Contemporary Issues in Accounting for Financial- myassignmenthelp

Question: Discuss about theContemporary Issues in Accounting for Financial Matters. Answer: Information System in Accounting Accounting Information system utilizes specific programs and software which are used by the business to collect and process accounting information which are used by the management in decision making process regarding financial matters (Simkin, Norman Rose, 2014). Generally accounting information uses computer-based appliances which are used requires programs or software such as ERP, integrated reporting structure. As per Sajady, Dastgir and Nejad, the role of Accounting information system is crucial for implementing an effective and efficient internal control system. The basic impact of introduction of Accounting Information system is shown in the improvement of decision making processes, maintaining the quality of accounting information, setting up effective internal control system (Sajady, Dastgir Nejad, 2012). This was published International journal of Information. Influences on Accounting Practices With the introduction of the new accounting information system, the overall accounting process will be become more systematic and less complex in nature. The major impact of introduction of the information system in accounting process is that it reduces the complexity and time-consuming factor of traditional accounting and makes the process more systematic and easy to understand. With the application of Information system like ERP system, expert system and other similar packages the company will be able to review the accounting process with ease and any mistakes or omission are easily identifiable and also rectified easily (Daoud Triki, 2013). As per Grabara, kolcun Kot, in todays world for effective transmission of information, information system is essential for the operation of an entire process. In addition to this, information is considered to be an important factor for effective management and operation of a company (Grabara, Kolcun Kot, 2014). In transport sector, the use o f accounting information system is useful for effective running of the business. Another consideration which the management of the company has to consider is the handling aspect of the information system for which the accounting professionals need to be trained and also need to gather adequate knowledge about the system and how it operates (Alsharayri, 2012). The accounting professional in todays competitive environment need to have ample knowledge of various software such as excel, tally and also acquire knowledge of programs like ERP, expert systems and other accounting information software. Reference Alsharayri, M. (2012). Evaluating the Performance of accounting information systems in Jordanian private hospitals.Journal of Social Sciences,8(1), 74. Daoud, H., Triki, M. (2013). Accounting information systems in an ERP environment and Tunisian firm performance. Grabara, J., Kolcun, M., Kot, S. (2014). The role of information systems in transport logistics.International Journal of Education and Research,2(2), 28-36. Sajady, H., Dastgir, M., Nejad, H. H. (2012). Evaluation of the effectiveness of accounting information systems.International Journal of Information Science and Management (IJISM),6(2), 49-59. Simkin, M. G., Norman, C. S., Rose, J. M. (2014).Core concepts of accounting information systems. John Wiley Sons.