ASSESSMENT 4 – Research & Questioning Assessment Questions with sample answers Q1: What should you look for when choosing an accounting system for a business? Answer Does the system calculate all payroll requirements (PAYE, annual leave, long service etc.)? Does the system track stock, work in progress, orders, jobs and other task management requirements? Will the system be able to handle multiple bank accounts? Does the system track separate financial records for each business or department within the business/ Does the system allow for interface with other computer systems such as online payments? Does the system keep detailed records on customers including what they buy, how often they buy, when they buy etc.? How user friendly is the system? Is the system saleable - can it expand as your business grows? Is the system supported in terms of problems, updates and tax changes? Capacity - how many users can use the product at once? Security - is it protected through passwords and authorizations? Does it incorporate data validation? Q2: Describe the key features of computerized accounting systems Answer Key features of a computerized accounting system include Save time and money Ability to extract reports easily Ability to meet reporting obligations in a streamlined manner Ability to track General Ledger Billing / Accounts Receivable Accounts Payable Inventory Sales Order 1
Purchase Order Payroll / Human Resources Job Cost / Manufacturing Custom Management Reports Opens up ability to lodge reports electronically to various agencies Increased accuracy Helps minimize potential accounting errors Etc. Q3: Describe 5 key features all organizations should employ in relation to managing and using acomputerized accounting system Answer
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- Balance Sheet, Expense, invoice, Accounting software