Today, there is increasing use of information system technology in management of accounting information. Small as well as big entities are procuring off shelf soft wares to aid them in storing as well as retrieval of accounti9ng information. Some of them are acquiring highly customized software for their use in business
MYOB
This is one of the most used soft wares in the industry. It provides accounting input platform in both English and Chinese languages
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Pros
Each of the entries made in the system is translated to a double entry, and hence the users can access the final financial system at any moment
The software enables users to manage projects providing them with Gantt charts and order of activities
It also provides multicurrency transaction platform
Cons
It is prone to external hacking
Its use is dependent on organization access to electricity
It mainly customized for Australian consumers limiting its application in other locations around the world
Quick books
This is comprehensive accounting software that can be utilized online as well as offline
Pros
Helps in making of invoices
Has link to credit card and bank transactions
Helps in storing accounting information and in generating periodic statements
Cons
It is complicated to use
Requires organization to incur costs in trying employees on how to use it
Requires the organization o acquire more computer capacity for it to be installed
Money works business software
The application is accessed online through subscription
Pros
Enable users to develop income statements and balance sheet
Facilitates the generation of automated cash book
Facilitates GST and VAT tracking
Cons
It is less advanced than MYOB and quick books
Application is dependent o0n internet connectivity
Its features are limited to countries where they are applicable
Memo
This is to bring to your attention the merits of moving from a manual accounting system to computerized system. Computerized systems enhance accuracy of statements. Accountants are only expected to put raw data and the system generates the double entries and financial statements and summaries. It also ensures that accounting can be carri8ed out from any location, not necessarily in the organization by accessing such information through cloud computing. More over, by having the information online, its security is secured from loss in accidents such as fire. In this case, the most viable software to use is quick books. It has advanced features and high level of accuracy. The organization can easily generate final financial results using the application. It will help in documenting of rental revenues and expenses and in generation of final statements and tax obligations
