BTEC Business Level 3- Accounting Systems Unit 8 [P3, M1,]
[P3] explain the benefits of using a computerised accounting system
[M1] Compare the benefits of using manual and computerised accounting systems to record business transactions
Computerised accounting is a system which enables the user to enter the transaction into the program once and all accounts are updated as necessary. For example if the business buys £2000 worth of office supplies with a combination of £1000 cash and £1000 credit instead of going to each account and posting the transaction. A computerised system will just check office supplies, cash and the selected account payable account and the transactions automatically would post in the prospective accounts.