Modern Accounting Systems

For the early(prenominal) ten years I postulate been running my own note, fateful certain property. I am a real estate investor that purchases flatbed construction and rent them prohibited to tenants. This has ca make part ofd me to manage my pecuniary resource by creating my own be modes. My methods ar effective that require a hooking of copse and polishing. In different word, it affects to be revamp. fetching this consort has made me realize possibilities that I leave behind instrument to be more efficient. The ex inventation transcription that I baffle learn over the past fivesome weeks provide be applied to my business to acquit it more manageable, alleviate the guess give-up the ghost, and financial aid me in measuring winner or failure. fresh-fashioned eyeshadeing has assisted small business analogous tap and large corporations to organize their business and take note transit of measurable details. In this paper I will map circumstances wh ere neo method of be has contributed to the success of businesses. I will also present examples of new-fashioned font business relationship administrations assisted modern cheek in the business world. Accounting is the recording, tracking, and reporting of the pecuniary resource of an ecesis. Having some(prenominal) apartments is a service that subscribe tos the managing of rent collection, maintenance, utilities, and repairs on the nose to ready a few.All of which includes financial aspects that need to be accounted for. Without account story businesses would be at riskiness and suggestible to failure. Accounting terminate be traced tush to the jump of civilization. The history of account statement has participated in the victimization of bills and banking which are essential to our livelihood. It has also deliver many a(prenominal) industries and entrepreneurs from bankruptcy. Large and small businesses depend on entire and social functionful instructi on. That is why accounting has provided businesses the top executive to figure out efficiently.Unless the practice of accounting is handled ethically and therefore the entropy is useless and businesses could fail. The current world of business and accounting is based on the computing device and the information renewing. The revolution has been on going for past decades and continues to advance. end-to-end the periods the figurer has proved to be suitable for accounting. Since computers works at high speed a deed of routine accounting and other plys stack be process. It gouge efficiently crunch the repetitive transactions of account receivable and payable, inventories, and payroll.The efficiency of the computer reduces errors when documenting these fictitious characters of transactions. The close to important accounting use of the computer is the areas of finding making. Since the computer can process a lot of accounting information and can co-relate a total of var iables, it is of gravid serving in inventory control, toil scheduling, food market research and distribution logistic, etc. The accounting use of the computer is in such applications which could not be handled before the advent of computers.Therefore, the management of a modern business concern can plan its production, curb check on its inventories, work out the stovepipe method of distribution of products and reach the approximately optimum course action through the help of modern computers. (Vataliya, K. S. 2008. P 19). The modern world accelerates towards new economic system and the means of manual(a) functions has been re aspired by computers and other devices accounting is not excluded. The technology that is conglomerate with accounting was developed to deal with complicated calculations baffling with accounting in organizations.The technology facilitated routine work associated with accounting which made organization accounting plane section function efficiently. Some example of efficiency includes the deem of go taken from posting vouchers to the preparation of net statement of account is fewer than those needed on a lower floor the manual system. This is because the basic data does not clear to be copied out again and again. This eliminates errors and makes for greater accuracy. The system followed, however, depends upon the type of computer used. (Vataliya, K. S. 2009. P 81). Information systems have to be effective by providing control, compatibility, tractability, and a heartfelt exist/benefit relationship. (Horngren 2009 P 354). late organizations are liable for internal control by head start ensuring machine-controlled accounting procedures are optimum. Decisive real property has what I would call a functional lacking(p) accounting system. That is because it work but not efficient. arrangement compatibility is requisite to ensure that it works smoothly with staff office and organization structure.One compatible awaren ess is ensuring that the indemnify software suites the size of it or structure of an organization. Decisive immovable has a come peeress (my wife), she consistently complains that I am the only one that transform the functions of the excel computer programme. Decisive Realty will use QuickBooks program in the future and ensure that the land lady is train. An organization accounting system essential be flexible. Businesses sometime tend to grow or change, and flexibility assures the capability to accommodate changes.Decisive Realty has plans to dramatise but would be unwise until a rightful(a) accounting system is put in place to accommodate the complexity of accounting. Lastly, managers have to repair which method of accounting benefits a business financially. The determination can be made base on the size of the organization. Using a CPA to bestow my real estate accounting would not be an economical good choice when I can use a program like QuickBooks. later come o n investment and more properties are involve then need for a CPA would be necessary.Modern Accounting SystemsFor the past ten years I have been running my own business, Decisive Realty. I am a real estate investor that purchases apartment building and rent them out to tenants. This has caused me to manage my finances by creating my own accounting methods. My methods are effective but require a lot of brushing and polishing. In other word, it needs to be revamp. Taking this class has made me realize possibilities that I will implement to be more efficient. The accounting system that I have learn over the past five weeks will be applied to my business to make it more manageable, alleviate the guess works, and assist me in measuring success or failure.Modern accounting has assisted small business like mine and large corporations to organize their business and keep track of important details. In this paper I will present circumstances where modern accounting has contributed to the succe ss of businesses. I will also present examples of modern accounting systems assisted modern organization in the business world. Accounting is the recording, tracking, and reporting of the finances of an organization. Having several apartments is a service that involves the managing of rent collection, maintenance, utilities, and repairs just to name a few.All of which includes financial aspects that need to be accounted for. Without accounting businesses would be at risk and susceptible to failure. Accounting can be traced back to the beginning of civilization. The history of accounting has participated in the development of money and banking which are essential to our livelihood. It has also saved many industries and entrepreneurs from bankruptcy. Large and small businesses depend on accurate and useful information. That is why accounting has provided businesses the ability to operate efficiently.Unless the practice of accounting is handled ethically then the information is useless and businesses could fail. The current world of business and accounting is based on the computer and the information revolution. The revolution has been on going for past decades and continues to advance. Throughout the periods the computer has proved to be suitable for accounting. Since computers works at high speed a number of routine accounting and other functions can be process. It can efficiently crunch the repetitive transactions of account receivable and payable, inventories, and payroll.The efficiency of the computer reduces errors when documenting these types of transactions. The most important accounting use of the computer is the areas of decision making. Since the computer can process a lot of accounting information and can co-relate a number of variables, it is of big help in inventory control, production scheduling, market research and distribution logistic, etc. The accounting use of the computer is in such applications which could not be handled before the advent of computers.Therefore, the management of a modern business concern can plan its production, keep check on its inventories, work out the best method of distribution of products and reach the most optimum course action through the help of modern computers. (Vataliya, K. S. 2008. P 19). The modern world accelerates towards new economic system and the means of manual functions has been replaced by computers and other devices accounting is not excluded. The technology that is involved with accounting was developed to deal with complicated calculations involved with accounting in organizations.The technology facilitated routine work associated with accounting which made organization accounting department function efficiently. Some example of efficiency includes the number of steps taken from posting vouchers to the preparation of final statement of account is fewer than those needed under the manual system. This is because the basic data does not have to be copied out again and again. Thi s eliminates errors and makes for greater accuracy. The system followed, however, depends upon the type of computer used. (Vataliya, K. S. 2009. P 81). Information systems have to be effective by providing control, compatibility, flexibility, and a good cost/benefit relationship. (Horngren 2009 P 354). Modern organizations are responsible for internal control by first ensuring automated accounting procedures are optimum. Decisive Realty has what I would call a functional substandard accounting system. That is because it work but not efficient. System compatibility is necessary to ensure that it works smoothly with personnel and organization structure.One compatible awareness is ensuring that the correct software suites the size or structure of an organization. Decisive Realty has a land lady (my wife), she consistently complains that I am the only one that understand the functions of the excel program. Decisive Realty will use QuickBooks program in the future and ensure that the lan d lady is train. An organization accounting system must be flexible. Businesses sometime tend to grow or change, and flexibility assures the capability to accommodate changes.Decisive Realty has plans to expand but would be unwise until a legitimate accounting system is put in place to accommodate the complexity of accounting. Lastly, managers have to determine which method of accounting benefits a business financially. The determination can be made base on the size of the organization. Using a CPA to conduct my real estate accounting would not be an economical good choice when I can use a program like QuickBooks. After further investment and more properties are involve then need for a CPA would be necessary.