•Data and file processing
The benefits of understanding transaction processing systems include: 1.Recognizing limitations in currently installed transaction processing systems such as: •inadequate data controls
•stored data that cannot be accessed quickly
•data that is poorly classified and coded
2.Recommending new or improved processing approaches and storage methods Propose two (2) innovative technology changes that would be appropriate for a firm’s: oRevenue (sales to cash collection) cycle;
oExpenditure (purchase to cash disbursements) cycle;
oHuman resources / payroll cycle; and
oFinancial reporting / general ledger system.
It is important to look forward for the changing trends in technology which can have an impact on the firm’s practices. Understanding these changes will help smart managers to adapt and flourish. Having a keen understanding of these changes will give the firm an advantage in the market. The wide ranges of impact of technology include: •Recruitment
•Training & development
•Payroll & attendance records
One innovative technology change is E-recruitment. E-recruitment is the use of technology or web based tools to support the recruitment process. The major ways of E-recruitment, which companies commonly use are by displaying the career opportunities on their websites, depending on the job portals for making the potential hires and using social networking sites (SNS) for getting the database. The major advantages of this e-recruitment are: •Economical way to publish job openings
•An easy tool to get connected to people with niche skills •Speeds up the recruitment process (faster posting of jobs, quicker applicant response, and rapid hiring). •24*7 access to the online resumes.
E-recruitment also has its pitfalls. Even though e-recruitment helps in speeding up the whole recruitment process, there is danger of short listing stage becoming a lengthy one. As large volume of resumes are posted online, screening and short listing of resumes takes a long time for the HR department. Also if the screening is not done properly, the firm might lose the right candidate. Another innovative technology change is Online W-2s. It is a fact that the Internal Revenue Service still requires a paper copy of the W-2 form. At first glance, that would seem to defeat any benefit to an online, automated process. But the current trend with many companies is to include an online W-2 with the employee and manager web based self-service functionality. The reason is that the paper forms are often lost or misplaced. By capturing the W-2 form online, employees can access it whenever they like, and payroll administration will always have a permanent copy on file to print and send to the IRS. Computer technology and electronic transactions have changed how information is recorded in the general ledger. The general ledger can receive automatic updates on decreases and increases to inventory, changes to the inventory quantity on hand balance and transfers of inventory between store locations. When inventory is immediately updated, management always has access to current information about product inventory levels. In addition to inventory, other general ledger asset and revenue accounts can also be updated automatically. Setting up automatic updates can reduce the posting of certain repetitive journal entries and employees can focus on other responsibilities that add more value to the business. Transactions that automatically affect cash create a need for better planning and analysis of monthly cash needs to avoid cash shortages. When cash receipts or accounts receivable are updated automatically, management can record and...