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Storage of accounting data

Why is the storage of accounting data important to an accounting information system? Describe some important concerns, and explain why each one is important.

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Storage of accounting data is an extremely critical component of an Accounting Information System because data will be of little or no use, if it cannot be stored properly and retrieved conveniently and accurately in the future for making critical business decisions. In the absence of properly stored data, an AIS will not be able to provide timely, reliable and accurate financial reports/ analysis to the users of accounting information in an entity.

There are numerous challenges for data managers handling large amount of data, such as large scale accounting data. For example, the exponentially growing volume of data, which continually strains data ingestion, storage, and assimilation capabilities; and the need for timely accessibility of these data to the user base in a variety of useful formats. Meeting these challenges requires a concerted effort to integrate and modernize the current information management systems such as an AIS. The ultimate goal of improved data management is to effectively store, access, integrate, and ...

Solution Summary

This solution describes why the storage of accounting data is important to an accounting information system. It describes some important concerns, and explain why each one is important.

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