♦Computerised Accounting

An accounting system is one that performs the following functions:

  • It captures business transactions in the form of accounting entries.
  • The accounting entries are then used to prepare financial statements.
  • The financial statements are prepared based on accounting standards.
  • Various financial reports are prepared from the data available in the financial statements.


Features of Computerized Accounting

  • Speed
  • Accuracy
  • Various informative reports can be generated
  • Economy
  • A Computerised system may be a single stand Along unit or a Multiple User, ie, LAN, WAN etc.

Terms used in Computerized Accounting

  • Data
  • Record
  • Data file or file
  • System

Advantages of Computerized Accounting

  • Accurate, High speed and low cost or operation
  • Availability of various reports from the same accounting data
  • Error- free accounting
  • Automatic completion of all records by feeding only one entry into the computer
  • Multiple set of Printouts available

Disadvantages of Computerized Accounting

  • Requirement of special Programme and Professional
  • Qualified staff required for Operations
  • Costly computer peripherals and stationery
  • Regular back-up is required as Data may be lost for various reasons
  • Computer viruses

Functions performed by computerized accounting software available in the market

Various computerized accounting software, as listed below are available in the market:

  • Tally versions such as 4, 4.5, 5, 5.4, 6.3, 7.2 and 8.2
  • Ex, accounting software
  • Bank 2000 for accounting needs for banks
  • B@NKS-24-core banking solution
  • A.U.D.I.T.O.R and A.U.D.I.T.I.M.E cash basis software for professionals and their accounts
  • MEFCOMP accounting software for professional
  • Quick FA

♦Core Banking Components

Core Banking is delivered as a set of integrated core banking components that are then tailored to fit the institution’s individual business requirements. These components can be easily re-configured as business requirement change, protecting the orginisation’s strategic investment and maintaining a unified business approach.

Core Bank components include

  • Core Bank financial institution infrastructure
  • Core Bank customer management and customer overview
  • Core Bank Account Administration
  • Core Bank Payments
  • Core Bank Management Information

Advantages of Core Banking

  • Makes the internal staff more competent.
  • Minimises human intervention thereby limiting errors.
  • Helps prevent frauds and thefts with real-time banking facilities.
  • Reduces operational costs.
  • Aids in studying changing customer demands.
  • Facilitates decision making through reporting and analytics.

♦Information Security

  • Information Security is basically the practice of preventing unauthorized access, use, disclosure, disruption, modification, inspection, recording or destruction of information. Information can be physical or electrical one.

Information system Security

Information systems security provides essential information for managing the security of an organization where information technology is an important factor. It is mainly for all the staff, who are the first-line support, responsible for the daily, efficient operation of security policies, procedures, standards and practices. It cover

  • Access control systems and methodologies
  • Computer operations security
  • E-mail and internet access
  • Application and systems developments
  • Cryptography
  • Law, investigations and ethics