The impact of Information Technology in business cannot be over-emphasised. However, to achieve maximum output results from the IT use the business must carefully plan and design its systems before implementation. Technological advances have created an environment of rapid growth, and in response, accounting has evolved in complexity. The accounting profession has come a long way, from the days of Luca Pacioli, the 13th Century father of accounting, to the era of manual calculators to now the computer age and information technology.
The use of IT is supposed to process data into information in a format that reflects the business operations as per the users requirements and expectations. Thus the need to design the systems to as per reporting expectations to the management. Hence we assist our clients in designing and implementing an appropriate financial system tailor made to their financial requirements.
Accounting soft-wares are generally classified into three tiers, from the lowest (basic) applications to the higher ones that combine all business functions. Tier three includes the easy to use accounting software that requires minimal accounting or book keeping skills. For example some of the off shelf packages such as QuickBooks, Pastel & Sage which are designed for small to medium size businesses that have less complicated accounting environment. But some medium to large sized firms may prefer custom-built software projects or Enterprise Resource Planning (ERP) for complete integration across all functional departments in the organization.
Through computerized accounting the role of accountants then shift from entering repetitive transactions of accounts receivables and payables, inventories and payroll to taking centre stage in their companies, handling greater responsibility and participating in broader business issues.
In regard to financial systems design and implementation, we advice our clients on the appropriate financial management solution to adopt and in particular ensures the system is appropriate by considering:
- The system is cost effective and achieves sound return on the investment.
- The system is able to integrate all aspects of the business.
- The system is able to harness the internet, powerful database and network technologies to the extent of information, applications, and processes to employees, customers and suppliers.
- The system is supported, has been tried and tested.
- The system is flexible to allow business changes
- The system is strongly secured; strong security features hard to crack by unauthorized persons.