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Lecture 7- Accounting software for smaller businesses

Deleted user 34 questions Updated 12 Jul 2021

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1One advantage of maintaining accounting records manually is that [blank_start]manual recording[blank_end] of [blank_start]transactions[blank_end] may be perceived as [blank_start]quick[blank_end] & [blank_start]easy[blank_end]
1. Amanual recording
2. Btransactions
3. Cquick
4. Deasy
2Another advantage of maintaining accounting records manually is that it is [blank_start]cheaper[blank_end] than [blank_start]software[blank_end]
1. Acheaper
2. Bsoftware
3The primary advantage of using accounting software over manual records is the [blank_start]full integration[blank_end] of [blank_start]data[blank_end] & [blank_start]accounting principles[blank_end]
1. Afull integration
2. Bdata
3. Caccounting principles
4One feature & function you might expect to find in accounting software designed for smaller businesses is [blank_start]financial reporting[blank_end]. This includes [blank_start]income statement[blank_end], [blank_start]expenditure analysis[blank_end], [blank_start]bank reconciliation[blank_end], [blank_start]inventory management[blank_end], etc
1. Afinancial reporting
2. Bincome statement
3. Cexpenditure analysis
4. Dbank reconciliation
5. Einventory management
5Another feature & function you might expect to find in accounting software designed for smaller businesses is [blank_start]process basic statutory requirements[blank_end]. This includes [blank_start]value-added/sales tax reports[blank_end] & [blank_start]statistical reports[blank_end]
1. Aprocess basic statutory requirements
2. Bvalue-added/sales tax reports
3. Cstatistical reports
6Third feature & function you might expect to find in accounting software designed for smaller businesses is [blank_start]general information systems[blank_end]. This includes [blank_start]backup data[blank_end], [blank_start]password and access control[blank_end], [blank_start]web integration[blank_end] & [blank_start]data import and export[blank_end]
1. Ageneral information systems
2. Bbackup data
3. Cpassword and access control
4. Dweb integration
5. Edata import and export
7Three ways of how smaller businesses can maintain their accounting records are [blank_start]manual records[blank_end], using [blank_start]office software suites[blank_end] & using traditional [blank_start]accounting software[blank_end]
1. Amanual records
2. Boffice software suites
3. Caccounting software
8There are several legal business forms such as: [blank_start]sole traders[blank_end], [blank_start]partnerships[blank_end] & [blank_start]limited companies[blank_end]. [blank_start]Size[blank_end] of an economy will influence what is [blank_start]small business[blank_end]
1. Asole traders
2. Bpartnerships
3. Climited companies
4. DSize
5. Esmall business
9From operations perspective, small businesses focus on [blank_start]single/small[blank_end] number of business sector/s, accounting is done by [blank_start]business owners[blank_end]/small accounting team, are unlikely to have complex [blank_start]accounting systems[blank_end] & tasks, routine accounting is done by [blank_start]external[blank_end] accountant & keep records to meet [blank_start]regulations[blank_end] as it's more important than planning for them
1. Asingle/small
2. Bbusiness owners
3. Caccounting systems
4. Dexternal
5. Eregulations
10Considering [blank_start]nature[blank_end] of their operations is [blank_start]useful[blank_end] in understanding what they need in terms of [blank_start]managing[blank_end] accounting information
1. Anature
2. Buseful
3. Cmanaging

11Use of accounting software is impacted by [blank_start]cost[blank_end] which includes [blank_start]actual cost[blank_end] of either purchasing software & employing an accountant or engaging services of an external accountant. [blank_start]Cost[blank_end] also has [blank_start]time[blank_end] element or opportunity cost as many [blank_start]small[blank_end] business owners may find they do not have [blank_start]time[blank_end] to invest in maintaining accounting records
1. Acost
2. Bactual cost
3. CCost
4. Dtime
5. Esmall
6. Ftime
12Reasons for maintaining accounting records manually is that manual [blank_start]recording[blank_end] of transactions takes [blank_start]less time[blank_end], [blank_start]cost[blank_end] of software & hardware may be [blank_start]very high[blank_end], may be [blank_start]averse[blank_end] to technology & easier [blank_start]maintenance[blank_end] when business is more [blank_start]mobile[blank_end] (e.g. plumber, carpenter)
1. Arecording
2. Bless time
3. Ccost
4. Dvery high
5. Eaverse
6. Fmaintenance
7. Gmobile
13One disadvantage of maintaining accounting records manually is that it is [blank_start]prone[blank_end] to [blank_start]human[blank_end] error. Therefore, there would be [blank_start]inaccurate[blank_end] information
1. Aprone
2. Bhuman
3. Cinaccurate
14Another disadvantage of maintaining accounting records manually is that there is no [blank_start]integration[blank_end] of records. Therefore, there would be no basic [blank_start]decision-making[blank_end] information
1. Aintegration
2. Bdecision-making
15Third disadvantage of maintaining accounting records manually is lack of [blank_start]accounting knowledge[blank_end] by preparer. Therefore, will be [blank_start]poor[blank_end] & [blank_start]incorrect[blank_end] accounting information & fundamental [blank_start]errors[blank_end]
1. Aaccounting knowledge
2. Bpoor
3. Cincorrect
4. Derrors
16Fourth disadvantage of maintaining accounting records manually is [blank_start]incomplete records[blank_end]. Therefore, cannot apply basic [blank_start]accounting principles[blank_end]
1. Aincomplete records
2. Baccounting principles
17Advantages of office suite applications include: mundane tasks can be [blank_start]automated[blank_end] (e.g. adding up figures), office suites are available on [blank_start]many devices[blank_end] which make records [blank_start]portable[blank_end], some [blank_start]security[blank_end] available (password protection), [blank_start]file backup[blank_end], sorting & searching of [blank_start]records[blank_end] & some suites are [blank_start]freely[blank_end] available (OpenOffice, Lyx)
1. Aautomated
2. Bmany devices
3. Cportable
4. Dsecurity
5. Efile backup
6. Frecords
7. Gfreely
18Disadvantages of office suite applications include: not automatically [blank_start]integrated[blank_end] (expertise required to do so), no [blank_start]incorporation[blank_end] of accounting [blank_start]principles[blank_end] & [blank_start]difficult[blank_end] preparation of decision-relevant [blank_start]information[blank_end]
1. Aintegrated
2. Bincorporation
3. Cprinciples
4. Ddifficult
5. Einformation
19Accounting software- There are [blank_start]software[blank_end] products that focus on supporting [blank_start]accounting cycle[blank_end]. They have ability to [blank_start]record[blank_end] basic business transactions & [blank_start]prepare[blank_end] standard financial reports from these
1. Asoftware
2. Baccounting cycle
3. Crecord
4. Dprepare
20Other factors to consider when talking about specialised accounting software applications include: [blank_start]size[blank_end] of company, [blank_start]tax/legal[blank_end] jurisdiction & design [blank_start]strategy[blank_end]
1. Asize
2. Btax/legal
3. Cstrategy
21[blank_start]Manual[blank_end] records & [blank_start]office suite[blank_end] applications do not offer much data integration compared to [blank_start]accounting software[blank_end]
1. AManual
2. Boffice suite
3. Caccounting software
22Four advantages of accounting software include: [blank_start]seamless[blank_end] data integration from [blank_start]prime entry[blank_end] to [blank_start]financial statement[blank_end], supports accounting [blank_start]concepts[blank_end] & [blank_start]rules[blank_end] (e.g. double-entry system), includes [blank_start]standard[blank_end] financial reports & includes standard/sector-specific [blank_start]charts of accounts[blank_end]
1. Aseamless
2. Bprime entry
3. Cfinancial statement
4. Dconcepts
5. Erules
6. Fstandard
7. Gcharts of accounts
23Another three advantages of accounting software include: include some [blank_start]management accounting[blank_end] functionality (e.g. budgets), specific accounting [blank_start]knowledge[blank_end] not necessarily required (built into software) & may be [blank_start]cheaper[blank_end] than full [blank_start]office suite[blank_end]
1. Amanagement accounting
2. Bknowledge
3. Ccheaper
4. Doffice suite
24Greatest advantage of accounting software is [blank_start]integration[blank_end] of data from recording of [blank_start]business transactions[blank_end] through to [blank_start]financial statements[blank_end]
1. Aintegration
2. Bbusiness transactions
3. Cfinancial statements
25Fourth feature & function you might expect to find in accounting software designed for smaller businesses is processes daily [blank_start]business transactions[blank_end]. This includes sales, [blank_start]purchases[blank_end], returns, [blank_start]cash payments[blank_end], print customer invoices & process [blank_start]electronic payments[blank_end]
1. Abusiness transactions
2. Bpurchases
3. Ccash payments
4. Delectronic payments
26QuickBooks has different [blank_start]versions[blank_end] with increasing [blank_start]functionalities[blank_end] (offline & online versions)
1. Aversions
2. Bfunctionalities
27QuickBooks has [blank_start]simple[blank_end] navigation using icons & graphical representations of [blank_start]accounting cycle[blank_end]. Navigation is designed with smaller business [blank_start]user[blank_end] in mind rather than [blank_start]accountant[blank_end]. Interface is designed to be [blank_start]simple[blank_end] & reflect how business works
1. Asimple
2. Baccounting cycle
3. Cuser
4. Daccountant
5. Esimple
28One function QuickBooks has is [blank_start]customer functions[blank_end]. It is for [blank_start]invoicing[blank_end] goods or services sold, entering [blank_start]cash[blank_end] received when customers pay & customer [blank_start]refunds[blank_end] & credits
1. Acustomer functions
2. Binvoicing
3. Ccash
4. Drefunds
29Another function QuickBooks has is [blank_start]supplier functions[blank_end]. It is for recording [blank_start]supplier invoices[blank_end] (termed ‘Bills’), paying these [blank_start]supplier invoices[blank_end] & generating [blank_start]value-added tax[blank_end] returns
1. Asupplier functions
2. Bsupplier invoices
3. Csupplier invoices
4. Dvalue-added tax
30Third function QuickBooks has is [blank_start]banking functions[blank_end]. It is for recording [blank_start]deposits[blank_end] (allows grouping of [blank_start]multiple[blank_end] cash receipts into [blank_start]single[blank_end] bank deposit), writing [blank_start]cheques[blank_end] (business can enter [blank_start]cheque[blank_end] (or electronic) payments which have not been entered using Suppliers option) & [blank_start]reconciling[blank_end] (allows business to [blank_start]compare[blank_end] its bank records with bank statements on regular basis)
1. Adeposits
2. Bmultiple
3. Csingle
4. Dcheques
5. Echeque
6. Freconciling
7. Gcompare
8. Hbanking functions
31Fourth function QuickBooks has is [blank_start]employee functions[blank_end]. It is for paying [blank_start]employees[blank_end] on basis of time sheet or fixed salaries, software will [blank_start]calculate[blank_end] all relevant [blank_start]payroll[blank_end] figures such as net pay & payroll taxes due & facility to pay [blank_start]employees[blank_end] electronically is also available
1. Aemployee functions
2. Bemployees
3. Ccalculate
4. Dpayroll
5. Eemployees
32Fifth function QuickBooks has is [blank_start]reporting functions[blank_end]. QuickBooks reports can be distributed in [blank_start]several[blank_end] ways. There is some level of report [blank_start]customisation[blank_end] & it can be exported to [blank_start]spreadsheet[blank_end] program such as [blank_start]Microsoft Excel[blank_end]. Reports menu classifies reports according to [blank_start]type[blank_end] or [blank_start]business area[blank_end]
1. Areporting functions
2. Bseveral
3. Ccustomisation
4. Dspreadsheet
5. EMicrosoft Excel
6. Ftype
7. Gbusiness area
33Net worth graph report shows [blank_start]assets[blank_end] compared to [blank_start]liabilities[blank_end] on monthly basis in graphical [blank_start]format[blank_end] & net trend
1. Aassets
2. Bliabilities
3. Cformat
34Security features of QuickBooks include: user options to [blank_start]backup[blank_end] & [blank_start]restore[blank_end] data files, prompts users on [blank_start]regular[blank_end] basis to perform data [blank_start]backups[blank_end], [blank_start]password[blank_end] protected user accounts with different levels of [blank_start]access[blank_end] to selected areas of software & provides useful option called [blank_start]Accountants Copy[blank_end] (creates backup copy of company’s data files for use by external accountants)
1. Abackup
2. Brestore
3. Cregular
4. Dbackups
5. Epassword
6. Faccess
7. GAccountants Copy

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Description: User has deleted their subject information Quiz on Lecture 7- Accounting software for smaller businesses, created by Deleted user on 12/07/2021.
Author: Deleted user
Language: English
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History: Created on 12 Jul 2021 · updated on 12 Jul 2021
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Lecture 7- Accounting software for smaller businesses

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