Accounting System & Process - Assignment

Running Head: Accounting system and process
1
Project report: Accounting system and process

Accounting system and process 2
Worksheet and financial reports:
Executive summary:
The paper explains about the importance, advantages and disadvantages of
spreadsheet. Spreadsheet is crucial application for an organization to measure and manage all
the financial records of the company. However, few errors are there in excel file.
Introduction:
Spreadsheet is an electronic document which arranges the data of an organization in
rows and column of a grid. Spreadsheet could be used to manipulate the data and calculate
the data of the company. Spreadsheet contains various pros and cons which has been
discussed and studied in the report (Weygandt, Kimmel & Kieso, 2015).
Spreadsheet:
The most common use of spreadsheet in a business is to make the budgets, produce
the charts and graphs and for sorting and storing data. In an organization, spreadsheet is used
by the managers of the company to predict the future performance, compute the tax, complete
basic payroll, calculate the revenue of the company etc. Spreadsheet was one of the oldest
applications for PC and Macs to encourage the businesses to make an investment into the
computer network (Wordpress, 2018). All the spreadsheet application is same. It includes raw
and columns which could be indentified on the basis of numbers and the letters. Spreadsheet
contains various pros and cons which are as follows:
Advantages of spreadsheet:
Spreadsheet is an interactive application which is quite crucial for each business as it
make the operations and the activities of the company quite simple. It is one of the best ways
to collect record and sort all the relevant information of an organization. The main
advantages of the spreadsheet are as follows:
 What if analysis could be used by the organizations without rebuilding the
entire model
 Spreadsheet could be shared through e-mail (Chron, 2018)

Accounting system and process 3
 Models and the spreadsheet files could be saved and stored to prevent the data
loess
 graphs could be produced easily to identify the trend in the industry
 It is quite safe and easy to use
 It is cheap and fast to use (Snyder & Davenport, 2013)
 No additional software are required to run this application
 It could be sped up as well as slowed down according to the requirements.
It explains that there are various uses of spreadsheet for an organization. It is one of the
most used applications in every organization as it is quite easier to use as well as it contains
various formulas and the analysis methods which reduces the level of mathematical errors as
well as it also boost the position of the company through reducing the extra man power and
the cost of the comapny.
Disadvantages of spreadsheet:
However, spreadsheet contains many cons as well which affects the business activities
and the decision making process of the organization. Spreadsheet must be used by the
companies after evaluating all the relevant factors. Following are few disadvantages of the
spreadsheet:
 Spreadsheet might not offer an exact representation of actual things and data
 spreadsheet models take a lot of time to evaluates and test
 some of spreadsheet models are complex and extra software are required to use that
models
 Changes into one cell makes the entire result affected (Hillier, Grinblatt and Titman,
2011)
 There are various variables in the spreadsheet which affects the data storing and
sorting process of the company.
It explains that various cons of the spreadsheet are as well. An organization must be
prepared enough to use the spreadsheet. The users must have enough knowledge of the
software so that it could be used in best manner.

Accounting system and process 4
Conclusion:
To conclude, Spreadsheet is crucial application for an organization to measure and
manage all the financial records of the company. The users must have enough knowledge of
the software so that it could be used in best manner.