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information_systems_in_accounting11111111.pptx

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1. study them within the context of management
levels (operational, middle vs. upper)
2. https://www.hierarchystructure.com//wpcontent/uploads/2013/05/Account-ManagementHierarchy.jpg
Financial, Managerial, Cost
See Course Syllabus? and read it carefully?, It’s a long presentation? ,my part is Information Systems so please I need you to write 4-5 slides
and summarize it? in one page to present it? on front of the prof
Cost Accounting
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Role
Data
Information Disseminated
Information Systems
Emerging Technology
Role
The roles of cost accountants include the following:
? Performing accounting functions consisting of product inventory liability
calculations
? Monitoring the cost of labor my monitoring overtime hours against staffing and
production schedules.
? Anticipate needs from the management team related to product costing
Data
COST ACCOUNTING SYSTEM-It is a system that follows and records the progress of progress of inventory through out
each process of production until it becomes finished goods.
The COST ACCOUNTING SYSTEMS
•Job order costing system- it is a cost system that treats each job independently with their own cost
information e.g. unique products or special orders.
Process costing system- It is a cost system that determines the cost of each process of production
independently. It is used in situations where the product goes through multiple stages of production in
multiple departments
The cost allocation system
•Traditional costing system- it is where a constant rate is used in calculating overhead for every job or
every department,Activity-based costing system – it is where the overhead rate of each job or each
department is proportionate to the activity rate
Information Disseminated
Information Systems
Emerging Technologies
? The exponential jump in Cloud accounting.
It is estimated that 90% of small and medium enterprises will be using Cloud accounting software by the
end of 2017.
? Increase in automation and processes
With automation electronic documents and software solutions, many companies can eliminate manual
data entry processes.
? Rapid rise in data analytics
Because of the development of data analytics, more valuable insights can be derived from existing data in
businesses.
Financial Accountants
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Theory vs. Reality
Role
Data
Information Disseminated
Information Systems
Emerging Technology
Role
Financial accountants have many roles in a business including:
? Review financial records and transactions
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Entering of transactions directly or reviewing transactions to post to the general ledger
? Report to and advise senior management
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Creation of reports that evaluate the meaning and trends shown in the transactions
Interpret the impact on each sector of operations including HR, marketing, investing, and
borrowing strategies
? Tax Issues
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Tax advice to management includes recommending action plans that reduce the tax liability,
tax deferred or tax free investments, non-taxable asset swaps, and cash flow planning so as to
remain liquid at tax filing/paying dates, usually quarterly
Data
? 5 main classifications of data used in financial accounting: revenues,
expenses, assets, liabilities, and shareholder’s equity.
? Those data are separated into two main statements, the balance sheet and
the income statement.
? The majority of data is collected through direct financial transactions, most
commonly the purchase or sale of goods or services
Information Disseminated
? Information is analyzed, compressed into comprehensible data and then
given to managers
? Multiple ratios and equations are used to get a measure of how the business
is doing and the direction it is going
? Upper level managers are typically the ones actually doing the analyzation,
financial accountants are most typically the bookkeepers just keeping the
numbers in order.
Information Systems
? The purpose of an accounting information system (AIS) is to collect, store,
and process financial and accounting data and produce informational reports
that managers or other interested parties can use to make business decisions
? Excel
? Quickbooks
? SAP – integrates assets, receivables, payables, and inventory
? Sage
? NetSuite (ERP) – real time data and reporting
? Oracle
? FreshBooks
Emerging Technology
? Yendo – Small Business ERP starting at $19 a month
? Cloud-Based Systems – Not necessarily new, but almost every business is
making the switch
? Drones being used in auditing – FAA’s policies on drones are relaxing and
making it easier to own drones
? Artificial Intellegence – Increasing cognitive capabilities in technology
Managerial Accountants
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Theory vs. Reality
Role
Data
Information Disseminated
Information Systems
Emerging Technology
Role
? Upper-Level
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organizing, planning and controlling the finance in the company
Handle organization’s financial issues and its budgeting
Ex: CFO, Senior Financial Analyst
? Middle
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Dave Hammack – Tax Partner WVC
Planning, Structuring, Consulting
Delegation
“Head Coach”
? Operational
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perform under the proper guidance and supervision of the mid level professionals
answerable for the financial records like maintaining the ledger and preparing the balance sheets
Data
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Receive Financial reports (balance sheets, income statements,etc…)
Interpret financial results
Develop plan of action
Type of data is similar across Upper and middle levels
Operational
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Forecasting
Budgeting
Performance measurements
Present to senior management
Information Disseminated
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Internal use
Budget reports
Accounts Receivable Aging
Inventory and Manufacturing
Job Cost Reports
Reports passed to upper management to make operational decisions
Information Systems
? Heavily reliant on ERP
? Need information from so many different areas
? CRM to maintain close relationship with current clients and prospect new
ones
? Most softwares still aren’t too user friendly; some parts work great, others too
confusing
Emerging Technology
? Cloud Computing
? Virtualization
? Mobile Access
Bib page
? https://www.hierarchystructure.com/account-management-hierarchy/
? http://smallbusiness.chron.com/responsibilities-financial-accountant10080.html
? http://www.cpapracticeadvisor.com/article/10268436/emerging-technologies
? http://www.symmetry50.com/blog/2014/11/8/the-top-20-accounting-softwareproducts
? http://aaajournals.org/doi/abs/10.2308/jeta-51704
? http://aaajournals.org/doi/abs/10.2308/jeta-51730

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