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Automated accounting presentation - Term Paper Example

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Mounting numbers of transactions are better dealt with when efficient, automated systems are in place. The case of a homeowners’ association whose members are due to…
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Automated accounting presentation
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Automated accounting presentation

Download file to see previous pages... The advantages and benefits of automation are briefly covered herein. Automation, however, cannot accomplish everything. Some procedures that form part of the general system would have to remain manually done.
If the option to automate systems would be taken, the exact design of the whole system and its features would have to be studied to decide whether or not existing commercially available systems offered by companies like Peachtree can simply be purchased and established for the association to use. Otherwise, a system would have to be especially built from scratch for the use of the association.
The subject homeowners’ association requires well-organized systems for billing its members, collecting payments, paying its bills including taxes, and formulating quarterly financial statements. While manual systems may have worked in the past when the association had only its original 150 homeowners, this may not be true with the upcoming scenario that will bring in additional 500 homeowners from four other homeowners’ associations. With the merger currently in process, the establishment of new systems would have to be among the major issues to be settled and finalized.
The billing department can function with increased efficiency and accuracy by means of automated systems that will put the data in the respective bills of members and then print them systematically. On the other hand, the collection department would benefit from automated systems for printing out official receipts and summarizing the collections of each day. System-generated reports would, in fact, be of help in reviewing the daily receipts and comparing them with the amounts deposited in the bank account of the association.
Automation should not stop there. Other areas, such as payments and reporting, would be handled more efficiently and with much lesser overlooked errors if automated systems are in place to book payments, to monitor bank account ...Download file to see next pagesRead More
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