Discuss about the Strategic Information System for Payroll and Trial Balance.
Accounting software is a software application used for processing and recording of accounting transactions such as accounts receivables, payroll and trial balance. It may also be integrated with the third party application. It is important to underscore that Accounting has long history that dates back to those incarnation of mathematicians such as Leonardo Vinci and Luca Pacioli in the 15th century. However, notable progress was realized in 1980s where Accounting Software became much advanced. This saw the realization of multiple software which played significant role in business, making the venture operate well and maintaining high efficiency and accuracy of figures. For instance, QuickBooks was realized in 1983 by American Scotts to aid Accounting Computer Software. Other significant progress has seen the realization of Cloud Accounting which is more sophisticated software that supports both online and offline. This enables online users to use it effectively without any difficulty and enhances confidentiality of information. Therefore, the Accounting Software System used in Australia would be fully explicated in this piece of work in the view of establishing how it aids business personnel in conducting their daily operation and ascertain it relevancy.
Review of Literature
Sutherland (2013) asserts that Freshbooks is the leading accounting software in the market. It is a Gold Award winner a clear indication of its position in the market. It is also incumbent to note that it is the most preferable type of Accounting Software as it enhances higher degree of confidentiality and allows easier operation making it appealable for most of the firm to adopt it in their daily activities in business (SUTHERLAND, 2013). The above accounting software is simpler to use. It is important to underscore that it is easier for navigation. Moreover, it offers an array of compatibility with other applications used in businesses. Freshbooks offers plethora of advantage as it offers sell services and other business consulting services. Most importantly, it lowers credit card usage which makes it simpler for customer to do their transactions with ease (SUTHERLAND, 2011). Similarly, it allow the company to devise four plans which is very useful in unlimited invoicing and tracking of other elements such as expenses in the firm and the time.
According to Calder (2012), Sage is an Accounting Software that takes the second position after Freshbooks. In short, it is considered to be the Silver winner in terms of AIS (CALDER, 2012). The aforementioned software is very useful and simple to use in the business. Business people of different walks of life use it on their daily operation as it is the most convenient and simple to apply or use. This makes it to be the most preferable software among the business enterprise. In most of SMEs, it is common to see the application of this software. Sage has been operational for more than 30 years, a fact that shows its relevancy and primacy in the current market which is characterized by other emerging competitive software in accounting industry (CURTIS, 2015). On the same breathe, Sage has wider geographical coverage as is being used by more than 24 countries within European nations. In addition to that, Sage Accounting provides an aura of software solutions to business. This makes it a better option for a growing business. Moreover, it serves different purposes in business and therefore used by different international companies the world.
Kelly (2012) catergoriacly steats that QuickBooks is widely known and used over a vast geographical coverage of land. Ideally, it is approximated that over 130,000 accountants make use of it on their daily activities of calculating and recording relevant information (KELLY, 2012). Additionally, it helps in management of client’s book and therefore making it efficient for storage of confidential information for the firm. As such, it integrates other relevant application that do cohere in functionality so as to heighten its usage. Primarily, the above application has been improved over years to make it much simpler and easier to use. Most of this application make use of Cloud based accounting software (MADEIRA, 2013). This is the modern and current application that allows one to use online and therefore lessens the activity of moving from one place to another to get access to given accounting application. It therefore reduces the ambiguity of one moving from place to another and ultimately allowing one person to operate their job at the places of their convenience.
Advantages of Accounting Software
Some of the AS applications are enumerated below as follows. Most of AS are used to track inventory, vendors and customer information. This puts the firm at a better position to establish the magnitude of its sales and most importantly to ascertain the underlying factors surrounding the firm. The modern form of application that was realized is the use of Cloud base accounting. The cloud base accounting lowers cost of use and it is the most convenient type of application. The previously mentioned applications heightens efficiency and therefore makes it realizable (NEISH, 2013). Moreover, it backs up the data and make it more practicle for usage. This offers both online and offline support. Due to its dual use, it makes it easier for accountant to use in tracking some of financial records. Freshbooks, Sage and QuickBooks has provided an array of solution to accounting industry. This makes it easier for accounting to make tracks of multiple of items in the firm and therefore improving of efficiency (REEVE, 2012). Cloud based accounting obliterates any form of anomaly or reduces chances of realizing loss in the firm. Apart from business enterprises using it, also the public sectors and the government makes good use of it due to its high degree of efficiency in keeping the information confidential. It is pertinent to state that Freshbooks is the most preferable of form of Accounting since it can perform an array of activities by tracking relevant information in the business (CURTIS, 2012). This is the reason that most of the businesses and public sectors prefer it.
As indicated above, most of Accounting Software are beneficial to the growing economy. However, it is important to state that AS has its own pitfalls that would be enumerated in this work. There are a lot of complexities that are involved in the use of most of AS (ROEBUCK, 2012). The complexities is due to its sophisticated features. It becomes difficult for most of the people to operate and therefore requires proper training on it for the said application to become relevant. Sometimes, it may deny access to other viable users in the firm if one of the employee the organization decides to alter its encrypted figures (TECHNOLOGYADVICE, 2015). This may become difficult for most of the employees or an opportunity to track some of the financial records in the firm which are very crucial.
Different business ought to make good use of AS in their operation since it enhances efficacy in tracking the financial records of the firm. In conclusion, firm should ascertain which Accounting software they ought to adopt in respect to the magnitude of task in the business. In analyzing the advantages of Accounting Software, here are a number of consideration that are to be made. These are:
Whether it can calculate payroll and other requirements such as (PAYE, annual leave and other notable functionality of accounting; Whether the system track stocks, orders and jobs in the firm; whether the system handles multiple accounts and lastly, can the system track separate financial records in the company.
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