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ACTIVITY SET 2-F SEMESTER 2 A.Y. 2019-2020 ACCOUNTING INFORMATION SYSTEMS Jerald James G. Montgomery, CPA Submission Date: on or before June 12, 2020 Where to submit: [email protected] Note: Please answer religiously and cautiously. Do not cheat or share answer sheets. Remember that I have the means to know if your answers have been copied elsewhere. Put your name, year and section, and task description on the file name. 1. ACCOUNTING IN THE FOURTH INDUSTRIAL REVOLUTION A decade ago, firms had very few options in cloud-based accounting software, and solutions that addressed the specific needs of their smaller, niche clients were more or less non-existent. Today, there are a range of software options for firms that serve individuals, large corporations, nonprofits and everything in between. Below, three firms — and one small business — discuss their online accounting software of choice. Evident advantages Product: Xero Firm: Acuity On record: Founder and CEO Kenji Kuramoto Start date: 2015
Users: 34, 27 of whom are Xero-certified Price: Ranges from $9 to $70 per month Objective: Acuity was founded by Kenji Kuramoto in 2004 as a firm to provide “fractional CFO” services to small businesses. Since then, the company has added controller, accounting and bookkeeping services. Acuity added bookkeeping services to its offerings five years ago, and last year the company started using Xero to support its bookkeeping business. Acuity positions itself as offering “tech-savvy accounting experts” to small businesses, so Xero was attractive as accounting software built completely in the cloud. “Around this time, we’d seen the advantages of cloud-based software in other industries,” Kuramoto said. “Even though the accounting professional had been slower to adopt technology, the advantages it could offer accounting were evident.” Implementation: At the time of implementation, Kuramoto had already been through “other more rigorous and serious integrations and implementations” at Acuity. In comparison, the implementation of Xero was “really easy, thankfully.” Xero offered set-up walkthroughs, which Kuramoto found very helpful, and the software company’s support team was responsive. “We found migrating from other software that may not have been the right fit worked pretty well. Some clients were using a bank account or spreadsheets, and those integrations were easy, too.” Advantages: “From a business owner’s perspective, I like how well Xero works on mobile devices,” Kuramoto said. “I’m always on the move, and I love that I can access Xero from an iPad, iPhone, tablet — even an Apple Watch. Usability was configured for each of those mobile settings. The company was really specific in thinking about true use cases for Xero customers and how they work each day.” Kuramoto added that his team loves Xero’s find & recode tool, which allows accountant users to take large quantities of transactions and recode them appropriately in batches. “Let’s say you bring on a new client,” he explained. “Maybe they had a bad bookkeeper before, and a whole bunch of transactions were handled incorrectly. It’s easy to search for those and

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