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Cloud Accounting for Goodie Gumdrops

   

Added on  2020-02-24

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Client Name: Goodie GumdropsYour name: Accounting Information SystemDate: Page 1 of 10Student Name and Student ID
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Executive summaryIn the contemporary market palace, the demand for cloud based accounting informationsystem is gradually increasing and till date it has grasped a large part of business capacitiesover the traditional accounting system. While a number of benefits are there; it has also fewbackdrops. It has seen that the cloud based Accounting System mainly incorporates the Cloud facilitiesto store respective organisation’s accounting information. As all the information are storedin cloud system, wherever internet connection is available, the stakeholder can accessrelevant information at any point of time. Unlike this, in case of traditional accountinginformation system, organisations needs to have a devoted hard drive on which accountinginformation is recorded manually. In case of traditional accounting system, most of the cases data in the system is not up todate neither the software. There is necessary to keep a backup of all information to work incontingent situation like hard drive crash or while system is non-functional. Further, thecustomer support is cooperatively costly and service delivery time is slower in most cases.Unlike this, the use of cloud based accounting system made small organisations like GoodieGumdrops to stay connected with all date. Further, this system can be integrated withexisting system and thus there is no need to take extra burden for existing system. Inaddition to this the system is available in subscription basis, which supports the start-up firmor small organisation by reducing the initial invested amount. The organisation like Goodie Gumdrops is a start-up wholesaler and thus, it needs minutemonitoring to attain success in the longer run. The factors like dashboard, easy recording,minimum cost, appropriate financial statements indicates that Xero will be an effectivecloud based accounting system.Page 2 of 10Student Name and Student ID
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Financial reports for Goodie GumdropsAssumptions:1. For the purpose of financial transaction, a bank account named Goodie Gumdrops has been established, where opening balance was 0.2. All items were purchased @ $1.00 per unit;3. All items were sold @ $1.50 per unit;4. In case paid date is missing, it was set as 3rd August 2017;Page 3 of 10Student Name and Student ID
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