Question

Plz write in your own text and don't copy answers that was answered before since my teacher has (Plagiarism checker) thank you at least 3-4 paragraphs

1. In your own words, describe the benefits of computerized accounting to an organization. What features in QuickBooks will aid an organization in its accounting and decision-making process? What differentiates manual and computerized accounting systems?

at least 3-4 paragraphs

Answer 1

Computerized Accounting System: Computer accounting system is simply accounting information system used to record economic transaction ( financial transactions) as per GAAP and produces reports and presen tto stakeholders.

Eg: SAP , Tally ERP these are tools to record the accounting information in system.

Features of Quick books is same as of other Accounting information system but things to be customised as per the needs of the requirement of the organisation.

LEt understand with the example:

Changes in Statutory requirement: Only E invoice is viable for taking credit. System is enough to generate Invoice as per the statutory requirement. ( Like Size, Features, Things required to be added as mandatory in INvoice)

It helps in decision making as organisation owners know that they have proper software in place and minimal customization will add value or meet the statutoy requirements. It helps to decide whether to take another INformation systeme for new requirement or not.

Easy report generation from Accounting system helps to understand the Revenue, cost and other non - contributing cost etc. PAyroll expenses, stock keeeping, stock purchase expenses, Sale projection required etc. all these matters can be analysed properly with sufficient data base at hand any time.

Differntiate between manual and customized accounting system:

- Real Time Data Access / Reports: with addition of pending accounting entries one can generate report as on date as per requirement of report analysis.

- Duplication of work: Removes duplication of work

-Avoids Manual Error: Helps to point manual calculation errors in system

- Easy to transfer data: Easy to access data and its transferability, As in Manual system one need to fix place to access data and it is time constraint also.

- Accountability: Adding any transaction can keep record of when entry is posted into the system.