Question

A comparative study of conventional and modern system of accounting suggestion

Answer 1

The process of accounting was completed manually until the 1980s. All transactions were manually processed and recorded in columnar papers and stored in voluminous binded file folders.
Then the advent of faster and cheaper computers made all the difference. New and affordable accounting softwares in order to interpret financial data in a much faster and efficient manner. 

Although computer based accounting is much more affordable and faster. Still the owners of smaller businesses prefer to use the traditional paper
based method of accounting as it is much more cheaper for them then buying a whole new software. Thus this shows that this traditional system is much easier to set up with low initial investment. It is much more flexible and thus easier to adapt to all kinds of businesses. 

On the other hand, modern methods of accounting decrease the risk of errors and mistakes as it is much more accurate in nature. It allows faster processing of larger financial data that helps save both time and effort. The overall functionality of the accounting department improves as all the reports are prepared much more efficiently. 

Answer 2

Answer:

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