Quick Books Essay

.Rissy Montoya Acct 31 Information Technology (IT) is a foundation for conducting business nowa daytimes. It plays a critical role in increasing wareiveness of firms and entire nation. It is be that firms who invested in IT have experienced continued growth in productivity and efficiency. Many companies survival and even existence without use of IT is unimaginable. IT has become the largest constituent of ceiling investment for companies in the United States and many other countries. history/Finance application systems and QuickBooks let you exert your business with a small or no experience.All three application systems allow the users to manage the companies capital including bookkeeping, inventory, non-inventory & service items, sales orders, purchase orders, and reports. It allows the companies to keep tracking of the financial assets and at the same time have the information the accountant motivations. Using the history/finance application system, learns it easier to e nter and process the data rather than manually enter and process the data.. QuickBooks is an account software program package which is developed by Intuit, Inc. It was launched in the 90s and since than it is one of the market leaders in be software.The software was designed to help the small business owners who had no formal accounting training. Very shortly after the introduction, there was no doubt that the product is going to be a hit. With a deep focus for the non-accountant, and a lower price than the competitors products, it outsmarted its competitions. Intuit states that the associations mission is to create new ways to manage personal finances and small businesses that are so heavy and simple, customers chamberpotnot Imagine going back to the old way QuickBooks created an application that is close to commonly used accounting product for small businesses QuickBooks ProThe world today is in the computer age. Almost everyone now has a computer or access to a computer. N ow that around everyone knows how to use a computer, almost every business has one. Businesss before had to rely on people to do all the accounting by hand, and doing the accounting for a business used to take a lot of man-hours to complete. Businesss slowly moved into letting computers do a lot of the sketch for them, but they still had people to check on the computers because the applications that they were using would sometimes screw up and cause a lot of confusion or even loss of money.With the latest application QuickBooks Pro 2011, there is piddling need for any backup measures. This application does everything that the business needs to do, manage your business, track time, do payroll, develop estimates, and much more. QuickBooks Pro 2011 quickly finds the reports you need with the Report Finder, shows you critical information about your business at a glance with Company and Customer Centers, and track Features of QuickBooks that will help the keep company implement sound home(a) control policies and procedures Access to accounting records should be limited to designated individuals.Once a transaction has been entered, the ability to change or call off it entirely should be limited to some other individual, preferably an accounting manager. Financial statements should be prepared monthly, with gross profit percentage and outlay percentages, so that management can question apparent errors or omissions. The monthly financial statements should be comparative, i. e. show last years figures on base this years, preferably with percentages as well as dollar amounts, to make apparent any significant variations in revenue or spending items that should be investigated for possible error or even fraud.Budgets should be prepared, and variances mingled with actual and budgeted figures should be shown on budgetary income statements each month. The deficiencies with this program for internal control starts when you initially set up your accounts, you enter i n your start out account balance amounts (unless you are a brand new company with no activity). The problem is that if you do not enter an amount, or input an amount correctly, the difference will go to Opening Balance Equity.If it is not fixed, it will stay there indefinitely. QuickBooks will allow you to enter a transaction for any date that you wish. While this is convenient for purposes of making projections, it can have bad consequences if you go backwards. QuickBooks retains every transaction you enter from the day you started using it. While this is useful to get historical information, on a practical basis, the file sizes can easily get large sufficiency to be unmanageable and slow your computer. Conclucion