ICT in Accounting

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  • Created by: AJ
  • Created on: 12-05-12 19:30

ICT

Nowadays it is rare to see a firm actually keeping manual accounting records. computing software's have become more common with specialised accounting software's available. 

Advantages of a computerised system:

1) Greater speed: calculating is instantaneous 

2) Greater accuracy: computer processes are automatic and are, therefore, error free (assuming that the information included is correct)  

3) Cut in staff costs: by using a computerised systems, accountants may no longer be required which could drastically reduce costs.

4) Improved accessibility: 

5) simultaneous updating of the records follows from making just one entry

Disadvantages:

1) Increase in cost of capital goods: the cost of the equipment and…

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