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Finance & Accounting
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Accounting plays a very crucial and essential role in every trade, business and institution. A lot of people is under the assumption that accounting is similar to book-keeping, but in actual sense, book-keeping is just a subset of accounting. …

Introduction

Accounting plays a very crucial and essential role in every trade, business and institution. A lot of people is under the assumption that accounting is similar to book-keeping, but in actual sense, book-keeping is just a subset of accounting. So, what is accountingAccounting is a system that provides quantitative information about finances. ("The Free Dictionary" by Farlex). Accounting covers a wide range of tasks from updating and maintaining of accounting records; recording of business transactions; accounts balancing and reconciliation; accounts reporting amongst others. An accounting system is in short, an information system that facilitates the process of accounting: bookkeeping (recording), classification, reporting and interpretation of business transactions.In the conventional form of accounting (manual accounting), multiple books are being kept for different tasks/different accounts and this resulted in data duplication. As with data duplication: increased data means increased possibilities of errors; updates to data has to be ensured that all the matching records are updated- otherwise it will result in data being out of synchronisation. Manual accounting is a very labour intensive and time consuming process.However, the modern day technology has brought about various accounting systems that optimise the accounting process, resulting in greater efficiency and increased effectiveness. The automated accounting systems also promote a higher level of accuracy and tighter security. ...
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