Computerisation of Banks

Romney, M., & Steinbart, P. (2012). Accounting information systems. (12th ed., p. 143). Upper Saddle River, NJ: Prentice Hall.

The three procedures of accounting and bookkeeping assist an individual in recognising the most effectual use of capital incomes, gauging the properties of the cost controls across their finances. The accrued economic data is collected into usable data facts and reports are summarised for their decision-making procedure. By recognising and gauging costs, individuals can transfer capital to advance productivities and decrease costs.

The chances of failures can be decreased by executing the checks on the systems. These keep an eye on the systems preventing risks from occurring, and these checks are avoided as the interior controls. The motivation behind the inner controls is to keep the organization safe from risks associated with the modernized accounting-system risks. Organizations change their manual accounting systems to computerized accounting systems for different reasons, this incorporates the points of interest, and the explanation behind utilizing electronic accounting information is instinct. The organizations embrace the policies of their

* Accounting information systems depend on codes to record, classify, store, and retrieve financial data. Although it is possible in a manual system to use simple alphabetic descriptions when preparing journal entries, computerized systems use numeric codes (codes that use numbers only) or alphanumeric codes (codes that use numbers and letters) to record accounting transactions systematically. For example, a manual journal entry might include a debit to the “Direct Materials Inventory” account. In a computerized system, the debit might be to account “12345.”

Accounting information systems (AIS) are useful instruments businesses use in the management of business activities. The kind of system installed depends on the size, nature of a business and the objectives managers have. One common objective though is that to minimise cost and increase

Bagranoff, N. A., Simkin, M. G., & Strand, N. C. (2008). Core Concepts of accounting information systems (10th Ed.). New York, NY:

For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technological and legal concerns are involved. In this paper, we will look identify and explore the concerns of each of these.

In today's time the accounting and book keeping ranges from the old way of paper and pen to extremely large accounting data base systems for the major companies and organizations around the world; although either system could be used but

In the modern business today, there is no more manual accounting. Instead a lot of companies and businesses all over the world are trying to use and adapt by having an accounting system that is computerised, less hassle and fast processing.

Accounting Information Systems The Crossroads of Accounting and IT by Donna Kay, Ali Ovlia Instructor’s Solutions Manual

When computers made their way into accounting, certain workers were not necessary anymore. However, the advent of computers also created new positions. The companies needed people who knew how to both operate the computers, and repair them if something went wrong. The problem of course was that early on, few people knew how to operate these computers, since the technology was still new.

The biggest impact technology or Information Technology (IT) has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transactions. Paper ledgers, manual spreadsheets and hand-written financial statements have all been translated into computer systems that can quickly present individual transactions into financial reports.

As a consultant it is my responsibility to recommend the best direction for a new business to follow in order to be successful in financial documentation. It is very important for a new business/owner to understand the functions of accounting and its’ basic accounting system. Since Accounting Information Systems (AIS) is used to store, collect and process financial information. It would be wise for a new business to know the ins and outs of recording their finances so that they can keep track of their finances to see if they are gaining or losing a profit.

Information systems changed forever the way accounting tasks are processed. The days of green paper pads are gone, and instead businesses have a centralized place where all accounting transactions are entered and saved. No more looking for paper

With the implementation of accounting information systems, accounting and corporate accounting management environment has undergone great changes, internal control mechanisms and instruments manual accounting system was not available for the network environment, the establishment of information systems and accounting internal control system adapted to become enterprises need to solve the problems.