...explanation , accounting information system is the system of records a business keeps maintaining its accounting system . It is a system of collecting and processing transactions data and disseminating financial .Thus when accountants first started to keep journals for a company, all that was used were pencil and paper, and then came the calculator. Now accounting information system is there to provide all kinds of information to the management. It helps in key management functions of planning, organizing, leading, and evaluating as they...
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...The operation of an accounting system has three basic phases: input, processing and output. The inputs are the journals which is the chronological record of transactions which are recorded as they occur on numerous source documents such as sales invoices, purchase invoices etc. Periodically, these journals are posted to general ledger, which constitute the processing phase of the system. Financial statements are prepared from the data in general leger. This is the output. Thus an accounting system is essential to transform data into useful accounting information which can be used by management for decision making and also for evaluation by parties outside the entity. Therefore, development of a dependable accounting system is vital for any business. As a business grows, the review of the accounting system may show that it needs to be revised or even replaced to accommodate a larger volume of transactions. Such a scenario has happened to Justin’s Gourmet Foods Pty Ltd. The company currently uses a manual accounting system. The manual accounting system implies that employees perform the whole accounting cycle manually on a periodic basis: they calculate trial balances, journalize transactions, and prepare financial statement reports and other routines. This system is manageable when a business is small and has a limited number of transactions. But when there is a large volume of transactions, the repetitive nature of the task makes manual accounting chaotic, very time consuming...
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...Computerized Accounting System Threats in Malaysian Public Services Mahlindayu binti Tarmidi1, Azwan Abdul Rashid2, Mohmad Sakarnor bin Deris3, Rusli Abdul Roni4 1Department of Accounting. College of Business Management and Accounting, Universiti Tenaga Nasional, Bandar Muadzam Shah. 26700 Pahang 4Deprtment of Business and Accounting, College of Foundation and General Studies, Universiti Tenaga Nasional, Bandar Muadzam Shah. 26700 Pahang [pic] Abstract Numbers of incidents pertaining data errors, system breach, violation of internal control and manipulation of financial information had raised the organization attention and concern. Organizations are consequently more aware of the security and integrity issues in regards of the computerized accounting system and the need to take appropriate action. This research is to investigate the security threats issues in computerized accounting system in Malaysian public services. Through questionnaires to 500 CAIS user in the Jabatan Akauntan Negara Malaysia (Accountant General Department), the study findings show the users perception of the current state of threats faced by the system. Though most of the listed threats are perceived to be rarely happen, but there are group of people indicates those incidents still taken place. Hence, this empirical evidence may enable the public services department to evaluate their computerized accounting system security, and begin to properly pursue effective strategies to improve quality and lower...
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...Engineering United States Department of Agriculture Forest Service Technology & Development Program June 2000 7100 0071-2322-MTDC Choosing Computerized Maintenance Management Systems for Facility Management Wes Throop, Project Leader What is CMMS? and special tools for individual jobs. A CMMS installed on a computer network can be used to manage the maintenance of several remote facilities from a central location. The ability to track historical costs and project future maintenance expenses make a CMMS useful for budgeting. A Computerized Maintenance Management System (CMMS) is a software package that can track, schedule, and organize facility maintenance. It can include equipment history and inventory and also generate work and purchase orders. For very small facilities, paper records may be adequate. For more complex operations, a CMMS can be an invaluable tool for a facilities manager. A CMMS is not intended to replace or duplicate the Forest Service’s INFRA database. Instead, it is a tool to organize, schedule, and track the details of day-to-day facilities management. Many CMMS software packages are available. This Tech Tip is designed to help you select the best system for your particular operation. Selecting a CMMS Why Use a CMMS? A CMMS can keep track of past repairs, schedule future maintenance, and provide a ready list of vendors and parts sources. It can be used to generate detailed work orders for maintenance personnel. These work orders can contain specific...
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...Lawrence Event & Facility Management Ch. 9 case study Mrs. Etzkorn CMMS is an abbreviated term for computerized maintenance management systems and are a type of management software program that perform functions in support of the operations and maintenance (O&M) programs. The software automates and streamlines most of the logistical functions done by O&M staff (U.S. Department of Energy). “Typical CMMS functions depend on the complexity of the system chosen. Examples include: * Work order generation, prioritization, and tracking by equipment and/or component. Work orders often can be sorted by equipment, date, person responding, etc. * Tracking scheduled and unscheduled maintenance activities. * Storing technical documentation and maintenance procedures by component, as well as equipment warranty information. * Real-time reports of ongoing work activity. * Calendar- or run-time-based preventive maintenance work order generation. * Capital and labor cost tracking by component, as well as shortest, median, and longest times to close a work order by component. * Complete parts and materials inventory control with automated reorder capability” (U.S. Department of Energy). The best CMMS benefit is that it eliminates paperwork and manual tracking of activities and saves time and allows the staff to remain productive. Computerized maintenance management system would allow the school to detect problems before a failure occurs, resulting in...
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...Business owners have a lot to keep track of, especially in industries where equipment and maintenance is key, like hospitals, hotels, warehouses and transportation companies. Maintenance management software (MMS) or enterprise asset management (EAM) software can help monitor work orders, parts, repairs and more to make managing it all easier for your business. If you're looking in to purchasing maintenance management software, here are 10 providers to consider. Bigfoot CMMS Bigfoot CMMS (computerized maintenance management system) is a cloud-based maintenance management software that comes with two different package choices: Enterprise and Enterprise+. Bigfoot offers many features, including location and asset-based work orders, parts inventory, automatic e-mail alerts, cost-tracking and repair history and more. bigfootcmms.com eMaint eMaint offers four different subscriptions, from Standard, Self Starter and Get OnBoard to All In, each with a different level of services. Features include preventative maintenance, inventory management, up-to-the-minute reports with customizable KPIs (key performance indicators) and dashboards. emaint.com FaciliWorks FaciliWorks offers both Web-based and desktop CMMS management options. With FaciliWorks, you can submit, queue and manage work orders and service requests, group assets by department and location, optimize your spare parts inventory and more. cybermetrics.com HippoFM HippoFM is a Web-based maintenance management...
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...computer accounting as an area of studying has outline it’s important because with two or three weeks of training, a computer program can prepare financial statement using computer application. Accounting is an important function in the business sector. It helps business to keep records of income and expenses that occurs to the day to day activity of the organization or business. Accounting involve in the preparation of general journal, spreadsheet, ledger sheet and others which frightens and makes it difficult to some people. In the computerized accounting section, it helps make it easy and interesting to the individual. Indeed computerized accounting has a great impart in the accounting system. But to say that two or three weeks of training in computer program in accounting is the best way in accounting system, for that I disagree with it. Yes the computerized accounting has help in many ways but it does not supersede the manual or the tradition way of accounting. The manual or traditional way of accounting is the process of recording transaction on the paper or in a document in a raw fact. The combination of the two which is the manual and computerized accounting system is the best way of accounting but specializing in the computerized system is not the best way. There are functions that that can be concerned as in effective way of accounting. * COST One of the bigger advantages in the manual accounting is the cost saving compare to computerized accounting. Computerized...
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...CONVENTIONAL ACCOUNTING SYSTEM AND INFORMATION TECHNOLOGY: EXPERIENCES IN MY PLACES OF WORK. BEING A SEMINAR PAPER PRESENTATION IN ACCOUNTING AND INFORMATION TECHNOLOGY FOR MASTERS IN ACCOUNTING (MAC) DEPARTMENT OF ACCOUNTING FACULTY OF ADMINISTRATION SCHOOL OF POSTGRADUATE STUDIES AHMADU BELLO UNIVERSITY, ZARIA, NIGERIA BY: KALU NNANNA NWONYUKU JUNE, 2013 CONTENTS 1.1.1 INTRODUCTION 1.2.1 THE MEANING OF ACCOUNTING AND ACCOUNTING PROCESS 1.2.2 THE ROLES AND FUNCTION OF ACCOUNTING INFORMATION 1.2.3 BASIC ELEMENTS OF AN ACCOUNTING INFORMATION 1.2.4 BASIC ACCOUNTING POSTULATES AND PRINCIPLES 1.3.1 MEANING OF INFORMATION TECHNOLOGY 1.3.2 ADVENT OF INFORMATION TECHNOLOGY IN ACCOUNTING SYSTEM 1.3.3. THE IMPORTANCE OF INFORMATION TECHNOLOGY TO ACCOUNTING SYSTEM 1.4.1 INFORMATION TECHNOLOGY USE FOR AN ACCOUNTING SYSTEM 1.4.2 SOFTWARE FOR ACCOUNTING INFORMATION SYSTEM 1.4.3 FACTORS TO CONSIDER WHEN CHOOSING ACCOUNTING SOFTWARE 1.4.4 HOW TO CHECK ACCOUNTING SOFTWARE 1.5.1 MERITS OF COMPUTERIZED ACCOUNTING SYSTEM 1.5.2 DEMERITS/LIMITATION...
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...stream, this keeping of the books Accountants do, has gradually migrated into computerized spreadsheets. Gradually, Accounting systems dedicated to this function were developed and the term Computerized Accounting was born ADVANTAGES * Faster and efficient in processing of information; * Automatic generation of accounting documents like invoices, cheques and statement of account; * With the larger reductions in the cost of hardware and software and availability of user-friendly accounting software package, it is relatively cheaper like maintaining a manual accounting system; * More timely information can be produced; * No more manual processing of the data- all automatically been posted to the various ledgers/accounts and * Many types of useful reports can be generated for management to make decisions 12.3 NEED AND REQUIREMENTS OF COMPUTERSIED ACCOUNTING The need for computerised accounting arises from advantages of speed, accuracy and lower cost of handling the business transactions. l Numerous Transactions The computerised accounting system is capable of handling large number of transactions with speed and accuracy. l Instant Reporting The computerised accounting system is capable of offering quick and quality reporting because of its speed and accuracy. l Reduction in paper work A manual accounting system requires large physical storage space to keep accounting records/books and vouchers/ documents. The requirement of stationery and...
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... ------------------------------------------------- In Partial Fulfillment To the Requirements in Technical Documentation ------------------------------------------------- Submitted to Associate Professor Domingo, Vivien, DBA Submitted by Edward A. Almerol Zharmaine C. Cruz July 14, 2014 Part 1 PROPOSAL SUMMARY * BS1 General Ledger * Keywords General Ledger System, Income Statement, Balance Sheet, Trial Balance Report, General Ledger Report. * Abstract The General Ledger has been the basic bookkeeping tool of double-entry accounting since the Green Eyeshade days. It records financial transactions as both Credits and Debits in balance sheets, which before the advent of software were bound together in huge volumes like something out of a Dickens novel. BS1 General Ledger from Davis Business Systems brings the General Ledger up to cyber speed with a variety of easy-to-use accounting tools that can track budgets and financial data and generate income statements, balance sheets, and other reports. It's freeware, a good start, accountancy-wise. BS1 General Ledger proves just how much high-quality business software is available for free, though it's also available in a paid version that adds technical support and free updates. However, many businesspeople, entrepreneurs, treasurers, and others will appreciate what the freeware can do for both sides...
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...Table of contents No. | Title | Page | 1 | Question 1 | 2-3 | 2 | Question 2 | 4-5 | 3 | Question 3 | 6-7 | 4 | Bibliography | 8 | 5 | CD | 9 | 6 | Turnitin report | 10 | Question 1 Mrs. Sally runs a bakery business, Sweet Delight which caters to both individuals and businesses. However, there are some flaws found in her current sales system that caused a loss of significant amount of money. Hoping that she’s able to improve her cash flow, there are some weaknesses highlighted in her current practice. i) Poor online ordering. Having an online catalogue is beneficial for businesses today. It gives the owner slight edge and greater opportunity against their competitors. Most customer nowadays prefer online catalogue as they can easily scroll the items they wanted without the hassle of going to the stores. Mrs. Sally initiative of developing an online catalogue which shows her products is a very good effort in expanding her sales. However, her online catalogue is not equipped with ordering process. The only way to get her products is by email or telephone. Problems may arise when the customer cannot place their order due to the telephone line is busy or when they cannot reach her after the business hours. This gives the company a bad reputation in terms of customer service experience. They might change to other shops which provide better services and Mrs. Sally will lose her potential and loyal customers. ii) Improper customer orders. Mrs. Sally ways...
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...a) What is accounting? b) What are the main reasons for keeping the accounts for a business? Explain c) Who are the users of the financial information of a company and why? Explain d) What are the advantages and disadvantages of the computerized accounting system? e) List some of the computerized accounting programmes available in the market and discuss why they are preferred. Accounting is the systematic recording, reporting and analysis of financial transactions of a business. The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulation, such as General Accepted Principles. Accounting allows a company to analyze the financial performance of the business, and look at statistics such as net profit b) The main reasons for keeping the accounts for a business: The most important reasons for keeping good records is that it's a legal requirement. By law, you must keep business records: * for five years after they prepared, obtained or the transactions completed, whichever occurs latest. * in English or in a form that we can access and understand in order to work out the amount of tax you are liable to pay. You will have to keep records for longer if you use information from those records in a later tax return- for example, if you claim a loss carried forward from a business activity in an earlier year. Under these circumstances, you must keep the records until the end of any...
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...Following that, hours, pay rate, withholding deductions both required and voluntary, as well as gross pay and take home pay. Calculating these values is very important, and must be done individually per employee. Businesses may do this manually or using a computerized accounting system to do so for them. Regardless of the method used though, the business also must have solid internal controls for the payroll category. These include two main controls, which are, controls for efficiency and controls to safeguard payroll disbursements. Having incorrect records poses one of the greatest risks that a company faces when it comes to accounting for payroll. This is because it is almost like a domino effect in that when one inaccuracy occurs, several more subsequently result. Manual entries are not necessarily considered to be efficient, because here the risk of error is greater, than the risk using a computerized system. The computerized system creates and stores records, documents, and an array of information, all in one place, and computerized systems are equipped with tools that make calculations, write checks, print checks, etc., all virtually and more efficiently than manually doing so for each employee. However, computerized systems too, have faults and are by no means error free all the time. Thus, the error imposed by inaccurate records. Mitigate risks in payroll by...
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...Effects of Technology on the Accounting Profession University of Phoenix ACC/340 Accounting Information Systems Effects of Technology on the Accounting Profession Businesses have become more competitive, consumers are more informed, and technology has changed the way the world communicates. Information technology (IT) and the resulting ‘information age’ are continuously impacting every facet of accounting. (Bagranoff, Simkin, & Strand-Norman, 2006) This paper will examine how accounting information systems (AIS) are bringing about changes within the accounting profession. Additionally, a variety of technologies and how they affect accounting practices at Exclusively Yours Salon will be discussed. Accounting Information Systems and the Accounting Profession Today’s business environment is marked by increased competition and the need for better and faster information for decision making. According to Bagranoff, Simkin, and Strand-Norman, 2006: Because IT now captures transactions, AISs can produce financial statements almost in real time. Of course, some of the adjustments that accountants must make to the records are not done minute-by-minute, but a business can certainly track sales and many of its expenses continually. (p. 15) Additionally, large amounts of accounting records are increasingly presented only in an electronic fashion. Companies are reporting their financial outcome quarterly and an increasing number of companies are transferring their financial...
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...ship the inventory, and receive payment. * Valuation – Keep accuracy for the value. 2. List the key internal control weaknesses that were evident in the Huntington unit’s operations. * Ineffective controls of physically counting * Sales rep (Woody) involved in physically counting and took the count sheets for both team to the sales office, which mean offered him chances to manipulate the numbers * Ineffective accounting procedures that do not tie recorded purchases to receiving data * The sales reps often jotted the details of a transaction on a piece of scrap paper and entered information later either by themselves or others. * Unrestricted access to the computerized accounting system * Unit’s sales manager, two sales reps and bookkeeper had unrestricted access to the accounting system. * Lack of separation of duties * Sales reps had direct access to the inventory storage areas * Sales reps can load and delivered customer orders themselves * Sales reps had unrestricted access to the computerized accounting system * Sales reps involved physical counting * Receptionist doubled as a secretary * Lack of physical safeguards * No physical safeguards for inventory. 3. Develop one or more control policies or procedures to alleviate the control weaknesses you identified in responding to Question 2. * Ineffective controls of physically counting * Sales rep should not involve in physically counting. And the counting...
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