Question

State any four advantages of Computerised Accounting System:

Hint:

A Computerised Accounting System improves efficiency, accuracy, and cost-effectiveness, while enabling real-time financial reporting.

Answer 1

1. Efficiency: - Automates routine accounting tasks like payroll, invoicing, and inventory management. - Saves time and resources compared to manual accounting. 2. Accuracy: - Reduces human errors in calculations and ensures accurate financial records. - Built-in checks and validations minimize discrepancies. 3. Real-Time Reporting: - Provides updated financial data instantly for better decision-making. - Example: Real-time generation of profit and loss statements or balance sheets. 4. Cost-Effectiveness: - Reduces reliance on manual labor and paperwork. - Long-term savings due to automation and improved efficiency. \vspace{0.5cm}