I. INTRODUCTION
Information Technology (IT) is a foundation for conducting business today. It plays a critical role in increasing productivity of firms and entire nation. It is proven that firms who invested in IT have experienced continued growth in productivity and efficiency. Many companies' survival and even existence without use of IT is unimaginable. IT has become the largest component of capital investment for companies in the United States and many other countries.
Accounting/Finance application systems like Peachtree, Net Suite and QuickBooks let you manage your business with a little or no experience. All three application systems allow the users to manage the companies' capital including bookkeeping, inventory, non-inventory & service items, sales orders, purchase orders, and reports. It allows the companies to keep tracking of the financial assets and at the same time have the information the accountant needs. Using the accounting/finance application system, makes it easier to enter and process the data rather than manually enter and process the data.
II. BODY
QuickBooks is an accounting software package which is developed by Intuit, Inc. It was launched in the 90's and since than it is one of the market leaders in accounting software. The software was designed to help the small business owners who had no formal accounting training. Very shortly after the introduction, there was no doubt that the product is going to be a hit. With a deep focus for the non-accountant, and a lower price than the competitor's products, it outsmarted its competitions. Intuit states that the company's mission is to create new ways to manage personal finances and small businesses that are so profound and simple, customers cannot i...
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...rver environment is supported for Windows XP Pro/2000 Server/Server 2003 Terminal Services.
III. CONCLUSION
QuickBooks software packages are very affordable and proven to be very simple to use for small business owners. Besides offering simple and basic software packages, QuickBooks offers a wide range of packages for larger growing firms also. Many of QuickBooks competitors that were in the market when QuickBooks launched are no longer around. In the past, Microsoft attempted to launch accounting software products (Microsoft Money and Microsoft Profit) in QuickBooks market with no success. Leading accounting software, Peachtree, is generally designed more from the accountant's perspective than QuickBooks is which leaves QuickBooks a market leader in small business accounting software. Intuit, Inc had annual revenue of nearly $1.9 billion in its fiscal year 2004.
Intuit is a multinational corporation that provides products and services for both business and personal financial solutions. The Intuit name is well known throughout the Americas and continues to grow throughout the world, primarily due to their brand name products; such as TurboTax and QuickBooks, that are provided through multiple sources; direct from the manufacturer, resold by independent distributors or accountant, and in retail stores. The longstanding quality brand names combined with competitive cost has allowed Intuit to gain a 90% market share in the self-prepared tax and small to medium sized business finance solutions market (Lange, 2013). With such a large network of varied methods a consumer can purchase one of Intuit’s products or services pricing strategies may vary from one product to another, or from one seller to another.
As technology progresses it can truly change how a business operates in terms of accounting and financial reporting. Online software has become a widely used system by many businesses around the globe. Financial reporting is essential to any business especially when seeking for potential investors or stakeholders. The reason being is because a financial report contains all of the records of how a business is performing financial wise. Likewise there are purposes of securities regulations and the main one is to disclose any schemes.
Accounting is a system used to provide financial information about a business or person. Accountants prepare and analyze financial records for individuals, companies, governments, or other organizations. Accounting is a basic need for every business, and the term business has been broadened to mean any operation that deals with money. That includes families and corporations, and also schools, theaters, art galleries, charitable organizations, and even some private persons. People sometimes call accounting “the language of business” because accounting data are used to detail firms activities. Accounting tells the history of a business or person in numbers.
Sage 50/QuickBooks is not just an accounting software, but a business management software, owned by Sage Group and intuit respectively.
Stair, R.M., Reynolds, G.W., Gelinas, J.U. Jr., Sutton, S.G., Hunton, J.E., Albright, S.C., Winston, W.L. & Zappe, C. (2007) Accounting Information Systems and Financial Modelling, Thomson, South Melbourne, Victoria, Australia.
Personal financial software is capable of recording, classifying, sorting and presenting financial data. Most programs are relatively easy to use and look familiar to a manual checkbook. They also usually allow download of financial information from its source so the individual does not need to record the information manually one by one. This feature is much more convenient and minimizes human error. Besides that, personal financial software typically offers a separate report on tax and a budgeting feature which enables its user to forecast possible scenarios and determine if each scenario is viable for their financial situation or not. In conclusion, personal financial software allows more organized financial data recording and reporting. Although it cannot provide judgment as professional accountants do, these programs supply a better understanding of an individual’s financial
According to Professor Clark of APSU, “Accounting has changed more since 1980 than in the previous 4000 years” (Clark, 2016). The prime reason for this exponential growth in the last 35 years or so is the impact the internet has had on all of our lives. As access to the internet grows, more small businesses will be able to grow. The technology, access and speed of the internet will need to continue to match the exponential growth of the technology that uses it. So far, that seems to be the
Accounting dates back as far as first centuries, is the language of business. As everything has gone through many changes, accounting has also changed many times through out the centuries. It went from the use of abacus to the most advanced softwares, and computers. With these drastic improvements nowadays accounting, financial accounting and management are facing big challenges. From the presentation of the reports to communication to the users, investors, and owners, the accounting field has gained totally a new shape from two decades ago. Today with the dynamic change in every aspect of life, the accounting field has to act fast and be able to adapt these new changes and challenges in order to survive.
I am interested in conducting research and teaching in managerial accounting, auditing and assurance services and accounting information systems. In particular, I am interested in exploring the role of accounting information systems in decision making, internal control, and auditing. In order to gain an appreciation of these and related issues, it is essential for me to have a strong grounding accounting, accounting information systems, information technology, managerial accounting, as well as gain a general economic and management perspective.
Albrecht, W. S., Stice, J. D., Stice, E. K., & Skousen, k. F. (2002). Accounting Concepts and Applications. Cincinnati: South-Western.
Intuit, Inc. is a provider of small business, tax preparation and personal finance software products and Web-based services that simplify complex financial tasks for consumers, small businesses and accounting professionals. The Company's principal products and services include Quicken, QuickBooks, Quicken TurboTax, ProSeries, Lacerte and Quicken Loans. Intuit offers products and services in five principal business divisions which include Small Business, Tax, Personal Finance, Quicken Loans and Global Business (Market Guide).
An Accounting Information System (AIS) can be defined as software that helps accountants to collect data and process it to create information ((Bagranoff, Simkin and Norman 2010)
The function of accounting information system transforms from simple storage to a supportive tool of decision-making, producing high quality information and detailed analysis, bringing about real economic benefits. However, it also challenges the skills and ethics of modern accountants, putting forward the new demand for the professionals who use the accounting information system. As a result, two capabilities are recognized to be essential for the professionals. One is the competency, it lists out a pattern of knowledge used in the job as well as be aware of the link between information systems and decision-making. On the other hand is the ability of analyzing and diagnosing, which is good at problem solving. Another challenge is about ethical issue, requiring integrity and confidentiality as a professional quality of an accountant. To conclude, the accounting information system integrating the information, analyzing and supporting decision-making will become more important in the forming of a company’s strategy. Understanding the structure of accounting information system would lead to a competitive advantage over competitors in the
Years ago, most financial accounting was done manually, which caused lot of paperwork. With the achievement of computerized accounting, most accounting information can be recorded using computers gradually and saved many paper using. Paper work slows down transaction time and burdens entities with maintenance needs. By using computerized accounting method, we are no longer using manual bookkeeping, calculating, and other works. And it will analysis some portions of the accounting works that were normally complete by the human brain. It eases the burden of the level of works that an accountant has to handle and therefore it will be fewer jobs intensive and improve the quality and efficiency of the accounting work. Especially in cost accounting area, computerized accounting provides more detailed and accurate information in a timely manner, which allows accountants to develop an effective system to allocate the resources. Lots of users are using computerized accounting software, start from the smallest proprietorships to the largest of corporations. Although computerized accounting gave numerous types of advantages
RG & Co Chartered Accountants, 20 Business Benefits Cloud Accounting has over PC software. Available at: . [Accessed 20 November 2013]