Module Learning Outcomes covered in this assignment
i. Explain the importance of Accounting Information Systems in business organisations for effective decision making.
ii. Describe how accounting information systems facilitate the business operations and transactions in changing business environment.
iii. Demonstrate an understanding of contemporary accounting information practice.
ASSIGNMENT TASK
Hiphonic Pvt. Ltd, is a small size family business which was formed in 2019. Hiphonic manufactures soda and flavoured drinks and in last two years has seen significant growth in the revenue and market share. No of employees have increased from 6 to 30 in last two years and business has projected that the trend of growth will continue in future, to meet the increasing demand. Hence, significant increase in the number of employees is anticipated. A
careful estimate suggests that around 250 employees will be working for the company in next three years. Stuart is the accountant of the business and he is still managing accounts manually. Stuart and Directors have realised that business needs a suitable accounting software which should be able to support small to medium size business.
Directors are concerned about the capacity of software and protection of confidential data. Stuart is given the authority to choose suitable accounting software taking security issues and required capacity in account.
This is Stuart’s first job as an accountant and he has no experience of selection of suitable accounting system. However, after online research Stuart found that many accounting software’s are available in the market but he is indecisive in selection of the system which should fulfil all requirements of the business. You are working as a consultant in a firm called High-tech Accounting and IT solutions, your firm provides consultancy regarding Accounting Information Systems and IT solutions to small and medium size businesses. On behalf of Hiphonic Pvt. Ltd. Stuart has approached your firm to seek help for a fixed consultancy fee.
