Benefits and Effectiveness of Accounting Essay

The research was based on two variables these atomic crook 18 figurerized bill organisations which comprise of definitions, components of computerized unfermenteds report softwargon and benefits and limitation of computerized system and monetary reporting which withal comprises of definitions of financial reports, benefits and effectiveness of score system white plagued at National Water and Sewerage Corporation. The study leave behind enable circumspection to read the signifi buttocksce of preparing quality and reliable financial reports. The study will point out weakness in the report system which management needs to address.The G everyplacenment of Malaysia by dint of the Department of Accountant General (MDAG) has instructed mara to implement the Standard Accounting brass for Government Agencies (SAGA). This is a broad(a) Enterprise Resource cookery (ERP) organisation, developed based on web-based application and is using an accrual basis of accounting. The SAG A financial system enables its users, especially the government agencies to close their accounts on a daily basis, monitor their daily financial activities as soundly as produce standardized financial reports to the stakeholders at any place and any m.However, upon completion of the SAGA financial system analytic thinking, mara identifies that the system could not cater all MARA business activities. Processes such as disbursement of scholarship and loans to students and entrepreneurs argon not covered by the system. As such, MARA still has to prevent its existing entropybases and thitherfore made special request to the MDAG to exclude the implementation of SAGA while awaiting MARA ICT advisors recommendations on the development of a new MARA Total Information and pecuniary System.As a conclusion, the SAGA financial systems could not be used by MARA on its own. The end-users in MARA need to ope target both, SAGA and its own systems at the same time. This situation could lead to users confusion if they argon to use different type of system when updating certain type of financial transaction. This is because the end-user of MARA Computerized Accounting System could only utilized the SAGA Financial System good for ordinary operating expenses whilst any disbursement of expenditure pertaining to subsidiary system, they still need to use the existing MARA Financial Systems. Consequently, internal controls and security functions may not be easily built in the systems. Concurrent use of both systems may modify job satisfaction and performance of the end-users.Introducing Computerized Accounting Information Systems in a Developing Nation Egyptian International MotorsThis study aims to assess the implementation of accounting information system on a lodge in a developing nation. To answer this question this manuscript attempts to do the following (1) identify the reasons for the wobble to an automated system and the main goals that the company aim to achieve f orm this shift, (2) determine the companys strategic decisions like choices between outsourcing versus in-house development, and ready made parcel of lands versus tailor made softw be, (3) describe the steps of implementation, (4) take the reaction of the employees to the new automated system, (5) study the required changes on the organizational chart and human resources qualifications that are required, (6) recognize the problems that the company met during the process, (6) point the advantages of the shift to the automated system.A computerized accounting System go outs many advantages over manual systems, for example entries do not fuddle to be recorded in multiple ledgers so as to fulfill the cardinal rules of financial reporting.A single entry is made and the system will consist all the appropriate corresponding accounts automatically. Computerized accounting also makes it possible for people in other departments,not just accounting to enter data.It does not require avast amount of accounting knowledge for a payroll gross revenueclerk to enter wages details into the accounts,a basic understanding of how to use the system is sufficientThe study intends to flummox out the effect of a computerized accounting system on the quality of financial reports generated by an organization. To study the effect of computerize accounting systems quality financial reporting.To determine the challenges encountere by organizations before and after implementing a computerized accounting system. To identify strategies/measures of ensuring quality financial reporting.An accounting system is part of the organisations management information system therefore a good or decent accounting system essential be able to produce reports like trial balance, aged debtors and aged creditors. Accounting systems must raise data that should enable the production of management accounts, statutory accounts and must also assist the managers and accountants in discharging their stewardsh ip shares. business Of AccountsA good system should enable the firm to produce its management reports and management accounts at compendious notice. This will enable the organisation to monitor performance, to take decisions quickly and to make decision based on objective and verifiable information.Audit TrailAudit trail is very important as it will enable auditors and senior managers to monitor proceeding entered in the accounting system and this will ensure that there is information integrity. A good system should document the changes that have been made in the system, who made the changes and it should also be able to track what was changed.Compatibility With Other ProgrammesA strong characteristic of a good accounting system is that it must be compatible with other systems. For example, it should easily be configurable so that it can slip away with other programmes like Excel or Crystal. An accounting system should be able to export transactions and reports into Excel and it should allow data and transactions to be imported from an external source. This will lead to time savings as there will be no need to duplicate a role or process.Error DetectionIf an accounting system does not dictate errors then it is not a good accounting package as it is failing to perform a basic functionality. An accounting package should decline to post transactions that do not balance for example the total debits should equal the total credits and if this is not the case, then the accounting system should automatically flag this error.Internal ControlsInternal controls are the eyes and ears of the organisation and a good accounting system should embed these internal controls into the system. Internal controls enable prevention and detection of fraud and error. An accounting system should enable internal control tools like separatism of duties, reconciliations and account allocations. A good accounting system should not allow users to delete data that has been affix into the system.Manual Vs Computerized AccountingComputerized accounting systems provide to a greater extent benefits than manual ones, allowing for more accurate calculations, in slight time. Compared to manual accounting, with a computerized system errors are far less common, eliminating human error. And with accounting programs that are industry-specific, you can benefit from various preset templates for your general ledger, saving more time. You can store virtually everlasting information, without any trouble at all. And if you later want to review financial information from several age ago, with a computerized accounting system you can do it easily, while with a manual one you would have to sort through stacks of paper ledgers.Bottom line, both systems may be useful to well-nigh extent. But for more accurate bookkeeping and increased efficiency, a computerized accounting system seems to have more advantages. You can find several free versions online, as well as more proficient accou nting software system available for purchase. Search online for such accounting systems, read about their features and decide which one would be better for your particular business needs. Although they will not allow you to physically handle the ledgers, it will provide a better accounting solution.The advantages of Computerized Accounting seem to be unknown by business owners and individuals who are in doubt of purchasing Accounting Software. Accounting Software has been a trend nowadays. With the vast Computerized System Providers and wide range of versions to choose from, Accounting System has evolved to be one of the trends in information technology. Computerized Systems are intentional to create more value in Financial Accounting. Value can be relayed in terms of speed, accuracy and reliability of accounting data. With Computerized System, invoices can be transmitted in an instant through email inventories are appropriately monitored and disbursements are tracked for payments to be done before due dates. It helps Bookkeepers to slenderise manual activities.When transactions are entered in the Accounting System, automatic entries are posted to generate data needed for financial reporting. Accounting Software enables Bookkeepers and Accountants to adjust necessary accounts to reflect the correct amount of individually Account. Computerized Accounting allows Accountants to trace erroneous data and entry in a creative and organized musical mode through the help of summaries, list of accounts and original entries.Article Source http//EzineArticles.com/?expert=Jason_Tsang Article Source http//EzineArticles.com/7017983Computers are extensively used in accounting and there are multitude of computer software for Accounting, MIS, CRM. HiTech Financial Accounting is one such software which has been customized for users in many segments in business and services. Payroll accounting was the first commercial area to become widely computerized. The calculation of wa ges or salaries involves a number of variables which relate to the personal details of separately employee, such as gross pay or rate for the job, individual deductions, tax liabilities of the employees and so on. These facts can be retained in the computers and processed every calendar month of produce pay slips for the employees. The computer helps to exercise the type of stock control needed by the organization. It up to dates the sales and purchases records, determines optimum re-order levels for different items and prints out the stock lists when desired. The system can be so designed that it triggers orders when stock level reaches order point for various material items tests those item which are slow base or gives list for over stock items.Programming can be done for any sales accounting system. The computer will pin point defaulting debtors, determine the right limit for credit for each debtor and maintain stores ledger. Costing and budgetary control can be affected throug h the computer, the computer will point out the variations from the planned performance.The computer also helps greatly in production think and control. It is possible that scheduling of the work may become necessary due to break downs etc. A new critical passage may have to be worked out. A critical path is the shortest path to be followed in production to achieve production objectives. The computer helps the management lay down this new critical path.The increasing competition and the highly demands of globalization, Malaysia government attempt for Small Medium Enterprise, SME for the development of innovative, warlike with high technology. Computerized accounting system (CAS) credence may be decisive factor for an organization to be success and also to survive. This research project which aimed to investigate SME practice of CAS and to identify the factor affecting the adoption among SMEs in Melaka.A survey was carried out through a set of questionnaires to examine the chief operating officer Innovativeness Factors Scale, embrace Usefulness Factors Scale, Perceive Ease of Use Factors Scale and Business Competitiveness. The sample selected comprised of CEOs of SMEs in three districts in Melaka, namely Melaka Tengah, Alor Gajah and Jasin. The data gathered were coded and analyzed using descriptive statistics, linear regression analysis, Pearson Correlation analysis and Analysis of Variance (ANOVA).This study reveals that CAS adoption rate in SMEs in Melaka is high. Results from the analysis also shown the meaningful of independent variables and proved the relationships have been substantiated to the dependent variable which contribute to the usage of CAS adoption between SMEs in Melaka.The findings indicate that CEO innovativeness perceive ease of use and business competitiveness negatively correlated to the adoption of CAS. Results reveals that only perceive usefulness are significantly positive correlated to CAS adoption. Therefore it can be deduced that adoption of CAS among SMEs in Melaka is caused by its usefulness. The findings reveal that types of business and business location influence the adoption of CAS. However, size (paid up capital, sales turnover and number of employee) do not influence the adopter. Results also indicate that CEO literacy on ICT, accounting and CAS has influence the responded CEO to adopt CAS in their business. However, the advantages by using the accounting systems software were not fully utilized by CAS adopters. http//www.ccsenet.org/journal/index.php/ijbm/article/view/18273