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ACC 220 CheckPoint A New Company

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Accounting

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Essay

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ACC 220 CheckPoint A New Company
CheckPoint: A New Company
As a manager in charge of overseeing the accounting department, I would expect to
see a series of reports. These reports would help me obtain a clear picture of how
the accounting department is currently operating and what changes are needed.
To fulfill this new assignment effectively, I need to verify the company’s balance
sheet, accounts receivables, and accounts payable reports. To overview the
accounting department correctly I would want to review all the reports, which
describe the credits and debits the company has processed and to ensure that all of
them correspond to the balance sheet. I would review reports that represent the past
and present numbers of the financial analysis. Understanding the companies’
financial goals would allow me to analyze reports correctly.
Initially, I would expect to review a balance sheet, this will give me a clear view of
where the business stands financially. An income statement would be the next report
I would review. I would use this report to determine the company’s profitability and
allow me to analysis for ways to save money. A statement of cash flow report will
show me how funds are allocated throughout the business daily. Advising
department heads of where their departments budgets stand will give them

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opportunities to make changes.
Another area of interest for the new head of accounting is reviewing the auditing
process to see if there are areas that need the audit process modified. I would
evaluate reporting process to find areas lacking proper training. Reviewing and
checking all aspects of the accounting department’s daily operations and current
policies will allow me to manage more effectively. As the head of the accounting
department, I will be responsible for submitting financial reports and
recommendations based on these reports to management, CEO’s and stockholders.
This cannot be achieved without full knowledge of the companies’ financials and how
they are compiled.

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