Nobody downloaded yet

Modern Organizations and Accounting System - Research Paper Example

Comments (0) Cite this document
Summary
Running Head: MODERN ORGANIZATIONS AND ACCOUNTING SYSTEM Finance and Accounting [Instructor Number] Modernized Accounting System Modernization and advancement in technology has changed the way of performing various functions and roles of almost every organization…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.3% of users find it useful
Modern Organizations and Accounting System
Read TextPreview

Extract of sample "Modern Organizations and Accounting System"

Download file to see previous pages It is vital because it systematizes the whole process. Without having proper accounting system, it is impossible to run business either small or big. Every type of organization needs to have check and balance on their financial statements (Eisen, 2000). One thing that should be clearly mentioned here is that the modernized accounting system has not changed the business purpose and principles but it has only changed the mechanism. In other words, it could be said that the method of performing accounting functions have become more advantageous. Early accounting reports have shown major errors in calculations and illegal actions by the practitioners. It is due to this reason that the need of modernized and computerized accounting system arose. Earlier, great loses of money and reputation of the organizations was noted because of lack of accounting systems (Eisen, 2000). In addition, it affected economies of countries as in whole. Modernized Accounting System and Change in Organizations: In order to understand the difference in modern organizations that has taken place because of advanced accounting system we need to compare current accounting system with the old one. ...
In addition, it has been noticed that it is very difficult to maintain records safely because of greater man made errors or mistakes. Secondly, if files of records or data are lost than in such circumstances, businesses have to suffer from loss or face penalties (Previts, 2006). Therefore, the need of establishing newer accounting method was felt by accountants and other professionals at business to have alternative methods of dealing with numbers and financial statistics of the organization. Modern technology has played an important role in keeping records of numbers, in generating different methods of solving mathematical equations in more accurate and efficient way. Modernized systems were predicted to have a profound effect on the working of organizations as it helped in efficient work process (Merlene, 2010). Introduction to advanced technology and the use of modernized system in the department of accounts has brought tremendous change in the mechanism of accounting procedures. First and foremost, prominent change that has been observed is that modern technology has quickened the working process for accounting functions and capital consumption. It has made availability of financial information much faster and easier, understanding the use of information in proper way with the use of modern technology has made it straightforward for the business people to make good and beneficial decisions on correct time to increase productivity (Merlene, 2010). Now reports are generated just by clicking few buttons instead of wasting more time on preparing reports manually. Similarly, paying high wages to employees companies are currently using centralized controlled ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Modern Organizations and Accounting System Research Paper”, n.d.)
Retrieved from https://studentshare.org/finance-accounting/1428241-see-below-in-order-instructions
(Modern Organizations and Accounting System Research Paper)
https://studentshare.org/finance-accounting/1428241-see-below-in-order-instructions.
“Modern Organizations and Accounting System Research Paper”, n.d. https://studentshare.org/finance-accounting/1428241-see-below-in-order-instructions.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Modern Organizations and Accounting System

Contemporary Management Accounting System

...and the development of the Enterprise Resource Planning (ERP) systems, there has been a vast change in the management as well as financial accounting practices of modern day organizations. The inclusion of the information systems had an effect on the role of management accountants in numerous ways. The execution and adoption of the various information systems by the business organizations had amplified the automation or mechanisation of a numbers of daily work schedules in the accounting departments (Roussoulis, 2007). With the changing times, majority of the...
11 Pages(2750 words)Essay

Management accounting system

...?ANSWER ONE: The owner of Skytop Pty Ltd The Management Accounting Consultant Management accounting system a) Overview In the simplest sense a cost management system (CMS) is a set of methodical procedures designed at generating cost estimates that are precise enough to match actual costs (businessdictionary.com). It is specifically designed to identify, gather, measure, categorize, and present information that will be beneficial to internal and sometimes external stakeholders of a company in management processes of: decision making, planning, costing, controlling. Thus a cost management system typically comprises of two key subsystems; the cost...
3 Pages(750 words)Essay

Information System In Organizations

...INFORMATION SYSTEM IN ORGANIZATIONS INTRODUCTION The success and continuing competitiveness of a modern organization depends on how they tap and use information and technology. In this era, information technology is evident in every business practice, from the creation of business strategies to the direction of internet process of the organization. Because of increasing technology and unparalleled reliance to how organizations are run, the practice of ensuring that the security of the organization's information system is a vital aspect of an organization's survival (Willcocks, 1996). Today's organizations are more interconnected to their environment because of more value being placed by managers towards the use of the Internet... that it...
5 Pages(1250 words)Essay

Modern System Of Policing

...as the safety of a lot of citizens was doubtful. Pick pocketing, gambling and robbery were ordinary amongst the crimes that took place. An essential factor in Sir Robert Peel's plan was the division of policing as well as the judiciary. Peel believed that police should be accountable for one side of the law, it was called the examination phase (Hurd 2007). Even till today, this idea remains almost unchanged. Until 1829, law enforcement had been dramatically lacking in organization. As London expanded during the 18th and 19th centuries, maintaining law and order had become a priority and also a matter of public concern. The policing system was seen as ineffective and failing dismally...
4 Pages(1000 words)Essay

Modern Organizations

...Introduction The focus of the essay has been the article written by Glenn Smith. The has referred to David Pearce Snyder for the discussion ofthe future of the revolutionary times. It has been concluded that the correct prediction is compulsory for sustainability and competitive edge in respective fields. The author has claimed that clear vision does not require prediction of the revolutionary change, and vision is appropriate then the prediction because it supports the preparation of the grounds required for the reforms which shall be beneficial for the majority of people. Discussion The success of the organization is based upon the success of the theory, as per which the significance of the team work shall never be...
2 Pages(500 words)Book Report/Review

Modern Accounting Systems

..., the modern accounting system can better forecast sales and follow trends. As sales estimations are prepared, modern accounting systems allow the business to place matching orders and follow growth rapidly and precisely. Quicker reaction to market requirements, fewer demand holdups and a reduced amount of overproduction adds value to the businesss range of products and services. Modern accounting systems allow directors to check costs in greater aspect than before. Such methods provide top-level organization direct access to records on the working level of the business...
4 Pages(1000 words)Essay

The Modern World-System

...The Modern World-System: Theoretical Reprise Theorizing and analyses go hand in and cannot be exist independently. Wallerstein argues that “a world system is a social system, one that has boundaries, structures, member groups, rules of litigation, and coherence” (205). The world-system is sustained by opposing forces caused by various groups striving to influence it to suit their needs. The world-system’s features change over a given period of time with others remaining unchanged, which is more similar to the life of an organism. Based on the internal logic functioning, a person can characterise the...
2 Pages(500 words)Essay

Accounting information system

...ACCOUNTING INFORMATION SYSTEM Number: Lecturer: 3 Revenue cycle The of the Casino are effectively handled by an effective revenue cycle that ensures service provision is up to standard and the payment of these services is efficient. The customer requests are handled by the Casino attendant who is in charge of providing the services to the clients. Once the client receives the service, they can pay for the service to the cashier. The diagrams below clearly illustrate the processes that completes the revenue cycle. Figure (i): Revenue Cycle Context Diagram. Figure (ii): Level 0 Data Flow Diagram Document Flowchart. 4.0 Database and file structure The database is created using the Ms Access application. It...
5 Pages(1250 words)Essay

Accounting System Checklists

...Accounting System Checklist al Affiliation Introduction Accounting system usually requires the use of various balances as well as checks in order to properly control frauds and errors in the organization (Collins, 2014).The checks and balances are also important in providing effective error detection as well as preventing frauds in the organization. There are various software and hardware that can be used in the accounting system in order to provide an organization with best tools for financial control including effective financial audit system. It is important that the...
2 Pages(500 words)Lab Report

Modern operating system

...In the modern times there are number of operating systems that are majorly part of nearly every second laptop, handheld device and mobile phone systems. These are Android Operating System, Windows operating system and I.O.S operating system. Android is formally owned by Google Inc. Windows is formally owned by Microsoft Inc. and I.O.S is supported by Apple Inc. Each of these has its own characteristic function. This paper looks into the contrasts, comparison and co relation between the three major operating systems. Open source: Android operating system is an open source operating...
4 Pages(1000 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Modern Organizations and Accounting System for FREE!

Contact Us