Accounting Information System Free Argumentative Essay Example
An accounting information system is responsible for furnishing precise and punctual financial details that cater to the internal needs of management.
Accounting information systems are a common feature in today's business landscape. While some traditional systems may rely on paper manuals and ledgers, most now operate on accounting software programs or applications. These systems generate financial and operational reports to help business owners make informed decisions, and can also support broader departmental and company-wide objectives. More information on the objectives of accounting information systems can be found at http://www.ehow.com/list_6818819_objectives-accounting-information-systems.
Accounting information systems serve the purpose of collecting information for businesses. Typically, large organizations utilize this system to gather and manage financial and other information from several departments or divisions. Additionally, an accounting system has the ability to benefit organizations with multiple national or in
...ternational locations. It allows for the electronic transfer of information from various sources into a central location where accountants compile and process the data. Certain systems also have the capability to gather information in a real-time format.
Accounting managers and supervisors utilize an accounting information system to implement Checks and Balances in different accounting functions. Each accounting function such as Accounts payable, accounts receivable, payroll, departmental financial data, fixed assets, and purchasing work independently under separate modules within an advanced accounting system. These modules have unique handling processes and procedures, but summarize data that is fed into the general ledger. The system has checkpoints at each module to ensure accuracy. Reports can be created from individual modules to verify the accuracy of data before being transferred to the company's general ledger.
By implementing an accounting information system, workflow within individual departments can be improved. It
is important for departments other than accounting to understand how the company's internal financial information system processes critical information. Various source documents such as invoices, purchase orders, employee expense reports, time cards for payroll input, bills, and asset acquisition forms must all be directed to the accounting department. The work flow of other departments in processing financial data is often determined by the requirement for manual input of different information into the accounting system depending on the software used.
Having well-defined procedures and processes can minimize repetitive tasks and make sure that the accounting department receives the required authorization to handle financial information. This involves specifying the necessary information, outlining the processing steps, and defining the approval procedure.
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