bk project on to study various accounting term used in keeping book of account
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Traditionally, accounting is purely based on manual approach. Experience and skilfulness of an individual accountant are critical in accounting processes. Even using the manual approach can be ineffective and inefficient. Accounting information systems resolve many of above issues. AISs can support an automation of processing large amount of data and produce timely and accuracy of information.
Early accounting information systems were designed for payroll functions in 1970s. Initially, accounting information systems were predominantly developed "in-house" as legacy systems. Such solutions were expensive to develop and difficult to maintain. Therefore, many accounting practitioners preferred the manual approach rather than computer-based. Today, accounting information systems are more commonly sold as prebuilt software packages from large vendors such as Microsoft, Sage Group, SAP AG|SAP and Oracle Corporation|Oracle where it is configured and customized to match the organization’s business processes. Small businesses often use accounting lower costs software packages such as MYOB and Quickbooks. Large organisations would often choose ERP systems. As the need for connectivity and consolidation between other business systems increased, accounting information systems were merged with larger, more centralized systems known as enterprise resource planning (ERP).
Early accounting information systems were designed for payroll functions in 1970s. Initially, accounting information systems were predominantly developed "in-house" as legacy systems. Such solutions were expensive to develop and difficult to maintain. Therefore, many accounting practitioners preferred the manual approach rather than computer-based. Today, accounting information systems are more commonly sold as prebuilt software packages from large vendors such as Microsoft, Sage Group, SAP AG|SAP and Oracle Corporation|Oracle where it is configured and customized to match the organization’s business processes. Small businesses often use accounting lower costs software packages such as MYOB and Quickbooks. Large organisations would often choose ERP systems. As the need for connectivity and consolidation between other business systems increased, accounting information systems were merged with larger, more centralized systems known as enterprise resource planning (ERP).
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