Preview

Financial Information

Powerful Essays
Open Document
Open Document
2912 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Financial Information
How can a company use information technology to make its company financial plans?
Information technology offers a great depth of knowledge to many companies when making financial plans. Information system helps businesses to gather and share information which is vital in financial planning of any kind of business enterprise, for instance customer’s preferences, and business environment. That’s why is recommendable to have in depth knowledge of your business so as to make of the right kind system that will improve your business, without being a burden to the entire organization. One of the major applications of IT and computers in business is keeping and managing financial records. Majority of large and smaller companies have installed programs in their computers that are capable of keeping, sharing and maintaining their employee’s records in large database, for instance a workers clocks in at Exxon Mobile facility in Baton Rouge, and his time is transmitted to the payroll at the headquarters in West Virginia The IT plays a big role as the information is disseminated from different subsidiary to the corporate headquarters and can be used to plan on how much resource, wages and salaries to plan for each an individual subsidiary. Similar programs and databases are used in such business planning such as supply chain, by tracking when goods were shipped out, to the expected arrival date of the goods to the end users. The same programs can also track down the payments made and when is supposed to be received. In fact, it has become a formality in the 21st century as many companies transform themselves to the new era of technology advancements; in order to remain competitive and be able to carry on business smoothly they need computers and information technology. This transformation has been seen in many businesses be either small or large, where they have replaced what a used to be a cash register with a point-of-sale (POS) terminals, for instance at Chick-A-Fil. These

You May Also Find These Documents Helpful

  • Good Essays

    A business that handles large volumes of detailed or repetitious information in short periods of time will benefit from computerization. Some of its common applications are: performing complicated computations quickly and accurately (i.e., the total bills that would be charged to the customers and total sales of the day and of a certain period as well); printing information such as official receipt and sales report; and keeping transaction records in a more organized manner.…

    • 426 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    This report provides an analysis and evaluation of the current and prospective Information Systems used in day-to-day operations by Hong Leong Bank Bhd. Methods of analysis include trend research and differential analysis of companies with similar order of business.…

    • 1657 Words
    • 7 Pages
    Powerful Essays
  • Good Essays

    Accounts Receivable

    • 341 Words
    • 2 Pages

    The company currently has three systems: debit/credit system, website, and accounts receivable system. The debit/credit system and the website are already automated while the accounts receivable system is currently manual. The debit/credit system records all the expenses of the company, may it be capitalization expense or daily operating expense. It also records the sales from the job orders. The website simply advertises the company’s sold units and shows the company site map. The accounts receivable system holds the schedule of payment of the clients, the requirements and other necessary information.…

    • 341 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Misouni Thesis

    • 855 Words
    • 4 Pages

    As with many business scenario, monitoring of products, sales and stock were commonly done by using pen and papers such as recording, collecting, and sorting of data. At this point, human errors, missing documents and even error in computation are the unavoidable problems they experienced that cause of overdue transactions. Those problem are the purpose why many business provide software.…

    • 855 Words
    • 4 Pages
    Powerful Essays
  • Good Essays

    Theses

    • 1442 Words
    • 6 Pages

    In today's business environment, even small and mid-sized businesses have come to rely on computerized management systems. Certainly, there are plenty of small retail outlets, manufacturers, and other businesses that continue to rely on manual computation. Not like convenience stores purchase of a computerized system might be a wasteful use. But for other business operation computerized management systems have emerged as a key component. The recent development of powerful computer programs capable of addressing a wide variety of record keeping needs including management in one integrated system have also contributed to the growing popularity of technology.…

    • 1442 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    The explosion in e-commerce will affect managerial accounting in significant ways. One effect will be a drastic reduction in paper work. Millions of transactions between businesses will be conducted electronically with no hard-copy documentation. Along with this method of communicating for business transactions comes the very significant issue of information security. Businesses need to find ways to protect confidential information in their own computers, while at the same time sharing the information necessary to complete transactions. Another effect of e-commerce is the dramatically increased speed with which business transactions can be conducted. In addition to these business-to-business transactional issues, there will be dramatic changes in the way managerial accounting procedures are carried out, one example being e-budgeting, which is the enterprise-wide and electronic completion of a company’s budgeting process.…

    • 3409 Words
    • 14 Pages
    Powerful Essays
  • Powerful Essays

    Client Server

    • 1373 Words
    • 6 Pages

    Data is currently not shared between corporate departments. In addition, access to corporate data is unavailable to organizations external to the corporate headquarters. Note: there have been a growing number of complaints from field offices regarding the lack of compatibility between office productivity software and the corporate financial system. In addition, executive management has expressed an interest in being able to perform "what-if" analysis on financial data at their desktops. Presently, this is not possible. These are some of the issues facing the corporation.…

    • 1373 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Database Exercise

    • 751 Words
    • 4 Pages

    In today’s business society, technologies such as databases are a vital part of just about every major retail business including the Riordan’s organization. Many people overlook the importance of the role of databases in business because they are integrated so well. Databases definitely affect the output part of the accounting cycle because it includes company’s financial data and other external reports that are derived from the database. The bottom-line is that databases can have a major impact on all of the accounting cycles.…

    • 751 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Spectrics have located their sale and service branches around the world like in North America, Europe, Asia, and rest of the world. They have their own culture and values that leads and empowered to manage the business. They practice low expenditure and nurturing innovation. Highly target on core competence product design and research and…

    • 3775 Words
    • 16 Pages
    Good Essays
  • Better Essays

    The company’s problems are in the manual tracking of inventories, reporting of transactions, and preparation of financial statements. To solve the problems of the company, three information systems (IS) are proposed: Customer Relationship Management, Human Resource Information System, and Financial Supply Chain Management System.…

    • 4641 Words
    • 19 Pages
    Better Essays
  • Powerful Essays

    The Information Systems (IS) unit within the business is largely responsible for meeting this challenge. Many well-known examples of the use of information technology for competitive advantage involve systems that link an organization to suppliers, distribution channels, or customers. In general, these systems use information or processing capabilities in one organization to improve the performance of another or to improve relationships among organizations. New developments in basic information technology, innovation in its employment among organizations is increasingly crucial for competitive survival and success. Not only large organization needs information systems to help run their business, even medium and small organization needs them too. Organizations depend a lot on information systems because it can help to calculate accurate information, store a large…

    • 4508 Words
    • 19 Pages
    Powerful Essays
  • Powerful Essays

    feasibility report

    • 15195 Words
    • 61 Pages

    PPW 101 102 103 FINANCIAL ACCOUNTING BUSINESS ECONOMICS BUSINESS ORGANISATION & MANAGEMENT 104 FUNDAMENTALS OF INFORMATION TECHNOLOGY 105 FUNDAMENTALS OF “C” SECOND YEAR Code TITLE OF THE PAPER 201 202 203 204 205 ADVANCED ACCOUNTING BUSINESS STATISTICS FINANCIAL SERVICES – BANKING & INSURANCE TAXATION RELATIONAL DATABASE MANAGEMENT SYSTEMS (RDBMS)…

    • 15195 Words
    • 61 Pages
    Powerful Essays
  • Satisfactory Essays

    As year pass by technology continues to evolve and grow and businesses started shifting from using the manual systems to computer-based systems. These systems make it more efficient for the business to make sales and inventory report in a less-hustle way.…

    • 1096 Words
    • 5 Pages
    Satisfactory Essays
  • Powerful Essays

    point of sale system ph

    • 2616 Words
    • 10 Pages

    Most of this day the business organizations are using latest technology to ease their transaction and to improve their business process to another level. They are now applying computerized systems to their transactions according to their needs.…

    • 2616 Words
    • 10 Pages
    Powerful Essays
  • Powerful Essays

    Most companies nowadays use computers in transacting with their clients. Companies are now making their systems computerized because using a computerized system will help the company minimize the time and efforts consumed by using manual system.…

    • 2018 Words
    • 9 Pages
    Powerful Essays