Computerize Accounting Flashcards
What is the difference between manual and computerized accounting systems?
Manual systems rely on handwritten records, while computerized systems use electronic systems.
What happens after data is input into accounting software?
Ledger accounts, trial balances and financial statements update automatically
Name three functions integrated into most accounting software packages
Inventory updates, payroll records and receivable/payable tracking
What is an average receivable analysis?
A report listing receivables, amounts owed and overdue periods
What are some special functions of computerized systems?
Payroll
Reports
Inventory control
Credit control
How can employees benefit from a computerized accounting system? (advantages!
Training, skills and career growth.
From training you learn how to use new software which allows u to develop new skills
From skills, it allows you to get better at using accounting software which makes you more efficient
From career growth, being able to use different softwares can make you more valuable to a business and gain more job opportunities
How can an employee negatively feel about a computerized accounting system?
Job loss fears, learning anxiety, RSI (repetition strain injury) and eye strain.
Name three tools often used in computerized accounting
Spreadsheet, databases and the internet
List advantages of computerized accounting
Speed
Accuracy
Accessibility
Simultaneous updates
More information
Staff cost savings
Samuel and Alex said manly stuff
List disadvantages of computerized accounting
Costs
Training needs
Transition issues
Data loss risks
Why do businesses run manual and computerized systems simultaneously during the transition?
To ensure smooth implementation and minimize errors
Name two tools helpful for accountants using computerized systems
Spreadsheets for budgeting and forecasting
Database for organizing and reporting finances
What extra features do computerized accounting systems provide?
Inventory records, receivables/payables tracking and payroll documentation
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What are some uses of the internet in computerized accounting?
Supports online buying, selling and banking
