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#1-Intro To Accounting

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30 views10 pages

#1-Intro To Accounting

Uploaded by

s21673172
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Module No2

Computerized accounting system


Computerized accounting system
Syllabus :-
• Introduction and meaning
• Uses and Benefits
• Role
• Need and requirements of computerized accounting
• Basic requirements of computerized accounting system
• Limitations of computerized accounting system
• Understand the development and design of a computerized
accounting system; determining how the accounting data will
be processed, i.e. what accounts and books are needed and
what is the desired output i.e. financial reports and other
reports.
• Accounting Software
• Introduction and meaning
• Advantages of accounting software
• Uses of Accounting software
• Various accounting softwars
• Accounting software TALLY – Accounting and reports
Introduction and meaning

• A computerized accounting system is an


accounting information system that processes
the financial transactions and events as per
Generally Accepted Accounting Principles
(GAAP) to produce reports as per user
requirements.
Q1.What are the features of Computerized Accounting
System
(1) Data Security:
• A computerized accounting system allows users to
store their data in a central location.
• In this way, if any piece of paper that contains valuable
information is lost, no one is at risk of having their
information stolen.
• All the data is hence stored at a central location.
(2) Improved Reporting:
In Accounting software, various things are automated,
and very less things are recorded manually.
• This helps in improving reporting of transactions and
statements.
(3) Accuracy and Speed:
• The automation of accounting processes with the
help of various accounting software ensures that
accounting work is done fast and accurately.
(4) Scalability:
Computerized Accounting system is so flexible as to
accommodate the changing business volume.
(5) Quick Decision Making:
Since a computerized accounting system generates
real-time information, managers are quick to come
up with instant decisions or solutions to a particular
problem.
(6) Advanced Features:
• While some accounting software is designed for
sole proprietors and small business owners,
others are tailored for larger enterprises.
• If the business is operated at a large scale, you
may want to consider a computerized accounting
system that comes with features like inventory
management and multiple user access.
(7)Reliability:
A computerized Accounting system produces
standard and accurate accounting information
consistently.
Q2. What are the uses & Benefits of
computerized accounting system?
• It records the purchase of goods and services,
sales value and other financial transactions.
Accounting Software saves time, money and
resources.
• It is a business tool for book keeping and
other financial operations.
• Accountants use this software in recording
and tracking financial transactions.
Benefits of computerized
(1) Automation
• To make sure that all calculations are correct and
accurate it is important to use something other than
pen and paper.
• The systems we provide also take care of all procedures
automatically so that invoices are created and manual
accounting is taken care of efficiently.
(2) Data Access
• Using the software becomes easier and gives you
easier access to data files when you need them.
• You no longer have to search through endless piles of
paper and files to find a certain date, data file or piece
of information as they are all there for you at the click
of a button.
(3) Accuracy
• An accounting system is designed to be completely
accurate right down to the final detail.
• Although your maths skills may be 10/10 it is always safer
to use a computerized system to do the calculations for
you.
• It also automatically does additions, subtractions and
calculations once you have submitted data making the
whole process quicker.
(4) Reliability
• Of course they are reliable systems to use.
• They are smarter than any accountant can ever be and take
care of tasks when you tell it to.
• You can count on your computerized system to take control
of your accounts when you don’t have the time to.
(5)Speed
• A computer is always going to be faster than a human being
and when it comes to accounts they are faster than ever
before.
• Statements, reports, analysis and everything you need can
be created at the push of a button so you can get access to
your accounts in quick time.
(6) Security
• The latest technology can be saved and stored off site so
there is no threat of intrusions and stealing of data.
• The systems can always be restored from old data files and
backups are vital to make the most of clever accounting.
• With password protected areas and certain accounts for
different parts of the business you can control who has
access to the systems for extra safety.

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