The full financial accounting course or presentation contains the following topics. They appreciate the impact of computers on traditional accounting methods and practices.
The human mind can handle only a limited number of things at one time. On the other hand, the digital computer can be programmed to compare, measure, calculate and evaluate thousands of readings in a very short time.
Nowadays, the computer industry has become the fastest growing industry. The sales of mainframe computers are increasing every day. The computer industry was further enhanced by the introduction of small, cheap, reliable and very easy mini computers and microcomputers. They are routinely used for process control, production control, scientific instrument recording, storage controllers, automotive inspection and evaluation systems, medical observation, etc.
Computers are now widely used in office administration for routine office work. Nowadays most large and medium-sized organizations are almost entirely dependent on their computers. Routine use of computers is described below:
(i) Bookkeeping, billing, inventory control software using MIS, CRM
Computers are widely used for bookkeeping and computer software for accounting, MIS, CRM. HiTech Financial Accounting is a software customized for business and service segment users.
(ii) Payroll and personal records.
Payroll was the first commercial area that became widely computerized. Calculation of wages or salaries involves a number of variables that relate to personal data for each employee, such as gross salary or work rate, individual deductions, employee tax liabilities, and so on. We can keep these facts on computers, and we can process payments for employees every month.
(iii) Inventory Control
Your computer helps you exercise the type of file verification required by your organization. Determines the date of daily sales and purchase records, determines the optimal re-sorting level for each item, and prints inventory lists as needed. The system can be designed to initiate orders when the warehouse level reaches the point of purchase for different materials; tests those items that are moving slowly or listing the kits.
(iv) Sales Accounts
Can be programmed for each sales accounting system. The computer will show defaulting debtors, determine the credit limits for all debtors, and store the storage book.
v. Cost and budget control
Computer calculation and budget control may affect your computer, indicating deviations from planned performance.
(v) Production Control
The computer also provides tremendous help in planning and controlling production. It may happen that scheduling of works may be necessary for stops etc. Because. A new critical route has to be developed. In order to achieve the production goals, the shortest path to manufacture is critical. The computer helps control this new critical path. Advantages and Disadvantages of the Computer
Computer is certainly beneficial for high-speed operation and greater accuracy, savings through better management control, labor savings because it is completely automatic and ultimately because of flexibility while using. At the same time, there are significant capital expenditures that have difficulties in acquiring experienced analysts and programmers, decommissioning and maintenance issues, and ultimately due to the rapid development of computers due to obsolescence.
Types of Other Applications on the Accounting System
This is a software package that helps in text processing. Word Processing. Processing, including insertion, change of deletion, moving words, paragraphs, etc. Text editing is a type script, using computing tools for storing and manipulating text. For example, a word processor can combine a name and address with a single text and title to give a impression that the latter is personalized in circular characters.
HiTech Financial Accounting has features to export your reports to Word Word, Word Processing, and Mail Merge. You can write letters to different parties and store details in the program's database.
Simple data collections (data) on a particular subject. A database file allows manipulation of data in the desired format. So the database allows us to deal with facts and data to store and manipulate data in any way. For example, it is made of the same basic information change; trading and profit and loss accounts can be prepared; prepare a list of debtors and creditors; purchase and sales forecasts can be made and so on. Effective database management is therefore needed to make the use of information more flexible.
HiTech Financial Accounting uses MS Access and MS SQL server databases for powerful data connections.
This is one software program that has increased the utility of the computer for accounting purposes. Spreadsheets allow you to draw vertical and horizontal columns on large paper. The length and width of each column can be modified according to suitability. Even if the columns are temporarily temporarily drawn, modified, augmented or reduced, additional columns can be pasted, existing columns can be deleted. Very useful for businessmen and professionals. It allows us to look at multidimensional data on a page and help us make logical decisions. For example, if the 1989 statement of income is complete and compares a comparison with the 1987 figures and the 1990 forecast, the Spread Sheet allows you to provide two additional columns on both sides of the 1987 data and 1990 forecasts.
HiTech Financial Accounting Software can export your report data to the Microsoft Excel worksheet, an advanced spreadsheet application.
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