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    Accountinf software-factors

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    Your department's accounting software is extremely outdated, and you have included the purchase of new software in this year's fiscal budget. You have decided it is time to start looking into purchasing your company's accounting software and have chosen someone in your department to undertake the task. You want to draft a memo for your employee to help guide her in the purchasing process.

    Prepare a memo discussing the factors to consider when choosing accounting software. Be sure to discuss why each factor is important, as well as the risks of not considering each factor.

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    Solution Preview

    Accounting software is must for the preparation of financial statements and for the purpose of financial control. Accounting Software is necessary especially when there is large volume of transactions.

    Accounting software has to be adopted in such way that it meets the statutory requirements, procedural requirements and has to be designed according to the nature of the organization, because requirement of financial Institution is different from the requirement of manufacturing organization.

    In the present case, accounting software used by the organization is outdated. Therefore, it is necessary for the organization to purchase the new software.

    The following factors need to be taken into consideration while drafting the memo for the purpose of purchase of new software.

    1. The deficiencies/problems faced in the existing system needs to be mentioned clearly. Further, the memo has to highlight the ways by which the said ...

    Solution Summary

    Need for accounting software and the factors which should be considered in the selection of accounting software for the company.