Summary
Summary P3 Unit 8
- Module
- Unit 8 - Accounting Systems
- Institution
- PEARSON (PEARSON)
Distinction achieved in Unit 8
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Neil Patel 40068068 Unit 8 P3P3 - Advantages of Computerised Accounting
Introduction
In this assignment I will be looking at the advantages of companies using computerised
accounting within their companies. I will be listing the advantages and then will be
explaining why these are advantages.
The first advantage is Automation, which means since all the calculations are handled by the
software, computerized accounting eliminates many of the mundane and time-consuming
processes associated with manual accounting. For example, once issued, invoices are
processed automatically making accounting less time-consuming.
The second advantage that their is how accurate everything is. This accounting system is
designed to be accurate to the minutest detail. Once the data is entered into the system, all
the calculations, including additions and subtractions, are done automatically by software.
Another advantage of using computerised accounting is the Data Access. Using accounting
software it becomes much easier for different individuals to access accounting data outside
of the office, securely. This is particularly true if an online accounting solution is being used.
The next advantage is the Reliability. Because the calculations are so accurate, the financial
statements prepared by computers are highly reliable. Adding to this another advantage
would be the scalability aspect. When your company grows, the amount of accounting
necessary not only increases but becomes more complex. With computerized accounting,
everything is kept straightforward because sifting through data using software is easier than
sifting through a bunch of papers.
One of the more expected advantages is the speed aspect. Using accounting software, the
entire process of preparing accounts becomes faster. Furthermore, statements and reports
can be generated instantly at the click of a button. Managers do not have to wait for hours,
even days, to lay their hands on an important report.
The next advantage that their is the enhanced security features. The latest data can be saved
and stored in offsite locations so it is safe from natural and man-made disasters like
earthquakes, fires, floods, arson and terrorist attacks. In case of a disasters, the system can
be quickly restored on other computers. This level of precaution is taken by Clever
Accounting.
The last advantage that I will be including is how cost-effective computerised accounting is.
Since using computerized accounting is more efficient than paper-based accounting, than
naturally, work will be done faster and time will be saved. When one considers that Clever
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