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ACC 564 - Strategic Information Systems | Accounting Software

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Strayer University

   

Corporate Financial Reporting (ACC 564)

   

Added on  2020-03-04

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In this assignment will discuss accounting software that enables an organization to record, classify and process accounting information such as; accounts payable, accounts receivable, general ledger and payroll etc. Another name for accounting software packages are accounting information system. Accounting information system is prepared for the ease of workings for an organization. It included - control problems or frauds, development Adoption and Gaps-Challenges.

ACC 564 - Strategic Information Systems | Accounting Software

   

Strayer University

   

Corporate Financial Reporting (ACC 564)

   Added on 2020-03-04

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ACC 564 - Strategic Information Systems | Accounting Software_1
Part - 1IntroductionAccounting software packages are such software’s that enables an organization to record,classify and process accounting information such as; accounts payable, accounts receivable,general ledger, pay roll etc. Another name for accounting software packages are accountinginformation system. Accounting Information System is prepared for the ease of workings for anorganization. All the accounting information’s are stored in AIS and used according to the needof the hour. Accounting information systems can be prepared by the firm itself or it can beprepared by third parties or the firm and the third parties together. Earlier accounting was donemanually, errors and discrepancies were common. The invention of accounting informationsystems made it easy for all the organizations to perform accounting functions which reduced thechances of errors and discrepancies. In Australia also accounting information systems are widelyused, there is a majority of companies that are using AIS and has put an end on paper or manualaccounting. Accounting information systems has come out as the most successful invention inaccounting field since 2000[ CITATION Alp01 \l 1033 ]Literature Review A most common reason behind the failure of a company can also be the selection of wrongaccounting software’s. A right accounting software will work in favor of an organizationwhereas the wrong one will bring failures to the organization[ CITATION haa14 \l 1033 ]. Now wewill talk about an organization that is using accounting information system and is alreadyundertaking its business operation in Australia. Harley & Carl is a private organization thatmanufactures air-conditioners, undertaking its operations in Australia Melbourne and is also auser of accounting information software’s. There are many accounting information systems; afirm always uses an accounting system that is prepared by itself or by a third party. Few of theaccounting information systems that are used by small or medium scale business firms inAustralia are: MYOB, Quick-books, and Reckon One etc.MYOB: Mind Your Own Business is an accounting system that is prepared by an Australiancompany which provides services related to taxation, accounting or other related things. MYOBwas formed By Christopher Lee.[ CITATION MYO00 \l 1033 ]. MYOB uses cloud storing for data,which enables it to provide required safety to its users. It has around 600000 activeusers[ CITATION BHU14 \l 1033 ].Quick-books: Quick-books are accounting information software which is introduced by anAustralian accounting firm and it works in the area of: payroll, tracks reports and change in
ACC 564 - Strategic Information Systems | Accounting Software_2
orders etc[ CITATION Gar01 \l 1033 ]. Quick-book is most suitable for small scale firms that do notrequire much of accounting or other related services in form of computer based systems.[ CITATION Jen06 \l 1033 ].Reckon-One: This software is widely used in Australia and New Zealand. It is a cloud basedstorage accounting information system, perfect for small and medium size businesses, and it ismostly used by accountants, book-keepers, individuals and Small or medium businessfirms[ CITATION Har00 \l 1033 ]. Now if we talk about Harley & Carl Pvt Ltd, the prevailing accounting software in this firm isMYOB, the organization uses this accounting system because of its following benefits:Accessibility: In this constantly changing and internet driven world, Large or Smallorganizations are making changes in their working. Computer based accounting is aresult of such change. Harley & Carl Pvt Ltd uses Reckon-One as it is cloud basedstorage system that stores the accounting or other related information in the servers thatare accessible through internet which makes it easy for the employees to use it anywhereand at anytime.Cost: The cost of maintaining Reckon-One is really reasonable as it provides so manyfacilities that its users never hesitate to pay for it. It is an economical accountinginformation system that is primarily made for Small or medium scale organizations.Security: Cloud storage systems are the best in security. It is more secure than any otherstoring method. If a company or an accountant uses a laptop (spreadsheet) to storeaccounting transactions then the chances of breaching of security is much higher than thehacking of the server in which the accounting information is stored. Harley & Carl Pvt Ltd follows’ a line Organizational structure. A line organizational structure isthat form of organizational structure which follows a line pattern or it can also be called militaryform of organizational structure i.e. there will be only one head and others will followhim[ CITATION Mar13 \l 1033 ]. It will be much easier to understand this structure with help of thefollowing diagram:
ACC 564 - Strategic Information Systems | Accounting Software_3

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