Accounting is a RAPARR

As I was thinking about accounting and financials, I started thinking about how to structure and group activities within accounting and the following came to mind.RAPARRR -

R - Record. The first step in any accounting step (I am not considering setups) is to record transactions.

A - Approve. Once these transactions are recorded, they need to be approved.

P - Post. Once transactions are recorded and approved, they need to be posted.

A - Audit. Transaction that are recorded and approved need to be audited.

R - Rollup. After transactions are recorded, approved, posted and audited, they need to be rolled-up into appropriate categories.

R - Report. After rollups are performed, they need to be reported to the appropriate stakeholders.

One of these days, I will try to write a RAP song about it...:)

Mahesh