A new accounting system is emerging

Article Abstract:

The existing accounting system in use in many corporations has become obsolete. It focuses only on particular business events, collects and processes data in an untimely fashion, fails to examine all the features of accounting transactions, files duplicate data in a summarized form, and makes risk control reactive and costly. A rethinking of the business information system should therefore be made. This requires a different perspective on organizations and a new information technology application architecture. The REAL Business Process Modeling is recommended for the development of a new architecture. This approach looks at what business event took place, when it happened, who was involved, what resources were employed and where the business event happened. The REAL modeling minimizes data storage cost, improves the efficiency of maintenance activities, enhances controls and facilitates the creation of good business strategy.

Software, Cover Story, Accounting, Accounting software

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The new breed of analytic applications

Article Abstract:

Analytic applications are a new generation of packaged software products that allow companies to generate detailed business information from their in-house transaction and data processing systems. This was not possible in the past because the transaction processing and enterprise resource planning systems commonly used by business organizations to manage corporate data do not provide the necessary level of intelligent analytic capabilities. Analytic applications complement these systems by making use of the transaction-level historical data stored in them to facilitate forward-looking analysis that results in better business performance. These software applications extract, process and integrate data from various sources.

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