Accounting System Checklists - Lab Report Example

Accounting System Checklist al Affiliation Introduction Accounting system usually requires the use of various balances as well as checks in order to properly control frauds and errors in the organization (Collins, 2014).The checks and balances are also important in providing effective error detection as well as preventing frauds in the organization. There are various software and hardware that can be used in the accounting system in order to provide an organization with best tools for financial control including effective financial audit system.

It is important that the correct software is selected for an organization in the process of designing an accounting system (Watts, Senarath Yapa, & Dellaportas, 2014).The selection of the best accounting system software requires a lot of proper research and studies in order for the organization to work effectively. There is a lot of misinformation about the best place to gather information about the best accounting software installation system. There are various stages and steps that are usually very important to be followed in installing the right and good accounting software.

These steps are very important to both large and small organizations that need proper accounting system (Collins, 2014).Therefore, this paper will provide some of the best steps to take in designing and selecting the right accounting system software in an organization. The paper specifically provides this accounting system software installation steps for the American Society for Prevention of Cruelty to Animals Company.Steps Involved in the Selection of the Right Accounting System Software1. Establishment of a CommitteeFor proper selection of the best software for accounting system it is important that the organization come up with a committee comprising of about six people (Ștefănescu, 2012).

The committee will help in provision of the best evaluation procedure to be used in selecting the new software system. Therefore, the committee should include various individuals who understand the use and procedures of the new software system (Dodaro, 1998).2. Proper Budgeting and TimingThe installation of the software should be under effective budget which include the cost of the software and hardware as well as the cost of its implementation process. The timing system for the evaluation, formulation and implementation of the system should also be provided by the committee (Hodgson, & Ponte, 1991).3. Problem IdentificationThe organization must consider the various problems that are facing the current accounting system and how such problems can be solved through the installation of new accounting system software (Brandas, Stirbu, & Didraga, 2013).4. Include the Value Added Reseller and Independent Consultation FirmIt is important that you allow the value added resellers to solve these problems in the organization in order to install the right software.

The independent consultation firm can also be included in the organization to select the best software (Seized Property and Forfeited Assets System Requirements, 2000).5. Train and Gain skills to Provide the Best SolutionsUse a number of platforms such as the organization information technology experts in order to gain more knowledge about the software (Carson, & Dowling, 2012). It is also important that the organization involve in active research in order to provide the right and best accounting system software (Watts, Senarath Yapa, & Dellaportas, 2014).6. Evaluate the Software FeaturesSelect the best software and eliminate the poor products in the software.

This should help you in providing the best features in the system through the evaluation of the software features (Steinhoff, 2005).7. Installation of the SoftwareAt this stage select the best reseller that can help in installing the software system in the organization. In this step you should also consider various legal issues that are very important for the installation of the software (Financial Management Improvement Act, 2001). It is also important to request for financial assistance from various companies to help in providing funds for the installation of the software system.

Finally, the organization must work closely with various software advisors in order to select, evaluate and install the best accounting software system (Efrim Boritz, & Timoshenko, 2014).ReferencesCollins, C. J. (2014). Accounting Software Research: Selection Steps. Retrieved Fromhttp://user1034340.sf2000.registeredsite.com/accounting_systems_selection_checklist.htmlEfrim Boritz, J. J., & Timoshenko, L. M. (2014). On the Use of Checklists in Auditing: A Commentary. Current Issues in Auditing, 8(1), C1-C25.

Steinhoff, J. C. (2005). Core Financial System Requirements: Checklist for Reviewing Systems under the Federal Financial Management Improvement Act: GAO-05-225G. GAO Reports, 1.Grant Financial System Requirements: Checklist for Reviewing Systems under the Federal Financial Management Improvement Act: GAO-01-911G. (2001). GAO Reports, 1.Carson, E., & Dowling, C. (2012). The Competitive Advantage of Audit Support Systems: The Relationship between Extent of Structure and Audit Pricing. Journal of Information Systems, 26(1), 35-49.

Seized Property and Forfeited Assets System Requirements: Checklist for Reviewing Systems Under the Federal Financial Management Improvement Act (Exposure Draft): AIMD-21.2.5. (2000). GAO Reports, 1.Hodgson, D., & Ponte, R. E. (1991). An Accounting Software Selection Checklist. Journal of Corporate Accounting & Finance (Wiley), 2(4), 495-500.Brandas, C., Stirbu, D., & Didraga, O. (2013). Integrated Approach Model of Risk, Control and Auditing of Accounting Information Systems. Informatics Economics, 17(4), 87-95.Dodaro, G. L. (1998). Managerial Cost Accounting System Checklist: Systems Reviewed Under the Federal Financial Management Improvement Act of 1996 (Exposure Draft): AIMD-98-21.2.9.

GAO Reports, 1.Ștefănescu, C. (2012). Accounting Practices from Financial Instruments Disclosure Perspective - The Case of Romanian Banking System. Annals of the University Of Oradea, Economic Science Series, 21(2), 595-601.Watts, D., Senarath Yapa, P. W., & Dellaportas, S. (2014). The Case of a Newly Implemented Modern Management Accounting System in a Multinational Manufacturing Company. Australasian Accounting Business & Finance Journal, 8(2), 121-137.