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Replacing Accounting Information System with New Ones - Essay Example

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Replacing Accounting Information System with New Ones Introduction Accounting Information System (AIS) can be simply referred to as a system designed for gathering, storing, and processing financial and accounting information used for decision making purposes…
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Replacing Accounting Information System with New Ones
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Download file to see previous pages It is evident that an organization would go out of business unless it effectively meets the changing needs and requirements of its customers and investors. Therefore, it is crucial for every firm to make its systems and processes up to date so as to better serve the stakeholder interests. As Beke (2011) points out, an accounting information system plays a pivotal role in processing financial and accounting data into understandable information used by the firm’s stakeholders including investors, creditors, and managers. An old version of AIS may not meet the current information needs of the stakeholders concerned (particularly in case of publicly traded companies) and this situation would cause dissatisfaction among them. Hence, it is better for organizations to modify the existing AIS on time or install a new one in order to keep their stakeholders satisfied. Such a change would probably assist the company to provide its stakeholders with more accurate and extensive information in lower time frame. Since modern business is based on highly complex processes and practices, stakeholder groups would be greatly benefitted from a high tech accounting information system that enables them to easily assess the company’s financial position. ...
Furthermore, the company may face numerous operational issues at the initial stages of the change execution. The following sessions assess the pros and cons of each available option. Advantages of AIS Purchase By purchasing a new AIS system, the company can acquire a potential and powerful system that can meet all modern business needs. This option provides the organization with Oracle team’s assistance in installation, configuration, and testing of the solution. The organization can reduce further system maintenance costs to some extent as this newly installed system can be used for a relatively longer time period. Disadvantages of AIS Purchase The feasibility of a new system may be unpredictable and, hence, the company cannot fully rely on it at its primary stages The company hast to invest relatively higher amounts in change management programs A decline in the total productivity at the initial stages of the change implementation may occur due to employee inexperience Advantages of Existing System Modification As compared to other options, the process of modification of the existing system requires less installation costs. Since the existing system is modified by its own information system group that is well aware of the firm’s needs, the company can ensure the development of proper AIS. The company does not need to depend much on external parties. Disadvantages of Existing System Modification Modification of an outdated system would be a complex task and hence this process may raise a range of potential issues to the company. If the system modification is not performed in an excellent way, then the company may be forced to spend further costs on the system in near future. ...Download file to see next pagesRead More
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