How are Accounting System Developed in Practice today.
Today, accounting systems are developed using the ABC methodology. Businesses meet some of their specific needs by buying an accounting system, a starting point system that is specifically tailored for them which gives them exactly what they need.
There are various things involved in developing an accounting system. The list is so long that it becomes confusing; as a result, IT specialties have developed three keys that help them to stay organized which is essential in creating a successful accounting system. These are people, processes, and technology which are used together with project management. These three keys were created based on the main functions of an accounting system, store data, analyze and use data, and safeguard the accounting data.
The people are basically about the teams involved in developing the accounting systems and their various roles; processes involves the steps that will be taken in developing the accounting system and IT specialists use the system development life cycle (SDLC) as well as the system development methodology (SDM) to define and organize these steps; technology is about the technology that will be used in the accounting system such as the accounting software, the database and DBSM and network and protocols.
The system development life cycle (SDLC) is an important component in creating a successful accounting system as it provides the various people involved in the process such as programmers, IT specialists and system analysts with a common language that will be used to communicate and minimize misunderstandings. SDLC is a series of phases to developing a system including plan, analyze, design, build or buy, install and deploy. The plan is why the system is being created and analyze looks at the user requirements including the current system. Design involves developing the new system models based on the findings of the analysis. Install is about installing the new system including hardware and software as well as training users and converting data so that it can be usable in the new system. Finally, deploying operating the new system as users utilize the system as well as maintaining and supporting the system.
Another important component in the development of a successful accounting system is a system development methodology (SDM) which determines regulates the order and movement of how and when the different phases of the SDLC are executed. There are various systems development methodologies such as the waterfall methodology, the prototyping methodology and the ABC methodology. All of these methodologies are used in designing and building cars such as the handmade Italian sports cars with the ABC methodology being the most widely used.
In theory, the ABC methodology appears to be a good way of developing accounting systems, but there have been some doubts. However, it seems to be a good fit for creating accounting systems because it is very popular among enterprises. They are using in-house programmers to customize their specific baseline system that addresses their needs, and that is the equation of an accounting system. Baseline and customization are two important stages involved in the ABC methodology. The baseline accounting system usually comprises of workflow and business processes enterprises used on a daily basis that is why it contains these phases of the SDLC, plan, analyze, design and build or buy. The customization of the baseline accounting system, on the other hand, involves taking steps that will ensure that the needs and requirements of a specific enterprise are met, and baseline modules for its vendors, customers, staff, reports, banking, and financials are developed. In the customized system stage, all of the phases of the SDLC must be performed. All of this is illustrated in the example involving Espressocoffee Company.
There are various advantages to using the baseline model in creating accounting systems. The baseline model is time efficient as the teams involved in the processes will not have to “reinvent the wheel,” they will have a base model that will enable them to tailor the accounting system to the specific needs and requirements of the enterprise. The baseline model improves the efficiency of the accounting system which reduces the probability of design errors occurring.
Baseline plus customization are widely used in enterprises because they have realized that no other approach is more suited to the distinct needs of accounting system design. Although most enterprises have accounting systems that are similar when it comes to business processes and activities, there are specific features explicitly tailored or customized for each enterprise. Enterprises have shifted away from methods that used to be used in the creation of accounting systems to the ABC methodology because it is portable, flexible and cost-effective.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2019). Development Of Accounting System. Retrieved from https://myassignmenthelp.com/free-samples/development-of-accounting-system.
"Development Of Accounting System." My Assignment Help, 2019, https://myassignmenthelp.com/free-samples/development-of-accounting-system.
My Assignment Help (2019) Development Of Accounting System [Online]. Available from: https://myassignmenthelp.com/free-samples/development-of-accounting-system
[Accessed 27 May 2020].
My Assignment Help. 'Development Of Accounting System' (My Assignment Help, 2019) <https://myassignmenthelp.com/free-samples/development-of-accounting-system> accessed 27 May 2020.
My Assignment Help. Development Of Accounting System [Internet]. My Assignment Help. 2019 [cited 27 May 2020]. Available from: https://myassignmenthelp.com/free-samples/development-of-accounting-system.
For years now, MyAssignmenthelp.com is providing affordable essay help to millions of students worldwide. Our essay assistance services have helped us in assisting students with even the toughest essay assignments. We take pride in the fact that we cater the best assistance to search terms like help me with my essay. We offer affordable services in the fastest way possible. For our fast delivering services, students trust us with their urgent essay assignment needs. Two of our most popular essay writing services are maths essay help and English essay help.
Answer: Introduction: Sky plc is a European media and telecommunication company which is situated in London, UK. The key products of the company are direct broadcast satellite, broadband, telephony services, broadcasting, pay television etc. the total revenue of the company was € 12.916 billion in 2017. Currently, 21 million subscribers are entertained by the company and 30,000 people are employed by the company (Home, 2018). The company...Read More
Answer: Introduction Accounting theories are the theories that have been developed over time for controlling and regulating the various accounting treatments that are incorporated in the different corporate entities all over the world. Accounting theories generally refers to the methodologies that have been established in order to guide the preparation of a financial report. The accounting theories have been modified over time in order to sui...Read More
Answer: Part A: Requirement i) Fair fax media limited has conducted the impairment of assets such as investments that accounted for using the method of equity. Such investments are tested for impairment at each reporting date when there is indication of impairment. At the end of each reporting period, assets that suffered impairment are reviewed for reversal impairment. Some of the intangible assets of organization such as trade names and ma...Read More
Answer: Introduction: The report is prepared to evaluate the valuation practice of non financial assets of companies regarding their non-financial assets such as intangible assets and plant, equipment and property. Valuation practices are analyzed in terms of fair value and historical cost accounting. It has been depicted from the analysis of literature review that these two methods of accounting often come under debate regarding its applicab...Read More
Answer: Introduction: In order to prepare the financial statements, the conceptual framework related to financial reporting is significant for the business organisations in the recent times. This is because it delivers considerable course of action along with the techniques and principles needed to develop the financial reports ( Barth 2015). Along with this, the conceptual framework could help in resolving various issues of the business organi...Read More
Just share Requriment and get customize Solution.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
very good writings, good references and really good pronunciation. would do here again the other time. very recommended!!!
must be a stupid expert who finished my assignment, don\'t trust it when they say, how good they are. They are all lies!!! i paid 148 dollars for 1000 words, and got less than 50%.!
It was good and was satisfied with this. This is completed and was passed right away after the presentation. Thank you!
They did a good job but this time i was no happy that much because i feel i need to let them again and again then even they did't done proper what i need but anyway once happend otherwise other all are mine good and i clear too