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