icas inkwell Essay

A written report into Accounting systems of Inkwell Ltd & recommendations for Improvement.


1 . Terms Of Research

2 . Professional Summary

several. Methodology

four. Introduction

your five. Findings and Recommendations

6th. Cost and Benefit evaluation

7. Appendices

Terms of Reference

1 ) 1 This kind of project has become prepared to cover the requirements from the Internal Control and Accounting Systems device, for the amount 4 Stage for the Association of Accounting Experts.

1 . 2 The survey identifies weakness within the internal control, monitoring and looks at the needs which needs improving and outlines an expense benefit examination of applying the improvements of the accounting systems pertaining to Inkwell Ltd.

Executive Synopsis

2 . 1 This statement was crafted to review the accounting systems of Inkwell Ltd. The investigation displays weaknesses in following the areas:

Credit Control


Accounts payable/Stock products on hand


Income and Salaries

We recommend that the following actions should take place: To have credit control types of procedures updated and to improve chasing after debtors. To obtain more control over security and also to be up to date together with the system that is to be in place. To experience a purchase account matching module to have more control over the payable accounts and products on hand To have very reliable sources such as up to date manuals for new employees. To change the when sales and stockroom and to always be paid just like the rest of the business


a few. 1 The methodology just for this report follows the evaluation of information that i have received through the finance representative being: Diary of situations over 6 months

Personal section information

I . t policy and system

Product sales and client receipt policies

Cash and banking

Wages and Salaries

Company record


four. 1 Inkwell Ltd was established in the year 2003 by Paul Farnon and Victoria Dawson. In 08 Anil Gupta bought in to the company if the other two directors believed their required more professional accounting knowledge. The company supplies a complete range of inkjet and laser carts which are completely compatible with most printers. Clients have the choice of going to among the nationwide cycle of high streets shops and having a day-to-day online shop, featuring the goods/service of stocking or getting ink cartridges. All three company directors have had past work which has involved both being in manufacturing or distributing ink carts.

4. 2 Inkwells mission should be to save their customers money with out compromising quality, and at the same time guaranteeing a even more green environment simply by recycling applied ink carts and catomizers. Customers know already they are obtaining the highest quality ink cartridges via Inkwell, having 100% certain.

5. 3 As to date Paul Varnon can be managing director owning 40% of stocks, Victoria Dawson is the sales director who owns 30% of shares and Anil Gupta is the financing director who owns 30% of shares. This kind of are the current stakeholders as they formed the company

4. 5 Their business structure is of component exchange facility whereby the customer can either content or enter into the retail and give in their used printer ink cartridge may receive a 10% discount up against the cost of an alternative ink cartridge. The company emphasises on the green advantages and just how their products could be up to twenty percent cheaper than the original brand name products.

5. 5 Having experience using their previous careers that there is a powerful market intended for cheaper and greener items which has been accomplished due to the re-cycling original printer ink cartridges then being reused again.

4. 6th Inkwell Ltd almost run at a just with time system. That they aim to maintain enough stocks in each shop for 3 days typical sales and enough arrays in their warehouse for their web store to be able to be around for the next day time delivery service. Due to the method their run with their inventory it has held inventory possessing costs minimal yet capable to...