Accounting Information System

Accounting Information
System

INTRODUCTION...........................................................................................................................3
c. Identifying external sources of the funding and the manner in which they would be
approaching such sources............................................................................................................3
d. Explaining legal, ethical and security issues with regards to development and the use of
software application.....................................................................................................................4
Recommendations........................................................................................................................4
CONCLUSION................................................................................................................................5

INTRODUCTION
Accounting information system is a system through which a business can keep a record
and track of its financial information. It is widely used by companies for the purpose of
collection, storage and processing of data which is used to create and maintain reports, file taxes,
and thus complying with the government rules and regulations. There are several types of
accounting information systems used like Batch processing systems, online batch systems and
real-time systems. The current study will emphasize on external sources of funding from where a
business can obtain capital and also on some ethical, legal and security issues that arise while
developing and using software application.
a. Identification of key decision need to make a successful entrepreneur
Being an entrepreneur is a very tough and big task for getting success with the
entrepreneurial venture (B Romney, 2018). This is majorly due to the fact that the venture is
being set up in the highly competitive environment and it is very essential for the entrepreneur to
take the effective decision so that the business start up gets successful. Hence, in the present case
of the idea of new entrepreneur of the 3D scanning application also, the entrepreneur has to take
a wide variety of the decision. This is majorly because of the reason that when the person set up
a new business then they have to take a wide range of decision for its success. Hence, the success
of the new business idea will depend on the decision taken by the entrepreneurs only. These
varieties of decision are as follows-
The first and foremost important decision to be taken by entrepreneur in developing the
business idea of 3D scanning application is that whether they will be able to turn their idea into
reality or not. This is majorly because of the reason that if the entrepreneurs are not having
proper resources related to the business then they will not be able to work in effective manner.
Thus, this will help the entrepreneur in managing the idea of the business in effective manner.
Thus, if the entrepreneur will be able to effectively decide for the success of the company in
successful manner. The resources are very essential for the running and operations of the
company in successful manner. Also, the resources are very less and limited and need to use in
very effective manner and for this the entrepreneur need to decide in very rational and logical
manner.
Another major decision to be taken by the entrepreneur is related to the finance as
without money no work can be accomplished. In the process of setting up a business the finance
requirement are very high and the entrepreneur need to decide that from where they will arrange
for the money. This is essential because $10000 which is the prize money will not be sufficient
and entrepreneur will have to decide for other sources as well (Ibrahim, Ali and Besar, 2020).

There are many different sources from which the finance can be arranged and the entrepreneur
has to decide for the source from which these entrepreneurs can arrange for the money for
starting the business.
Another major decision which the entrepreneur needs to take is the decision relating to
the technology which the business will be using. This is essential because of the reason that in
this highly competitive world there are many different types of technology being used within the
business world (Hall, 2018). Thus, the entrepreneur needs to decide that which type of
technology they will be using in order to manage their new business of 3D scanning application.
Hence, here the entrepreneur need to take the decision that which technology will they use and at
what cost it will be implanted within business and how it will be operated.
In addition to this business decision there are also some of the business process which the
company need to follow in order to establish the business in proper manner. There are different
types of business process which need to be followed by the business at time of establishing the
business which are as follows-
The first one is the primary process which includes the fact that the company need to
deliver the quality services to the consumer. This is necessary because of the reason that if the
consumer will not be satisfied then the company will not earn a good amount of profit and this
will affect the working of the company to a great extent.
Another major process is the support process which includes the activities which are
necessary for the sustaining of the primary activities of the business and the management of all
the different types of activities and department of the company.
Another major important process to be used by the company 3D scanning application is
the use of the management process as this will assist the company in managing the business in
accordance with the latest changes taking place in the environment and then adapting it in the
business. This is essential as this will encourage the employees to work in more better and
attractive manner.
b. Identification of the external parties and specification of the information received and sent to
them
At time of initiating or establishing any of the business it is very essential for the
company to have interaction with the different types of external parties. This is very essential as
the company exist in the environment which is very dynamic and company cannot work in
isolation or without communicating with them (Granlund and Teittinen, 2017). Thus, for this the
company has it interact and communicate with other different parties which are as follows-
Financiers- this is the most important external party which is essential for the working of
the company. This is majorly because of the reason that without finance no business can work
and for this the entrepreneur also not has enough personal capital thus, for this the entrepreneur