Vol. 3, Issue 10 (2016)
E-Accounting: A key of modern business
Author(s): Kulbir Singh, Dr. Manjit Singh Saggi
Abstract: Information technology has changed the way business is conducted. An effective accounting system must support the management in making strategic business quickly. Thus, as the process of decision-making changes, the accounting system must also change and evolve to meet both internal and external needs. Accounting is called the language of the business. Every business maintains accounts because it has to reveal certain information to the stakeholder which includes shareholder, creditors, investors, debtors and government etc. As an organization grows, maintaining accounts manually, becomes a times consuming and costly process. Several people must be employed to maintain accounts, possibly at different locations. There may not be consistency in the quality of Accounting. The generation of consolidated reports is long drawn out and expensive. Compare to computerize accounting practices we can get results on one click to computers. We can get any information at any time with a one click. Through this paper, I want to highlight the requirement, need, advantages and disadvantages of E-Accounting in modern business.