Accounting Information System Report (DOC)
12 Pages905 Words133 Views
Added on 2020-02-24
Accounting Information System Report (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 accounting is an essential process of any organization. The growth of any businessdepends upon the effective utilization of accounting tools and processes. In current advancedbusiness world, Cloud Based Accounting System is playing a vital role over traditionalaccounting system. A system where accounting transactions are process and stored in theservers/ clouds by using a network system and internet is called Cloud Based AccountingSystem. Where traditional accounting system uses books, registers, slips and lots of paperwork to complete the accounting process, at the same time Cloud Based Accounting Systemis using internet and network to process and store all the data and transactions in the cloudand thereby making the whole accounting process a lot more easy, flexible and immediate.Moreover the cloud based accounting system is also reducing the burden of cost to a greatextent.For a start-up company like Goodie Gumdrops, cloud based accounting system can be verymuch beneficial in many ways. Firstly, the cost of running a cloud based accounting systemis quite low in the long run when compared to the traditional accounting system where theemployees needs to maintain a lot of paper works, registers, files, etc., which not onlyconsumes a fair amount of space but also it is quite expensive process. Whereas the CloudAccounting System requires only one time installation charge which is very much reasonable.Secondly, in traditional system of accounting the data and transactions can be accessed byone user only at a time from the machine installed at the workspace. But in case of CloudAccounting System any transaction can be assessed from any place or from any device andby multiple users simultaneously. Any user can enter or get access to the records on the gofrom any device that is having an internet connectivity. The third and a vital characteristics ofcloud accounting is Backup of data. In traditional accounting system, to make a backup of thePage 2 of 12Student Name and Student ID
transactions the staff would need to manually record all the records and transaction severaltimes which is a very painful work to perform. But this problem now has a better solution.Data once recorded in the books through accounting software gets automatically backed up inno time. This save both time and cost on the part of the company. The employees can utilisethose valuable hours in other jobs of higher values. The important feature of Cloudaccounting is that the owners of the business and the advisors can track the businessproceedings on real-time basis. That means at the time of making any crucial decision theowners and advisors can get access to the real time financial position of the company withupdated records and transaction until the last second with the help of cloud accountingsystem.It can be seen that despite of having many advantages, the cloud accounting system also havesome drawbacks as well. It includes facts such as internet without the presence of which onecannot get access to the data or records. Secondly, this system requires highly professionaland skill employees to execute the operation. Knowledge of IT and computer system isnecessary in this case. Considering all the above facts it is recommendable for companies is Goodie Gumdrops toadopt Cloud based Accounting System in place of traditional accounting approach which willnot only save a lot of time but will also help them to work more efficiently than before.Moreover it will also reduce the cost of maintaining accounts and performing accountsrelated works. Some Cloud accounting software that Goodie Gumdrops can target areMYOB, XERO, etc. Page 3 of 12Student Name and Student ID
Financial reports for Goodie GumdropsPage 4 of 12Student Name and Student ID
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