 Tuesday, 7-October-2008
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Financial Accounting Primer
In this web
based course we will discuss the following topics:
In a very short span of time,
computer has grown from a scientific curiosity to an indispensable tool of modem
society. There is hardly any scientific/technical or business activity which is
not in one way or the other, affected by modern data processing techniques.
The human mind can handle only a
limited number of things at a time. The digital computer, on the other hand, can
be programmed to compare, measure, calculate and evaluate thousands of readings
in an extremely short period of time.
The computer industry has become
the fastest growing industry these days. The sale of mainframe computers is
increasing day by day. The computer industry has been further pushed up by the
introduction of mini computer and micro computers which are small, cheap,
reliable and very light. These are being routinely used for process control,
production testing, scientific instrument recording, in store check out systems,
in automobile test and evaluating systems, and medical monitoring etc.
Computers are now being used
extensively in office administration to perform the routine clerical work.
Today, most large and medium sized organizations are almost totally dependent on
their computers. Routine uses of computers are given below:
(i) Accounting, Billing, Inventory Control Software with
MIS, CRM
Computers are extensively used in
accounting and there are multitude of computer software for Accounting, MIS,
CRM. HiTech Financial Accounting is one such software which has been customized
for users in many segments in business and services.
(ii) Payroll and personnel records.
Payroll accounting was the first
commercial area to become widely computerized. The calculation of wages or
salaries involves a number of variables which relate to the personal details of
each employee, such as gross pay or rate for the job, individual deductions, tax
liabilities of the employees and so on. These facts can be retained in the
computers and processed every month of produce pay slips for the
employees.
(iii) Stock control
The computer helps to exercise the
type of stock control needed by the organization. It upto dates the sales and
purchases records, determines optimum re-order levels for different items and
prints out the stock lists when desired. The system can be so designed that it
triggers orders when stock level reaches order point for various material items;
tests those item which are slow moving or gives list for over stock
items.
(iv) Sale accounts records
Programming can be done for any
sales accounting system. The computer will pin point defaulting debtors,
determine the right limit for credit for each debtor and maintain stores
ledger.
(v) Costing and budgetary control
Costing and budgetary control can
be affected through the computer, the computer will point out the variations
from the planned performance.
(v) Production control
The computer also helps greatly in
production planning and control. It is possible that scheduling of the work may
become necessary due to break downs etc. A new critical path may have to be
worked out. A critical path is the shortest path to be followed in production to
achieve production objectives. The computer helps the management lay down this
new critical path.
Advantages and disadvantages of a computer
A computer is surely
advantageous because of the high speed of operation and greater accuracy it
provides, savings effected by better managerial control, savings in labor
because it is fully automatic and finally because of its flexibility in use.
However, there is a considerable capital outlay with difficulty of obtaining
experienced analysts and programmers, break down and maintenance troubles and
finally fear of obsolescence due to rapid development of
computers.
Type of other applications in relation to accounting
system
SPREAD SHEET
It is one of the software programs
which have increased the utility of computer for accounting purposes. Spread
sheet programs help you to draw vertical as well as horizontal columns on a
large sized paper. Each .column's length and breadth can be adjusted according
to suitability. Even when columns are once drawn subsequently these can be
altered, increased or decreased additional columns can be inserted, existing
columns can be deleted. It is very useful for businessmen and professionals. It
enables us to study multidimensional data at one sheet and helps in arriving at
logical decisions. For example, if profit and loss account has been prepared for
the year1989 and you want a comparison with 1987 figures and 1990 forecast then
spread sheet shall enable you to provide two additional columns on each side for
inserting 1987 actual figures and 1990 forecast estimates.
HiTech Financial Accounting software
can export its report data to Microsoft Excel Worksheet which is an advanced
spreadsheet application.
DATA BASE
It is simple collections of
information (data) on a particular subject. Data base file allows you to
manipulate the data in desired form. So, data base allows us to work on facts
and figures to store and manipulate that data in any desired way. For example,
from the same basic information trial balance is prepared; trading and profit
and loss account may be prepared; list of debtors and creditors may be prepared;
purchases and sales forecast may be made and so on. So, an efficient data-base
management is needed to provide flexibility in uses of information.
HiTech Financial Accounting uses MS
Access and MS SQL server databases for robust database connectivity.
WORD PROCESSOR
It is a software package to help in
text processing. Words are processed. Processing includes insertion, deletion
changing, moving words, paragraphs etc. Word processing is the preparation of
type scripts, using computing facilities for the storage and manipulation of
text. For example, word processor has ability to merge name and addresses with
standard text so as to give impression that the latter is personalized even in
case of circular letter.
HiTech Financial Accounting has got features so that you can export its
reports to Microsoft Word, a word processing and Mail Merge Program. You can
also write letters to various parties and store the details in the program
database.
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