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INFLUENCE OF ACCOUNTING INFORMATION SYSTEM ON COMPANIES PERFORMANCE

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CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The emerging global economic scenario characterized by advancement in information technology, rapid changes in production processes, increased sophistry of the consumer, fierce market competition and unethical skimming activities of producers in the drive to survive the unpredictable and complex business dynamics, has brought to the fore the crucial role of accounting information in economic and business discourse especially in relation to administrative effectiveness (Curtis, 1995). As we all know, accounting speaks the language of business as it records all transactions of an individual firm or other bodies that can be expressed in monetary terms. Predicated on the going concept, accounting is the scheme and art of collecting, classifying, summarizing and communicating data of financial nature required to make economic decisions.

Over several numbers of years the performance of accounting has increased right from the single entry system to double entry system. The main aim of the accounting system is to provide financial data like purchase, sales, expenses and income of the organization but in today’s modern world accounts maintenance is helpful in many ways. Previously accounts are maintain to know profit or loss of the organization but now a days it is also useful for increasing profitability of the organization by way of accounting information system. Businesses include transactions which produce information for better analysis of business performance and accounting information system is a delivery system for accounting. Accounting Information Systems (AIS) are tools which, when incorporated into the field of Information and Technology systems (IT), were designed to help in the management and control of topics related to firms’ economic-financial area. But the stunning advance in technology has opened up the possibility of generating and using accounting information from a strategic viewpoint. Accounting information systems as a part of company’s information systems (IS) are seen as facilitating decision making within organizations and should be tailored to an organization’s environment, requirements of task, and structure. An accounting information system is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers(CFOs), auditors and regulatory and tax agencies.

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INFLUENCE OF ACCOUNTING INFORMATION SYSTEM ON COMPANIES PERFORMANCE
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