Write a short note on computerised accounting system
Answers
What Is a Computerized Accounting System?
How is your company doing? Being able to answer that question requires you to know how much money you're making, which in turn requires accurate bookkeeping. Keeping accurate financial records is crucial to the success of any business, so it's important to know your options.
While some firms still do their bookkeeping by hand, most firms generally have too many transactions to sustain a manual accounting system. The more complicated the financial activities of your business are, the more likely it is that you'll need a computerized accounting system to ensure effective financial reporting. Computerized accounting systems are software programs that are stored on a company's computer, network server, or remotely accessed via the Internet.
Computerized accounting systems allow you to set up income and expense accounts, such as rental or sales income, salaries, advertising expenses, and material costs. They also can be used to manage bank accounts, pay bills, and prepare budgets. Depending upon the program, some accounting systems also allow you to prepare tax documents, handle payroll, and manage project costing.
You can generally customize the software to meet the needs of your business. It's important to make sure that your staff are trained and understand how to use the system correctly so that your company can successfully use your accounting program.
Answer:
In order to provide reports that meet user requirements, the computerised accounting system conducts financial transactions and transactions in accordance with GAAP (Generally Accepted Accounting Principles).
Explanation:
There are two parts to every accounting system, whether it is computerised or manual. It must first function according to a set of precise beliefs known as accounting principles.
Another is that the structure for maintaining records and producing reports is user-defined.An operating environment, which includes both hardware and software, is the framework for data storage and processing in a computerised accounting system.
This environment is where the accounting system operates. The operating environment is determined by the type of accounting system utilised. Software and hardware are interdependent on one another.
The design of the hardware is determined by the type of software. Furthermore, the selection of hardware depends on a variety of elements, including the quantity of users, the degree of privacy, and the nature of the various operations carried out by operational departments within an organisation.
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