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Learn easy accounting concepts from our PDF tutorial.


Presentation Transcript

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INTROTECTION • Access to information should be managed in a thoughtful and logical manner. For many companies accounting software security is based on a need-to-know basis. In addition to access management the data itself should be secured from malicious activities as well as system failure or natural disaster. A secure system provides for recovery up to the point of failure. Security also means that database rules are enforced to ensure integrity and prevent corruption. Strong data types and server-based referential integrity help ensure that the data is meaningful and as free from error as possible.

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Information • The ultimate goal of an accounting system is to provide financial information to management and decision makers. For example how has the business performed and how is it likely to perform A well designed accounting system provides its users with real time analytical information and the tools to shift into predictive “wha t if ” scenarios or hypothetical planning. The ability to present relevant data in a timely consistent and concise manner is a hallmark of the best financial software systems. • Standardization As an abstraction of the business the financial accounting system represents a standardized measure of the business. Ensuring that all transactions are recorded in an approved standardized format allows that abstraction to be meaningful. The standardization is important to make meaningful period-to-period comparisons or to track geographic divisional departmental line of business or managerial performance.

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Platform for other systems • The accounting system is generally viewed as the foundation and system of record for additional information. Analytics and Business Intelligence systems all leverage the abstraction that the accounting system enforces

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Cost Reduction Profit Maximization • Because a good accounting system provides timely and accurate information business line managers can identify and reduce costs and add margin to their areas of responsibility.

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Efficiency • With business software automation and readily available information staff can spend less time rekeying data searching and collating and more time running the business. You can read more about this topic in our website

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Improve Service • Accurate invoices and customer statements timely order status updates and consistent processes all help improve your c us t omer ’ s experience. Access to order history helps your sales and marketing team tailor up-sell cross-sell renewal and other promotional offers for your existing customer base.

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Better supply chain visibility and communication • Knowing what inventory quantities you have on hand what is backordered and when your suppliers will ship all help you run your business with smaller inventories and better inventory turnaround.

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Improved Cash Management • If you know your sales order pipeline your current inventory position and requirements and your current cash commitments you can manage the cash requirements of the business without turmoil or the need for sudden corrective actions.

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Respond quickly to change • A powerful flexible accounting software system will allow you to respond to rapid market changes restructure the company hierarchy add or remove lines of business change pricing models acquire new businesses or spin off old ones.

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