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Accounting System Week Three Essay

1000 words - 4 pages

Accounting System
Rosemarie Blakley
April 28, 2013
Anastasia Jakubow

Accounting System
Although Kudler Fine Foods currently has an accounting system that they are using that seems to be adequate, the goal in the future is for the organization to continue to grow, and along with this growth is going to come the need for a more comprehensive system that can support their growing changes. We all know that proper accounting practices are one of the most important things in any business, and Kudler is no exception. After careful review of different accounting software that is out there on the market today, I personally think that QuickBooks by Intuit would be a logical solution to ...view middle of the document...

Core Technology:
Accounting is known as a business’s language. Using technology as the core, will help a business to make its decisions, and these decisions will inform them of what funding is needed, where that business has commitments and expenditures, how it needs to perform against certain expectations, and also where it can find opportunities for improvements or where these adjustments might potentially exist. “According to noted financial analysts and professors Charles Horgreen, Gary Sundem, and John Elliott in their book "Introduction to Financial Accounting," accountants design their accounting systems to perform the highly complex, mundane tasks of classifying, accumulating and reporting transactions so they can focus on the interpretation of the economic events and their financial effects on the organization” (Fleming, 2013). As a growing organization, it is extremely important to develop your core accounting functions. In doing so, you need to create the accounts payable and receivable along with your general ledger while using the core modules of your software tools. Then after the organization begins to mature, you need to create a chart of accounts which is both common and departmentalized along with the overall ability to support multiple currencies. QuickBooks core technology is based on easy to use computer technologies so that the business can save both time as well as money while increasing the accuracy within the accounting system.
The benefits of a well-rounded accounting system are great in number. One of the main reasons why Kudler Fine Foods needs to invest in a comprehensive accounting system is that it will create a more efficient organization all the way around. For instance, with a computerized type of financial system for information, the organization will be that much more efficient and faster at processing its data. Then, when you incorporate such hardware items like scanners, this in turn will automatically generate all of the accounting information without much work, making this type of information...

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