Consuming time; because accounting staff don 't have a computer categorizing and totaling figures, they must do these themselves. It takes more hours to do manual accounting than it does computerized accounting.…
My company can make a massive use of spread sheets, for this I will use Microsoft Excel as this is the software that easily available. With this software I will be able create many things including a Cash Flow diagram (Appendix 1). This will allow me to then work out efficiently the costs of the business, the income of the business and the cash flow throughout the months. This software will also allow me to have formulas to make sure that the totals are correct, due to using the of the if I was to decide that I wanted to pay lower wages or found a supplier with lower prices I could change the figures in my spread sheet and the formula would then change the totals automatically. The formulas that I have used is the ‘SUM’ function to add up the totals and also then used them to add up my Net Cash Flow and my opening and closing bank balances (Appendix 2). This piece of software is very useful as it means I will have no calculations to do myself and will reduce the possibility of mistakes. It also makes the figures and all of my profits/losses and costs very clear, easy to understand and interpret. The disadvantages are that if you do not have some experience in using excel it can be hard to understand and mistakes can be made, even with experience in using it.…
A budget is a tool that helps managers to ensure that the required resources are obtained and used effectively and efficiently as the organization moves towards achievement of its objectives. The budgets are determined yearly and are based upon the previous year’s budget and variances. This paper will discuss a development of operating budget, comparison expense results with budget expectations, description of possible reasons for variances and strategies to keep results aligned with expectations, recommendation some benchmarking techniques that might improve budget accuracy.…
Fontinelle, A. (2011, March 2). Introduction To Accounting Information Systems. Retrieved May 26, 2015, from http://www.investopedia.com/articles/professionaleducation/11/accounting-information-systems.asp…
Accounting technology is not new, and has been a part of calculating and tracking numbers throughout time. From Leonardo da Vinci who designed a device he labeled the “Codex Madrid” number machine to Blaise Pascal who invented the first early calculator to William Burroughs who created the first adding machine, those who specialized in numbers have sought ways of making the tasks of their profession or hobby much simpler. As time passed, more creations emerged to help accountants perform their expertise more accurately and faster. The first computer was built midway through the twentieth century. For the nearly 50 years that followed, huge computers designed to perform the simple task of calculating mathematical equations were eventually scaled down to fit on top of desks in consumers’ homes and offices. The world of accounting went from manually inputting data into a ledger to using electronic spreadsheets that eliminated the need for ledgers, calculators, pencils, and adding machines. Out with the hardcopy and in with the software.…
This course has helped me have a better understanding on spreadsheet concepts, including calculations, formulas, built-in functions, and spreadsheet design. It has also given me the opportunity to explore charts, data tables, pivot tables, and what-if analysis. Moreover, I am now able to easily create spreadsheets to solve business problems, use the formulas and functions to perform calculations prepare workbooks to consolidate data, create macros to automate worksheets, and analyze data using the scenario manager.…
Many organizations use spreadsheets to keep record of financial, employee, customer, and vendor information. Spreadsheets make it easier to create budgets, calendars, invoices, and contact lists. With Microsoft Excel, it can be linked to other programs such as Microsoft Word and Access. Spreadsheets help to compile a company’s data into user friendly data.…
This system allows companies to record business transactions accurately and generate financial reports quickly for management review. While the functions of manual accounting have changed, it will never go away completely. Accountants must review the information presented on financial reports from the accounting system and ensure that it is accurate and valid. Accountants must also ensure that all financial…
Table of Contents Introduction 2 Ease of Use 2 Security 4 Control and Compliance with Financial Reporting 5 Usefulness of Information produced 6 Conclusion 7 Appendix A: Reference 8 EXCEL VS. SAGE LINE 50 Introduction Ease of Use Other than sales, purchases and expenses being keyed in for Sage has more systematic approach than Excel as it has a flow for the user to trail. Another advantage of Sage would be the handling of stock which stock inflow and outflow could be track with the system compare to Excel which has database to trail stock. As from MTT has a problem with the stock as there are short sales of stock which could be indentify by Sage as stock being release more than inventory and transaction will be prohibited from carrying out; while Excel would follow the transaction to be entered. This has shows that accounting software has an advantage over normal spreadsheet. Security Security of accounts is important which prevent pilfering of accounts data which would be of importance to MTT, such accounts and information would be valuable to rival companies as it shows position of MTT; with this security of accounts are essential to be conceal that security measure would come in. While such occurrence such as computer crime which is manipulation of computer data (Bagranoff, p.209) and computer abuse is unauthorized user have access to data of great significance (Bagranoff, p.209) Users has control to such data would have manipulated accounts data on the computer. By this, Sage has a great interface which prevents this from happening by implementing the password system that allows specific users to access the accounts and make changes; unlike the Excel which unless change would have access by everyone. Therefore, sense of security Sage has a better hand regarding this, furthermore harder to be viewed without the software of Sage 50 which would be only users with such use would obtain this software. Additionally, modification accounts by way of Sage…
Help budget expenses, such as child care, shopping, travel, and hobby. Companies use Excel to…
importance. One such tool that has helped man is that of the computer. With advances in…
Snyders of Hanover, which sells more than 78 million bags of pretzels, snack chips, and organic snack items each year, had its financial department use spreadsheets and manual processes for much of its data gathering and reporting. Hanover's financial analyst would spend the entire final week of every month collecting spreadsheets from the heads of more than 50 departments worldwide. She would then consolidate and re-enter all the data into another spreadsheet, which would serve as the company's monthly profit-and-loss statement. If a department needed to update its data after submitting the spreadsheet to the main office, the analyst had to return the original spreadsheet and wait for the department to re-submit its data before finally submitting the updated data in the consolidated document. Assess the impact of this situation on business performance and management decision making.…
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cell of the array is a model–view–controller element that can contain either numeric or text data,…
BUTERE DISTRICT JOINT EVALUATION TEST - 2010 451/1 Computer studies PAPER 1 MARKING SHEME 1. (a) Purpose of registers in a computer systems. To temporarily hold data that is waiting to be processed or after processing. 1mk (b) Types of register found in the central processing unit. - Addressing register - Storage register 1mk 2.…