Donation received 19280
To Telephone Expenses 440
To Depreciation On
equipment 425
To Surplus 27415
Total 37380 Total 37380
Balance Sheet Of Ox Charity
Particulars Amount Particulars Amount
Accumulated
Funds 42000 Equipment 8075
Add: Surplus 27415 Premises 31000
Furniture 5300
Cash 1200
Bank 22040
Prepaid Expenses 200
Unearned Income 1600
Total 69415 Total 69415
Calculation of profitability, liquidity, asset usage and investment ratios including the
following:
Return on Capital employed= Operating profit / Capital employed * 100
Capital employed = Total assets- current liabilities
Years Operating profit Capital employed
2020 37500 116250-32250 = 84000
2021 41250 142500-111000 = 31500

2020,
=37500/ 84000 *100
= 44.64%
2021,
= 41250/ 31500 *100
= 130.95 %
Analysis: the company has shown excellent growth when it comes to getting return on its capital,
the ratio has increased from 44.64% to 130.95% from 2020 to 2021. The operating profit has
increased with the decrease in capital employed which shows that the company is earning is
earning more with less investment (Kaya and Yazan, 2019).
Current ratio = Current assets / Current liabilities
Years Current assets Current liabilities
2020 223500 32250
2021 403500 111000
2020,
= 223500 / 32250
= 6.9:1
2021,
= 2110 / 512
= 36.35:1
Analysis: The current ratio of the organisation in 2020 and 2021 is 6.9:1 and 36.35:1 respectively
which shows an increase of six times. This shows that the company has excessive current assets
but the current liabilities of the company are very less as compared to the current assets. It shows
that the company is not utilising its assets to their full optimisation and should work on the same.
Receivable collection period = accounts receivable from trade/ sales *365

Years Accounts receivable from trade Sales
2020 45000 240000
2021 60000 300000
2020,
= 45000 / 240000 * 365
= 68.43 days
2021,
= 60000 / 300000 *365
= 73 days
Analysis: The company's collection period ratio has increased which means that the company is
not able to receive payments from customers on timely basis. The company is not taking correct
steps to ensure that the debtors pay on time whether it's by putting interest rate on payments or
discounting (Kumala, Mangruwa and Dewi, 2021).
Payable payment period= accounts payable from trade / cost of sales * 365
Years Accounts payable from trade Cost of sales
2020 28500 240000
2021 105000 300000
2020,
= 28500 / 240000 * 365
= 43.34 days
2021,
= 105000 / 300000 * 365
= 127.75 days
Analysis: The company's payment period ratio has increased which means that the company is
not making payments to creditors on timely basis. The company is taking 84 days to pay its

creditors which suggests that the company is losing liquid cash to pay that is why there is delay
in the payments.
Net Profit Margin = Net profit / Sales *100
Years Net Profit Sales
2020 30000 240000
2021 26250 300000
2020,
= 30000 / 240000 * 100
= 12.5%
2021,
= 26250 / 300000 * 100
= 8.75%
Analysis: It can be observed that the profit margin fell in 2021 by around 4%, even though the
sales of the company has increased but the net profit has fallen which means that the company's
expenses have increased comparatively. The management should analyse the extra expense and
try to cut it down.
Benefits of contemporary accounting software packages, with example
When accounting software were not in use, it used to take a lot of time to analyse the reports
already made but with the introduction of software the analysis is just a click away. The benefits
of accounting software are:
 Optimization: Speeding up of calculations as it doesn't require manual work. The books
are stored at a single place and not spread over the desk and office.
 Reduction in operation cost: Ecobase performs its accounting operations in house. By
installing the software and working on it, the company saves the money of outsourcing
without compromising on the quality of the data. Moreover, using the cloud to store the
books, it reduces the amount spent on paper and stationary.

 Security: Most of the software are password protected, this helps the user to in protecting
the confidential information from unwanted people. Having the files saved in the cloud,
the user can access it anywhere and the files will still be saved even if there's a natural
disaster (Mamuti, Hysa and Caputo, 2021).
 Simplification of tax compliance: Taxation activities take up a lot of time in the whole
year. The software provides tax planning features which can record store receipts,
invoices and income statements in a single place. Some features might also include
comparison of ITR's and calculate according to the latest guidelines.
Examples of accounting software are as follows:
1. FreshBooks: A software that is fit for small and medium size enterprises. The user can
easily make invoices and send them to the clients. This software provides feature to set
due dates, payment options as well as charge late fees. It helps in tracking all the
expenses and attach receipts to the respective bills.
2. NetSuite ERP: A cloud based platform that is suitable for medium and large
organisations. It includes accounts receivable and payable, asset management, ledgers
and tax management. It also gives online payment feature in which the user can receive
or pay easily.
TASK 3
Cash budget
Particulars July
Augu
st
Septem
ber
Octob
er
Novemb
er
Decemb
er
Opening balance 0 41000 72000 17000 45000 78000
Revenue 0
Sales:
Cash
6000
0 70000 55000 65000 60000 75000
Credit Sales 0 60000 70000 55000 65000 60000
Total inflow 60000 171000 125000 137000 170000 135000
Expenses
Purchases 0 80000 90000 70000 78000 82000

Rent 0 6000 7000 6000 4000 6000
Marketing Expenses 0 4000 5000 7000 3000 4000
Salaries 0 8000 4000 5000 4000 6000
Administrative
Expenses 0 1000 2000 4000 3000 7000
Total outflow 0 19000 99000 108000 92000 92000
Cash balance
4100
0
7200
0 17000 45000 78000 43000
Budget
Budget plays a vital role in hospitality and catering services start-ups, since such firms
have high operational activities. In such firms operational budget is used, it basically tracks all
the expense and revenues of the organisation. Smith & Williamson is the one that organisation
which is required to maintain budgets for future projections, controlling and monitoring (Pesci
and Girardi, 2021).
Budgeting is necessary activities in the dynamic environment because:
Benefits of budget
 Defines targets: Budgets lets the organisation set achievable goal according to the funds
and resources available with the company. A firm in this dynamic environment need to
have pre-determined objectives. It helps in controlling and monitoring the desired results
and achieved result. Taking example from Smith & Williamson, it sets target and
accordingly forms the policies to work and get the work done.
 Strategy funds: Future projections let you know about funds required and revenue that
would be generated from the project. Hence it is used in strategy planning, so that firms
gets to know about the project or event they might work on is worthy or not. By
discussed firm Smith & Williamson, uses well as advices to check the funds available
before going for the project and also for its daily basis operations.
 Controlling: Budget helps in controlling and comparing the productivity of the
organisation. Matching the obtained productivity with the required desired lets the
organisation control the inefficient activities going on inside business entity. For an firms
like smith and Williamson, they have to take care of lot of clients so there is need to
regularly check on the productivity of firm. Also for a hospitality services business there

is much need of it due to numerous operations taking place every day (Salatiand and
et.al., 2022).
Limitation of budget
 Timing taking process: Making budgets requires a very lot of time since it is totally
analytical process. Determining expected revenue and expenditure consumes a lot of time
which could be utilized on other useful activities. As the case depicts about Smith and
Williamson firm it also suffers from these situations. The analysis takes very much time
which make results delayed due to which company suffers less productivity.
 Setting targets restricts over achievement: Sometimes employees are said to work for
particular target, which act as hurdles to achieve beyond. Since there is lack of motivation
and benefits they do not push themselves and try to work in determined targets Only.
 Wastage of resources: Budget making is done through various tools and software also
requires artificial intelligence. Because of which it is really expensive and time
consuming, if the budget fails the whole hard work goes in vain. For company like Smith
and Williamson budget being failed might result in disruption because it can disturb the
whole operations.
Budgetary planning
Budgetary planning is the activity of making budget and then using it to control the
operations of the business entity. It sees about everyday expenses and revenue for an
organisation. In the case discussed above about Smith and Williamson, it uses budgetary
planning for comparing, execution and directing the operations of its business (Schwartz, 2020).
Benefits of budgetary planning
 Controls spending: By setting the limits to the cost and overall expenditure, budgets
restrict from overspending. Operational activities show a need of proper controlling
failing to which may lead to overspending. The business entity Smith and Williamson,
predicts its expenditure, based on which spending’s are done.
 Helps price fixation: setting up price for the services is a complicated task when cost is
not determined. Budgets lets you know an expected cost that will incur during production
based on which charges can be fixed. The case determined company Smith and
Williamson, through various tools and methods fixes the price and determines expected
revenue which helps in controlling and comparing.

Limitation of budgetary planning:
 Inaccuracy: There are times when analyst sets unachievable tasks, which creates chaos
and disruptions. Setting up realistic goals requires a lot research and evaluation which
tend to be very costly and time consuming as well. For a start-up that belong to a
hospitality industry it is really difficult as the work is depended on various factors. In
context of Smith and Williamson due to budgeting it suffers confusion. Because the
environment is ever changing so certain thing can't be predicted correctly.
 Costly: Framing this policy requires high quality man power in order to make the budget.
In nowadays dynamic environment where trends are so fluctuating analysis is difficult
task. Also it requires artificial intelligence, methods and software which costs a lot. A
high profile firm like Smith and Williamson, they can always invest in this process but
for hospitality services start-up it is very expensive.
 Rigidity: When budgets are set there is sense of controllability, changes are difficult to
be made. In the ever changing environment it becomes quiet difficult to follow. It
basically restricts to achieve extra and sets limits. For a hospitality and catering service
start-up flexible budget is required to be maintained (Wong, George and Tanima, 2021).
Budgetary control process
The finance department of the organisation makes different type of budgets for various
activities. Based on which takes corrective and directive actions for the firm. A responsibility
centres are specified for a functional unit lead by team leader who is held accountable. It is
basically a technique where actual results are compared with budgeted result.
 Applying procure to pay solutions: For a firm to make a strategically useful budgets
they need to use cloud based software. Using software where data can be recorded on
daily basis. Making sure that clear and transparent works is done. Such measures can help
organisation like Smith and Williamson uses various cloud based software to store data.
 Determining budget responsibility: Defining proper duty and responsibility to the
person, ensures that work is done in a proper way and in case anything happens that is not
accepted. Then person responsible can be held accountable. In discussed business entity
Smith and Williamson, goes through a proper framework where duties are properly
assigned and defined.

 Defined budget period: The budget committee need to determine proper time required
for a particular task. It avoids last minute rush and confusion. Setting up a realistic time
for a project requires analysis too. In the context of Smith and Williamson it is a big
profile firm and has lot of clients. Setting up limits to projects enables easy completion of
task.
 Setting up limits: The responsible committee need to define the available funds available
with organisation. Knowing limits and accordingly spending in projects restricts debts to
company. It also puts limits on overspending. In context of the client which is a
hospitality and catering services start-up it is really necessary to look in the monetary
competencies and then spending (Magnan and Parbonetti, 2018).
 Making dynamic situation controlling budget: Budgets are made by collaborating and
considering various factors. These considerations enable the organisation to take dynamic
decisions.
 Implementing budgetary controls: The budget setting authority have to specify
benchmarks and key factor indicator. In order to make sure that targets are met and
protocols are followed by the employees. As the case given tells about Smith and
Williamson, make sure that flexible budgets are used so that no rigidity harms
organisation.
Limitation of Budgetary control:
 Coordination problem: when work is done in collaboration, the result of one
department affects others too. If one unit do not perform up to expectations other unit
have to suffer the consequences. In Smith and Williamson, in order to achieve the desired
results all the departments works together.
 Regular revision of the budget is required: Budgets are prepared based on assumption
of the past. But situations dealt in real life is not the same as past. Therefore, there is
regular need of alterations of the targets. In case of established organisation like Smith
and Williamson there is no hurdles when comes to cost. But for a start-up it is really
difficult bear these cost.
 Disputes in resource allocation: Working in different accounting system and needs and
have to share documents and data. Sharing with in different departments is complicated,

this is how chaos are created. Ultimately it results in dispute among various departments
in the corporatisation.
CONCLUSION
From the above report, it can be concluded that it is very important for any business
organization to have a good knowledge of accounts and its various branches. The above
statements give the clarification on how the accounting plays a huge part in any company. With
this it also clarifies harassment, discrimination, unethical accounting practices are the ethical
issues that might come up in the firm. The second task, consists of preparation of financial
statements of 3 clients and analyzing the financial ratios of Ecobase with discussing some
accounting software and most popular software used by companies. In the last part, cash budget
has been prepared and limitations and benefits of budget and budgetary planning has been
elaborated.

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