Question

Research assignment:

You are a junior accountant in a rapidly expanding firm that is still using a manual accounting system. Your manager, the accountant has indicated that it was probably time for the firm to migrate to using electronic accounting. You were therefore given the task to present a paper at the next staff meeting on the pros and cons of your firm using accounting software in the near future.

You are also required to write this paper in an essay form, listing references of where you obtained your information. Remember your essay SHOULD NOT be in point form. Failure to comply with the requirements, automatically gains you a zero in this assignment.

Answer 1

In present situation,we need to improve ourself to compete in the competitive environment. It is becoming very difficult for the enterprises to compete in the market. To gain competitive advantage we need to improve our business according to the changes in external environment. But we cannot adopt to the changes in every situation. So,we need to even consider about our internal environment and adopt the best alternative which is suitable for our company .

   We are currently using a manual accounting system,which we need to change to gain competitive advantage.As every situation has pros and cons,electronic accounting also has pros and cons. We need to consider all pros and cons and decide whether it is beneficiary to migrate to electronic accounting or not.

It will be beneficiary to adopt electonic accounting system,as it is useful not only in present situation but also in future situation. It reduces the time and increases operational effecieny. This will help us for the growth of our business and to sustain in the market.

But,it will increase our cost to adopt new accounting system. We need to spend money to train the labour and make changes according. We need to introduce additional capital to purchase the new equipments,train labour and to meet additional expenses.

By considering all the pros and cons,it is advisable to migrate to electronic accounting which is useful not only in present but also in future to sustain in the market and for the growth of our business.