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Accounts Computers in Acounting

In: Computers and Technology

Submitted By sidvichare
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INTRODUCTION Accountants measure a business entity's income, expenses and changes resources. Back in the day, prior to the widespread use of spread sheet and computer applications, Accountants used journals and ledgers in which they recorded business transactions. Hence the term keeping the books. As computer applications became main stream, this keeping of the books Accountants do, has gradually migrated into computerized spreadsheets. Gradually, Accounting systems dedicated to this function were developed and the term Computerized Accounting was born

ADVANTAGES * Faster and efficient in processing of information; * Automatic generation of accounting documents like invoices, cheques and statement of account; * With the larger reductions in the cost of hardware and software and availability of user-friendly accounting software package, it is relatively cheaper like maintaining a manual accounting system; * More timely information can be produced; * No more manual processing of the data- all automatically been posted to the various ledgers/accounts and * Many types of useful reports can be generated for management to make decisions

12.3 NEED AND REQUIREMENTS OF COMPUTERSIED
ACCOUNTING
The need for computerised accounting arises from advantages of speed, accuracy and lower cost of handling the business transactions. l Numerous Transactions
The computerised accounting system is capable of handling large number of transactions with speed and accuracy. l Instant Reporting
The computerised accounting system is capable of offering quick and quality reporting because of its speed and accuracy. l Reduction in paper work
A manual accounting system requires large physical storage space to keep accounting records/books and vouchers/ documents. The requirement of stationery and...

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