Basic accounting information systems include entering customers' records, billing customers, collecting customer payments, keeping track of inventory, purchasing new stock and materials, paying employees' etc. users of this accounting information can include internal and external parties. Internal users of accounting information include managers and owners. They would use special purpose reports which are prepared weekly, monthly, quarterly and are prepared for their specific needs, and what they need to know about business .external users include investors, customers, clients, government agencies and employees. They would use general purpose reports which are prepared half-yearly or annually. It provides general information for general users.
Records other than reports that are kept for accounting systems include purchases, sales and nominal ledgers, and cash books of the business. Whilst all these records would have previously recorded using a paper based process, now information technology has made it more efficient for businesses to prepare all the reports using computerised accounting systems.
Computerised accounting systems Advantages and Disadvantages
Some computerised software that is available includes: MYOB, QuickBooks, Sybiz, ACCPAC and Attache. Computerised accounting systems apart from the obvious time saving advantage has many more, as well as disadvantages.