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Accounting Software: Boon Or Bane Essay

2282 words - 10 pages

De La Salle Lipa
College of Business Economics, Accountancy, and Management

Accounting Software: Boon or Bane

A Term Paper
Presented to
Dr. Josephine Magbojos
CEAS, English Department

In partial Fulfillment of the Requirements for Comski2

Briones, Kristine Norien
Resma, Maria Angelica F.

The development of technology brought many changes in the accounting world and the development of accounting software is one of its biggest contributions. Accounting softwares are beneficial for a business and a company for it to produce a financial report faster and easier. The use of different programs for the calculations and reporting made its way to no more ...view middle of the document...

It was a record book with assigned pages for each financial account, like cash, receivables, payables, and stockholder equity. Through the 20th century developments in computing, telecommunication and data modeling influenced accounting processes significantly (Computerized Accounting Systems Technologies, n.d.). The accounting processes were developed by these accounting softwares and this advancement foreruns the technology today. In 1973, SAP software was created to provide automated financial transactions that are needed for managerial decision making. By then, accounting softwares are not yet available to the public. The introduction of computerized accounting program was first presented to the wide public in 1983. From then on, journal entries and the use of ledgers were left in the past and accounting softwares made the job of accountant easier. These softwares gave opportunity for a more productive and faster job to these professionals. From the last decade of 20th century, the development of technology brought important changes to data communication. It became faster, more steadfast, and less costly. The client applications in a “hosted” environment were accepted by technology manufacturers and suppliers.
According to The Economic Times (2012), online accounting software provider, Reeleezee, a Dutch company, today announced the launch of its services in India.
"With mobile devices (smartphones and tablets) becoming just as important as desktops, launch of our web based accounting services will cater to the needs of SMEs in India," Wilko Storks, Co-founder of Reeleezeetold reporters. Reeleezee is provider of online book keeping, invoices and time sheets for starters, own-account workers, Small Medium Businesses and their accountants. India, as the country with the fastest internet connection around the world, used this advantage to developed accounting softwares that are greatly beneficial to the businesses in the country. They are aiming for no manual bookkeeping over the next 5-10 years.
As technology became an important part of the daily lives of people around the world, and the Philippines also managed to follow the trend. The country was able to enhance the skills and expertise of the Filipinos for them to the develop equipment and machineries that are useful for all the entrepreneurs and company owners around the country. Businesses as one of the contributor for the economic growth of the country gave importance to their financial aspects. Thus, the continuous development of accounting softwares is very significant to them. According to Information Managers Inc. (2010), INFOMAN is the authorize distributor of StepUp Accounting software in the Philippines. With the software's features, even the most demanding customer will be able to grow in a global economy. The product allows the users of these softwares to perform computerize accounting with supreme flexibility in reporting and transporting data.
This research paper aims...

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