Question

What is meant by automation of accounting process and explain the stages of automation

Answer 1

Answer:

Automation of the accounting processes. ... The deeper you can automate each type of work, the faster and easier it will be possible to carry out processes such as: the settlements with counterparties, the transaction of lending operations, data analysis, financial, accounting or management accounting.

The stages of an automated accounting process are: input stage, processing stage and summarizing stage. These stages are equivalent to the activities in a manual accounting process. Thus, the only change is the way data are processed, which is automated.

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