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Modern Organizations and Accounting System - Research Paper Example
Author : marcelino09
Finance & Accounting
Pages 5 (1255 words)
Running Head: MODERN ORGANIZATIONS AND ACCOUNTING SYSTEM Finance and Accounting [Instructor Number] Modernized Accounting System Modernization and advancement in technology has changed the way of performing various functions and roles of almost every organization…
It is vital because it systematizes the whole process. Without having proper accounting system, it is impossible to run business either small or big. Every type of organization needs to have check and balance on their financial statements (Eisen, 2000). One thing that should be clearly mentioned here is that the modernized accounting system has not changed the business purpose and principles but it has only changed the mechanism. In other words, it could be said that the method of performing accounting functions have become more advantageous. Early accounting reports have shown major errors in calculations and illegal actions by the practitioners. It is due to this reason that the need of modernized and computerized accounting system arose. Earlier, great loses of money and reputation of the organizations was noted because of lack of accounting systems (Eisen, 2000). In addition, it affected economies of countries as in whole. Modernized Accounting System and Change in Organizations: In order to understand the difference in modern organizations that has taken place because of advanced accounting system we need to compare current accounting system with the old one. ...