|  Good financial control is vital to the survival of any business, including financial service providers. Accounting systems are designed to show the movement of funds through an institution. Transaction and accounting ledgers record how funds are received and used and what costs are incurred in the process of delivering services. Accountants set up a list or chart of accounts to create a structure for posting transactions to different accounts and ledgers and this determines where items will appear in financial statements. It is essential that managers understand these statements and can use them to take decisions. One important choice institutions have to make is between manual accounting systems and computerised systems. Read our Editor's note for more information on this and search the multimedia for details of software for small scale financial institutions. | |
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