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manual system is labor-intensive while computer-based system is easy and fast.....
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Manual vs computerized systems?
Salient Features of Computerized accounting2.1. Fast, Powerful, Simple and IntegratedComputerized accounting is designed to automate and integrate all the business operations, such as sales, finance, purchase, inventory and manufacturing. With Computerized accounting, accurate, up-to-date business information is literally at the fingertips. The Computerized accounting combine with enhanced MIS, Multi-lingual and Data organization capabilities to help the company simplify all the business processes easily and cost-effectively.2.2. Complete VisibilityComputerized accountings giving the company sufficient time to plan, increase the customer base, and enhance customer satisfaction. With Computerized accounting the company will have greater visibility into the day-to-day business operations and access to vital information.2.3. Enhanced User ExperienceComputerized accounting allows the company to enter data in a variety of ways which makes work a pleasure. Adapting to the specific business needs is possible.2.4. Accuracy, SpeedComputerized accounting has User-definable templates which provides fast, accurate data entry of the transactions; thereafter all documents and reports can be generated automatically, at the press of a button.2.5. ScalabilityComputerized accounting adapts to the current and future needs of the business, irrespective of its size or style.2.6. PowerComputerized accounting has the ability to handle huge volumes of transactions without compromising on speed or efficiency.2.7. For Improved Business PerformanceComputerized accounting is a highly integrated application that transforms the business processes with its performance enhancing features which encompass accounting, inventory, reporting and statutory processes. This helps the company access information faster, and takes quicker decisions. Computerized accounting also guarantees real-time optimization of operations and enhanced communication.2.7. Quick Decision MakingGenerates real-time, comprehensive MIS reports and ensures access to complete and critical information, instantly.2.8. Complete ReliabilityComputerized accounting makes surethe opposit of the above will do for the manual system
Financial accounting vs cost accounting?
Cost accounting is usually involved with management accounting. Financial accounting tends to deal with the past and presents information like statements for public and private use. Management... accounting methods and techniques used by managers to operate their firms. Examples include raw materials, labor and manufacturing overhead management. On the other hand.
Accrual basis accounting vs Cash basis Accounting?
Under accrual basis of accounting, transactions are recorded when they actually occurred while in cash basis accounting transactions are recorded when actual cash is paid. Accrual accounting follows the matching concept according to which all revenues in one period should be match with expenses.
Can taxes be capitalize in accounting?
No. But in Corporation tax there is the entirety of FAS 109...and deferred VS current tax to be recorded.
What is the difference between accounting profit and tax profit?
There are different rules that apply to recognition of revenue and expenses between financial reporting and tax reporting. As an example a small business may incur $10,000 for business meals & entertainment which for financial reporting is 100% deductible. However the IRS only allows the small business to deduct 50% or $5,000. This leads to a different bottom line profit under accounting rules vs tax rules.
Manual vs computerized systems?
Salient Features of Computerized accounting2.1. Fast, Powerful, Simple and IntegratedComputerized accounting is designed to automate and integrate all the business operations, such as sales, finance, purchase, inventory and manufacturing. With Computerized accounting, accurate, up-to-date business information is literally at the fingertips. The Computerized accounting combine with enhanced MIS, Multi-lingual and Data organization capabilities to help the company simplify all the business processes easily and cost-effectively.2.2. Complete VisibilityComputerized accountings giving the company sufficient time to plan, increase the customer base, and enhance customer satisfaction. With Computerized accounting the company will have greater visibility into the day-to-day business operations and access to vital information.2.3. Enhanced User ExperienceComputerized accounting allows the company to enter data in a variety of ways which makes work a pleasure. Adapting to the specific business needs is possible.2.4. Accuracy, SpeedComputerized accounting has User-definable templates which provides fast, accurate data entry of the transactions; thereafter all documents and reports can be generated automatically, at the press of a button.2.5. ScalabilityComputerized accounting adapts to the current and future needs of the business, irrespective of its size or style.2.6. PowerComputerized accounting has the ability to handle huge volumes of transactions without compromising on speed or efficiency.2.7. For Improved Business PerformanceComputerized accounting is a highly integrated application that transforms the business processes with its performance enhancing features which encompass accounting, inventory, reporting and statutory processes. This helps the company access information faster, and takes quicker decisions. Computerized accounting also guarantees real-time optimization of operations and enhanced communication.2.7. Quick Decision MakingGenerates real-time, comprehensive MIS reports and ensures access to complete and critical information, instantly.2.8. Complete ReliabilityComputerized accounting makes surethe opposit of the above will do for the manual system
What are the Advantages and disadvantages of manual vs computerised accounting?
Advantages· Faster and efficient in processing of information;· Automatic generation of accounting documents like invoices, cheques and statement of account;·With the larger reductions in the cost of hardware and software and availability of user-friendly accounting software package, it is relatively cheaper like maintaining a manual accounting system;· More timely information can be produced;· No more manual processing of the data- all automatically been posted to the various ledgers/accounts and· Many types of useful reports can be generated for management to make decisionsDisadvantages· Power failure, computer viruses and hackers are the inherent problems of using computerized systems;·Once data been input into the system, automatically the output are obtained hence the data being input needs to be validated for accuracy and completeness, we should not forget concept of GIGO (Garbage In(Input) Garbage out ( Output) and· Accounting system not properly set up to meet the requirement of the business due to badly programmed or inappropriate software or hardware or personnel problems can caused more havoc and· Danger of computer fraud if proper level of control and security whether internal and external are not properly been instituted.
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You play system vs system by going into the union room or theCommunication Club Colosseum
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Financial accounting vs cost accounting?
Cost accounting is usually involved with management accounting. Financial accounting tends to deal with the past and presents information like statements for public and private use. Management... accounting methods and techniques used by managers to operate their firms. Examples include raw materials, labor and manufacturing overhead management. On the other hand.
How do you play Vs.?
You play system vs system by going into the union room or theCommunication Club Colosseum
Accrual basis accounting vs Cash basis Accounting?
Under accrual basis of accounting, transactions are recorded when they actually occurred while in cash basis accounting transactions are recorded when actual cash is paid. Accrual accounting follows the matching concept according to which all revenues in one period should be match with expenses.
Can taxes be capitalize in accounting?
No. But in Corporation tax there is the entirety of FAS 109...and deferred VS current tax to be recorded.
What has the author John Holmes Myers written?
John Holmes Myers has written: 'Full cost vs. successful efforts in petroleum accounting' -- subject(s): Accounting, Petroleum industry and trade
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