Benefits and Effectiveness of Accounting Essay Example for Free

Benefits and Effectiveness of Accounting Essay The research was based on two variables these are computerized accounting systems which comprise of definitions, components of computerized accounting software and benefits and limitation of computerized system and financial reporting which also comprises of definitions of financial reports, benefits and effectiveness of accounting system used at National Water and Sewerage Corporation. The study will enable management to understand the significance of preparing quality and reliable financial reports. The study will point out weakness in the accounting system which management needs to address. The Government of Malaysia through the Department of Accountant General (MDAG) has instructed MARA to implement the Standard Accounting System for Government Agencies (SAGA). This is a total Enterprise Resource Planning (ERP) System, developed based on web-based application and is using an accrual basis of accounting. The SAGA financial system enables its users, particularly the government agencies to close their accounts on a daily basis, monitor their daily financial activities as well as produce standardized financial reports to the stakeholders at any place and any time. However, upon completion of the SAGA financial system analysis, MARA identifies that the system could not cater all MARA business activities. Processes such as disbursement of scholarship and loans to students and entrepreneurs are not covered by the system. As such, MARA still has to maintain its existing databases and therefore made special request to the MDAG to exclude the implementation of SAGA while awaiting MARA ICT consultant’s recommendations on the development of a new MARA Total Information and Financial System. As a conclusion, the SAGA financial systems could not be used by MARA on its own. The end-users in MARA need to operate both, SAGA and its own systems at the same time. This situation could lead to users’ confusion if they are to use different type of system when updating certain type of financial transaction. This is because the end-user of MARA Computerized Accounting System could only utilized the SAGA Financial System just for ordinary operating expenditures whilst any disbursement of expenditure pertaining to subsidiary system, they still need to use the existing MARA Financial Systems. Consequently, internal controls and security functions may not be easily built in the systems. Concurrent use of both systems may affect job satisfaction and performance of the end-users. Introducing Computerized Accounting Information Systems in a Developing Nation: Egyptian International Motors This study aims to assess the implementation of accounting information system on a company in a developing nation. To answer this question this manuscript attempts to do the following: (1) identify the reasons for the shift to an automated system and the main goals that the company aim to achieve form this shift, (2) determine the company’s strategic decisions like choices between outsourcing versus in-house development, and ready made packages versus tailor made software, (3) describe the steps of implementation, (4) understand the reaction of the employees to the new automated system, (5) study the required changes on the organizational chart and human resources qualifications that are required, (6) recognize the problems that the company met during the process, (6) point the advantages of the shift to the automated system. A computerized accounting System provides many advantages over manual systems, for example entries do not have to be recorded in multiple ledgers so as to fulfill the cardinal rules of financial reporting.A single entry is made and the system will populate all the appropriate corresponding accounts automatically. Computerized accounting also makes it possible for people in other departments,not just accounting to enter data.It does not require avast amount of accounting knowledge for a payroll clerk to enter wages details into the accounts,a basic understanding of how to use the system is sufficient The study intends to find out the effect of a computerized accounting system on the quality of financial reports generated by an organization. To examine the effect of computerize accounting systems quality financial reporting. To determine the challenges encountere by organizations before and after implementing a computerized accounting system. To identify strategies/measures of ensuring quality financial reporting. An accounting system is part of the organisation’s management information system therefore a good or decent accounting system must be able to produce reports like trial balance, aged debtors and aged creditors. Accounting systems must provide data that should enable the production of management accounts, statutory accounts and must also assist the managers and accountants in discharging their stewardship roles. A good system should enable the firm to produce its management reports and management accounts at short notice. This will enable the organisation to monitor performance, to take decisions quickly and to make decision based on objective and verifiable information. Audit trail is very important as it will enable auditors and senior managers to monitor transactions entered in the accounting system and this will ensure that there is information integrity. A good system should document the changes that have been made in the system, who made the changes and it should also be able to track what was changed. Compatibility With Other Programmes A strong characteristic of a good accounting system is that it must be compatible with other systems. For example, it should easily be configurable so that it can communicate with other programmes like Excel or Crystal. An accounting system should be able to export transactions and reports into Excel and it should allow data and transactions to be imported from an external source. This will lead to time savings as there will be no need to duplicate a role or process. If an accounting system does not dictate errors then it is not a good accounting package as it is failing to perform a basic functionality. An accounting package should decline to post transactions that do not balance for example the total debits should equal the total credits and if this is not the case, then the accounting system should automatically flag this error. Internal controls are the eyes and ears of the organisation and a good accounting system should embed these internal controls into the system. Internal controls enable prevention and detection of fraud and error. An accounting system should enable internal control tools like segregation of duties, reconciliations and account allocations. A good accounting system should not allow users to delete data that has been posted into the system. Computerized accounting systems provide more benefits than manual ones, allowing for more accurate calculations, in less time. Compared to manual accounting, with a computerized system errors are far less common, eliminating human error. And with accounting programs that are industry-specific, you can benefit from various preset templates for your general ledger, saving more time. You can store virtually endless information, without any trouble at all. And if you later want to review financial information from several years ago, with a computerized accounting system you can do it easily, while with a manual one you would have to sort through stacks of paper ledgers. Bottom line, both systems may be useful to some extent. But for more accurate bookkeeping and increased efficiency, a computerized accounting system seems to have more advantages. You can find several free versions online, as well as more proficient accounting software available for purchase. Search online for such accounting systems, read about their features and decide which one would be better for your particular business needs. Although they will not allow you to physically handle the ledgers, it will provide a better accounting solution. The advantages of Computerized Accounting seem to be unknown by business owners and individuals who are in doubt of purchasing Accounting Software. Accounting Software has been a trend nowadays. With the vast Computerized System Providers and wide range of versions to choose from, Accounting System has evolved to be one of the trends in information technology. Computerized Systems are designed to create more value in Financial Accounting. Value can be relayed in terms of speed, accuracy and reliability of accounting data. With Computerized System, invoices can be transmitted in an instant through email; inventories are appropriately monitored; and disbursements are tracked for payments to be done before due dates. It helps Bookkeepers to reduce manual activities. When transactions are entered in the Accounting System, automatic entries are posted to generate data needed for financial reporting. Accounting Software enables Bookkeepers and Accountants to adjust necessary accounts to reflect the correct amount of each Account. Computerized Accounting allows Accountants to trace erroneous data and entry in a creative and organized manner through the help of summaries, list of accounts and original entries. Article Source: http://EzineArticles.com/?expert=Jason_Tsang Article Source: http://EzineArticles.com/7017983 Computers are extensively used in accounting and there are multitude of computer software for Accounting, MIS, CRM. HiTech Financial Accounting is one such software which has been customized for users in many segments in business and services. Payroll accounting was the first commercial area to become widely computerized. The calculation of wages or salaries involves a number of variables which relate to the personal details of each employee, such as gross pay or rate for the job, individual deductions, tax liabilities of the employees and so on. These facts can be retained in the computers and processed every month of produce pay slips for the employees. The computer helps to exercise the type of stock control needed by the organization. It up to dates the sales and purchases records, determines optimum re-order levels for different items and prints out the stock lists when desired. The system can be so designed that it triggers orders when stock level reaches order point for variou s material items; tests those item which are slow moving or gives list for over stock items. Programming can be done for any sales accounting system. The computer will pin point defaulting debtors, determine the right limit for credit for each debtor and maintain stores ledger. Costing and budgetary control can be affected through the computer, the computer will point out the variations from the planned performance.The computer also helps greatly in production planning and control. It is possible that scheduling of the work may become necessary due to break downs etc. A new critical path may have to be worked out. A critical path is the shortest path to be followed in production to achieve production objectives. The computer helps the management lay down this new critical path. The increasing competition and the highly demands of globalization, Malaysia government attempt for Small Medium Enterprise, SME for the development of innovative, competitive with high technology. Computerized accounting system (CAS) adoption may be decisive factor for an organization to be success and also to survive. This research project which aimed to investigate SME practice of CAS and to identify the factor affecting the adoption among SMEs in Melaka. A survey was carried out through a set of questionnaires to examine the CEO Innovativeness Factors Scale, Perceive Usefulness Factors Scale, Perceive Ease of Use Factors Scale and Business Competitiveness. The sample selected comprised of CEOs of SMEs in three districts in Melaka, namely Melaka Tengah, Alor Gajah and Jasin. The data gathered were coded and analyzed using descriptive statistics, linear regression analysis, Pearson Correlation analysis and Analysis of Variance (ANOVA).This study reveals that CAS adoption rate in SMEs in Melaka is high. Results from the analysis also shown the significant of independent variables and proved the relationships have been substantiated to the dependent variable which contribute to the usage of CAS adoption between SMEs in Melaka. The findings indicate that CEO innovativeness; perceive ease of use and business competitiveness negatively correlated to the adoption of CAS. Results reveals that only perceive usefulness are significantly positive correlated to CAS adoption. Therefore it can be deduced that adoption of CAS among SMEs in Melaka is caused by its usefulness. The findings reveal that types of business and business location influence the adoption of CAS. However, size (paid up capital, sales turnover and number of employee) do not influence the adopter. Results also indicate that CEO literacy on ICT, accounting and CAS has influence the responded CEO to adopt CAS in their business. However, the advantages by using the accounting systems software were not fully utilized by CAS adopters. http://www.ccsenet.org/journal/index.php/ijbm/article/view/18273 Benefits and Effectiveness of Accounting. (2016, Dec 08).

Significance of Social Factor that Shapes National Business Essay

Significance of Social Factor that Shapes National Business - Essay Example As highlighted by Grimwade (2000), this trade has thrived over the years owing to a number of advantages it has offered various nations across the world. These advantages have significantly benefited a number of UK business organizations. One of the most significant benefits of international trade to UK business organizations is in terms broadening its horizon and markets (EconomyWatch, 2010). If a business organization in the UK was to only sell their goods or services locally without pushing their goods or services to consumers in other nations, the UK would be completely limiting the potential of such business organizations. Such business organizations may more often than not be assured of a steady trade from their UK consumers, but they may not grow to their full capacity if they were trading with seven other nations, for instance. International trade is important to the UK business organizations as it helps the organizations in terms of increasing customer figures and sales. A s ignificant example of a business organization in the UK that has benefited from international trade in terms of broadening its horizon and markets is Marks & Spencer. As a company within the retailing industry, Marks & Spencer has about 155 stores managed under franchise in 28 regions globally due to growth in international trade (Marks & Spencer Company Website, 2012). ... to open themselves up to lowered/reduced production costs, for instance, a business organization in the manufacturing televisions UK may find out that its products could be produced at a substantially less cost in a factory in Japan. This not only helps the business organization save money, but also helps the consumers as the televisions can be sold to them at a cheaper cost. Tesco, a UK supermarket brand and a firm within the retailing industry forms a good example of a company that has benefited from international business. The supermarket opened up about 18 franchise stores outside the UK and has seen it and the franchisees share the cost of opening the stores as well as the subsequent profits, as a result benefiting from reduced cost (Fletcher, 2010). Another significant benefit the UK business organizations accrue from international business is in terms of raw materials (EconomyWatch, 2010). If it was not for international trade, the UK wouldn’t have been able to acquire or get its hand on raw materials needed to make a number of products especially within the food industry. As a colder nation, the UK depends on hotter nations for fruits such as mangoes, and the hotter nations depend on the UK for items such as potatoes. Therefore, without international business/economic integration of trade, the UK business organizations would have had a very scarce choice in terms of raw materials for production. Marks & Spencer as a small user of palm oil relies on palm oil imported from other countries, a benefit it has accrued as a result of expansion in international trade (Marks & Spencer Company Website, 2012). Another significant benefit accrued as a result of the expansion of international trade by the UK business organizations has been in terms of increased global

LITERATURE REVIEW-BILINGUALISM Essay Example | Topics and Well Written Essays - 1000 words

LITERATURE REVIEW-BILINGUALISM - Essay Example econd language naturally or through instituted learning models; the individual is already a bilingual, or a bilingual is in the process of losing his/her bilingual ability due to infrequency of use of the first language. According to Hermeneus (2001, web) children are usually considered better bilinguals than adults because of their impressive speed and efficiency in acquiring language, observation of other young learners and absorption of the language. Bilingualism generally refers to the ability to "understand and communicate in a second language" and " use it correctly". Bilingual education is usually aimed at making students proficient in the second language as well as in English in multi-ethnic populated countries like the United States, Canada, UK, and Australia where English is the dominant language of instruction and learning (Blaum, 2009, web). Despite such bilingual learning settings, experts such as Ramirez and Shapiro (2006, p.356) are of the view that bilinguals find it hard to compete against monolinguals in academic environment. Despite dramatic increase in bilingual in schools in the United States and the UK, these individuals are failing to achieve the grade level required for general education standards. When compared with monolinguals (usually English speakers) bilinguals are slow in growth rate for expected levels of performance. According to Neuman and Dickinson (2003, p.165) bilinguals often face problems of comprehension, skill development and learning among monolinguals especially in English settings. This is the reason why in some countries bilingual education is encouraged. Neuman and Dickinson (2003, p. 165) consider bilingual education highly important for skill development of bilinguals. The consideration for bilinguals stems from the fact that bilinguals are different in their perception, comprehension and adaptation of academic learning situations. Neuman and Dickinson (2003, p.165) have indicated that children in early education