- Hey Guys,
Today I’m going to discuss the use of information systems in an accounting firms.
Information systems are a necessity for accounting firms. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources. The resulting statistical reports can be used internally by management or externally by other interested parties including investors, creditors and tax authorities. The major advantage of this to the accounting firms would be the reporting side of things. Reporting is major tool for organizations to accurately see summarized, timely information used for decision-making and financial reporting. The accounting information system pulls data from the centralized database, processes and transforms it and ultimately generates a summary of that data as information that can now be easily consumed and analysed by business analysts, managers or other decision makers. These systems must ensure that the reports are timely so that decision-makers are not acting on old, irrelevant information and, rather, able to act quickly and effectively based on report results. An accounting information system like all other information systems come as software packages for your computer examples of these would be Sage One and Big Red Book, you can purchase these online.
Here is an example of an Accounting System: