Is It A Standard System Used Nowadays?

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Excel is a standard system used nowadays in many companies for accounting. The weakness of the program is that users can modify or erase formulas by accident, and not be detected. Perhaps, the program had errors in the results using statistical functions. Moreover, Microsoft was notified the issues from many years, and they did not launch an update to fix the problems. Many employees will try to practice fraudulent activities, especially in a company with poor security and control system. There are few examples written of that fraudulent activity, which will help the reader to understand the situations. Also, managers found that the implementation of accounting complexity for financial reports, which will assist them to hide any possible…show more content…
Then computers were implemented, and Excel made accounting easy. Still, Excel needs for the user to create spreadsheets required for accounting. Accounting evolved in the last years from manual accounting to computerized systems. Excel, classified as a manual system in business, is not reliable for real financial statements. Nowadays, financial statements require accurate information for managerial accounting and Excel is not one hundred percent efficient. The software allows mistakes, provides the manipulation of the accounts and makes it difficult to monitor or supervise the real status of companies. Using Excel allows mistakes by the users which will affect the actual reports. Nowadays, the companies are working with two kinds of programs “close program” and “open program”. Close programs will track all financial activities, for example, inventory, discounts, accounts payable, accounts receivable, cash and payroll; and obtain accurate financial statements. The close program only lets the user input data transactions of the business, and it does not allow the user to make any changes in the system. For example, QuickBooks is a great program for accounting, which do not allow modifications to the system by the users. The program was designed to save time, money and minimize errors from the
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