Preview

The Contribution of Computerized Accounting System in the Performance of Selected Credit Cooperative

Good Essays
Open Document
Open Document
692 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
The Contribution of Computerized Accounting System in the Performance of Selected Credit Cooperative
THE CONTRIBUTION OF COMPUTERIZED ACCOUNTING SYSTEM IN THE PERFORMANCE OF SELECTED CREDIT COOPERATIVE

A. Introduction
The Philippine Code of 2008 (RA 9520), Article 23 defined Credit Cooperative as one that promotes and undertakes savings and lending services among its members. It generates a common pool of funds in order to provide financial assistance and other related services to its members for productive and provident purposes. Accounting is the backbone of business. It is the method on which financial information is gathered, processed and summarized into financial statements and reports. It provides information used for decision making. Every business has numerous processes. Some simple, others complex and cumbersome. But as the business grows, acquires new customers, enters new markets and keeps pace with constant changes in statutory regulations the company will need to maintain highly accurate and up-to-date accounting, inventory and statutory records. Credit Cooperative undertakes savings and lending services among its members, the accounting transaction involve in the credit cooperative are complex and vary from one credit coop to the other. There is where accounting and computerized accounting system will find its necessity. Computerized accounting helps simplify, integrate, and streamline all the business processes, cost-effectively and easily. In this generation, computers are being used by industries, companies, schools and cooperatives. Particularly credit cooperative use computers in making their task easier and convenient and to produce more reliable outputs. The usage of Computerized Accounting System (CAS) in business like cooperative are prevalent. Computerized Accounting System is designed to automate and integrate all business operations such as sales, finance, purchases, inventory and manufacturing. It has the ability to handle huge volumes and transaction without compromising on speed or efficiency. Computerization can be the most

You May Also Find These Documents Helpful

  • Good Essays

    Case Study

    • 625 Words
    • 3 Pages

    Accounting today is much more complex and difficult to understand than it has been in the past. Due to the increasing complexity Accounting Information Systems have been created to alleviate some of the pressures facing accountants. According to Frederick Jones and Dasaratha Rama (2006), Enterprise Resource Planning (ERP) systems are moving businesses from the functional approach to an integrated approach for managing transactions (p.684). Having knowledge and experience with the technological advances will help the accountant become more successful. Companies, such as CBU from the case study, must be able to effectively use technology to their advantage if they want to be successful in the future. The accounting staff of CBU must be able to develop more timely and effective system controls for future financial statement purposes and inventory audits.…

    • 625 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Nt1310 Unit 1 Assignment

    • 6923 Words
    • 28 Pages

    Computerized accounting system uses the accounting software. After financial data is entered into the program, it will automatically organize information; the data will be calculated and expressed as accounting numbers or other financial reports. This method is suitable for both large companies and small companies. It will help the company save time when examining the transaction process and decision making easier.…

    • 6923 Words
    • 28 Pages
    Powerful Essays
  • Best Essays

    With rapid development of the information technology, computerized accounting information system plays an increasingly crucial role in the operation of organization regardless large, medium or small enterprises. This can be contributed to the merits of the marriage of accounting and the computer science technology, which dramatically improve the accuracy and speed of the process of information system. However, along with the advantages of the computerized accounting information system, there emerge several deadly deficiencies which, if not appropriately deal with, can be greatly detrimental to the interests of the organization and, even worse, may lead to collapse of the company. This essay mainly focuses on several important aspects of the deficiency of the computerized accounting information system and then provides feasible solutions to prevent the negative influence derived from these threats.…

    • 1788 Words
    • 6 Pages
    Best Essays
  • Satisfactory Essays

    New technology in information systems have bought significant changes in accounting profession, practices and processes. It has increased the efficiency and accuracy in accounting and has speed up the process for manual accounting tasks, but also improved security of accounting data and increased transparency. Large organizations and multinationals are changing over to this new information systems and technologies to carry out their accounting tasks on global basis. This information system has led to standardization not only among the different divisions, locations and offices of a single organization, but also on a global basis.…

    • 427 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    A business may adopt computerise accounting system as the cost of using a manual one are high and less efficient. The business can easily set up the computerise system at a lower cost and this will cut the costs of the business.…

    • 540 Words
    • 3 Pages
    Satisfactory Essays
  • Better Essays

    An Accounting Information System is an integral part of the new design of Kudler’s computer system. Accountants do not necessarily need to understand completely how computers process data of the accounting application, but it is essential for them to understand the flowcharts and documentation that shows how this processing works. The purpose of the new system is to integrate the four Kudler locations. Centralizing the accounting system will save Kudler money by automating accounting, inventory, human resources, and purchasing. Additionally, implementing levels of security, the new system will help detect employee theft and fraud. There are always risks associated with implementing a new accounting system.…

    • 1152 Words
    • 5 Pages
    Better Essays
  • Better Essays

    For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technological and legal concerns are involved. In this paper, we will look identify and explore the concerns of each of these.…

    • 1087 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    The new implemented accounting information system is only as good as the information entered into the database as per company requirements. While the primary purpose of the new system was to reduce time and money, the implementation of the new system, however ended up in an avoidable lapse in judgment by the management and the employees. All financial transactions have three main requirements to ensure proper accounting of business operations: timeliness, accuracy, and validity. If these transactions failed to meet these guidelines, information entered into the software* will lead to improperly prepared reports and a total system failure.…

    • 1287 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    New developments in information systems have bought significant changes in accounting profession, practices and processes. It has not only increased the efficiency and accuracy in accounting and has speed up the process for cumbersome and long accounting tasks, but also improved security of accounting data and increased transparency. Large organizations and multinationals are making increasing use of new information systems and technologies to carry out their accounting tasks on global basis. These information systems has led to a great degree of standardization not only among the different divisions, locations and offices of a single organization, but also on a global basis.…

    • 555 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Accounting Cycle Paper

    • 723 Words
    • 3 Pages

    References: Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007). Accounting Information Systems. In (Ed.), Intermediate Accounting (12th ed., pp. 62-124). []. Retrieved from…

    • 723 Words
    • 3 Pages
    Good Essays
  • Good Essays

    The accounting profession has been around in one way or another for as long as people have traded goods and services. As the transactions between people have become more frequent and complex the accounting profession has become more and more essential and the tools used to perform its functions have become increasingly advanced. For the most part, the days of writing every transaction in a journal and charting and adding accounts on manual charts is gone, replaced by integrated computer systems that often enter transactions into accounts with little or no user interface. These technological advances have…

    • 762 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Through the research I conducted I realized that Kant did in fact have some very surprising views on punishment as well as what is acceptable and unacceptable. The ideas he had based upon capital punishment and the rehabilitation of criminals are vastly different than the other. Kantianism is based off of deontology which sees that, “the nature of ethical rules is to bind you to your duty, and that binding is not dependent on consequences” (Waller, Bruce N).…

    • 368 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    financial planning

    • 1670 Words
    • 6 Pages

    Financial accounting is focused on historical data. It involves the process of recording, summarizing and reporting financial information from a specified period of time in order to determine the financial position and performance of an organization. Financial accounting information is used by investors, creditors, and shareholders. In contrast, management accounting is forward looking. Management accounting reports assist management in the decision-making process by providing information used to plan, evaluate and control company resources. The case study of the care of soldiers in the British Army during the Crimean war is an example of the importance of managerial accounting and the possible implications of mismanagement.…

    • 1670 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    CONTENTS 1.0 Aim and Objectives 1.1 Introduction 1.2 Tally User Classification 1.2.1 Single user - Silver 1.2.2 Multi user – Gold 1.3 Tally Activation Form 1.4 General features 1.5 Accounting feature 1.5.1 Comprehensive accounting system 1.5.2 Categorization of account 1.5.3 Ledger group administration 1.5.4 Audit trail, Drill down display 1.5.5 Extracting reports 1.5.6 Bank reconciliation 1.6 Inventory features 1.6.1 Stock group, category and classification 1.6.2 Physical stock position 1.6.3 Stock transfer, adjustments 1.6.4 Multiple godowns, stock evolution 1.6.5 Multiple rate price lists 1.6.6 Actual bill quantity 1.6.7 Tracking through receipts/delivery notes 1.7 Accounting and Inventory management 1.8 Let us sum up 1.9 Points for discussion 1.10 Check your progress 1.11 Lesson-end activities 1.0 AIM AND OBJECTIVES In this Unit we will discuss the origin and features of Tally accounting software and the Accounting and Inventory features. After going through this unit, you will be able to, i. Describe Origin of the Tally Division ii. List down the User Classification iii. Explain Comprehensive Accounting System iv. Discuss Accounting and Inventory Management System 1.1 INTRODUCTION…

    • 25308 Words
    • 102 Pages
    Powerful Essays
  • Good Essays

    Internship Report On CUFL

    • 6270 Words
    • 62 Pages

    I have tried my best to gain practical experience and tried to reflect the same in report. I…

    • 6270 Words
    • 62 Pages
    Good Essays