Contemporary Accounting: ERP System and its Impact on Businesses

This report analyzes the impact of Enterprise Resource Planning (ERP) systems on contemporary accounting practices. It highlights the benefits of ERP, including streamlined financial processes, integration of core business functions, and the generation of financial statements. The report discusses both on-premise and cloud-based ERP systems, emphasizing their role in data management, transaction recording, and the automation of tasks like accounts payable and receivable. It also addresses the importance of computer literacy for accountants using ERP systems and the role of training programs. The report references key accounting information systems and ERP system concepts and the benefits of using such systems in business.