Contemporary Accounting Practices and Information Systems Report

This report explores the application and impact of accounting information systems (AIS) on modern accounting practices. It begins by defining AIS, including ERP systems, expert systems, and integrated accounting packages, and highlighting their role in data collection, processing, and analysis. The report then delves into the significant influence of AIS on the accounting process, emphasizing increased efficiency, accuracy, and ease of use through automation and integration. It discusses how AIS facilitates systematic recording and analysis, leading to better decision-making and streamlined workflows. The report also addresses the importance of accounting professionals having expertise in these systems, including the need for training and a strong understanding of the software used. The report concludes by emphasizing the advantages of AIS, such as improved data security and enhanced presentation of financial information, making it an essential tool for contemporary accounting.

Running head: CONTEMPORARY ACCOUNTING PRACTICES
Contemporary Accounting Practices
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CONTEMPORARY ACCOUNTING PRACTICES
Table of Contents
Application of Information System in Accounting.........................................................................2
Impact on the Accounting Process..................................................................................................2
Reference.........................................................................................................................................4

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Application of Information System in Accounting
An Accounting Information system refers to the programs and software which can be
used for collecting, processing and analyzing accounting and finance information (Simkin,
Norman & Rose, 2014). Such types of information are used by auditors, accountants and other
finance professional. The most popular accounting information system are ERP system, Expert
systems, integrated accounting packages and other similar programs (Leyh, 2012). The use of
accounting information system in the accounting process is crucial for systematic recording and
processing of information on the basis of which important decisions are taken.
Impact on the Accounting Process
The introduction of new accounting information system in accounting process has result
in tremendous development of overall accounting process. With the introduction of accounting
information system like ERP and Expert system, the overall complexity has reduced and easiness
of recording and analyzing different transaction and items have increased (Matende & Ogao,
2013). Moreover, a lapse in accuracy which was present in the traditional accounting system
have been made up and rectified with the introduction and implementation of accounting
information system such as ERP, integrated accounting packages. Another advantage of the
situation is that as the whole process is computerized, a single adjustment of any item will
automatically adjust all the related area which is associated with the transaction. There are more
advantages which are associated with the use of accounting information system which are related
to the security and better presentation of the accounting data (Schaltegger & Burritt, 2017).
When a company is using accounting information system then the management will have to have
accounting professionals which can operate the accounting information system and also have
adequate knowledge of the accounting information system. The accounting professional needs to

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have adequate knowledge of the system or software or program which the business is using.
Moreover, the accounting professionals need to have proper training of the accounting software
and ensure that they are able to handle all situation effectively.

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Reference
Leyh, C. (2012). Critical success factors for ERP system implementation projects: A literature
review. Advances in Enterprise Information Systems II, 45-56.
Matende, S., & Ogao, P. (2013). Enterprise resource planning (ERP) system implementation: a
case for user participation. Procedia Technology, 9, 518-526.
Schaltegger, S., & Burritt, R. (2017). Contemporary environmental accounting: issues, concepts
and practice. Routledge.
Simkin, M. G., Norman, C. S., & Rose, J. M. (2014). Core concepts of accounting information
systems. John Wiley & Sons.