Previously, the accounting work in any organization was totally manual and accounting department used to take extremely long time in processing the transactions and producing the accounting reports. But modern technology has changed the scenario and enabled the accounting department in:
· Eliminating the redundancies,
· It provides reduction in the number of people who are involved in processing of transaction by eliminating the unnecessary control points, and
· Automatic posting of transaction from electronic voucher to ledger, generating the trial balance, balance sheet and profit and loss account. The accounting information system is maintained through various systems and generally divided into following sub-systems.
1. Cash sub-system
2. Budget sub-system
3. Inventory sub-system
4. Fixed assets accounting sub-system etc.
Accounting as an essential part of management information system, interact not only with all the internal sub-systems but also coordinate with the external environment which includes government, lenders, consumers and other systems of socio-economic environment.
This is a very contemporary term in accounting. Students should be aware of these newly emerging terms if they are making it as a career. Generally students find accounting as difficult subject and stop taking interest due to difficulty. For them online accounting assignment help is the best option which not only provides guidance with assignments but also helps them in making accounting more interesting.