A computer is a set of electronic device that can systematically and sequentially follow a set of instructions called a program to perform high-speed arithmetic and logical operations on data.
Because of the rapid changes in finances and its related fields, accurate record keeping is critical. Computerizing a business’ tasks of accounting procedures, increases efficiency. With a computer and its appropriate software, one can request and receive an in house balance sheet, an income statement, cash flow and statements of affairs and other accounting reports within a short time: hence an increase in productivity.
Let’s take time to briefly see the role computers are playing in the field of accounting, changing some of the things that were manually done and facilitating accounting data processing.
Electronic Spreadsheets allow you to do anything that you would normally do with a calculator, pencil and columnar scratch pad. A typical integrated double entry accounting spreadsheet system will contain some of the following components: general ledger, inventory levels, order entry, payroll, time, and billing etc...
B. General Ledger
Electronic General Ledgers are labor saving device for the preparation of financial statements and for establishing multiple income and cost entries. It takes charge of secondary postings.
C. Inventory Control
Electronic Inventory Control module has multiple functions, which includes tracking inventory for both costing and tax purposes, aid managers in controlling purchasing (and the overall level of expenditure) and minimizing the investment in inventory (and subsequent loss of cash flow). It is integrated with the general ledger so it can automatically set aside the correct amount for processing further.
D. Accounts Receivable
Electronic Accounts receivable can get your bills out the same day you perform a service. Electronic accounts receivable module can prepares invoices for... [continues]
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