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The CP3 Accounting Method:
Pinar Buyuk
HTT 230
8th August 2015
The CP3 accounting method is a process made up of: a month-to-month commitment budget, an order program, a regular payroll system, and daily profit and loss declarations.
The two possible drawbacks I noticed with utilizing a CP3 accounting technique are teamwork and accountability. For example, the monthly commitment finances are published by each department head, personally signed, along with a dedication built to achieve the outlined budget. When the property in general has issues working together this accounting practice will not be as accurate, and the process rocky and less successful. Focus on detail can also be extremely important for inputting financial data. Presently, there does not seem to be a ‘financial cushion’ budgeted for unexpected expenses, which commonly arise in the HTT industry. These types of expenses may be overtime in payroll, change in tax rates, possible fines, or possibly having to replace an expensive piece of equipment. I would want to have a surpluses spending account figured into the CP3 system, or have a system that at least acknowledges the surpluse/emergency funds. I believe this would good addition to the CP3 system.
The CP3 accounting system adheres to the Generally Accepted Accounting Principles (GAAP) for the reason that they uphold to their primary principles. The four pillars of GAAP are consistency, relevance, reliability, and comparability. I believe the CP3 system of accounting offer enough transparency to develop a trusting relationship between management and shareholders. CO3 leaves little room for error making it a great accounting system for the HTT industry. All automated accounting systems must be satisfy GAAP principals.
Pinar Buyuk
HTT 230
8th August 2015
The CP3 accounting method is a process made up of: a month-to-month commitment budget, an order program, a regular payroll system, and daily profit and loss declarations.
The two possible drawbacks I noticed with utilizing a CP3 accounting technique are teamwork and accountability. For example, the monthly commitment finances are published by each department head, personally signed, along with a dedication built to achieve the outlined budget. When the property in general has issues working together this accounting practice will not be as accurate, and the process rocky and less successful. Focus on detail can also be extremely important for inputting financial data. Presently, there does not seem to be a ‘financial cushion’ budgeted for unexpected expenses, which commonly arise in the HTT industry. These types of expenses may be overtime in payroll, change in tax rates, possible fines, or possibly having to replace an expensive piece of equipment. I would want to have a surpluses spending account figured into the CP3 system, or have a system that at least acknowledges the surpluse/emergency funds. I believe this would good addition to the CP3 system.
The CP3 accounting system adheres to the Generally Accepted Accounting Principles (GAAP) for the reason that they uphold to their primary principles. The four pillars of GAAP are consistency, relevance, reliability, and comparability. I believe the CP3 system of accounting offer enough transparency to develop a trusting relationship between management and shareholders. CO3 leaves little room for error making it a great accounting system for the HTT industry. All automated accounting systems must be satisfy GAAP principals.