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  • Speaker Notes: Greet user and simply inform them that in this report, Accounting and Financial Systems shall be generalized as Accounting Systems. Although Accounting and Finance, by definition, is different in a way that the former is involved with analyzing how the cash flows in a firm while the latter is involved on allocating cash in different business processes, both of such functions are integrated in mid-to-high end Accounting Systems, which are generally classified as part of the Enterprise Resource Planning Systems. For a firm with an ERS, an Accounting System cannot function without its Financial counterpart, hence the so-called Check and Balance. It must be noted though that this interrelation is applicable on mid-to-high end companies alone, as Finance Systems can actually operate independently without the Accounting System and vice versa for small-scale needs such as personal or single-function areas. An example of this is that a Finance System can be used by an individual to budget his money, and a student accountant can rely solely on a spreadsheet simply to make ledgers that may not be necessarily needed by corporate functions.

Identificationgroup Identificationgroup Presentation Transcript

  • Accounting and Financial Systems Identification Group
  • Accounting Processes
  • Accounting Processes
  • Accounting Processes
  • What are Accounting Systems
    • Are software that records and processes accounting transactions within functional modules.
    • It functions as an accounting information system.
  • What are Accounting Systems
    • It may be developed in-house by the company or organization using it.
    • May be purchased from a third party, or may be a combination of a third-party application software package with local modifications.
    • It varies greatly in its complexity and cost.
  • Modules of an Accounting System
    • Core Modules:
    • Accounts receivable
    • Accounts payable
    • General ledger
    • Billing
    • Stock/Inventory
    • Purchase Order
    • Sales Order
  • Modules of an Accounting System
    • Non-Core Modules:
    • Debt Collection
    • Electronic Payment
    • Expense
    • Inquiries
    • Payroll
    • Reports
    • Timesheet
    • Purchase Requisition
  • Users of Accounting Systems
    • Corporate Accountants
    • Financial Analysts, Consultants, Managers
    • Accounting and Finance Department Staff
    • Mid/Top-Level Management Employees
    • Corporate Decision Players
    • Common End-Users
  • System Workflow
  • Available Software
  • Available Software
  • Benefits of an Accounting System
    • Less Paperwork
    • Less Errors in journalizing accounts
    • Information is easier to retrieve
    • Less anomalies in balance sheets
    • Improved corporate efficiency
    • Less time-consumption
    • Less workers
    • Same or even better results
  • Q&A