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1 The Role of Accounting and

Understanding Accounting System

The evolution from manual

accounting to computerized

accounting is more than just a

technical shift - it's a strategic move

that can significantly improve

business operations.

Accounting greatly influences the success or failure of businesses today.
“
Interestingly, there's no strict rule about how records should be kept, as long as Bookkeeping vs. Accounting (CAS). CAS aims to mitigate the problems

they accurately represent the business's income, expenses, assets, and liabilities. associated with traditional bookkeeping

An accounting system is a well-organized, efficient method for providing precise You might be wondering about the practices, offering several key
difference
and
bookkeeping
between
financial data and controls. advantages.
accounting. Great question! Bookkeeping
is all about recording business Computerized accounting systems are
There are typically two bookkeeping systems (single entry and double entry) that
SMEs use for record keeping. But in this study, they also consider a third option: transactions in an organized manner, efficient, reducing the chances of error
into
deeper
delves
while
and freeing up valuable time that can be
accounting
accounting software! Weber (2011) supports this idea and classifies accounting analyzing and interpreting these records invested in other aspects of business.
into two main categories: Manual Accounting and Computerized Accounting for decision-making purposes.
System. Bookkeeping vs. Accounting So, the evolution from manual accounting
The Advent of Computerized to computerized accounting is more than
You might be wondering about the difference between bookkeeping and Accounting just a technical shift - it's a strategic

accounting. Great question! Bookkeeping is all about recording business move that can significantly improve

transactions in an organized manner, while accounting delves deeper into Recognizing these challenges of manual business operations.

analyzing and interpreting these records for decision-making purposes. accounting prompted the introduction of
the Computerized Accounting System

The Impact of Record Keeping on the Performance of
JULY | 2023 Selected Small and Medium Enterprises in Lagos Metropolis 5