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Page 1: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

Importance of IT in Importance of IT in AccountingAccounting

Page 2: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

IntroductionIntroduction

Expansion of Business – Expansion of Business – Increases the number Increases the number of transactions.of transactions.

Manual Accounting – Manual Accounting – Unmanageable.Unmanageable.

Introduction of Computers in Business & Introduction of Computers in Business & Database Technology – Database Technology – gradually replaced gradually replaced manual accounting with computerized manual accounting with computerized accounting.accounting.

Page 3: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

Computer and its CharacteristicsComputer and its Characteristics

Computer is a device that accepts data, stores data, Computer is a device that accepts data, stores data, processes data as desired, retrieves the stored data processes data as desired, retrieves the stored data as and when required and prints the result in desired as and when required and prints the result in desired format.format.

Page 4: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

Computer and its CharacteristicsComputer and its Characteristics

Computer is a device that Computer is a device that accepts data, stores data, accepts data, stores data, processes data as processes data as desired, retrieves the desired, retrieves the stored data as and when stored data as and when required and prints the required and prints the result in desired format.result in desired format.

SpeedSpeed StorageStorage AccuracyAccuracy DiligenceDiligence VersatilityVersatility CommunicationCommunication Processing PowerProcessing Power

Page 5: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

Computerized AccountingComputerized Accounting

The computerized accounting uses the concept The computerized accounting uses the concept of databases. of databases.

For this purpose an accounting software is For this purpose an accounting software is used to implement a computerized accounting used to implement a computerized accounting system.system.

It does away the necessity to create and It does away the necessity to create and maintain journals, ledgers, etc., which are maintain journals, ledgers, etc., which are essential part of manual accounting.essential part of manual accounting.

Tally, Cash Manager, Best Books, etc.Tally, Cash Manager, Best Books, etc.

Page 6: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

Components of Computerized Components of Computerized Accounting SoftwareAccounting Software

Preparation of Accounting Documents: Preparation of Accounting Documents: Computer helps in preparing accounting Computer helps in preparing accounting documents like Cash Memo, Bills and invoices documents like Cash Memo, Bills and invoices etc., and preparing accounting vouchers.etc., and preparing accounting vouchers.

Recording of Transactions: Recording of Transactions: Business Business transactions can be recorded with the help of transactions can be recorded with the help of computer softwares.computer softwares.

Page 7: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

Components of Computerized Components of Computerized Accounting SoftwareAccounting Software

Preparation of Trial Balance and Financial Preparation of Trial Balance and Financial Statements: Statements: After recording of transaction, the After recording of transaction, the data is transferred into Ledger account data is transferred into Ledger account automatically by the computer. Trial Balance automatically by the computer. Trial Balance is prepared by the computer to check accuracy is prepared by the computer to check accuracy of the records. With the help of trial balance of the records. With the help of trial balance the computer can be programmed to prepare the computer can be programmed to prepare Trading, Profit and Loss account and Balance Trading, Profit and Loss account and Balance Sheet.Sheet.

Page 8: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

Need and Requirements of Need and Requirements of Computerized AccountingComputerized Accounting

Numerous Transactions. Numerous Transactions. Instant Reporting.Instant Reporting. Reduction in Paper work.Reduction in Paper work. Flexible Reporting.Flexible Reporting. Accounting Queries.Accounting Queries. On-line Facility.On-line Facility. Scalability.Scalability. Accuracy.Accuracy. Security.Security.

Page 9: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

Limitations of Computerized Limitations of Computerized AccountingAccounting

Cost of Installation. Cost of Installation. Cost Training.Cost Training. Self Decision Making.Self Decision Making. Maintenance.Maintenance. Dangers for Health.Dangers for Health.

Page 10: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number

Internet and Internet and Resources for Business Resources for Business

Page 11: Importance of IT in Accounting. Introduction Expansion of Business – Increases the number of transactions. Expansion of Business – Increases the number
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