Application of Ict on Accounting

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Applications of ICT in Accounting. Accounting records have been maintained only on a manual basis for a period now. The bookkeeper or the owner is required to fill a paper source document for each sale or receipt, and then work overtime writing the transactions of the day or week in special journals, stock cards, and debtor and creditor records. This obviously took some time, time that would otherwise have been spent operating the business. The business also pays extra money to account officers as overtime bonus. Consequently, completing the accounting records was sometimes seen as an impediment to business, rather than a tool of making it more profitable. However, the development of computerized accounting systems has changed the way…show more content…
Spreadsheet A spreadsheet is a computer application with functions that increase the user's efficiency in capturing, analyzing, and sharing tabular data sets. They were mainly developed for accounting or bookkeeping tasks, but can also be used comprehensively in any context where tabular lists are built, sorted, and shared. It displays multiple cells usually in a two-dimensional matrix or grid consisting of rows and column. A modern spreadsheet file consists of multiple worksheets that make up one workbook. A cell on one sheet is capable of referencing cells on other, different sheets, whether within the same workbook or even, in some cases, in different workbooks. Examples of spread sheet are excel, SPSS, Siag, libreOffice Calc, and Gnumeric Spreadsheets generally save a lot of your time irrespective of its use; that is to track expenses, cash flow, project tax or inventory. It helps in analyzing lease or hire purchase and capital project appraisal decisions. For instance the formula in Excel helps to maintain a trouble free report of all the transaction details. People from various sections of an organization having to handle the same document file can do so easily. If the cashier has to enter the amount he collected and forward it to the operations manager. Then the operations manager will forward the same to the accountant. We have several options to share the document and compare it using the Microsoft Excel. Also it has got in-built
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