In every business, making profits is the primary goal. For the profits to be maximized, the business has to have a large customer base. Customers are always considered to be the core of business success or failure. A business has to ensure that there is an efficient and effective customer servicing program. Accounting entries have to be made perfectly to ensure that financial records balance.
The assistant manager’s request could lead to huge losses been incurred over a short period. This could, in turn, lead to fraud being committed. In this case, making change without accounting for what is to be sold in the store could cause irregularities. Customers could take more goods for less money and state at the counter that they had already paid for the goods. The only thing that could hold up at the counter is the customers’ word of mouth. There would be unprecedented theft of merchandise. The accountant would be forced to adjust the books to balance in order to please the manager.
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As an accountant, I would request the assistant manager to undertake the process of making a change so we would see how inefficient the process is. I would request her to allow me to implement a number system where customers in line would be given numbers and written against them is the change taken from them and the goods they have purchased. I would also request to be given a mini-receipt machine which I would use to issue receipts to the customers in line. They would give the receipts out when they get to the counter. I would advise the assistant manager to install CCTV cameras in the store to boost security. For every business, especially those dealing with expensive and fast moving goods like jewelry, they have to make sure that every activity runs perfectly. Every transaction has to be entered in the accounting books. There has to be responsibility and traceability when it comes to irregularities.
