Essays on Practical Skills in Accounting Information Systems Assignment

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The paper "Practical Skills in Accounting Information Systems" is a good example of a finance and accounting assignment. Accounting information systems are a collection of systems, processing and storage of accounting and financial data which is used for assessment. It’ s a computer-based system of tracking accounting activities in line with resources of information technology. The purpose of these skills in accounting is to compensation inventiveness and value addition, instilling analysis as well as crisis solving skills, budding good personality in information systems and appraisal of information technology, provide skilled services, improving the value of living in the course of sharing business applications as (ISC 2012) explains. Skills in accounting information systems include; communication skills, this skill is important because of sharing information, coordinating with others, to resolve and substantiate arrangement necessities with others, to listen in and comprehend; analysis and explore skills for accessing, analyze and administration of financial services and records; executive skills as well as the ability to map and run work and correctly program activities of others; crisis solving skills to spot every system issue that contain the imminent to brunt the organization and to build up options to decide these issues when they crop up; learning skills to preserve knowledge of the fiscal system features, necessities and measures; vastly developed information technology skills pro developing incorporated financial systems and by means of databases, the spreadsheets and information on internet; numerical skills for calculating financial data and analysis of that calculations; highly sensitive literacy skills meant for preparing well written systems provisions and direction manuals for the organization and company units as (CFO 2004) pets it.

The GRC systems help in compliance and risk of a bus2iness which work against agility.

Explaining GRC systems (Rasmussen 2012) argued that this burdens the business because of lack of a common stand for risk and compliance which comes with significant costs. The GRC, therefore, help a business to effectively manage and be accountable for risk and compliance. These skills combined with the accounting knowledge helps accountants to prepare accurate and good financial statements. The accounting information systems helps in bringing all these skills together for a common purpose that is to aid preparation and reporting of financial statement.

Other accounting information systems are the COBIT 5; they help businesses create the finest value from information technology. This is by maintaining stability between realizing gains and optimizing the levels of risk and resource use. How Materials and Practices in Accounting Information System May Be Translated Into Business Careers This materials and practices are found in business information systems. A business information system is collections of interconnected apparatus that work cooperatively to transmit out input, processing, yield and manage actions in regulate to change figures into information yield that can be able to be used to maintain forecasting, scheduling, control, harmonization, decision assembly and operational actions in an organization as (Laudon 2007) asserts. Some of the business careers that can emanate from accounting information systems include Outsourcing services – with good knowledge and skills from accounting information systems a person may start offering his or her services at a fee to firms and organizations.

A number of firms including large multinationals and small firms are outsourcing their accounting activities as (DiGregorio 2009) continues to explain. Also (King 2005) notes that firms outsource transactional activities like payroll processing, tax planning and compliance.

This has shown great success in outsourcing. For example, mayne group awarded Infosys a three-year contract to take manage application support and the transform management for the firm’ s finance and payroll systems. The ERP facilitates information flow from different parts of an enterprise. Sharing of information to facilitate the decision-makers to have a wide view of the information needed which is consistent, reliable and timely as (Mendelson 2000) asserts.

References

Crumbly D, Heitger E & Smith S 2005 CCH Group Forensic and investigative accounting Chicago

DiGregorio, D Musteen, M & Thomas, E 2009 Journal of International Business Studies Offshore outsourcing as a source of international competitiveness for SMEs, 40:969–988

ISC 2012 FNSACC505A industry skills council of Australia (ISC) Establish and maintain accounting information systems, generated 27 May 2012.

King, A 2005 Sydney morning herald Mayne goes offshore in IT shake-up Sydney

Laudon, C & Laudon, P 2007 Pearson education essentials of business information systems, 7th edn, New Jersey.

Morariu, A 2008 Audit Financial Magazine 3 IFRS - global accounting norms characterized by quality Bucharest.

SCHEHL, M 1994 Duncker & Humblot Cost accounting of industrial companies from the background of external and internal structure change Berlin.

Mendelson, H 2000 Graduate School of Business, Stanford University ERP Overview Stanford.

PWC, 2011 committee for sponsoring organisations Internal control - intergrated framework New York.

Rasmussen, M 2012 Importance of a Common Architecture in GRC Systems. Retrieved 5 20, 2013, from Sai global: http://compliance.saiglobal.com/community/know/whitepapers/item/4038-common-architecture-grc-platforms.

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