Learning Guide SWASTIK GOLD

Introduction of Computerized Financial Accounting

A Financial Accounting Package aim at automating the Accounts and other related areas requiring reports, information, and statements, whenever is desired. Thus, they help in giving insiders and outsiders information relevant for decision-making. Insiders refer to the Management that uses the above information for betterment of financial standing of the organization. Outsiders may refer to the investors, creditors and banking institutions, who use the above information for deciding in their interest.

Computerization of accounts department is one of the priorities for any company intending to use computers. The system is helpful not only to the accounts department to get the actual on the figures but is also helpful for the Marketing Department to know the status of marketing operations like pending orders, status of delivery (delivery scheduling), payment collection etc. For example, the Stores Department may know the current stock positions. What requisition is to be given to the purchase department is also something a company looks forward to form an Accounting System.