Question

what are some Internal control procedures that are sound and/or lacking in the manual system for SAGE 300.

How has Computer and application controls that have been strengthened with the computerisation

Other benefits of computerizing the accounting system of the business

Problems encountered in implementing the system, if any, and steps taken to resolve them

Answer 1

Sage i300 iERP

Sage i300 iERP i(formerly iSage iERP iAccpac) iis ia ibusiness iaccounting isoftware iwhich iprovides imidsized icompanies iwith ia icustomizable, icost-efficient, iand ihighly iadaptable ienterprise iresource iplanning isolution ifor ifinance, iCRM, iand ioperations.

Companies iaround ithe iworld iuse iSage i300 iERP i(formerly iSage iERP iAccpac) ito imanage inearly ievery iaspect iof itheir ibusiness. iSage i300 iERP iis ia icomprehensive imultinational ibusiness imanagement isolution ibuilt ion ithe imost iflexible iand iexpandable iarchitecture iavailable itoday.

Cost-effective, iquick ito iimplement, iand isimple ito iuse-Sage i300 iERP iprovides ibest-in-class isolutions ito iautomate iworkflow ithroughout iyour iorganization. iSage i300 iERP ioffers iall ithe ifeatures iyou iwould iexpect ifrom ia ipowerful isoftware isolution: iaccounting, idistribution, iwarehouse, imanufacturing, isales, imarketing, icustomer iservice, iand ibusiness ianalytics-through ibusiness iintelligence iand ireal-time ikey iperformance iindicator i(KPI) idashboards. iPlus iadditional ifeatures iwell isuited ifor icompanies imanaging imultiple ibusinesses iacross icountry iborders.

Advantages iof iUsing iSage i300

1. Industry-Leading iReliability

Sage i300, iformerly iAccpac, iunifies iall ifacets iof iyour ibusiness ito icreate ian iend-to-end isystem ithat iallows iyour icompany ito igrow. iFrom ifinancial imanagement iand iweb-sales ito icustomer irelationship imanagement i(CRM) iand ihuman iresource ineeds, iour icomprehensive ibusiness isolutions ihave igot iyou icovered iwith iindustry-leading ireliability.

2. Advanced iFunctionality

Scalable iand icomprehensive, iSage i300 iis ian i‘out iof ithe ibox’ isolution ifor iboth ismall- iand imedium-sized ibusinesses ithat ihave igrowth ion ithe ihorizon. iStarting iwith ia iproper iimplementation iand ifollowing iup iwith ifull itechnical isupport, iwe iget ithe iadvanced ifunctionality iof iSage i300 iworking ifor iyour icompany ino imatter ithe isize. i iOnce iImplemented, ithis ion-premise isolution ialso ioffers ia iweb iinterface ifor imobile iusers ithat iwill iallow iyou ithe iflexibility ito iwork iin itoday’s idynamic imarket.

3. Business-Wide iVisibility i

As ian ienterprise iresource iplanning isolution, iSage i300 igrants ibusiness-wide ivisibility ifor imanagement iwhile ifacilitating idaily itasks iof iall icompany iemployees, iby iintegrating iand iconsolidating iall ibusiness ioperation iand ioffering iaccurate, iintelligent, iand ireadily iavailable idecision-making iinformation. iWith iglobal ireach iand ilocal itouch, iyou ican isupport imultiple ientities, ilanguages, icurrencies, iwhile iusing ia isingle isoftware isolution iaround ithe iglobe. iSet iand imeet iquality iand iproductivity igoals iwith ithe ioption iof ion-premises ior ionline icloud ideployment.

i i i i i i i i i i i i i i i i i i i i i i i i i i i i i iComputerized iaccounting isystem iis isoftware ithat ihelps ibusinesses ito imanage ithe ibig ifinancial itransactions, idata, ireports, iand istatements iwith ihigh iefficiency, ispeed, iand ibetter iaccuracy. iBetter iquality iwork, ilower ioperating icosts, ibetter iefficiency, iand igreater iaccuracy, iminimum ierrors iare isome iof ithe iadvantages iof iComputerized iAccounting. iLet ius ilearn imore iabout iComputerized iaccounting ienvironment.

Need ifor iComputerized iAccounting

Its ineed iarises ifrom ithe ibenefits iof ispeed, iaccuracy iand ilower icost iof ihandling ithe ibusiness itransactions. iAlso, iit ihas ithe icapability ito irecord ia ilarge inumber iof itransactions iwith ispeed iand iaccuracy. iIt iallows iquick iand iquality ireporting ibecause iof iits ispeed iand iaccuracy.

Manual iaccounting isystem irequires ilarge istorage ito ikeep iaccounting irecords, iand ivouchers. iThe irequirement iof ibooks iand istationery iand ibooks iof iaccounts ialong iwith ivouchers iand idocuments iis idependent ion ithe ivolume iof itransactions. iThere iis ia ineed ito ireduce ithe ipaperwork iand idispense iwith ia ilarge ivolume iof ibooks iof iaccount. iThis ican ibe iachieved iworking iwith ithe ihelp iof icomputerized iaccounting isystem.

Features iof iComputerized iAccounting iEnvironment

This iAccounting iSystem iand iits iawareness iamong ientities ihave ibecome ia inecessity iin ithe ipresent ienvironment. iBusinesses iof iwhatever ifield iand isize iare ishifting ifrom ithe ipractice iof imaintaining iaccounts imanually. iThe imanual iprocess iis imore itime-consuming iand iexposed ito ihuman ierror.

Storage iand iretrieval iof idata iand igeneration iof ia ireport icannot ibe iensured iin ireal itime iin ithe itraditional isystem. iThere iis ia ineed ito ishift ito icomputerized iaccounting isystems. i iThey ihave iempowered ibusiness ito iproject iaccurate iinformation iof ifinancial iperformance.

Simple iand iIntegrated: iIt ihelps iall ibusinesses iby iautomating iand iintegrating iall ithe ibusiness iactivities. iSuch iactivities imay ibe isales, ifinance, ipurchase, iinventory, iand imanufacturing ietc. iIt ialso ifacilitates ithe iarrangement iof iaccurate iand iup-to-date ibusiness iinformation iin ia ireadily iusable iform.

1. Accuracy i& iSpeed: iComputerized iaccounting ihas icustomized itemplates ifor iusers iwhich iallow ifast iand iaccurate idata ientry. iThus, iafter irecording ithe itransactions iit igenerates ithe iinformation iand ireports iautomatically.

2. Scalability: iIt ihas ithe iflexibility ito irecord ithe itransactions iwith ithe ichanging ivolume iof ibusiness.

3. Instant iReporting: iIt ican igenerate ia iquality ireport iin ireal itime ibecause iof ihigh ispeed iand iaccuracy.

4. Security: iSecured idata iand iinformation ican ibe ikept iconfidential ias icompared ito ithe itraditional iaccounting isystem.

5. Quick iDecision iMaking: iThis isystem iGenerates ireal-time, icomprehensive iMIS ireports iand iensures iaccess ito icomplete iand icritical iinformation, iinstantly.

6. Reliability: iIt igenerates ithe ireport iwith iconsistency iand iaccuracy. iMinimization iof ierrors imakes ithe isystem imore ireliable.

Computerized iaccounting isoftware iprograms ihave imade imuch iadvancement iover ithe iyears. iThese iprograms itout imaking ilife ieasier ifor ibusiness iowners iwhen iit icomes ito itracking iexpenses, ipreparing itaxes iand ilooking iat irevenue igrowth. iAccounting isoftware iprograms ihave ibecome icommon; ithere iare iboth iadvantages iand idisadvantages ito irelying ion ia icomputer ifor iall iaccounting.

1. iSimplicity

Most ibusiness iowners iare inot iaccountants ior ibookkeepers iby itrade iand ifind iit ichallenging ito ido imost iaccounting itasks. iThis iis iwhere iaccounting isoftware iprograms igive ia ibusiness iowner iadvantages. iA iwide ivariety iof iaccounting isoftware iprograms iare iconsumer ifriendly. iBusiness iowners ican ishop iaround ito ifind ia iprogram ithat iis ieasy ito iinstall, ilearn iand iuse. iMany iprograms iprovide iprompts ifor ithe itype iof idata ithat ishould ibe ientered iin ieach isection. iOnce ithe isystem iis iestablished iwith ibank iaccounts, idebts iand ivendors, ithe ibusiness iowner ionly ineeds ito iupdate iinformation ias iit icomes iin.

2. iReliability

Most iof ithe imajor isoftware iprograms imake iusing ithe iprogram isimple. iThe imath iis iaccurate iand ireliable, iso ia ibusiness iowner ican iaccurately idetermine iavailable ifunds iat iany itime.

3. iCost-Effectiveness

Hiring ian iin-house ibookkeeper ior ioutsourcing ithe iwork ito ia ibookkeeper ior iaccounting ifirm ican ibe icostly. iThe isoftware iprogram ihas ian iupfront icost iand imight irequire icontracting ia ibookkeeper ito iset iup ithe iaccounts iand icoach ithe ibusiness iowner ion iusing ithe iprogram, ibut iit iquickly ibecomes icost-effective. iThe iowner idoesn't ineed ito ipay ifor ianything ibeyond ithe isoftware ipurchase iand isetup. iMost iprograms iwork iwith ioperating isystems ifor iyears iand ionly ioccasionally irequire ian iinexpensive iupgrade.

4. iAbility ito iCollaborate

Many isoftware iprograms iallow ibusiness iowners ito iset ipermissions ithat igive ian ioutside ibookkeeper ior iaccountant iaccess ito ithe idata. iBusiness iowners ican isync iinformation iwith ibank iand icredit iaccounts iand iimport idata iwith ia iclick iof ia imouse. iThis iallows ibusiness iowners ito iquickly ireconcile iaccounts iand iimport ithe icorrect iinformation ithat ineeds ito ibe ireviewed iby ikey iadvisors.

Business iowners ishould ireview ithe ibest ioptions ifor ithe ibusiness. iConsider ibackups ieither ion ithe icloud ior ion iseparate ihard idrives ito imaintain iaccurate irecords ishould iproblems iarises.

Disadvantages

1. Potential iFraud

Dependence ion icomputers isometimes ileads ito ibigger iproblems. iWith imore isoftware idata ibeing ihoused iin ithe icloud, ithere iare imore iopportunities ifor ihackers ito iget iyour ibusiness's ifinancial idata iand iuse iit. iThis iputs iassets iat irisk iand icreates ipotential iliability iif ihackers iuse iemployer itax iidentification ito iopen icredit icards iand ibusiness iloans. iThere iis ialso ithe irisk iof isomeone iwithin ithe ibusiness iaccessing ithe iinformation, iperhaps ipilfering imoney ifrom idaily ideposits iand ialtering ithe idata iin ithe iprogram. iBusiness iowners imust idiligently iprotect ifinancial iinformation.

2. iTechnical iIssues

When idealing iwith icomputers, iissues ican iarise. iYou imay ibe icompleting iyear-end idata ifor iyour iaccountant iand iexperience ia ipower ioutage. iComputers imight iacquire ia ivirus iand ifail. iThere iis ialso ithe ipotential iof iusers iincorrectly iperforming isoftware itasks ithat ithey iare inot ifamiliar iwith. iIf ia iuser itries ito ido ione ithing ibut iinadvertently idoes isomething ielse, iit imight itake isome iwork ito iundo ithe ierror.

3. iIncorrect iInformation

Bookkeeping irecords iare ionly ias igood ias ithe idata iput iinto ithe isystem. iBusiness iowners ithat idon't itake ithe itime ito iestablish iaccount icategories iproperly imay ienter idata iand igenerate ireports ithat iare inot iaccurate.

Business iowners ican ido ia ilot ito imitigate ithe idisadvantages iand ipotential iproblems iassociated iwith icomputerized iaccounting iwith iproper iplanning iand isoftware iintegration. iTaking ithe itime ito iestablish iit icorrectly iis ieasier iand icheaper ithan itrying ito ibacktrack ibecause iwhen ia iproblem ioccurs.