Book-Keeping and Accounting: Policies, Procedures, Codes, and Systems

This assignment delves into the core principles of bookkeeping and accounting, addressing various aspects such as payroll processing policies, accrual-based bookkeeping, and the code of conduct for professionals in the field. It explores methods for identifying qualified professionals and highlights industry best practices. The assignment also covers legislative and regulatory requirements, including the Corporation Act 2001 and Australian accounting standards. Furthermore, it discusses the development of user-need systems, emphasizing data gathering, requirement establishment, and system maintenance. It also addresses team management, time management, feedback mechanisms, and problem-solving within a technological context. Finally, the assignment identifies professional development needs, such as effective communication and competency requirements, providing a comprehensive overview of the accounting profession.

Running Head: BOOK-KEEPING AND ACCOUNTING
BOOK-KEEPING AND ACCOUNTING
Name of the Student
Name of the University
Author Note

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BOOK-KEEPING AND ACCOUNTING
Part 1
1. a. Policies related to payroll processing of book keeping says that, the timesheets
should be prepared on daily basis by all the staffs and must be reviewed by
operational manager. Other policy is related to accruals that the book-keeping on
accrual should be done by considering recurring expenses, monthly interest that is
earned on money market. Procedure of book-keeping starts from analysing of
financial transactions to adjusting the entries.
b. The principles of code of conduct for bookkeeping says that, a member engaged in book-
keeping process should not be engaged in any type dishonest or any such activities that is
beyond their expertise (Kimberg, Reed and Sims Mastercard 2019). Other code of conduct
principles says that the book-keeping process should be done within the interest of client and
employer.
2. a. The most popular avenues to identify the professionals is the internet. This can be done
by using a search engine in the internet, then the outcome should be refined in the keywords
& filters.
b. Industry code of practice provides guidelines for fair practices. The first requirement is to
promote safety standards for employee benefits and improve consumer confidence.
c. Policies for book-keeper profession is to strictly follow the guidance for recording the
elements in financial reports. This should be done by following the procedure related starting
from timely recording of the transactions to the preparation of financial reports.
d. Statutory- The statutory requirements- This requirement is to follow the corporation Act
2001 in order to document the accounting process (Paulinus, Oluchukwu and Somtochukwu
2017).

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BOOK-KEEPING AND ACCOUNTING
Legislative- The Australian accounting standards Boards are the legislative
requirements for the accounting process.
Regulations- It includes the rules for allocating the cost of the business operations. It
indicates International Financial Reporting Standards (IFRS) & GAAP (Generally accepted
accounting principles) standards.
Part 2
1. a. For developing the system for user needs, firstly the required data will be gathered
and interpreted for proper maintained of the system. Accordingly the requirements
will be established.
b. The guidelines will be documented by developing it on a meeting with the help of
senior manager of the company. Then according to the planning, the data will be
scheduled.
c. The system will be regularly viewed by regular interaction with employees and
viewing the document.
2. a. To identify that task are completed, by taking responses from employees. For team
work, diversity and accountability is required (Bahill and Madni 2017). There must be
effective communication.
b. To manage the work within time, resources & priorities, planning will be done to finish the
urgent work according to guidelines.
c. The feedback will be provided through frequent feedback to team members and giving
them new challenges.
d. The problems identified will be recorded in IT service. Then to minimise the problem the
incident will be routinely viewed with specific time frame.

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BOOK-KEEPING AND ACCOUNTING
e. Technological change will be anticipated through website and seeking help from experts.
Then employees will be encouraged through trainings & rewards.
3. a. One professional development need is effective communication. This is required for
becoming a professor. Competency requirements is building opportunities for interacting
with students (Metcalf 2019). Authorisation requirement is good academic development &
licensing is passing certificate of knowledge & skills.
b. Research, skill based training & participation in professional companies will help me to
reach my goals.

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BOOK-KEEPING AND ACCOUNTING
References
Bahill, A.T. and Madni, A.M., 2017. Discovering system requirements. In Tradeoff
Decisions in System Design (pp. 373-457). Springer, Cham.
Kimberg, D.M., Reed, D. and Sims, L., Mastercard International Inc, 2019. Apparatus,
method, and computer program product for settlement to a merchant's card account using an
on-line bill payment platform. U.S. Patent 10,373,154.
Metcalf, B., 2019. A Program Evaluation Of Job-Embedded Professional Development In An
Urban School District.
Paulinus, E.C., Oluchukwu, N. and Somtochukwu, O., 2017. Empirical investigation of
corporate governance and financial reporting quality of quoted companies in Nigeria.
International Journal of Economics, Business and Management Research, 1(5), pp.117-137.