Accounting Information Systems
Accounting information systems are responsible for maintaining the accounting system of the organization. These systems record and report financial transactions and other economic proceedings taking place in an organization. They are the oldest, and perhaps the most widely used information systems in business. The main purpose of an accounting information system is to accumulate data pertaining to the financial transactions, process it into information, and report it to the concerned external and internal entities in the organization. The internal entities include the managers who need such information for planning and controlling the business operations, and for decision making. The external entities include the creditors, investors, and government agencies that need such information to make various decisions like investment decisions.
The accounting information systems are rooted in the concept of double entry book keeping. However, they also take into account the modern day concepts of activity based costing and responsibility accounting. Computer-based accounting systems record and report the fund-flow in an organization on a chronological basis and generate key financial statements like the balance sheets and income statements. These systems also aid in projecting future business conditions and generate projected financial statements and financial budgets. Many accounting software packages are available to enable the implementation of accounting information systems.
Online accounting systems
The use of intranets, extranets, the Internet, and other technologies has revolutionized the way in which the accounting information systems monitor and track the activities of a business organization. As these networks are interactive in nature, they demand new forms of transaction files, controls, and procedures. Order processing systems and inventory control systems are important since they are directly involved in supplier/customer transactions.
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