In the Forbes article titled “Microsoft’s Excel Might Be The Most Dangerous Software On The Planet” by Tim Worstall, the writer discusses how Excel has been considered a threat because of the type of uses that financial companies are showing in the workplace. Microsoft Excel is one of the most popular electronic spreadsheet program found in the Microsoft Office package . The poor-performance and lack of knowledge towards Microsoft Excel has lead major capital loses in the financial industries. In the article, Worstall addresses his opinion on Microsoft Excel by introducing the reader with a series of comparisons between Excel and nuclear-explosions. The comparisons with such high-level risky incidents provides a feeling of the complexity that lies among the program. According to Worstall, he describes Microsoft Excel as the following, “[…] it’s all become so complex ad it’s handled in such a slapdash manner that no one is really on top of it anymore” (Worstall 1). This means that Microsoft Excel’s …show more content…
In money industries, such as banks, they do not know how to properly import and export the data and this has caused a bank to lose billions and trillions of money. According to Worstall, he describes the following experience from the JP Morgan bank, “[…] by cutting and pasting from one spreadsheet to another. And yes, they got one of the questions wrong as a result of which the bank lost several billions of dollars” (Worstall 2). This means that the JP Morgan bank does not assimilate the impact of basic commands, copy and paste, as a way to lose big amounts of money. There is also another concept, the wrong formula being used; this causes the data to drastically change leading the company to show false data. If bank-employees cannot carefully type the right formula, then the numbers start
One must understand that the integral core of a company rests in its accounting and financial areas. The departments’ need employees with an advanced knowledge and skill set to ensure the payment of supplies and accounting on the expenditure is correctly recorded. If the accounting desk presents inaccurate spending calculations on behalf of the company, it could result in spending more than what has actually been earned; this could lead to the company not only being unable to increase in revenue, but also experience loss. It is imperative that the management of the financial department is well informed and able to make decisions by taking into account the usage of every coin stated in the expenditures, and also to know the amount of revenue the company is making so that we can plan on better strategies to improve the revenues (Lu, Madu, Kuei & Winokur, 1994).
As technology progresses it can truly change how a business operates in terms of accounting and financial reporting. Online software has become a widely used system by many businesses around the globe. Financial reporting is essential to any business especially when seeking for potential investors or stakeholders. The reason being is because a financial report contains all of the records of how a business is performing financial wise. Likewise there are purposes of securities regulations and the main one is to disclose any schemes.
This case discusses a crisis at the Royal Bank of Canada (RBC) that occurred on May 31, 2004. The crisis involved a programming change to a vital piece of banking software. An incorrect change to the code led to the failure of the bank’s programs, which in turn led to customers that could not check account balances, customers (and non-customers) that did not receive paychecks, automatic payments and bank transfers that were delayed, and duplicate transactions. The code that was entered incorrectly was quickly fixed, but before that could happen, bad data was sent throughout the banking system that was difficult for RBC to track. As the bad data needed to be corrected from previous days, new data and transactions continued to pile up until RBC could begin processing the transactions again.
Mark have approved and think that it will be a fair way of choosing a
XBRL, the eXtensible Business Reporting Language, is an open standards-based reporting system built to accommodate the electronic preparation and exchange of business reports around the world. XBRL started back in 1999 with 12 organizations as the founding members. There are now in excess of 450 organizations worldwide in over 30 countries involved in its development. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. The idea behind XBRL, eXtensible Business Reporting Language, is simple. Instead of treating financial information as a block of text - as in a standard internet page or a printed document - it provides an identifying tag for each individual item of data. This is computer readable. For example, company net profit has its own unique tag. The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison. Computers can treat XBRL data "intelligently" as they can recognize the information in a XBRL document, select it, analyze it, store it, exchange it with other computers and present it automatically in a variety of ways for users. XBRL greatly increases the speed of handling of financial data, reduces the chance of error and permits automatic checking of information. Companies can use XBRL to save costs and streamline their processes for collecting and reporting financial information. Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, ...
The proposed system will be using a Microsoft platform and will utilize the existing Microsoft Access spreadsheet. The ease of data transferring will save on man hours that can be used in more productive ways. The most cost effective solution is being proposed because a budget has not yet been set. As mentioned before, personnel may not take to the new system as well as expected.
QuickBooks is an accounting software package which is developed by Intuit, Inc. It was launched in the 90's and since than it is one of the market leaders in accounting software. The software was designed to help the small business owners who had no formal accounting training. Very shortly after the introduction, there was no doubt that the product is going to be a hit. With a deep focus for the non-accountant, and a lower price than the competitor's products, it outsmarted its competitions. Intuit states that the company's mission is to create new ways to manage personal finances and small businesses that are so profound and simple, customers cannot i...
Stair, R.M., Reynolds, G.W., Gelinas, J.U. Jr., Sutton, S.G., Hunton, J.E., Albright, S.C., Winston, W.L. & Zappe, C. (2007) Accounting Information Systems and Financial Modelling, Thomson, South Melbourne, Victoria, Australia.
In her article “Robots Are Not Accountants”, Therese Tucker, the founder and CEO of financial automation solutions provider BlackLine, explains why robots will not replace human accountants any time soon. Tucker states that “Despite the enormous power and promise of digital solutions, there will always be a need for the human connection. Robots may replicate what people do, but they are unemotional, have no intuition and cannot be motivated in a common cause”. Her claim demonstrates that people’s emotions and connections are needed in the accounting business. Bernard Marr, an expert on big data, analytics, metrics, and improving business performance, stated in his article, “Machine Learning, Artificial Intelligence - And the Future of Accounting”, that “Robots are NOT going to replace all human accountants or bookkeepers”.
This scenario is used to show that accountants of today must continue to seek training opportunities on new and emerging technological advances. Continuing education is important in many professions, but is especially important in the accounting field. According to an interview with Mats Olsson of Sweden, who is a member of the International Federation of Accountants (IFAC), Small and Medium Practices Committee (SMP) by Giancarlo Attolini, who is the Chair of IFAC: We need to be more open-minded about emerging technologies as our work will likely become more computer-based. Ultimately, what differentiates one accountant from another is not their ability to manage IT, but rather their ability to better communicate with clients, to use the time saved by technology to develop client relationships and become a successful, trusted business advisor. (Attolini, 2014, quote by Olsson) Accountants who fail to stay in step with technology will find themselves out of step with their peers and clients.
The accuracy of data input is extremely important. There are several types of data input. They all provide different aspects of data accuracy. There is Copy and paste method, Typing of data input manually, Verbal through
That an individual will take advantage of the convenience and speed of the electronic system to mask illegitimate or illegal transactions – i.e., money laundering.
Nowadays with the implementation of new emerging technologies, the way businesses keep this financial information has become computerised. At the moment businesses use computers with a computerised accounting system in order to perform many other new activities than what they were able to do in the past. Businesses can access financial information from different department in the organisation, access to the information through computers and find financial data very fast, being more efficient. (Beliss, 2013)
In the first place, computer technology can not only improved quality of working but also enhance student’s learning. In the modern society, computer technology becomes more popular in many companies. The reason is that it is able to improve working efficiency and quality. If every worker has abilities to operate and use computer technology, they can save more time to do another things. This means individuals can spend less time on working to do the same quantity of works as before. Most importantly, improving working efficiency and quality is favorable for business operating in the future. For example, more and more companies like to use digital technology to analysis their data. Digital technology is a kind of computer technology that is always used in business. The information created by digital technology and used by others will grow faster than anything else. The Economist reported in 2010 that data management and analytics are worth more than $100 billion and are growing at almost 10% a year, roughly twice as fast as the software business as a whole (Orange, 2014). This is a dramatic increase in working efficiency that is caused by computer technology. Besides, computer technology could also be used to predict further performance of a company, which is
As Miss White needed help to keep track of monthly payments made by the 10 pupils in her group and to keep a monthly record of individual payments, a running total for each pupil, the overall total collected each month and the average amount per pupil collected each month. The overall cost of the trip is £500 per pupil between the months of October to March excluding December. Choice of Application Used To do this I needed to use the software Microsoft Excel 2003 as it was easier to use than other software products. As well Microsoft Excel can perform more useful functions such as Absolute Cell Reference, Functions (MIN, MAX and AVERAGE),Conditional Formatting and many more.