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Assessment Task:

  • Students will choose a journal article, book chapter or other academic work to review inessay form.

  • Students will be expected to locate the work in a theoretical context and to discuss the work with both depth and clarity. The emphasis in the essay is on the quality of students writing and their ability to sustain an insightful and coherent review.

Accounting Systems and Procedures

The study assignment topic focuses on use of information technology in accounting and finance. However currently most of the companies including business entities, large corporation and other micro financial enterprises focus on describing overall operational procedures of the business. Moreover the study topic describes various accounting systems and procedures. Accounting is an important factor. Since it has a touch of information technology, therefore the accounting technique will help the business to grow effectively and enhance the safety measures of operation.

Moreover, the accounting has considered as recording, classifying and summarising those in relation to money, transactions and events. Therefore the advertisement in information technology has dramatically improved. Moreover, productivity facilitates rapid changes in documents, research etc. these individual research help to implement individual economic factors to assess the overall valuation (Azudin & Mansor 2018).

Basically the information is related to the information and application of computers and telecom equipment to receive and manipulate data. Therefore the process helps to render data, information and other perceived knowledge towards the distribution mechanism.  Therefore from the business point of view, this technique is helpful to the management to implement the accounting system. Therefore as the time has passed, certain advanced technology has grown up.

Furthermore there is developmental technique in the context of financial information system. This system is essential for the majority of the business. Thus it has created a competitive market and entitles are entitled to improve the systems to match the decision making (Mami? Sa?er & Olui? 2013).

On the other hand the bookkeeping information system is considered as a correlated set of activities to collect, process, and store and transform the planning and decision making concept. The use of computers in the information accounting system can be helpful in decision making. Moreover it also helps in making effective information system, processing, storing, transformation and distribution. Thus for this purpose, the Accounting Information System (AIS) is a tool to be incorporated in the field of information sharing and decision making. This process is dependent on the type of information to choose and decisions making. Therefore this system in decisions making relies upon firm size, transactional data volume, nature of the operation, organisational structure and business firm (Agrawal & Hall 2014).


Apart from this to describe the topic, a model is suggested named a ‘general model of Accounting Information System”.

The process had shown the “accounting information system’ which considered as the overall model. This model is very much useful in applying the total information system and technological architecture.

General Objectives of the Accounting Information System

The graph has demonstrated data in the operational stage, and the management will process such information to generate outcomes. Hence the process promotes relevance and efficiency. The system needs to capture relevant data from both internal and external sources. The information generated thus is promoted to the exterior and interior users. The external users include stakeholders, investors, regulation agency, customers and suppliers. Therefore there is a use of statistical and mathematical techniques to sort out this problem. There are three types of accounting system namely-

Physical systems.

Computer-aided systems.

Database management techniques.

Furthermore, the article also has highlighted the general objectives of the accounting information system-

The primary objective is that they need to pass the “cost-benefit” objective or cost-benefit objectives. The companies spend a good amount of cash to gather data and use them in making financial reports. Therefore if the firm has planned to improve the information techniques, the cost-benefit procedure must be considered (Taiwo 2016).

The secondary objective is to secure the assets of the entity and to ensure that all these collected data are highly reliable and looked to reduce.

On the other hand, the general flows of accounting have addressed in this article. Therefore there are four basic steps which are needed to be followed in this case. These are-

The first step to this process is analysing the transactions. These transactions are financial. Some recordable and non-recordable transactions are separated. These transactions are analysed on how it has affected the financial situations.

The second step is to record transactional effects. These are recorded with the help of journal entries.

The third and fourth step is to summarise the journal effects and lastly prepare the records.

The flaws of economic activities describe how these economic activities are dealt with these accounting process. The information retrieved is used by the choice makers to implement new rules and regulations. Thus with the implication of information technology, rapid communication techniques are used. Hence this process can help in decision making. Communication channels like servers, routers and internal company billboards and chat servers can also help determine new areas. On the other hand, utilisation of computer-aided technologies can help the business to choose critical business information efficiently. Therefore these information technology equipment helps to send business status reports to the executives and employees are updated over critical business projects (Aldamin et al.,2015).

The computer-aided information techniques have a certain advantage in the areas of accounting. These are as follows-

Use of Computer-Aided Technologies in Accounting and Finance

The utilisation of resources helps the companies to maintain a competitive advantage over the rivals and use newly invested products (Tayeh et al.,2015).

These resources are economically viable and reduce costs overall.

Another way to implement these new techniques lies in the advancement of business entities through the use of information processing.

Software tools are also highly helpful to solve critical tasks related to accounting within a short span of timeframe (Lim 2013).

Cloud computing techniques are also helpful in current market scenario. Here the programmer uses certain server in different locations. It can also take “working in clouds”. Different purchases of software’ and hardware have enabled the use of servers. Through this the programmes can be handled within a limited time frame. Therefore the information’s will be secured, and general people won’t be able to access this information without respective authority’s permissions (Dai & Vasarhelyi 2017).

Thus, in a nutshell, it can be said that the new and improved techniques in accounting will be effective in meeting the business requirements and ensures proper resulting outcomes each time these techniques are used in the business.

Conclusion

Newly improved information techniques have immensely helped the overall business accounting to grow. Since today the computer accounting techniques are highly improved, there is a fair chance that the business will be highly influenced by this. Many transactions processes were simplified, thus creating efficient operations and other opportunities. On the other hand the use of these accounting techniques will enhance the decision- making the process. Sometimes it is also important to consider positively that the system might be ineffective and business entities much choose compatible systems which are far more effective and efficient at the same time (Pan & Seow 2016).

Thus it is advised that in the case the use of information technologies and computer have helped the accounting process, but still now computers can’t replace the roles of a human being.

References

Agrawal, P., & Hall, S. C. (2014). Using accounting metrics as performance measures to assess the impact of information technology outsourcing on manufacturing and service firms. Journal of Applied Business Research (JABR), 30(5), 1559-1568.

Aldamen, H., Al-Esmail, R., & Hollindale, J. (2015). Does lecture capturing impact student performance and attendance in an introductory accounting course?. Accounting Education, 24(4), 291-317.

Azudin, A., & Mansor, N. (2018). Management accounting practices of SMEs: The impact of organisational DNA, business potential and operational technology. Asia Pacific Management Review, 23(3), 222-226.

Brandas, C., Megan, O., & Didraga, O. (2015). Global perspectives on accounting information systems: mobile and cloud approach. Procedia Economics and Finance, 20, 88-93.

Dai, J., & Vasarhelyi, M. A. (2017). Toward blockchain-based accounting and assurance. Journal of Information Systems, 31(3), 5-21.

Lim, F. P. C. (2013). Impact of information technology on accounting systems. Asia-Pacific Jornal of Multimedia Services Convergent with Art, Humanities and Sociology, 3(2), 93-106.

Mami? Sa?er, I., & Olui?, A. (2013). Information technology and accounting information systems’ quality in Croatian middle and large companies. Journal of information and organisational sciences, 37(2), 117-126.

Pan, G., & Seow, P. S. (2016). Preparing accounting graduates for the digital revolution: A critical review of information technology competencies and skills development. Journal of Education for business, 91(3), 166-175.

Taiwo, J. N. (2016).effect of ict on accounting information system and organisational performance: the application of information and communication technology on accounting information system . European Journal of Business and Social Sciences, 5(2), 1-15.

Tayeh, M., Al-Jarrah, I. M., & Tarhini, A. (2015). Accounting vs market-based measures of firm performance related to information technology investments. International Review of Social Sciences and Humanities, 9(1), 129-145.

Cite This Work

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My Assignment Help. (2020). Essay: IT In Accounting And Finance.. Retrieved from https://myassignmenthelp.com/free-samples/bus600-communications-management.

"Essay: IT In Accounting And Finance.." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/bus600-communications-management.

My Assignment Help (2020) Essay: IT In Accounting And Finance. [Online]. Available from: https://myassignmenthelp.com/free-samples/bus600-communications-management
[Accessed 16 July 2024].

My Assignment Help. 'Essay: IT In Accounting And Finance.' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/bus600-communications-management> accessed 16 July 2024.

My Assignment Help. Essay: IT In Accounting And Finance. [Internet]. My Assignment Help. 2020 [cited 16 July 2024]. Available from: https://myassignmenthelp.com/free-samples/bus600-communications-management.

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