Discuss about the Accounting Systems and Information Assurance Finance.
Electronic Bill Payment (EBP) is a feature that allows consumers of a financial institution to transfer the money to vendors for transactions through the credit card account. Such payments can be done via online, mobile banking or telephone banking as a direct deposit to the account of the merchandiser (Mortensen et al. 2015).
Electronic Bill Presentment and Payment (EBPP) is a practice that transforms the bills, statements or any other payment systems with the use of information technology. The electronic process facilitates in creating, delivering or paying the bills or statements via internet. It is a procedure of e-business that many industries and organizations carrying out to simplify the transacting mode that eventually strengthen the customers’ relationship base (Blakely and Dziadosz 2015).
Similarities between EBP and EBPP systems:
With the constant advancement in the sector of information technology, e-business application is growing rapidly. Electronic Bill Payment and Electronic Bill Presentment and Payment are two essential components of e-business application. Under both the systems, there is a facility of online procedure with respect to transactions between purchaser and vendor. Both the systems work through net banking process that does not require physical mode of presenting documents to complete the transactions (Turban et al. 2015).
Differences between EBP and EBPP systems:
Though both the systems sound similar, there are some differences between the two. The system of Electronic Bill Payment (EBP) involves the transfer of money with credit card through internet while the Electronic Bill Presentment and Payment (EBPP) involve formation and delivery of transaction bills and statements. Electronic Bill Payment is a direct mode of payment between buyers and sellers through internet banking. On the other hand, Electronic Bill Presentment and Payment involves generation of bills through respective banks (Le et al. 2015).
“Data flow diagram” is a graphical illustration of the data represented through information system to create an overview of the operating system of the organization. It shows the type of input and output information to evaluate the origin of data flow and the storage system of the data flow (Tao et al. 2015).
Internal environment of the organization forms the source of compliances with the business practice that helps the entities to achieve their target goals. However, external environment comprises of factors outside the organization having essential influence on the companies’ growth and sustainability (CÄƒlean, Sîrb and ChiÅŸ 2015).
In the given case, the explanation had been made with respect to the flow of internal entities as well as external entities that influence the business operations with the help of data flow diagram. Internal entities involve all the operating systems and business-regulating framework along with the group entities. It is essential to have the systematic and developed operating processes within the organization for the growth and enhancement of the business. Though the external entities are outside the boundary of the organizations, yet they provide significant influence on the development of the organizations business (ÄŒudanov and Kirchner 2016).
However, it is important to differentiate the internal controls and external controls to have a smooth business operation in the organizations. This is because internal controls or entities directly influence the organization whereas external entities have indirect influence. Therefore, it is always a better approach to keep the internal entities within the organization and external entities outside the organization (Gumerov et al. 2015).
Entity relationship diagram is graphical representation of the information system between people, substance, places or events within an organization. The representation is used to define the flow of information and relationship between the elements. In the given presentation, flow of information of between students, course and instructor have been made. The diagram shows the identification of students’ number, respective course number and grade. The next representation shows the detail of each course number with title of the course and respective instructor number followed with the name and location of instructor with each number. The representation assists in easy and concise identification of each student and their courses, grades and instructor (Tao et al. 2015).
3. Internal entities are the systems that directly influence the business operation mechanism in an organization. Internal entities comprises of internal stakeholders with respect to owners, managers and employees having a direct affect on the organizations. However, external entities are those outside the organization but are affected by the performance of the organization. External entities comprises of stakeholders like consumers, shareholders, suppliers, government, creditors and society (CÄƒlean, Sîrb and ChiÅŸ 2015).
In order to operate a business effectively and efficiently, there must be proper regulatory frameworks both within and outside the organizations. Moreover, the internal entities and external entities should be appropriately categorized so that the organization can operate and perform efficiently. Since each of the stakeholders have their own interests in the organization, it is important to maintain the difference between internal control and external control. Internal controls are the mechanism that works directly for the production system, labor employment, and sales of goods and services of the organization (Gumerov et al. 2015).
On the other hand, external control directs the organization through suppliers for raw materials, consumers, government policy for payment of taxes and duties, investors and other people of the society. Hence, external entities are also important factor of organizations’ growth and development. As the conversation is between the colleagues, their position is considered as internal entity of the organization having direct influence on its performance. Consequently, the contention of the colleague is right in the present case because the internal and external entities cannot be at the same position in the organization. Existence of internal and external entities at the same position would create perplex situation in identifying the areas of problems. If both the entities remain separate, the management of the company can easily identify the actual problems and resolve easily (ÄŒudanov and Kirchner 2016).
The position of a colleague in the organization falls under internal factors or internal entity and should be within the organization. Since, the employee is concerned with the matters that are internal to the organization; the position of the employee should be within the organization to get appropriate information.
Blakely, T.J. and Dziadosz, G.M., 2015. Provider Agency Practices as a Source of Social Work EBP. Journal of evidence-informed social work, pp.1-8.
CÄƒlean, I., Sîrb, L. and ChiÅŸ, A.O., 2015. The Qualitative Mathematical Modeling of the Ambiguity within Internal Audit using Fuzzy Logic in the Forestry Entities. Procedia Economics and Finance, 32, pp.1654-1666.
ÄŒudanov, M. and Kirchner, K., 2016. Social Media and Employee Affiliation: Networks of Practice as New Supra-Organizational Entities. In Innovations in Knowledge Management (pp. 75-98). Springer Berlin Heidelberg.
Gumerov, A.V., Kharisova, R.R., Pavlova, A.V., Litvin, I.Y., Nabiullina, K.R., Schepkina, N.K. and Sabirov, I.T., 2015. Improving strategic management of the business entities. Review of European Studies, 7(1), p.23.
Le, N.T.T., Hanachi, C., Stinckwich, S. and Ho, T.V., 2015. Mapping BPMN processes to organization centered multi-agent systems to help assess crisis models. In Computational Collective Intelligence (pp. 77-88). Springer International Publishing.
Mortensen, J.E., Ventrola, C., Hanna, S. and Walter, A., 2015. Comparison of time-motion analysis of conventional stool culture and the BD MAX™ Enteric Bacterial Panel (EBP). BMC clinical pathology, 15(1), p.1.
Tao, F., Zhao, B., Fuxman, A., Li, Y. and Han, J., 2015, May. Leveraging Pattern Semantics for Extracting Entities in Enterprises. In Proceedings of the 24th International Conference on World Wide Web (pp. 1078-1088). ACM.
Turban, E., King, D., Lee, J.K., Liang, T.P. and Turban, D.C., 2015. Electronic Commerce Payment Systems. In Electronic Commerce (pp. 519-557). Springer International Publishing.