Accounting Information System - DOC
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Added on 2020-02-24
Accounting Information System - DOC
Added on 2020-02-24
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Client Name: Goodie GumdropsYour name: Topic: Accounting Information SystemDate: Page 1 of 12Student Name and Student ID
Executive summaryThe traditional system and structure of accounting is labour oriented and manual procedure ofstoring the data’s at a storage space that is only devoted for the accounting purpose in abusiness entity. This is keeping of the books of accounts of the enterprise that is investmentof both work and time. These information’s that are maintained by the company is verysensitive data’s for the business and its stakeholder’s. Cloud based accounting is anemployment of the space of storage facility for the information’s that are higly price sensitivefor the business for storing the accounting information’s in an organized manner. Thisprovides a greatest facility of securing the data’s of the company that are related to accounts.This are optimum level of facility that avails the to be seen and observed by the key personelsof the company that are the stakeholder’s whom are authorized by the management to see thedata’s on real time like Board Member, accountants, etc. This are the sensitive and classifieddata’s that are not open to public but the authorized persons can access it with the assistanceof the service of internet from any point of time and from anyplace in the globe. Thissincerely reduces the cost that is spend on the keeping of books in the company. This alsoassists in the correction of the error’s that may have caused due to clerical errors in thecompany as per the appropriate procedure of authorization for correcting of accountingerrors. These are kept stored in a safe place in a remote distant from the source is securelymaintained for giving an optimum level of service to the clients. Therefore, it is assessed thattraditional accounting structure is less effective as compared to the cloud oriented accountingbecause investment of resources and time are both employed for completing the task ofaccounting of the company. As this is seen that traditional way of bookkeeping is outdatedprocedure of maintaining of accounts. Page 2 of 12Student Name and Student ID
An entity of business like Goodie Gumdrops has its very own devoted hard drive just for thepurpose of keeping of the books in the company that is related to the accounts. This does notprovide a facility of access to the data’s that easily accessible by the authorized persons of thebusiness entity. Cloud based accounting system is a process of keeping of books for thecompany in a modern method that are very secure and cost effective system that are monetarydata’s of the business enterprise. The access is provided on a twenty four hour basis to onlythe persons in key role in the company. The data’s that are saved and kept in the businessentity can seen from any place in the globe that is linked to accounting. This form ofaccounting has a suitable system that is good for the new company’s in the market that have asmall budget for the cause of accounts of the business enterprise. Benefits of cloud based accounting is: information’s are simply accessed from anywhere atany point of time. Drawbacks of cloud based accounting: unsecured and unsafe of theaccounting data’s that may be at risk of theft of the data’s. Benefit’s of traditional accountingsystem is: very simple to structure that can be implemented. Drawbacks of traditionalaccounting are: very old process of accounting that may have manipulation of information ispossible. As per the assessing the financial structure and management of the company it can be statedthat the company like Goodie Gumdrops has an option that is beneficial and realistic structureof keeping of books of accounts of the business entity. Traditional accounting is not at allprofitable for the Goodie Gumdrops as it is labour-based that is also requires lot of time forcompletion. The company such as these does not have that much money for spending inaccounts department. This is the optimum option that must be selected. Page 3 of 12Student Name and Student ID
Financial reports for Goodie GumdropsProfit and Loss Statement:Page 4 of 12Student Name and Student ID
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