FNSACC505 Establish And Maintain Accounting Information Systems

FNSACC505 Establish And Maintain Accounting Information Systems

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FNSACC505 Establish And Maintain Accounting Information Systems

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FNSACC505 Establish And Maintain Accounting Information Systems

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Course Code: FNSACC505
University: Australian Catholic University

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Country: Australia

Question:
Establish and Maintain Accounting Information System.
 
 
Answer:

Introduction
An accounting information system fundamentally refers to the system that a business utilizes to store, manage, collect and process the retrieved financial information for the efficient utilization of the data by the users, particularly, by the different stakeholders of business. A well-implemented accounting information system involves the coordination between the different departments of the organization and improves the quality of work by communicating the essentialities of the operations undertaken.
Implementation of the Accounting Information System (AIS)    
The newly purchased accounting information system, to be implemented in the local garment wholesale company may be done by following the mentioned steps (Ismail and King 2014):

Detailed requirements analysis – this step involves obtaining of the required information from the users of the financial statements so that the accounting information system can be developed according to the specified needs of the users.
Design of the system – the system hence designed, should be reviewed and the information collected should be monitored.
Documentation and testing – documentation of the procedures required to be executed for the successful establishment of the accounting information system should be done. The process of documentation acts as a guideline manual for the users of the system. After documentation, testing of the system from all the aspects are done prior launch.
Training – training of the personnel in usage of the system is another essential step in implementation.
Data conversion – the transfer of information from the old system to the newly implemented one is the last and the most essential step.

 
Monitoring and reviewing the system
The most important step in the adoption of a new accounting information system is the part concerned with the monitoring and review of the newly implemented system. The different measures that may be considered for reviewing the implemented accounting information system are as follows:

Effectiveness of the internal control measures implemented
Effectiveness of the documentation done
Separation of operation from accounting
Adequate reporting of disclosures
Cost effectiveness of the system

The system should be evaluated on the basis of the above mentioned factors. Now, evaluation is a long-term process that is carried out over a time-period. Effective monitoring of the newly implemented system leads to revelation of the problems that may be associated with the accounting information system (Laudon and Laudon 2016).
The major problem associated with the implementation of an accounting information system is that the documentation process may not be properly executed. Moreover, the transfer of the data from the old system to the new one may result in potential corruption or loss of important information. The employees of the organization may not be able to properly adjust with the technological changes inside the organization (Simkin, Norman and Rose 2014).
Recommendation
The particular recommendation regarding the above mentioned difficulties is that the purchase of the accounting information system by the garment company should be such that it accurately complies with the financial needs of the company. Moreover, the training imparted to the employees in the utilization of the system should be a clear process so that they can effectively utilize the system and do not feel demoralized about the implemented change in the firm.
 
References
Ismail, N.A. and King, M., 2014. Factors influencing the alignment of accounting information systems in small and medium sized Malaysian manufacturing firms. Journal of Information Systems and Small Business, 1(1-2), pp.1-20.
Laudon, K.C. and Laudon, J.P., 2016. Management information system. Pearson Education India.
Simkin, M.G., Norman, C.S. and Rose, J.M., 2014. Core concepts of accounting information systems. John Wiley & Sons.

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