Last Updated 10 Aug 2020

Accounting Practices

Essay type Research
Words 357 (1 page)
Views 178

There are a number of benefits in adopting an automated system especially for accounting practices. To succeed in a very competitive global market, an organization needs to deliver its services and goods on time and hopefully at a low cost. One way of achieving this objective is to maximize all the resources that are available and use them to the company’s advantage.

Using an automated accounting system can reduce time, costs, and human resources devoted to manual recording of transactions. Because accounting work is most often cyclic and repetitive, coming up with a template that will cover the requirements of the reports will allow for an easier and faster preparation. The tediousness in report preparation will somehow be lessened and will give employees additional time to attend to other important matters.

One other benefit that may also be derived is to minimize errors resulting from manual and repetitive actions. Reports may already be linked for automatic consolidation and other computations and designed in such a way that one entry will automatically adjust other related entries.

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Automated systems also allow for better and more efficient analysis. Because numbers are updated real-time, management can easily prepare analysis needed for any strategic plans, whether short-term or long-term. Using the right tools, various scenario projections may be used to come up with a more informed plan.

The following are the tools and functions used in the EXCEL report:

  1. Formatting
    1. Automatic column width adjustment
    2. Numbering style to show two decimal places only and in (red font) for a negative value
    3. Percentage style to show two decimal places only and in (red font) for a negative value
    4. Font style for titles and table headings
    5. Highlighting values
  2. Functions and Calculations
    1. Linkage of numbers across different worksheets. Numbers in worksheets ‘task 1, task 2, task 3’ are linked to the corresponding columns in ‘data’ worksheet to ensure that same reference is being used and numbers are consistent in the various reports.
    2. Addition, subtraction, multiplication and division functions in all worksheets to compute for required results
    3. ‘Copy and paste’ functions used in copying column headers in ‘data’ worksheet and transposing their values to show them as row headers in ‘task’ worksheets

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