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Part 1: Computerizing Accounting Systems Essay

936 words - 4 pages

Part 1: Computerizing Accounting SystemsPart 1: Computerizing Accounting SystemsAmber PeaseSouth University OnlineFaculty: Dovia O'nealPart 1: Computerizing Accounting SystemsWhat are the advantages to his business of using a computerized system? Provide at least four advantages. "One of the best features of a computerized accounting system is how quickly posting is done. Once entries are recorded and checked for accuracy, posting is a click of the mouse. All entries are posted to the correct accounts in the general ledger and account balances are calculated-fast, easy, and accurate." (McGraw, pg. 321, 2012).It reduces embezzlement. "Computerized accounting software makes it difficult for employees to steal money from the company. For example, if a payroll employee tries to pay herself more than the allowed amount, her theft will most likely be discovered because the accounting system stores all saved transactions."(Grace, 2014).It simplifies audits. "If the federal or state government decides to audit the company, a computerized accounting system simplifies the process. Normally, before the audit takes place, the auditor notifies the employer by mail about the specific documents required for the audit. Depending on the nature of the audit, documents may include tax statements, payroll registers and chart of accounts." (Grace, 2014)."A computerized accounting system can store many years of information. If the audit requires it, the employer can access information dating from many years back. If, during the audit, the auditor spontaneously requests an accounting document, the employer can quickly retrieve it from the system instead of rummaging through storage boxes to locate hard copies." (Grace, 2014).It eradicates manual processing. "A computerized accounting system eliminates manual processing. The latter involves processing and recording the company's incomes, expenses, profits, losses, and reconciliation by hand, creating much room for error. Payroll transactions and the business' tax transactions are also recorded manually. With a computerized accounting system, the employer has a smoother record-keeping and balancing process." (Grace, 2014).Why is the computerized system superior to the manual system for his business? Give reasons.I think that the computerized system is superior because it eliminates the time consuming, manual process that the manual system requires. Also it simplifies audits and one can look up information needed with a single click. You can verify employee's addresses and their pay. The computerized system also takes away the room for error created by doing the process manually.With the business growing due to the rise in population, the computerized system will save time and money. This will give the owner more time to focus on other things in the business and the computerized system would be taking care of a lot of things that he would generally have to do himself, or pay someone else to do. And this would also save...

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