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Accounting Information
The revolution in information technology is touching every aspect of one's life. Whether one is making an airline reservation, tracking a shipment of merchandise, or accessing our account at an Automatic Teller Machine, one is relying on computerized information systems. Based on changes in which business is being conducted, the marketplace is demanding more complex, real-time financial advice and accounting services, thus presenting unlimited opportunities for accountants who specialize in information systems.
All businesses, irrespective of their size, are conducting business in a world of commerce that is global, technological, and instantaneous. The leadership that businesses demand requires new insights and new skills that accountants of the new millennium are expected to provide. The accounting profession has been changing; revenues from core businesses such as auditing and accounting services have been declining, whereas revenues from consulting services have been increasing.
The forces of information technology continue to produce dramatic changes. In a modern view of accounting, accounting means a system for capturing all relevant information about business processes and storing it in one integrated repository. This organizational repository stores a multitude of financial and non-financial information about the significant events occurring within the business. The traditional role of the accounting professional...
In the new view, the accountant's focus is on the design, control, and use of the enterprise-wide repository of data. The ultimate goal is for the accounting professional to serve as the provider of information within the organization.
Accounting involves processing raw data in some manner to convert it into information that must then be communicated to interested parties. In its most general sense, a system accepts inputs, performs some processing, and generates meaningful outputs. Accounting takes business transactions as data inputs and ultimately generates a variety of financial reports as information outputs.
It is also important to note that the paper annual report is slowly becoming obsolete, with almost all publicly traded companies making their annual report available on their web site. No longer are these customers satisfied with periodic reports that are cumbersome to obtain, frequently irrelevant, and often plagued by errors. Users are realizing the power and capabilities of present day information technology. Some of these users often create their own personal information systems to supplant the organization's systems.
Periodic, not real-time Accounting has traditionally had a historical focus in terms of reporting about what occurred during the year or quarter or week. Financial reports were generated at predetermined intervals and reflected…
Accounting Information System: Role of Relevance and Reliability in the Conceptual Framework The development any system, whether manual or automated, requires a conceptual framework that serves as the foundation for the establishment of requirements, policies, standards and procedures. From the conceptual framework, the various applications can be developed and when these proved to be effective and efficient, best practices are established and become the model for other systems to follow. Developing an
Accounting Information Systems have emerged as very famous components of modern businesses mainly because they offer beneficial and timely information to management in addition to being cost-effective. Generally, these systems are helpful in book account payables, cash transactions, receivables, and every other accounting function in an orderly manner. The need for an effective accounting information system in an organization is attributed to the huge volume of data handled by accounting
This model could then be customized for the needs of the different companies. Sankaran and AlHashim (2006) make a compelling case regarding the need for harmonized accounting standards and practices. In addition to the globalized economy, they also rightly point to the benefits of such harmonization for corporations - including a greater ability to keep track of expenses and a better way of reconciling different accounting practices in its branches
This would immediately flag the loans going outside their own bank and also provide greater insights into how customers were using funds over time. Another approach is to incent auditors to find fraud and embezzlement and make it widely known in the bank that anyone finding illegal practices would receive a reward up to 20% of the error found. Auditors, who are traditionally not paid that much, would work
Application Development and Interface Customization for Accounting & Finance The core aspects of this area of analysis are supported for embedded SQL, support for standard and embedded interfaces, support for XML and Web integration technologies. Many enterprises program their own native SQL applications for analyzing and reporting their financial results. The use of embedded SQL in financial accounting and analysis has become commonplace as mobile-based platforms have become more commonplace throughout
Accounting Information A senior executive in a Fortune 500 firm along with their colleagues on the company's management team are dependent on accurate, timely, and pertinent financial information regarding the health of the organization. Accounting information has aptly been described as "the language of business, which is used in the management, planning, control, and decision- making processes integral to achieving organizational objectives" (Marshall, D. & McManus, W. 1996). In this regard