Financial statement integrity, or ensuring relevant and reliable information is reported, is the goal of an accounting system. There are many benefits to using an accounting system to track your data over the traditional way of using Microsoft Excel or paper. Some of these include fewer errors in data security, fewer errors in calculations, and enhanced ability to perform variance analysis on your data. The traits of an effective accounting information system are cost-effectiveness, usefulness, and flexibility.

Consider that a small company may only have one or two users in QuickBooks, whereas a large company may have hundreds when using SAP or Oracle

1. How does an accounting system provide accurate calculations to prevent errors?
2. What are potential concerns related to data security?
3. How does an accounting system save time?
4. How does using an accounting system enable separation of duties?
5. What are the benefits of an ERP system?
6. What are the benefits of QuickBooks?
7. How can an accounting system help you find anomalies or variances in financial data?
8. Assume you calculated a financial ratio variance of 2x the usual balance for accounts receivable.
9. Why did you calculate a financial ratio variance of 2x the usual balance?
10. You are a small company that calculates a normal current ratio at 1.95. This period the current ratio is only 1.45. Why has the ratio decreased?