Advantages And Disadvantages Of Using Computer Accounting Packages

1041 Words Feb 24th, 2016 5 Pages
In this report I will be discussing both the advantages and disadvantages of using computer accounting packages. Beginning with the advantages, computer accounting packages are truly time efficient. They enable a quicker way of collecting and reporting financial accounting data, as vast volumes of transactions can be dealt with within a short amount of time. Reasons being as accounting packages allow rapid entry of accounts. (See information: Magloff, 2013). This means that multitasking is even more simpler, therefore a variety of vast business targets and tasks may be met ahead of the set date. Due to this, there will be less of a stressed working environment as there is less time pressure. Resulting in happy employees and a rise in productivity.
Increased amount of accuracy due to computer accounting packages is another benefit. Reasons being as computerised accounting is acknowledged for being highly accurate due to the low percentage of human error, thanks to the accounting programming software’s such as, sageone, xero and quickbook which all carry automatic calculation functions. (See information: Joseph, 2013 and Dictionary, no date). This means that the business is more capable of monitoring the performance of its financial state across the financial year accurately e.g. precisely calculating the losses and profits of the business, being able to produce better decision making strategies for any complex situations and being able to forecast any future trends. If…

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