Functions of an Accounting system An accounting system is part of a larger management system within an organization. The focal point of any institution is its finances. An accounting system ensures figures tally with the reality. It helps to outline the growth regarding profits and losses the industry is making. Development in both technology and information science has seen revolutionary changes in accounting. Today there are some programs aiding bookkeeping, reporting, and record of financial process within a business (Pal, 2014). The majorroles of an accounting system include; first, data collection and storage. An accounting system effectively and efficiently does storage (Pal, 2014). This includes drawing data from primary documents, recording …show more content…
Norris is working hard to realize his dream by converting his passion to a business venture. Sales are on their way up, and the business seems to be slowly and steadily growing through the ranks. This, therefore, means more concentration needs to be put in the important department of finance. With increased demand product production needs to step up as well to be able to meet customer deadlines. Financial records being an important component in any business, Norris is yet to decide on the Accounting System to apply. Aztek Chocolate Studio is a growing enterprise, and there is a dire need for a professional accounting …show more content…
SaaS technology enables an entity to rent an accounting support system. It provides an opportunity to save huge amounts that would have otherwise been used in developing complicated technological infrastructure (Toth, 2012). SaaS enables direct link to with the bank and other electronic transactions. It also ensures up to date reporting. Among the SaaS bookkeeping option available for Aztek, Wave Accounting from Wave Inc. stands out as the best choice. It has room for a growing business as captured in its website page pitch, "As your business, Wave grows with you." Using an online software as a service provider has numerous advantages; it is accessible anywhere, payment of the service is only made per use, it is reliable and more secure. As the end user, you are not worried about back up or up grading the system. The service provider does it all. Among the disadvantages, is speed, though greatly dependent on one's computer, SaaS, as compared to non-SaaS, are slightly slower. It is also internet based, meaning without a reliable internet connection it won't be able to function (Pasquarosa,2016). Criteria Norris should