Implementing systems effectively, Financial Management

Assignment Help:

Implementing Systems Effectively:

Much of the accounting process has been taken over by office automation systems. Whereas once the vast majority of bookkeeping and reporting took the form of hard copy preparation, in the modern age the increasing sophistication of computer and software systems has virtually eliminated the need for manual bookkeeping and accounting systems.

Hardware

Hardware is the term given to the computers and computer peripherals.  Hardware includes the computer itself (either desktop or laptop, networked or standalone), servers (if a network operation is used) and peripherals such as printers, scanners and copiers.

Hardware should be updated regularly to meet the needs of the organisation. Computers quickly become redundant and in order to run the latest programs, and meet the increasingly technical needs of staff and clients, computer systems should be reviewed every 18 months to two years.

Similarly, as organisations choose and implement software programs, reviews of hardware should be undertaken to ensure that the newly installed software program will operate on the hardware in place in the business.

Software

Software is the term given to the actual programs that run on the hardware computer systems.

The types of software available are virtually limitless, however common software types include:

  • Operating Systems (such as Microsoft Windows)
  • Word Processor Programs (such as Microsoft Word)
  • Internet Browser programs (such as Internet Explorer, Firefox)
  • Database Systems (such as Microsoft Access)

In the financial management area many software companies produce accounting and financial management software. Popular programs include MYOB (Mind Your Own Business) Accounting and Quicken QuickBooks.

In addition to general accounting and financial management software, other software exists to meet more specialist needs. Examples include trust accounting software (which conforms to the special legislative requirements relating to trust accounts) and property management software (such as Rockend).

Software requirements vary from agency to agency, however in the vast majority of cases the basic requirements would include an accounting program and trust accounting (and where applicable the property management program).


Related Discussions:- Implementing systems effectively

Rights of investors, Rights of Investors CERTIFICATES An investor ...

Rights of Investors CERTIFICATES An investor is entitled to receive shares/unit certificates allotted to him within a period of 6 weeks from the date of closure of the sub

Analyse the characteristics of good governance, Question 1: "Good Gover...

Question 1: "Good Governance is an ideal. To ensure sustainable development, actions must be taken to work towards this ideal with the aim of making it a reality." With ref

Financial management, considering the following information,what is the pri...

considering the following information,what is the prise of the share as per gorden''s model?

Define how fx futures market be used for price discovery, How can the FX fu...

How can the FX futures market be used for price discovery? Answer:  To the amount that FX forward prices are an unbiased predictor of future spot exchange rates, the market antic

Components of working capital, Examine the components of working capital & ...

Examine the components of working capital & also explain the concepts of working capital.

Linear programming, Linear programming, one of the ...

Linear programming, one of the important techniques of operations research, has been applied to a wide range of business problems. This techniqu

Strategies of hedge funds, Strategies of Hedge Funds: Hedge funds use ...

Strategies of Hedge Funds: Hedge funds use a range of different strategies, and each fund manager can argue that he or she is unique and could not be compared to other manager

Coefficient of variation evaluating risk of capital budget, Why is the coef...

Why is the coefficient of variation a better risk calculates to use than the standard deviation while evaluating the risk of capital budgeting projects? The coefficient of variat

Define the meaning of earn out arrangements, Earn out arrangements   C...

Earn out arrangements   Consideration could be delayed and paid only upon achievement of certain criteria. For illustration the predator company may pay additional cash if acq

Show example on cross currency swap, 1. Of course a swaption will be needed...

1. Of course a swaption will be needed. The major reasons being that Bond A is callable after 3 years and matures in 4 years whereas Bond B matures in 5 years. It is understandable

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd