Accounting Information System

Question: Write an essay on AIS (Accounting Information System). Answer: The AIS (Accounting Information System) is defined as a specific structure, which every organization can use to manage, report, store, retrieves and collect the finance based information. It has been found that the accountants, consultants, business analysts, tax agencies, managers and auditors generally use this specific financial information. The primary objective of the accounting information system is to prepare various procedures with the aim to make effortless access to the financial information to the individual who really need its accessibility. By implementing the accounting information system, both the organization and its accountant get helped as it stores various data intact, safely and securely. The information technology infrastructure, internal controls, methodologies, instructions people and software are the main elements of the AIS. The accounting information system is a simpler system that indicates the people and the accountants of a company are the experts or prof essionals using the particular system. This system is also implemented by the consultants, business analysts, the chief financial officers and the auditors. This system provides guidance to different divisions of an organization with the aim to work together as by implementing well organization and well developed system of accounting, it provides support to each individual of the company to get access to the general data and information by the system. The accounting information systems instructions and procedures are the procedures, which are used for retrieving, processing, storing and gathering information. Nevertheless, this stated information can be gathered from external sources and internal sources. The internal sources include the staffs and employees of a company; on the other hand, the external sources include the online orders of the customers. All the instructions and methodologies are represented in form of coded figures in the AIS software. Therefore, this coded form is constantly followed in order to become effective. The information and data that are available in the AIS software are all related to the business practices. Thus, various types of financial information are available in the AIS system. The primary data are dependent on the business nature. The most common data that are available in AIS software system include data regarding sales orders, vendor invoices, inventory data, consumer billing statements, report regarding sales analysis and purchase requisites. This information helps to prepare the business reports on accounting statements and accounting. Currently, most of the organizations use the AIS software. Therefore, in every organization all information and data are kept and stored accurately and systematically. This gives proper guidance to the business to execute all the functions correctly. The hardware is considered as the infrastructure of information technology, which is implemented to operate the AIS. Therefore, the chosen hardware should be compatible with software. The security is measured by internal controls in order to secure the sensitive information. The AIS software stores several confidential matters about the organization, its staffs and customers. For instance, the organization WorldComs auditors implemented the AIS software within the company in order to find the ongoing fraudulent activities within the firm. By implementing this software, the accountants of the particular firm found that about $4 billion amount was spending in the purpose of fraudulent. Thus, it can be said that the internal auditors saved the company from undergoing bankruptcy and also terminated the CFO and new legislation of the organization. All these goals can only be fulfilled when the AIS will possess particular characteristics, which are structured as per the qualitative characteristics of the information of accounting. Primarily, AIS helps in making decision. As per SFAC 1, the objective of reporting information about financial matter is to provide comprehensive information to its experts. The qualitative characteristics of accounting information are of two types primary and secondary qualities. The later one is composed of comparability and consistency and primary quality is composed of relevance and reliability. Relevance has three parts feedback value, predictive value and timeliness and reliability is composed of faithfulness, neutrality and verifiability. The capability of predicting an important factor as the investors depends upon this prediction. The investors invest depending upon this capability as the gain probability depends on this. On the other hand, feedback value is considered as the key element as it is used to find out the differentiation among the various procedures of decision making. In reliability, both representational faithfulness and neutrality are counted as important factors. The agreement between the phenomenon measurement and design phenomenon are made to represent them and the representational faithfulness is counted. For instance, inventory is used in balance sheet that implies the products intended to sell. But, if an accountant includes the machines producing the products within inventory calculation, then it can be said that the accountant has lack of representational faithfulness. For example, in an organization named FedEx Corporation, the receivable less allowances was calculated $172 million in 2012 and it was accounted $168 million in 2013. The neutrality is associated with the betterment of the accounting standards. Thus, the change in the accounting standards directly put impact on the economic consequences, investors, creditors and other interest groups adversely. Opined to Boateng (2013), it has been found that the board FASB has to suffer a lot for various complexities during the period of making balance between the economic consequences and neutrality. The FASB tried hard to convince the entire financial community about the fact that standard of accounting is not the objective that is used to set the accounting standard. According to Scott (2011), it has been noted that one of the members of the board FASB stated that this particular board mainly put importance to the neutrality for standard setting. In addition to this, it has been noticed that the qualities of the reliability and the qualities of the relevance often gets collided. For instance, in most of the organizations, the managers earn their incentives bas ed on the profit represented by them in the profit and loss account, income statement and balance sheet. Therefore, it is a common factor that the managers might set the policy in such a way that they will look after their own benefit and will not concern about the benefit of the operation of the company. It has been found that there are certain types of business and industries that are used in order to follow some ordinary procedures of accounting. The new business person in the particular industry also accepts the same procedure according to the trend of the particular industry. Thus, these accounting methods become the generally accepted procedure for some specific types of industries and businesses. On the contrary, there are some procedures of accounting that are used broadly for providing services to certain purposes. The industries or the organizations that are associated with any of such particular purpose, this is used to retain the books under the general procedure (Deegan and Unerman 2011). The positive accounting theory is most modern accounting theory that generally describes the causes for using the specific method of accounting by a particular industry or firm. This helps in predicting the particular organization or industry to select a particular method of accounting. The remaining theories of accounting recommend that the nature of the procedures of accounting and the scope of the application of the accounting procedures. This does not give the acceptability level of the procedures. On the other hand, the Profit after Tax (PAT) value provides the tendency of using any procedure and it also proclaims the particular reason for the popularity of any particular procedure in any particular kind of organization or/ and industry. Therefore, it has become much easy for the new business houses to select the most common methodology that is also used in the related industry (Scott 2011). The present organizations might also use this positive accounting theory for the alterat ion of the present methodologies with a popular one as per the trend of the particular industry or even as per the related common objectives. For instance, it has been noted that several entities mainly use this positive accounting theory in order to maintain two different kinds of depreciation models. These organizations primarily use the straight line method of depreciation for the business purposes and on the other hand, these industries use the accelerated method or model of depreciation for the purpose of taxation. There are also various accounting theories that provide merits and demerits of these two particular methodologies. However, this cannot explain the reason for this peculiar trend of market. As per the concept of profit after tax, this particular trend is trailed by the accelerated method of depreciation, where the depreciation is charged for the first few years only, after buying any asset. This is considered as the very high and therefore, it declines the total amount of profit. for the evaluation of the normal profit, these industries or organizations internally follow the straight line method. Therefore, by the help of the PAT, the accountants of these industries or firms can get the significance of these trends based on the financial information available. The positive accounting theory is mainly structured based on two perspectives. These are efficiency perspective and opportunistic perspective. Several firms favor some accounting procedures based on the efficiency level of these procedures. Some of the accounting procedures are used to work the system more effectively and efficiently in some nature of business or even for serving certain objectives. The efficiency perspective helps the accountants of the firm to provide more accurate financial information in comparison to other methods (Glautier, Morris and Underdown 2011). Therefore, this perspective has become the most common procedure for particular industries. For example, the comparatively smaller entities that generally rely much on the cash transactions prefer the cash based system of accounting in comparison to the accr ual based system of accounting. On the contrary, in case of opportunistic perspective, it is referred as perspective that is based on certain objective or aim. These types of perspectives are associated with self-interest of managers and owners. The manager and the owner might grab the opportunity of using this procedure as this encourages them to select a perfect kind of procedure for the company. The factors that help in determining the selective criteria are as follows: Bonus plan When the bonus or the incentives of the managers are dependent on their financial performances and the financial performances of the organization, they generally prefer to choose that method, which has the ability to represent higher profit and lower amount of cost (Deegan and Unerman 2011). For example, the diminishing model of depreciation generally results into lower amount of depreciation in the long run, whereas, in the straight line method, it shows similar amount of depreciation for the entire life of the asset. On the other hand, the accelerated model of depreciation produces higher amount in the beginning of the project that is during the starting of the project. Therefore, the intention of a manger who wants to earn incentive in short run prefers accelerated method and the diminishing method is for long run period. Debt/ Equity Factor Generally the managers or the accountants of an organization use this method to repay loans as early as possible and also intend to diminish the total amount of liability. Therefore, in these cases, the accountants intend to represent higher amount of profit such that the organization can clear the loans from the accelerated profit quickly. Political cost The political leaders generally use this technique in order to demand the donations from larger business houses (Boateng 2013). Thus, the owners of these businesses represent lesser amount of profit than the actual one earned. So, the accountants here select the conservative method of accounting that will represent lower profit than actual. As per the Zimmerman and Watts, the real flaw of this theory is the absence of guidance for selection of the methods of accounting. This gives the trend of general market about the selection of methods of accounting. It might also happen that a particular theory becomes popular within the industry but it is unable to serve actual purpose. Thus, it can be said that positive accounting theory has failed to explain the guidance whether a particular firm should follow a common practice or it should change its existing method for the betterment of the organization. Therefore, it can be said that the positive accounting theory can be counted as an abrogation of the duty of the academics. References Boateng, P. (2013).Principles of accounting theory. [Place of publication not identified]: Dog Ear Publishing, Llc. Deegan, C. and Unerman, J. (2011).Financial accounting theory. Maidenhead, Berkshire: McGraw Hill Education. Glautier, M., Morris, D. and Underdown, B. (2011).Accounting. Harlow, England: Financial Times/Prentice Hall/Pearson. Scott, W. (2011).Financial accounting theory. Toronto, Ont.: Pearson Canada. Wolk, H., Dodd, J. and Rozycki, J. (2013).Accounting theory. Thousand Oaks: SAGE Publications. Accounting Information System Question: Discuss about the Accounting Information System the in Public Sector. Answer: Introduction Accounting Information System is also known as AIS in short and is described as a particular procedure that helps in gathering, storing and processing accounting as well as financial data and these are usually used by a firms internal users. These data are collected for the purpose of investors, tax authorities and creditors and as these are computer-based procedures, it also assists in tracking all activities (accounting) of a firm together with the information technology resources. AIS bring together the GAAP (Generally Accepted Accounting Principles) (traditional practices) with modern information technology resources. There are various elements found in the AIS that play a significant role in the accounting cycle, these include customer information, employee information, revenue, tax information and expenses[1]. In addition, these data include analysts reports, sales order, check resisters, ledger, inventory, purchase requisites, invoices, trial balance, payroll and fiscal decla ration information. Therefore, nowadays, selection of an accurate AIS/ ERP system based on the business type and size has become an obligatory factor[2]. Thus, in this report, business process of a Bakery firm has been described in detail and along with it the selection of vendor and software have been done for better operation of the business. Business Process A baker is personnel who bakes breads, cakes and biscuits by the help of oven and other heat sources and sells them in market. The workplace where a baker bakes cakes, biscuits and breads and manufactures products is termed as bakery. A baker is also known as Pastry Chef and this can be of several kinds, these are - Baked Goods Producer, Bread Maker, Retail Baker, Commercial Baker and Bakery Chef. Generally, a baker mixes all the ingredients according to the particular recipe and bakes into various types of breads, pastries, cookies, cakes and biscuits. Then the grocers, wholesalers, restaurants and institutional food services sell these food products to the customers. Moreover, for maintaining a great quality of the food, the baker checks the quality of each of the component before preparing the food. Additionally, the baker also makes various equipments for baking purpose of several kinds of food in an accurate way[3]. Moreover, the baker mixes all the components of food with the h elp of a blender for making the mixture perfect. At first, the baker rolls, kneads, shapes and cuts the dough in an accurate size as per the requirement. Then, he places the particular dough within the pan, then shapes on the sheet, and keeps it on the oven at an applicable temperature for baking the food item on hot ovens or grills. Finally, the baker scrutinizes whether there is any change in the color of the food item, its state and then several toppings like glazes, icings and many more are added on the top of the finally baked item by the helps of spatulas and brushes as per the requirement. It has been found that the main activities of the particular business i.e. bakery firm are distribution of the manufactured goods to the clients, production of baked food products, employment of employees and accounting of the operational actions of the business. Other activities of the business are to bake perfectly at accurate temperature, to accomplish the personnel accountabilities an d also to control the organizations inventory. Furthermore, sanitation, safety and budgeting are also regarded as chief activities of the particular organization. Development of Business Requirements Incorporation of Key Business Procedures It is a common factor that for regulating a firm, several activities are needed for running it efficiently. Nonetheless, among all the actions, some are obligatory and for the particular bakery firm the indispensable procedures include periodical analysis, determination of cost of sales and cost efficient production method[5]. Additionally, this process of the business operation also integrates accurate payroll structure, analysis of data and research on fiscal declaration and taxation payment[6]. The matter that is of more concern in case of any medium scale bakery firm is the deficit of implementation of accurate accounting system and proper data recording system[7]. Thus, in this case also the specified organization (bakery firm) should implement the following procedure of business for making the business operations more effective. Determination of cost of sales As per the report, the concerned organization is a medium scale bakery firm, so, its business operations are related to a manufacturing firm. Additionally, this bakery organization manufactures various kinds of goods and this include different types of constituent materials and methods[8]. As a result, this firm should integrate a perfect account system, which is capable to determine the costs of manufacturing of all goods perfectly. Cost efficient procedure for the production The particular system of manufacturing several kinds of food items is generally accounted in a particular process that makes the firm able to manage all the products costs and assists in creating more cost efficient systems of production[9]. Periodical Analysis Generally, bakery is considered as FMCG manufacturer, so, it should implement particular type of method that can analyze the fiscal situation of the firm for a short time easily[10]. A Proper Payroll Structure It can be said that for every firm, it is an important thing to possess an accurate payroll structure and a proper accounting system. As these systems, help in paying salary as well as other contributions to the employees. Analysis of Data and Information Usually, within a firm, various kinds of data and information are available and these are associated with the business operations. Therefore, these data should be discussed in detail and conserved properly through the incorporation of accurate technologies. Making of Fiscal Declarations The specified medium scale bakery firm generally makes the fiscal declarations every year. However, this should be prepared by the help of a proper accounting system especially, which can help the firm to prepare a critical pattern of fiscal declaration[11]. Taxation Payment It has been noted that for every firm, payment of taxation has become a significant debt[12]. Therefore, the particular bakery firm should support these methodologies, which can make the specified procedure of tax return simpler. Required Outputs for Attaining Objectives of Business The inclusion of key procedures of business is considered as an important factor as accurate output is necessarily required for attaining the firms goals. Therefore, for analyzing the above stated methods, the below stated results can be delivered and this might assist the specified firm to operate effectively and profitably. Modified Pricing Strategy The cost of sales of any product is taken as the main structure for assembling the selling price of the manufactured goods or services. Therefore, it is considered as a significant factor for the firms management department as it assists in incorporating a proper accounting or costing system. This will help the bakery firm to determine the appropriate cost of sales. Additionally, this implementation strategy of appropriate method of pricing also guides the organization to detect the selling prices of the products (baked food items) in a systematic manner. In addition to this, the detection of the selling prices of different food items (baked) will also assist the organization to modify, change and incorporate the perfect pricing strategy. Cost Efficient Production System As per the particular report, this study of accounting system has been studied for a medium scale bakery, so all the activities of the corporation are equivalent to a manufacturing company. As a result, according to a manufacturing unit, within this bakery firm, many indirect expenses rise for ineffective utilization of material or labor[13]. Moreover, the cost control system is able to detect the factors that are liable for unproductive usage and assists the specified firm to eliminate these factors. Advanced Management over the Monetary performances According to the annual analysis of the data and information, it can be said that these are associated with the fiscal matters. As it would assist the management department of the bakery firm, this will help to understand the firms operations and performances for a short duration of time. Therefore, this will become relatively simpler for the managers of the organization to undertake different defensive measures. Nevertheless, if the result of this particular analysis becomes negative and certain positive traits can be detected for the accomplishment of the corporation for a short span of time. Moreover, this can also use the similar factors for long run. Increase in the Profitability of the Organization It has been found that the elimination of the particular features for extreme costs and the development of the efficiency of the level of production and other actions of the organization assist in increasing the firms profitability. Moreover, this specified organization i.e. bakery firm can also be considered as a capable corporation for analyzing the information gathered and those are related to the recent market situation for setting the marketing strategies accurately. Determination of Requirements of Systems The particular medium scale bakery organization requires accurate accounting software and should possess the below mentioned features: Analysis of Cost Accounting software should contain certain particular features that might record the production expense effectively. Moreover, an accounting software should remain capable to generate fiscal reports according to the demand[14]. In addition to this, the particular software of accounting can be represented as a contrast among the various kinds of cost items for various periods. Documentation Recording According to the researcher, generally a medium sized bakery firm has over 1000 accounting transactions in a specified accounting year. Based on the perspective of an accounting expert, all the transactions (accounting) are uniformly noteworthy and relevant, particularly for the fiscal declarations of the corporation. Furthermore, the fiscal declarations of the previous time-period are also required for evaluating the performance of the firm. Therefore, the specified accounting software should consist of information recording system and data intermittently. The cause for this is that the procedure of recording might also assist in bringing out the data, whenever needed and can be taken out from the accounting software. Basic Economic Structure It has been found that the accounting software provides opportunities towards the basic construction of economic. As a result, this should compose of perfect systems for accounting the inventories, creditors and debtors. Moreover, the payroll system of accounting aids to record all the salary payments and other fiscal benefits of the companys employees. In addition, this system is also composed of various characteristics that might assist in tracing the transactions of the business on a regular basis[15]. Furthermore, it should also give certain information in a recapitulated way about the fiscal declarations. In addition to these, internal network of the firm should regulate the software and security should be included so that the picked up individuals can only get admission to the vital data. Figure 2: Requirement of Systems[16] Selection of Software Accounting Software Package Vendors As per the stated needs, primarily three vendors have been selected for accounting package and for gathering details about every accounting software packages. The essential vendors include SAP, MYOB and DacEasy. Assortment of Kind of Accounting Software Opined to the opinion of the investigators, various kinds of accounting software are there that are available presently. Nonetheless, the particular medium scale bakery firm has a single option regarding selection of the most appropriate option among all kinds of software (accounting) on the basis of the size and structure of the particular business operation[17]. According to further study, the software of accounting can primarily be differentiated into three kinds, these are high-end software, low-end software and medium-end software. High-end Software The high-end accounting software have high developmental technology and thus it acts as a competent factor for the modified accounting system. This particular system of an organization should be developed with the aim to include the specified accounting software. Low-end Software The low-end accounting software is considered as an accurate one for the particular organizations that are relatively smaller. Moreover, the small organizations that are operated by a professional individual like advocates, doctors, lawyers and many more also implements this low-end accounting software for better running of the business[18]. Finally, this software of accounting has been constructed based on the single system of accounting. Medium-end Software According to researchers, the medium-sized accounting software is mainly constructed depending on the double entry system of accounting. Moreover, this particular accounting software also possesses the crucial characteristics of accounting for better running of business operations. Additionally, this kind of accounting software is also eligible for performing the main requirements of the organizations, especially those are mainly regarded as profit-earning firms. As a result, this can be commanded that the medium scaled bakery firms should select the medium-end accounting software for operating their business operations smoothly. Moreover, this particular accounting software might also assist the organization to serve its objectives efficiently. Nonetheless, the inclusion of the high-end accounting software within a medium-scaled bakery firm might result into increased expenditure. Moreover, this might also require a long time for including the specified accounting software. Selection of Vendor Assessment of the Characteristics of the Accounting Software Packages As per the investigators, MYOB and DacEasy are the two most useful accounting software packages that are suitable for medium sized or small sized businesses. Depending on the detailed study, this can be said that both MYOB and DacEasy, the accounting software is constituted of four portions debtors, creditors, pay structure and stock[19]. Generally, the fiscal reports of the organization can be prepared in many ways. Nonetheless, the analysis of the software can be done on the basis of several grounds, such as ease in software usage, helps in the process of documentation, its scalability and substitutes of reporting. Sustaining in Documentation It has been found that both the online and printed documents can be made through usage of both DacEasy and MYOB software systems. According to the researchers, the DacEasy software usually assists a business to detect a perfect location within the index. There are many substitutes that assist the managers of a firm to search through help button and this button is positioned on the screen. On the contrary, for MYOB, this help button is positioned on each screen. Therefore, in this particular case, data can be developed quickly. Payment Structure It has been found that DacEasy helps in setting up deposits directly. Additionally, this particular accounting software features the employees, quarter, tax deposits, month and yearend with the intension to structure the payment. On the other hand, for MYOB, the payment pattern is manageable by utilization of various options, but, in this system, the employees status cannot be individualized. Scalability and Expenditures The gap between the pricing pattern of both accounting software i.e. MYOB and DacEasy cannot be differentiated distinctly. The particular edition of single usage has been sold, but, multiple user editions are recently networked. Ease in Usage of Particular Software System It can be said that construction of MYOB is relatively easier than DacEasy and is also considered as suitable for using. So, it guides the new comers of fiscal management to construct the accounting tasks[20]. In addition, installation method of MYOB is also simple and any portion of it is available through navigation bar. Besides, DacEasy can also be operated easily and the clients get other options of navigation through screen from one to other section. However, the design of tool bars is not suitable for the clients as it is not structured accurately. Time Scheduling Generally, DacEasy provides options regarding time billing and payroll section can be filled up with time billing data. Therefore, this report is attained on time and in case of MYOB billing duration and reference can be set up for particular credit term. Alternative of Reporting DacEasy has lower flexibility to generate report and it is capable to develop 50 various types of reports. However, MYOB is able to produce over 190 types of reports and this would help in capturing and represent data about vendors, employees, organization and customers. Creditors In case of DacEasy, vendor section is comprised of various accounts payable, such as - printing cheques, managing vendors, quotes and purchase order. On the other hand, MYOB bears quotes, e-payment, tax forms and purchase orders and these can be printed easily. In addition, it has been pointed out that this software is unable to develop credit memos for vendors. Debtors Usually, DacEasy assists to feature the customer details sales, banking, invoices and many more. Moreover, the goods to be transported cannot be predicted and the invoices via email are unable to send by using this system. However, MYOB are able to manage accounts receivable easily[21]. In addition, computations of customer charges, various charges and incomes can be easily performed. Nevertheless, shipping as well as shipping costs cannot be traced and projected respectively, as this software does not provide shipment instrument. Assortment of the Most Appropriate Vendor MYOB is the most suitable accounting software for the particular medium-scaled bakery firm as it will help the business by guiding the process to prepare fiscal reports and it is also user-friendly[22]. Moreover, there is no difference between the costs as the package of cost is identical to each other. Furthermore, its installation method and structure is also easier and it provides facility of bidirectional transfer. In addition, MYOB is more flexible than other accounting software (DacEasy). Therefore, MYOB provides various amenities during billing time. In case of MYOB, average and standards costs, LIFO and FIFO methods can be utilized for calculating inventory cost[23]. Moreover, the early learners of financial management section can use this software, as it is simple and easy. As a result, a medium-scaled bakery should use the MYOB accounting software for running the business smoothly. Figure 3: Facility of MYOB[24] Conclusion Thus, it can be concluded that incorporation of MYOB accounting software in a medium-scaled bakery business is the most suitable one, as; it serves competence to print the fiscal charges such as tax forms, purchase order and the consumer related invoices. In addition to this, the accounting software MYOB generally holds multiple users in security level. The reason behind this is that MYOB assists in transmitting the collected data and information over the internet or the organization. In addition, it has been found that MYOB is relatively simpler to use and is also less expensive. References Bonollo, E., Lazzini, S. and Merli, M.Z., 2016. Innovations in Accounting Information System in the Public Sector. Evidences from Italian Public Universities. InStrengthening Information and Control Systems(pp. 199-216). Springer International Publishing. Chang, H., Ittner, C.D. and Paz, M.T., 2014. 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