Reasons to use accounting information system for your business!

The basic use of accounting information system is to increase the profit from the information related to your data. You should know how to mind the data. It might be that you are not using the information related to the data to the fullest. However, this petty informationis very powerful information, and they help you make many useful decisions as well.  

What are the kinds of accounting information system?
Firstly there is accounting information done through aspreadsheet, manual accounting information system and the last is through various accounting software. All three of them are very different from each other in their own way. You must make it a point to choose that kind of accounting system which will meet the requirements of the company in every way.
Keeps track of transaction activities through various tools
Reasons to use accounting information system
Whichever system you use, each and every one of them contains certain tools which will help you keep a constant track of each and every step you take in your business. This is sort of like minding your business.
Keeps track of the latest business trend
Managers or head of the business uses the tools available to expand their business report according to the latest business trend thereby making aplace for future expansion.
Keeps the system updated
The accounting information system helps to keep the system absolutely updated. Manages the expenses and maintains all kind of system information. This maintains a healthy atmosphere of the business by changing business plans frequently and taking steps which might be fruitful for the business later on.
Changes the business model for increasing sale.
You must use only that accounting information system using which you can very easily show the change in business model indicating growth rate in the system. The system must be able to give you a complete idea of what might happen to your business system if you indeed increase the sales.
Every company must have this
In today’s world of competition, you must make use of every possible way to keep yourself ahead of others. Accounting information helps you do just so. Thus do not waste another minute before indulging your business in accounting information system. 


The need of Accounting Information System | MYACCOUNTINGINFO.NET

Accounting Information System is actually a digital method which helps track different accounting processes along with the different information resources. The Accounting Information System has a multitier structure. Different System modules are used all over the world for all these purposes.

need of Accounting Information System

Procedure of Operation:

The system focuses on streamlining of data during analysis and reporting. Data mining and modeling function are the two main features of this system which makes it efficient and nearly error free. It is used by different asset based organization for maintaining a record of their financial transactions and financial reporting purposes. Its main function is obtaining data from different organization data bases and analyzingthem accordingly. After the process of analysis it creates a transformed summary that covers all important points of the information. This summary is then used for the purposes of making reports and other documentation.

Advantages of AIS:

This is system makes sure that the reports that are being filed contain current, relevant, accurate and updated data. It also highlights the main transactions that are reason for a remarkable growth or depreciation in the economic reports. This prevents the need to collect information about every small and irrelevant transaction that have no value or that does not affect the report in any manner.

To prevent any kind of scandals and data manipulation some control methods are being implemented in the system, restricting complete access to only a few individuals. These individuals have to create a regular report mentioning the need for accessing the data hub of the system and mentioning any changes if made.

Additional Help For implementation for AIS:

For the implementation of AIS, there are various firms that can be hired. These firms work for bigger firm and take care of the Accounting Information System, recording and noting every update and change that the system makes that can be referred later. This increases the efficiency of the system and even minutes changes made can be easily caught. This in another way increases the security of the data base. So if required not only notable but also minute transactions can be noted. These firms take the full responsibility of the systems functionality.


Advantages of using Accounting information system

Accounting Information System, popularly known as the AIS, is a system of storing, collecting and processing used by financial offices for maintaining the records. AIS are designed to handle multiple account information with additional functionalities as auditing, financial additions, mathematical operations and reporting, management accounting, tax calculations.

Accounting information system (AIS)
Generally, an Accounting Information System uses multi-tier architecture. The user is presented with the processing and data management in the application at specified “layers” of data. This information is then viewed by the functional user of the application in a number of ways- by web browsers, cloud storage files, client systems or by mobile devices as well. The entire system however, relies on a centralized data-bank, where all the data is stored in specific databases. The main points which should be kept in mind to successfully run AIS architecture efficiently are:

  • Subsystems should be designed so as to maximize the achievement of the goals of the organization concerned.
  • Data-redundancy should be kept in check.
  • The application should provide adequate options to check entity resources so that they may be transformed into visual implementations and decisions can be made on the resources, events and agents.
The system is designed on integration of all the recorded data available. The architecture is designed so as it defines the following variables:

  • Entities.
  • Relationship between the different entities.
  • Structural Constraints.
  • Operational Constraints.
  • Register.

The steps to implement AIS are as follows:

  • Detailed Requirement Analysis: The user should know the reason of using the system.
  • Systems Design: The system should be specifically designed to cater the need.
  • Training: Users should be properly trained.
  • Documentation: Documentation operations are important since the data is to be stored carefully for future responses.
  • Launch: The application should be flawless. It should be trial run, checked, processed before launching.
  • Tools: Online and offline resources should be adequately available for planning strategically, the information systems and aid of financial forms for determining specific needs.
  • Support: Customers of the application should have scope of getting required services whenever they face a bottle-neck situation and need any help.


Different Types of Accounting Information Systems | MYACCOUNTINGINFO.NET

AIS or Accounting Information systems collect the data of the transactions and process them and this data is then communicated to the parties involved. Different types of such systems exist and they are varied. The factors that make them different include but is not limited to data volume, business type, size of the business and the type of data management needs. 

types of accounting information systems

Types of Systems

There exist three major categories of Accounting Information Systems. What a firm uses will depend on the business type and business size, the needs and sophistication of business.

Manual Systems
Small businesses and home based businesses depend on manual accounting information systems. Source documents, general journal, general ledger and special journals etc will be required if the system is completely manual.

Legacy Systems
They are often used in existing business companies.   They may have started using AIS long before the technology became as advanced as it is today. They may be old fashioned but they have their own advantages. They have historical data that are valuable to the firm. The employees of the firm will be familiar with it and they will understand the system better. It will be customized according to the needs of the firm. It also has some disadvantages. They may not have any documentation. The hardware and software parts may be difficult to find if one need to replace it.

Replacement of Legacy Systems
Here the legacy systems will be completely replaced with new and up to date systems. This replacement may be expensive. One process of updating legacy system is screen scraping which will take the computer screen data and will translate it in such a way that a newer application will be able to read it easily. One can also set up an enterprise application integration systems. You may want the latest and up to date system to keep your financial information. It will give you a competitive advantage in the industry.

As per your requirements and business needs, choose the system that suits you. Accounting Information systems are diverse and it suits a variety of uses. The ones a firm needs is determined by the business it is used for.


What is CPA certified accountant in Australia and how to apply?

Certified Practicing Accountants in Australia has gained the most respected accreditation across the world.  The Certified Practicing Accountants in Australia is the largest accounting terminal in the world. Every day the popularity of CPA in Australia is increasing, most of the people who are from accounting background would like to get certified by CPA, and it offers bight carrier opportunity to number of people all over the universe.

Multinational companies, banks, educational institutions and many other organizations would like hire CPA certified candidates to handle their organizations accounts. Since CPA certified accountants will be having proficient knowledge on the accounts and they can handle the account department better than non CPA certified faculty. Here the CPA certified staff will be offered with the handsome perks and salary, here the role of account plays an important role accounts department, where he/she will be handling all type of financial related issues deliberately and smartly. CPA certified accounts not only manage accounts department they also handle various departments of the organization and even thy take care of managing directors.

Eligibility to get qualified

There is a huge opportunity for the international students to get the CPA certification from Australia they can apply to Australian universities. CPA extension program is been offered by many Australian universities, under this program those who will get eligibility will become the prestigious member of CPA in Australia, this program is accredited and recognized by Australia.

For this course any one can apply irrespective of nationality, applicant may be from Australia or international applicants both are eligible for this program. CPA extension program is one of the best masters of accounting program across the world.

This course can take more than 3 years if the student is studying in correspondence, for regular students the course period will be 3.5 years. In order to get the eligibility accounting should be the major subject in graduation would be the added advantage but graduates with any stream can apply. Most of the universities will take English proficiency test for the applied candidates before giving the admission, it is necessary to score well to get eligibility, university offers accommodation for the qualified candidates it also offers scholarship for the eligible students. 


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