Computerized vs. Manual Accounting - 1630 Words

King Fahd University of Petroleum and MineralsENGLISH 214:Academic and Professional CommunicationSemester (113) | Term Report Prepared For : Mr. Nelson Title: | Computerized Accounting should completely replaces Manual AccountingPrepared By : Ali H. Al-MuslimID#: 200628620Section# : 05SN#: 02Group#:01Word Count:1,333 | 10/7/2012 10/7/2012 Table of Contents Table of Contents II Introduction 3 I. Manual Accounting 4 A. Benefits 4 1. Cost effective 4 2. Availability 4 B. Limitations 4 1. Finding Errors 4 2. Time Factor 5 II. Computerized Accounting 5 A. Benefits 5 1. Speed 5 2. Saving Money 6 B. Limitations 6 1. Lack of security 6 2. External events 7 Conclusion 7 C. Summary. 7†¦show more content†¦Accountants need to know exactly the accounts that will be affected then prepare the journal entries in the general journal. In addition, auditing is a time killer in this case. The auditor would go over hundreds of pages which take hours to do. II. Computerized Accounting Computers play a big role in every modern business especially in the field of accounting. Computerized accounting has become popular nowadays. According to Mr Avinash the computerized accounting is highly demanded and it’s continuing growing in all industries. Using the computer would make it easier for accountants to do their job. However, Computers also have two limitations that are not negligible. A. Benefits Computerized accounting provides us with two important benefits: 5. Speed Image3: computer can speed up the process (OTS , ND) Using the computer makes the process faster and what is taking hours can be done in a short notice because reports and financial statements can be produced by the software .The software like MS Access is designed to update the information in every related account by using the relationship function that is installed in the software. â€Å"A computerized accounting system allows the user to enter the transaction into the program once, and all accounts are updated as necessary.† (Francis, ND). As for auditing, it’s easier for the auditor to go over all the information and if he knows an inaccuracy in a certainShow MoreRelatedManual vs Computerized Accounting1225 Words   |  5 PagesManual versus Computerized Accounting Ever since Lucas Pacioli wrote about and spread the knowledge of double entry accounting in his â€Å"Summa di Arithemetica† in 1494, modern manual accounting was born (Hendrickson, 2007), though manual accounting has existed in many forms since ancient times. In contrast, computerized accounting systems are a more modern invention, as the first computer was invented between 1943 and 1946 (â€Å"Great Events in Accounting amp; Business History†, (n.d.)) and ArthurRead MoreBenefits Of Using A Computerized Accounting System1247 Words   |  5 Pagesindependent CPA, and accounting software consultant, has several clients in her practice located in Louisville, Kentucky. XYZ Company has used the same journal and ledger manual system for more than twenty years. 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