Accounting Software For A Business Essay - 1257 Words

Individual Assignment Name: Altaf Gohar Roll no: EAB2389 Accounting Software/Packages used in Australia Accounting is referred as an art of collecting, classifying, and manipulating financial data for organizations and individuals. It is also used to determine financial stability or financial health of organizations. Accounting is the language of business and figures and is widely used as a means of communication for financial world, without it businesses cannot survive. It is important because it helps in analyzing, decision making, information disclosure and it also helps in finding out the frauds and in avoiding them. According to the research of (Huang and Palvia, 2001) â€Å"there is an increasing need to implement a total business solution which supports major functionalities of a business. Enterprise resource planning (ERP) software is designed to meet this need, and has been widely adopted by organizations in developed countries. Meanwhile, ERP is beginning to appear in many organizations of developing countries†. In Australia small and medium enterprises does not comply with the accounting principles because they have no legal obligation to do so, but they must comply with taxation provisions. The research of (Dyt and Halabi, 2007) proved very fruit full for knowing about micro and small businesses in this almost 121 small and micro businesses were studied. According to this research micro businesses in Australia still rely on manual processes or methods whereas smallShow MoreRelatedThe Importance of Getting an Accounting Software Package for Your Business1113 Words   |  5 Pages y our business will function similar to a machine that been oiled well. It is not easy to do all these but if you are able to perform them well, your business is bound to function well. While it is no easy task to accomplish all these, perform these things well can help much in the smooth operations of your business. 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