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

Fundamental ingredients of management of working capital, Fundamental ingre...

Fundamental ingredients of Management of working capital Management of working capital has two fundamental ingredients: (1) an overview of working capital management as a wh

How amount of financing affecting cost of capital, Q. How Amount of financi...

Q. How Amount of financing affecting cost of capital? Amount of financing as the financing require of the firm become larger , the weighted cost of capital increased several re

Liquidity mix, I am facing some problems in my assignment of Liquidity Mix....

I am facing some problems in my assignment of Liquidity Mix. Can anybody suggest me the proper explanation for it?

Explain the random walk model for exchange rate forecasting, Explain the ra...

Explain the random walk model for exchange rate forecasting. Can it be consistent along with the technical analysis? Answer:  The random walk model assumes that the current excha

Determine the limitations of the traditional approach, Determine the Limita...

Determine the Limitations of the traditional approach Limitations of the traditional approach were not entirely based on treatment or emphasis of different aspects. In other wo

Minimum bonus and maximum bonus, Question 1 Sections 42 to 50 of the Act d...

Question 1 Sections 42 to 50 of the Act deal with provisions pertaining to welfare of workers. State a few welfare measures that you would suggest in factories. List the welfare m

Legal obligations of corporation is the cost of equity zero, If dividends p...

If dividends paid to common stockholders are not legal obligations of a corporation, is the cost of equity zero? Explain your answer. Even though common stockholders don't have

Calculate the waac, Question 1: You hold a diversified portfolio consi...

Question 1: You hold a diversified portfolio consisting of a Rs.5,000 investment in each of 20 different common stocks. The portfolio beta is equal to 1.15. You have decided t

Sources of Finance, A regional division of a water company is upgrading its...

A regional division of a water company is upgrading its water filtration & purification plant; the new system is expected to last 20 years & to cost $40m. The parent company has ha

Fin 534 financial management homework solutions to c, Need help with explan...

Need help with explanations for the answers chosen, not good with math calculations, or explaining the answers, can you help with this.Chapters 6, 8

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