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Computerized Accounting

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10 views

Computerized Accounting

Uploaded by

sm.oakkarkyaw
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Computerized

Accounting
U Oakkar Kyaw
SM Computer Mandalay
Training Center, Anischan, Pyin Oo Lwin
Key Components
• Accounting Software: The heart of the system,
automating processes and providing tools for data
entry, calculations, and reporting.

• Hardware: Computers, servers, and other devices


that run the software and store data.

• Data: The financial transactions and other


information entered into the system.

• People: The individuals who use the system,


including accountants, bookkeepers, and
managers.

• Procedures: The rules and guidelines for using the


system, including data entry, report generation, and
security protocols.
Structure
1. Data Entry: * Transactions are recorded into the
system, such as sales, purchases, payments,
and receipts. * Data is entered into appropriate
accounts based on the chart of accounts.

2. Processing: * The software automatically


calculates totals, balances, and other figures. *
Transactions are posted to the general ledger
and subsidiary ledgers.
Structure
3. Reporting: The system generates various financial
reports, including:
1. Income statements
2. Balance sheets
3. Cash flow statements
4. Trial balances
5. Aged receivables and payables reports.
Structure
4. Analysis:
Users can analyze financial data to identify trends, make decisions, and improve
performance.
Benefits
• Accuracy: Reduces human error and ensures accurate calculations.
• Speed: Automates tasks, saving time and increasing efficiency.
• Efficiency: Streamlines processes and eliminates manual tasks.
• Security: Protects sensitive financial data with security features.
• Accessibility: Provides access to financial information anytime, anywhere.
• Compliance: Helps organizations adhere to accounting standards and regulations.
• Decision-making: Provides timely and accurate information for better decision-making.
Challenges:
• Cost: Can be expensive to implement and maintain.
• Training: Requires training for users to learn the software.
• Security: Requires strong security measures to protect data.
• Complexity: Can be complex for small businesses or those with limited IT resources.
Popular Accounting Software:
• QuickBooks
• Xero
• Sage
• Zoho Books
• SAP
Popular Accounting Software:

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