Current
State of Computerized Accounting Systems Technologies
Today accounting information system integrated into business information systems of a company. As soon as accounting information system provides information necessary for internal and external reports, it becomes a vital component of decision making process (Knežević 64). Internet technologies play an important role in the development and implementation of accounting systems as well. Internet facilitates direct transactions between customers, suppliers and businesses (Marakas 310). It is also important that a present day accounting system has to be adopted not only to fast changes in technologies, but also to accelerate changes in accounting standards (Arnold, Blisard, and Duggan 37).
Today accounting information system integrated into business information systems of a company. As soon as accounting information system provides information necessary for internal and external reports, it becomes a vital component of decision making process (Knežević 64). Internet technologies play an important role in the development and implementation of accounting systems as well. Internet facilitates direct transactions between customers, suppliers and businesses (Marakas 310). It is also important that a present day accounting system has to be adopted not only to fast changes in technologies, but also to accelerate changes in accounting standards (Arnold, Blisard, and Duggan 37).
Accounting technologies are important not only for big companies but they also vital for small businesses. Nowadays among the most popular accounting software for small businesses the following computer programs can be mentioned: Multiview Enterprise, NetSuite Financials, Intacct Financials and Accounting System, Microsoft Dynamics GP, SAP – Accounting, Sage 100 Standard and Advanced ERP, QuickBooks, and etc (Singelton). All these information technologies give a huge number of benefits to accountants. Accounting technologies help to increase productivity, decrease input errors, make reporting faster, make accounting information more valid and accurate, help to react on changes in economy faster, create centralized accounting, and make the process of accounting available for non-professionals (Singelton).
There are several important factors that have to be taken into account in the process of selecting proper accounting software: (1)ease of use; (2)help and support; (3)ability to manage core accounting tasks such as accounts receivable, accounts payable, banking, payroll, inventory control, time and job costing, fixed assets; (4) updates and, reporting. Most of the software programs provides core accounting services. But there are a lot of differences that allow companies to select the software that suits their business’s needs in the best way. In case the company has its own specific needs and none of existing systems suites the company’s purposes, modern technologies allow to customize an accounting software. The short overview of the main small business accounting solutions will help to create a picture of diverse technologies in this area (Singelton).
For example, NetSuit Financials and Intacct
Financials, and Accounting System provide a Cloud-based accounting software. In
addition NetSuit provides human-resource, customer marketing and inventory
management options. Microsoft Dynamics GP can be used not only as an accounting
solution, but as an enterprise resource planning system. Epicor Financial
Management provides ERP based on Cloud technologies (Singelton). SAP software
is popular among large companies as long as it facilitates all wide range of
their needs. Sage 100 Standard and Advanced ERP can be recommended to
manufactures and distributors. Such software as BillQuick adapted to be used
with Android and Blackberry devices. Adaptive Planning software focuses on budgeting,
forecasting, and reporting and can be used by businesses of any size (Singelton).
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