Years ago, most financial accounting was done manually, which caused lot of paperwork. With the achievement of computerized accounting, most accounting information can be recorded using computers gradually and saved many paper using. Paper work slows down transaction time and burdens entities with maintenance needs. By using computerized accounting method, we are no longer using manual bookkeeping, calculating, and other works. And it will analysis some portions of the accounting works that were normally complete by the human brain. It eases the burden of the level of works that an accountant has to handle and therefore it will be fewer jobs intensive and improve the quality and efficiency of the accounting work. Especially in cost accounting area, computerized accounting provides more detailed and accurate information in a timely manner, which allows accountants to develop an effective system to allocate the resources. Lots of users are using computerized accounting software, start from the smallest proprietorships to the largest of corporations. Although computerized accounting gave numerous types of advantages
While accountants, who are usually trained to be more conservative in accounting for assets and liabilities, would like to make more reliable recognition (in my opinion, would prefer historical cost method), corporate management and investors may want more relevant information in order to make strategic or investment decision. Due to the conflicts of different parties’ needs, the choice between two accounting models may continue. Still, in addition to the choice of accounting model, the issue of information overload is getting more attention than before. Besides reliability and relevance of financial information, selection of information and the way to present it for users also matters since these factors affect the users’ ability to effectively utilize the
Accounting information systems (AIS) are widely used in many and most businesses, but as time and technology has progressed, the need for AIS has faltered because it no longer provides the necessities for a business. As a result, changes need to be made in order for AIS to supply the effecient information needed for a business. The article being critiqued describes how accounting/management information systems (A/MIS) can be developed and improved through the discussion of "the business focus of a system application and its design characteristics". By expanding ...
Technology in the accounting field has come very far, from the abacus to modern day accounting software. E-Business, work being done through networks, is taking the accounting field to a more future computerized world, leaving the pen and paper behind. With all the new technologies, the profession of accounting is growing and expanding and proving that information and skills provided by accountants using modern technologies can spill over and help other parts of a business. Even with all the down falls that accounts have taken, from the stock market crash of 1929, and the fall of companies such and Enron, World Com, and Tyco. New technologies have brought new legislature and new forensic accounting titles, helping to keep the accounting and business world spinning.
Accounting is essential to every business because companies can manage and analyse the success of the business. This paper will be discussing Accounting is the process of measuring, processing and communicating financial and non-financial information among internal and external parties of entities. By doing accounting, the business knows the value of its assets such as liabilities, revenues; costs, productivity of labour, expenses, and profitability of the business by doing these companies are able to perform a good tax planning. The main goal of accounting is to provide financial and economic control to the entity, economic information to suppliers, banks, investors, employees and their representatives, managers, lenders, community representatives, government and owners.
Business always requires a number of logical and sequential tasks and one of the most important process is accounting. In the last lecture, Professor Chen introduced us about Accounting, which is an integral system of every organization. By that lecture, I can generally understand the basic steps included in accounting system, procedures as well as the method to evaluate the financial statements of an organization.
The field of accounting as a profession has over the past decade come under scrutiny in terms of its standards of ethics and professionalism. The morality of businessman and their confidence in the accounting profession has become questionable due to the reported decline of public confidence in financial reporting. On the contrary, the accounting profession is a growing field of interest in higher education as it draws on various interests largely because it is considered the language and basic tool of business.
In today’s business society, the accounting technology whether it be software or hardware is a vital part of just about every major business. Many people overlook the importance of the role of accounting technology in business and in the accounting profession. The fact is technology such as accounting information systems can make or break a business.
“Organisational Design is the process of choosing and implementing structures that best arrange resources to serve the organisation’s mission and objectives.” Demand for change in organisation design often comes when organisation need to solve a problem or they faces some situation like lack of knowledge about customers due to change in customers preference and tastes, lack of coordination between workers and management, lack of decision making power and many more. But perfect organisation design also means considering other factors which have direct and indirect influence on organisation i.e. External environment, People, Strategy and Accounting information. Thus my research focuses on how the accounting information system plays a crucial role in organisation design and how different organisation design demands different accounting information.
The main role and concept of accounting is to collect, compile, create and communicate information to investors, creditors, shareholders and other parties that are responsible and take part in making decisions for a business entity. This financial information need to be understandable and comprehensive to the people responsible for making decisions regarding the business. Otherwise if this information is incomprehensive then it would be a complete waste of time for everyone involved in the process. Therefore the FASB decided that financial information should be compiled by the following four qualitative characteristics:
Accounting information system (AIS) perfomed a firms’s data processing tasks that gathers data describing the firms’s activities, transforms the data into information, and makes the information available to users both inside and outside the firm.
Decision-making is a process where by managers respond to chances and threats. In this process managers analyze alternatives to deal with chances and threats and finally pass decisions about objectives and strategies. Managerial decision- making relies heavily on the availability of relevant, reliable and timely information. Till now , managers depend on the company’s management information system to obtain relevant, reliable and timely information needed to base decisions. The accounting information system is a sub-system of the over all management information system and originate information to be used in a managerial decision-making.