Page 68 - Microsoft Word - 00 ACCA F1 Notes Prelims.docx

Chaptter 4

4.4 AAccountancy packagges

Many bbusinessess choose too utilise sppecialised ssoftware paackages thhat record and
processs the individual transsactions within the buusiness, rather than rrelying on mmanual
recordss.

These accountanncy packagges are ofteen designeed to autommatically prroduce yeaar-end
accounnts and maanagementt reports when requested.

Advanntages D Disadvantaages

 Rapid recoording of trransactionss,   Usually requiress training bbefore
wwhen compared withh manual use
systems
  Packaages can bbe expensivve to
 Lower likelihood of mmistakes purchase and innstall

 Rapid prodduction of reports and   May bbe unnecesssary for aa
ffinancial sttatements small business wwith low
numbers of transactions

62