Application Of Information And Communication Technologies

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As Best Book of Mackay has not changed their practices for the last 30 years, they wish to embrace e-business principles as a way of expanding their customer base and streaming their business operations. The following report will provide the accounting practices that could be used when trading online and the advantages and disadvantages these accounting practices may impact the business. The report will also take into account other factors in terms of cost, risk, security etc. for Best book of Mackay to consider. Finally the report will make recommendations as to which practices the business is advised to implement.
Electronic Business
As Best Books of Mackay is wishing to establish e-business system, they should firstly understand the basic concepts and the processes involved in e-business. Electronic business is the conduction of business processes through the application of information and communication technologies, especially via the Internet. This includes managing internal processes such as human resources, financial and administration systems, as well as external processes such as sales and marketing, supply of goods and services, and customer relationships.
Advantages and Disadvantages of E-business
E-business offers a range of advantages compared to the traditional business system. These benefits are continuously increasing the popularity of e-business. Below are some main advantages that will be beneficial for Best Books of Mackay.
• Consumer has
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