StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

'Bookkeeping Software in Running a Business - Coursework Example

Cite this document
Summary
"'Bookkeeping Software in Running a Business" paper argues that despite the inherent risks and possible problems, software packages save small business time and money. It also helps to obtain real-time information and the accounts can be maintained by the small business owner himself…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.4% of users find it useful
Bookkeeping Software in Running a Business
Read Text Preview

Extract of sample "'Bookkeeping Software in Running a Business"

Inaccuracies may also result in fines and penalties being imposed. Moreover, when accounts are manually maintained it is usually kept pending until the last minute, and that too to file tax returns. Accounting is not used as a business tool to keep track of where the business is heading and results in a loss of control during the financial period. Bookkeeping software is also a manual system but within the defined parameters it is possible to produce essential information. The first advantage of using software is that small business would tend to maintain regular accounts than those which do not use software for bookkeeping (Articlebase, 2011).

The bookkeeping software has a set of disciplines due to which it can produce data and records that are essential to exercise control over the business. It also helps in preparing the financial statement at the end of the year including filing tax returns. Records are less likely to be lost or misplaced when maintained through software. Moreover, financial performance can be improved through better financial control. In effect, bookkeeping software automates the manual maintenance of accounting and financial records.

Accounting software saves time as it eliminates manual account calculations and record-keeping (Highland, 2011). The software handles chores in minutes which would take up a good number of man hours and hence can save on fixed salaries. It also helps in analyzing business practices and enables the identification of how money flows through the operations. It also helps in identifying which business unit is profitable and which needs to be shut down. The software package has other advantages like the automatic generation of accounting documents such as receipts, invoices, cheques, and statements of accounts.

Moreover, now plenty of software packages are available and hence it has become as cheap as maintaining manual accounts. Reports can be generated as and when desired. However, software packages come with certain disadvantages. Power failures, data corruption, and hacking of computers are inherent problems that come with the usage of technology (Answers.com, 2011). Data entry errors may occur which would result in wrong data output. Using software packages also requires a thorough evaluation of the reports to be generated and the information required so that the package can be set up to meet the right requirements.

The occurrence of computer fraud is also an inherent risk of internal and external security measures are not proper. 

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Report Coursework Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/other/1411457-report
(Report Coursework Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/other/1411457-report.
“Report Coursework Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/other/1411457-report.
  • Cited: 0 times

CHECK THESE SAMPLES OF 'Bookkeeping Software in Running a Business

Case Scenario: Fictitious Business Description

The human resource managers devise effective and efficient management information systems to assist them in running their daily duties concerning their payroll activities and efficient organization of the files of the personnel.... CASE SCENARIO: FICTITIOUS business DESCRIPTION Date Introduction Human resource management teams work within the frameworks of performance by performing activities such as those for bookkeeping, upholding the restaurants policies and guidelines....
4 Pages (1000 words) Case Study

Technology's Broad Impact on the Management

Furthermore, technology reduces the need for human resources since a computer can carry out tasks that were traditionally done by employees thus further reducing the cost of starting and running a business.... For instance, today with only a laptop, one can open a business or even run a company without requiring to rent office space or hiring employees, the computer can store all the information they need and they can use it to communicate with customers, suppliers as well as carrying out product promotion....
6 Pages (1500 words) Term Paper

Identify key features of widely used business application programs

business application or enterprise software works with the needs of information flow.... Organizations carry out major structural and analytical processes through these various business application softwares.... Certain business application software is Running Head: business Application Programs business Application Programs [Institute's business Application Programs Application programs are computer software, used to carry out many important tasks such as secretarial work, making reports, and graphics consuming much less time than the time required in doing them by hand....
2 Pages (500 words) Research Paper

HW 2: Identify a Solution , information system

RM is greatly customizable and allows the hotel to benefit actionable client insight, watching business prospects with predictive analytics, rationalize actions and monogram client service based on the clients recognized Task: Identify a solution, Information system Introduction A software package is a built software from a source with any package system availed which is provided as a gathered code with its package description or version.... RM is greatly customizable and allows the hotel to benefit actionable client insight, watching business prospects with predictive analytics, rationalize actions and monogram client service based on the clients recognized history and previous relations with the commerce....
2 Pages (500 words) Essay

Advancement of Technology in Accounting

If we talk about the modern business environment, we cannot ignore the use of soft-wares which help to store and to manage vast amounts of data.... By using the specially designed software packages, it has become easier and more efficient to record the transactions, manage them, execute the related operations and at last check the reliability of the entered data.... Modern software and programs have helped a lot in making their work easier and less troublesome....
8 Pages (2000 words) Research Paper

Management Support Systems of McDonalds Corporation

The main responsibility of the crew members is to prepare the food items, serve the clients and perform other important tasks that are vital to the business of the fast-food joint.... Every Mcdonald's outlet is an independent business, with restaurant administration accountable for bookkeeping, finance, operations, inventory control, society associations, training and human resources.... Data related to every transaction in the business is collected, verified, for acceptance or rejection....
9 Pages (2250 words) Case Study

How Information Systems Transforms Businesses

Ethnic obstacles are penetrated daily, as persons apply technology to acquire more concerning business doings with other states (Laudon & Laudon, 2009).... This idea of speeding information and globalization donates to an innovative way of undertaking business.... With the use of mobile phones, text messages and social networking has helped transform business aspects and promotions.... The paper 'How Information Systems Transforms Businesses' provides the learning of corresponding links of hardware and software that persons and groups use to gather, generate and allocate data....
5 Pages (1250 words) Assignment

Management of Finances of a Small Business

The paper "Management of Finances of a Small business" is a perfect example of a finance and accounting case study.... The most vital element that comes into play if one wants to run a successful small business is the keeping of timely and accurate financial information.... The paper "Management of Finances of a Small business" is a perfect example of a finance and accounting case study.... The most vital element that comes into play if one wants to run a successful small business is the keeping of timely and accurate financial information....
7 Pages (1750 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us