Essay Pros and Cons of Computerized Accounting - 662 Words

Pros and Cons of Computerized Accounting There are many benefits of using a computerised accounting which I am going to list below and talk about in a little more detail. Ø Timesaving Ø Increased speed and accuracy Ø Less staff required Ø Less space need Timesaving It is fair to say that a computerised accounting system is much quicker than a manual accounting system as all the user has to do is enter the data into the computer and the computer will make the calculations and produce and print out any reports, invoices or credit notes at the touch of a button. Increased Speed and Accuracy The main benefit of the computerised accounting system is to carry out the†¦show more content†¦The most important advantage of using the computer is the speed with which the accounting can be done. As well it is very easy to do accounting functions. Posting to the ledger, a lengthily task of double entry, when done directly from the general ledger, can be largely automated when done through accounts payable or accounts receivable. With accounts receivable, you just need to enter the actual cash totals of items purchased and the software distributes these amounts to the general ledger so they become credits to corresponding revenue accounts. At the same time, an offsetting entry is made automatically to the accounts receivable account. With a computer, you can receive a balance sheet, income statement or other accounting reports at the touch of a button. Now I am going to evaluate some of the disadvantages of using a computerised accounting system. Loss of Data When you use a computer, it is possible that data can be lost because of hardware or software damage this can be a huge factor for a business regardless of its size if such damage occurs the business will have to spend money and time redoing the accounts and in the worst case scenario can lose customers due to misplacing or losing their data. Since the computerShow MoreRelatedPartnership686 Words   |  3 PagesCamisha Booker CA-156: Computerized Accounting 11 Partnership vs Sole Proprietorship March 11, 2014 Thinking about starting your own business? Do you prefer to work alone? Or do you prefer to work with a partner? If you choose to work with a partner then the best business structure for you would be the partnership structure. First you must ask yourself; do we have the same vision or objectives on how to run the business? Are we able to communicate well with each other? 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