Benefits Of Using A Computerized Accounting System

Introduction Anita, an independent CPA, and accounting software consultant, has several clients in her practice located in Louisville, Kentucky. XYZ Company has used the same journal and ledger manual system for more than twenty years. On the other hand, other small, medium and large business clients prefer an automated accounting system because of the advantages. In the end, independent accountants serve multiple types and sized businesses. Which accounting system is the best in a public accounting (CPA) environment; computerized, manual or both? In the book â€Å"Financial Accounting†, authors Duchac, Reeve, and Warren (2014) write: â€Å"The computer prevents transactions in which the total debits do not equal the total credits.† In this basic entry, the software will notify the user an error has occurred; then the correction can be made immediately. This is one of the many advantages of using a computerized accounting system. However, what’s on the mi nds of most small business owners, and, managers of medium to large operations; is what is working now. Many users of manual systems get accustomed to their own method of accounting and resist change to something new. As a result of this kind of thinking, the independent accountant must be flexible enough to handle the demands of the client. Automated vs. Manual Systems Many small businesses continue to use their own form of accounting including keeping receipts in bags and boxes, etc. They argue that what has paid theShow MoreRelatedComputerized vs. Manual Accounting1630 Words   |  7 PagesFor : Mr. Nelson Title: | Computerized Accounting should completely replaces Manual AccountingPrepared By : Ali H. Al-MuslimID#: 200628620Section# : 05SN#: 02Group#:01Word Count:1,333 | 10/7/2012 10/7/2012 Table of Contents Table of Contents II Introduction 3 I. Manual Accounting 4 A. Benefits 4 1. Cost effective 4 2. Availability 4 B. Limitations 4 1. Finding Errors 4 2. Time Factor 5 II. Computerized Accounting 5 A. Benefits 5 1. Speed 5 2. SavingRead MoreData Collection and Analysis1675 Words   |  7 Pages The objectives of this School Based Assessment include to: 1. Justify the use of standards in Accounting; 2. Assess the impact of technology on Financial Accounting; 3. Assess critically the advantages and disadvantages of the various forms of organization; 4. Discuss the social and ethical issues in financial reporting; 5. Prepare financial statements in a form suitable for publication, using disclosure requirements and relevant legislation. Data collection and analysis The data accumulatedRead MoreEssay Pros and Cons of Computerized Accounting662 Words   |  3 PagesPros and Cons of Computerized Accounting There are many benefits of using a computerised accounting which I am going to list below and talk about in a little more detail. Ø Timesaving Ø Increased speed and accuracy Ø Less staff required Ø Less space need Timesaving It is fair to say that a computerised accounting system is much quicker than a manual accounting system as all the user has to do is enter the data into the computer and the computerRead MoreEssay Accounting Systems1667 Words   |  7 PagesAccounting Systems In accounting systems, certain controls are needed to ensure that employees are doing their jobs properly and ensure that the system runs properly. These checks are in the best interest of the organization. These controls come in the form of internal and external controls for the system. The internal controls are the checks that are placed in the system by the companys own management and directors. Today more and more companies are moving from the manual accounting systemsRead MoreImpact of Ict on Accounting Practice in Nigeria1663 Words   |  7 PagesThe impact of ICT on accounting practice in Nigeria CHAPTER ONE Introduction 1.1  Ã‚  Ã‚   Background of the study   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the recent past centuries, before the inception of Information and Communications Technology (ICT), the accountants of an organization were using a socially acceptable behavioural method of reporting accounting and economic reports, carried out during accounting year ends, the preparation of accounting records, book such as the profit and loss account, the balance sheetRead MoreAssesing the Effectiveness of Computerized Accounting System10736 Words   |  43 PagesABSTRACT The study aimed at assessing the effectiveness of computerized accounting systems in organizations (the general objective of the study). It employed a case study design and Ministry of Finance and Economic Affairs was chosen as the case of the study. Various literatures were consulted to get the theoretical and empirical thoughts of stupendous authors about the topic under study to help the researcher craft and refine her methodology. Questionnaires, documentation and interviews wereRead MoreM1: Compare the Benefits of Using Manual and Computerised Accounting System to Record Business Transactions.1444 Words   |  6 PagesUnit 8: Computer and computerised accounting system M1: Compare the benefits of using manual and computerised accounting system to record business transactions. In this assignment I will be comparing the benefit of using manual and computerised accounting system to record business transactions. Accounting software available Microsoft Excel Features: Excel allows users to auto sum where it helps you to add the contents of a column of adjacent cells. This is easier for businesses because theyRead MoreComputerized Accounting Functions and Organizations Productivity4059 Words   |  17 PagesTYPES OF COMPUTERIZED ACCOUNTING SYSTEMS By Kathy Adams McIntosh, eHow Contributor Businesses use financial information to create statements and to file income tax returns at the end of the year. Some businesses use manual accounting systems, but many businesses opt for computerized accounting systems to simplify the process and reduce errors. Businesses can choose between different types of computerized accounting systems. 1. Purpose * A computerized accounting system serves many purposesRead MoreEspecially For You Jewelers. This Paper Will Discuss Various1558 Words   |  7 Pagesaspects of new direct sales and accounting system for Especially for You Jewelers (EFYJ). First, it will suggest at least five expected business benefits that the EFYJ Company might derive from a new system, and provide a rationale for these suggestions. Next, this paper will propose at least five system capabilities for the company, and provide a rationale for these proposals. Further, it will ascertain three possible scenarios in this new direct sales and accounting system. Subsequently, this paperRead MoreEssay on Accounting Software1234 Words   |  5 Pagesbeen influenced by the presence of computer as a remarkable innovation in human history. The emerging of a new concept called Computerized Accounting Information System (CAIS) particularly, is one example of this â€Å"cutting-edge calculator’s† interven tion on bookkeeping activities. As many companies tend to apply this new frame to treat their transaction recordings, many accounting software developers try to provide an advanced computer program as the main engine of the companies’ CAIS. Some of the softwares

Ansoff’s Matrix Business Studies Gce Free Essays

Ansoff Matrix Ansoff’s Matrix: A method by which businesses can classify their strategies for expansion. It includes; Market Penetration, Product Development, Market Development and Diversification. Market penetration Market penetration is the name given to a growth strategy where the business focuses on selling existing products into existing markets. We will write a custom essay sample on Ansoff’s Matrix Business Studies Gce or any similar topic only for you Order Now Market penetration seeks to achieve four main objectives: Maintain or increase the market share of current products – this can be achieved by a combination of competitive pricing strategies, advertising, sales promotion and perhaps more resources dedicated to personal selling †¢ Secure dominance of growth markets †¢ Restructure a mature market by driving out competitors; this would require a much more aggressive promotional campaign, supported by a pricing strategy designed to make the market unattractive for competitors †¢ Increase usage by existing customers – for example by introducing loyalty schemes A market penetration marketing strategy is very much about â€Å"business as usual†. The business is focusing on markets and products it knows well. It is likely to have good information on competitors and on customer needs. It is unlikely, therefore, that this strategy will require much investment in new market research. Market development Market development is the name given to a growth strategy where the business seeks to sell its existing products into new markets. There are many possible ways of approaching this strategy, including: †¢ New geographical markets; for example exporting the product to a new country †¢ New product dimensions or packaging: for example New distribution channels †¢ Different pricing policies to attract different customers or create new market segments Product development Product development is the name given to a growth strategy where a business aims to introduce new products into existing markets. This strategy may require the development of new competencies and requires the business to develop modified products which ca n appeal to existing markets. Diversification Diversification is the name given to the growth strategy where a business markets new products in new markets. This is an inherently more risk strategy because the business is moving into markets in which it has little or no experience. For a business to adopt a diversification strategy, therefore, it must have a clear idea about what it expects to gain from the strategy and an honest assessment of the risks. How to cite Ansoff’s Matrix Business Studies Gce, Papers

Contemporary Art in a Consumer Society free essay sample

Society has many influences that dictate the way a population will interact with one another, one of these influences is consumerism. Consumerism is the consumption of goods and services by society and how these products affect the society they reach. Society can be heavily influenced by consumerism. This is prominent throughout social environments; such as the media, television, advertising, etc. This high level of saturation and influence is represented through art. Often artist creations are derived from society and how the society functions and interacts with these influences. Contemporary art raises many questions as to the reasoning behind the artist’s creation. Some questions to keep in mind are: How society views consumerism through contemporary art? How is society represented in contemporary art? How does society influence contemporary art? An analysis of consumerism in art can be made from observing particular pieces from such artists as Andy Warhol, Roy Lichtenstein, Tom Wesselmann, Jeff Koons, Barbara Kruger, and Takashi Murakami, to name but a few. Turning the focus to Jeff Koons, who uses consumer objects in many of his pieces. One piece in particular; Hennessy, The Civilized Way to Lay Down the Law, 1986. This painting is an oil ink on canvas. The painting depicts a couple in a dimly lit room, the man is sitting at a desk reviewing books, as the woman approaches with two glasses of Hennessy and is leaning over the man’s shoulder and offering a glass to him. In the top left corner of the painting there is a quote that reads â€Å"Hennessy the civilized way to lay down the law† and in the bottom right corner is a promotion that reads â€Å"the world’s most civilized spirit†. The painting is essentially an advertisement for Hennessy, which is a consumer product, and in this ad we can observe several subtle nuances that portray social activities. The painting describes a setting in which people are interacting with the product, this allows the audience to relate to the piece because it is a product that any person can buy, and the situation is common place and realistic. The painting also suggests that the product will increase the likelihood of this kind of scenario; the Hennessy is portrayed to have some ability to create this interaction. Not only does the painting depict a high class intellectual setting, but it also uses sex appeal to get the viewer’s attention, the suggestive pose of the subjects reads as a romantic encounter that causes the viewer to be intrigued by the painting and more importantly the product and situation the painting conveys. Koons uses consumer objects, such as the Hennessy to create a realistic setting that viewers will understand and relate to. By using consumer products as a subject, Koons is able to speak clearly to his audience and convey his message about how consumers interact with the products they buy. Perhaps one of the most well known artists to use consumer objects is Andy Warhol. During the 1960’s he created pieces using well know consumer products and even social icons. Warhol attempted to remove the artist’s interaction from his works by using subjects that viewers knew very well, such as Campbell’s soup and Marilyn Monroe. Warhol is credited with the creation of â€Å"Pop Art† which is art that uses popular culture in society to create works that depict this culture in various ways. Roy Lichtenstein however used this same style in many of his works before Warhol. Pop art usually breaks traditional methods of art, and uses a more progressive, modern style. One particular Warhol piece, Green Coca Cola Bottles, 1962 is a great example of consumerism in art. Warhol created this oil on canvas painting, displaying several coca cola bottles lined up next to each other, most full but some are less full or empty. Warhol uses the familiar consumer product as the subject to express the continuity of society. The bottles represent mass consumerism, which Warhol wanted to achieve as a way of creating himself as a product. The use of the bottles displays the sameness that is created by consumer products. Regardless of social class, all consumers are the same and this is a product all consumers can identify with. The lay out of the painting is intentional, the bottles are lined up next to each other this is to create a sense of consumerism as well, it is similar to the way objects are presented on store shelves. Also in displaying the bottles in this way, Warhol is able to eliminate the feel or touch of the artist, which aids in the representation of the consumerism. Products are made exactly the same in factories, by removing the element of the artist, Warhol further creates the sense of consumerism. Warhol liked the appeal of mass consumerism, and strived to depict consumerism through his art. Warhol also wanted to position himself as a product rather than just another artist. This appeal to mass consumerism is also seen in other, more recent artist. Takashi Murakami is another artist who is attracted to the appeal of mass consumerism. Like Warhol, Murakami has positioned himself as product, creating works and then mass producing them, such as pillow cushions and T-shirts. But perhaps the best example of consumerism is Murakami’s alliance with Louise Vuitton. In a recent exhibition held at the Museum of Contemporary Art in Los Angeles, Murakami featured works that displayed his â€Å"Super Flat† style and Anime, cartoon like pieces. These works also includes other media such as video and sculptures. However the most interesting part of the exhibit was the Louise – Vuitton store front, which was actually part of the Murakami exhibit. Murakami embraces the consumerism of society by forming an alliance with the high-end French fashion designer Louse Vuitton. Murakami used his â€Å"super flat† style to create an artist pattern that Vuitton now uses as a pattern for hand bags and luggage. The popularity of Vuitton products appealed to Murakami, whose work is interested the new age pop culture and affluent fashion enthusiasts. An example of his work is Murakami’s Eye Love Monogram, 2003, this pattern maintains the fashion design that is signature to Vuitton products, but also applies Murakami’s â€Å"super flat† style. Murakami positioned his work in a way that the consumer can identify with his art, by creating the pattern for Vuitton, Murakami has positioned his work as a consumer product. Consumerism influences the way society interacts, the products that consumers buy are sometimes the objects society identifies with. These objects become representations of individual personalities. Art has embraced this influence to society by becoming consumer based, as most people identify with the consumer products they buy.