Question

State the features of Computerised Accounting system.

State any three features of Computerised accounting system.

Answer 1

1. Integrated Date and Information: Computerized Accounting system is designed to make it user friendly automated and integrated for all business process such as purchase, sales, finance, inventory, payroll and manufacturing. With computerized accounting system we can keep accurate, up-to-date business information within time limit. Computerized accounting is mixed with Management Information System (MIS) with Multilingual and Data organization capabilities to support the company. All the business operations are easy and cost effective.
2. Accuracy and Speed: Computerized accounting has various customized templates and software for users which allows fast and accurate data entry and transaction operations. Thus, after recording the business transactions it generates the various information and reports automatically.
3. Quick Decision Making: The Computerized Accounting System generates real-time information for quick decision. The company or firm can plan, its activities with the help of comprehensives MIS reports and instant access to complete and critical information of the Company.
4. Modern and Integrated: It helps to save time in recording business transactions as compared to manual accounting system. Various financial statements such as Trial Balance. Profit & Loss A/c, Balance Sheet can be derived at any point of time within fraction of seconds.
5. Immediate availability of Books of Accounts: In Computerized Accounting system Books and Registers like Cash Book, Bank Book, Purchase Register, Sales, Register and Statement of Account like Receivables and Payables are readily available at any point of time.
6. Security: The Computerized Accounting System is more secured. Data and information can be kept confidential as compared to the traditional accounting system. In this security system user can create multiple user security control for the various users.
7. Transparency: Computerized accounting system helps the business organization to keep greater transparency in the day to day business operations.
8.  Grouping of Accounts: Appropriate grouping of accounts is required to be done in computerized accounting system. Normally ledger accounts are classified under groups like Assets, Liabilities, Income and Expenditure. As per requirement these groups are further divided into sub groups as per convenience of the user.