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Installation of the accounting software requires a lot of skills. And it also includes a lot of pre and post preparation before and after the installation of the system
There are few steps for the same that the management must follow before installing such system.
• The first step is effective planning. Planning helps in understanding what is the need of the company and what are the steps that they can take to make sure that the company is earning enough profit from the same.
• Once the product is selected, effective market research and analysis must be done to make sure that they get the software from the best vendor and at the most optimum cost. There are many vendors in the market that provide the company with the products, choosing the best one of the lot is what the management needs.
• After that the company must check whether they have the necessary hardware settings that are needed for the software and after that they must configure the software and check whether it is functioning properly or not by doing a test check. The hardware requirements of every software are different and it is important that the companies must take necessary steps to make sure to comply with the same.
• After that the functioning of the software must be monitored to check how the software is functioning and what changes are happening in the operations because of the same. Some companies need high end ERP Packages and some need medium ranged packages on the basis of their volume of transactions. The companies must keep that in time before taking such steps of choosing the right software for their company (Arnott, Lizama, & Song, 2017).
• Once the software is approved, the details of all the resources that include the list of customers, the raw materials and the other data must be entered into the system. The company must make sure that all the data that is entered is valid and there is no bugs in the same. This will help in maintaining the system.
• The integrity of the system must be maintained and the company must see to it that proper training is provided to the employees to use the system effectively and they must be asked if they are facing any problems in the same. Proper employee feedback is very important for the company.
• Another important step includes maintenance of the overall system that includes installing proper safety measures in the same. The management must make sure that the vendor is providing proper safety measures and in case they feel certain danger, steps must be taken accordingly. This is another important step in case of software maintenance.
2) The key principles of the following topics include
a) The double entry system of accounting deals with basic aspect of accounting that includes that for every transaction there are two accounts involved. It helps in keeping the equation balanced. Another aspect of double entry system is that the amounts that are entered in the debit side of the general ledgers must be equal to the total amount of credit.
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