Assignment Cover Sheet

Programme
Module Name BUSINESS INFORMATION SYSTEMS
Assignment Number
Surname DIMBA
First Name/S NONZWAKAZI INNOCENCE
Student Number 12450309
Date Submitted
Postal Address P.O BOX 404 East End 4001

E-MAIL 12450309……………………[email protected]
myregent email address

E-Mail [email protected]
(alternate email address)

Contact Numbers Cell: 064 004 2696

Home:
Work: 031 208 7623
Alternate contact :
Name: Eric Smith
Relationship: Friend
Contact number: 067 893 5866

I Nonzwakazi Innocence ID/Passport No 8510101502086 hereby confirm that the assignment

submitted herein is my own original work.
Date: _07/05/2024
FOR OFFICE USE ONLY
Marks per question (Q)
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10
 TABLE OF CONTENT

1. Introduction…………………………………………..Page1

2. Finding………………………………………………..Page
3. Recommendation
4. Conclusion
 BIS REPORT FOR PSC Incorporated (Accounting Firm)

INTRODUCTION

This report presents an analysis of the accounting organization At PSC incorporated

Company. This report aims to evaluate the current accounting practices, identify any
areas for improvement, and provide recommendations for optimizing the accounting
operations.

1. An accounting firm is an organization or group of accountants that carry out tasks like
tax planning, auditing, financial statement preparation, compliance, and other financial
management and advice services. It is the culmination of numerous connected
professional services.

FINDINGS

2. Psc Incorporated uses Various information systems, hardware, and software

commonly used by accounting organizations to manage financial information
effectively. Some of the key systems, hardware, and software commonly used in
accounting organizations include:

 Accounting Information Systems (AIS): AIS is a specialized system designed to

collect, store, analyse, and process financial data related to organizational
activities. It helps in ensuring accurate financial reporting and decision-making.
 Enterprise Resource Planning (ERP) Systems: ERP systems integrate various
business functions, including accounting, finance, human resources, and supply
chain management. It provides a centralized platform for managing all the
financial processes and information.

 Pastel Accounting software is a comprehensive accounting solution designed for

small and medium-sized businesses. It offers invoicing, expense tracking,
financial reporting, and more features. The software is available in the English
language, making it easy for users to navigate and understand. With Pastel
Accounting software, businesses can streamline their financial processes and
stay organized in a cost-effective manner
 CaseWare Accounting Software is a comprehensive accounting software that is
designed to assist accounting professionals in various tasks related to financial
reporting, auditing, and compliance. It provides a range of features and tools to
streamline accounting processes and improve efficiency. Some key features of
CaseWare accounting software include:

(a). Financial Statement Preparation: CaseWare allows users to create and

customize financial statements, including balance sheets, income statements,
and cash flow statements. It provides templates and automated calculations to
ensure accuracy and consistency.
 Cloud-based Accounting Software: Cloud-based accounting software such as
QuickBooks and FreshBooks allows accounting organizations to access financial
information from anywhere, at any time. It provides flexibility and scalability for
managing accounting tasks efficiently.

 Database Management Systems (DBMS): DBMS is software that stores and

manages the organization's financial data in a structured manner. It helps in
performing various accounting functions, such as data retrieval, reporting, and
analysis.

 Hardware: Accounting organizations use various hardware devices, such as

computers, servers, printers, scanners, and storage devices, to store and
process financial information. These hardware devices play a critical role in
ensuring the smooth functioning of accounting systems.
Overall, the use of information systems, hardware, and software in accounting
organizations helps streamline financial processes, ensuring data accuracy, improving
decision-making, and enhancing overall efficiency.
PSC Incorporated needs to invest in the right technology solutions to effectively manage
financial information in today's digital age.

3. PC Incorporated currently has to monitor financial transactions, generate reports, and

keep track of spending. To do this, they require efficient and dependable accounting
software. To secure sensitive financial information, the company also needs secure
data backup and storage solutions. To enable team members' communication and
cooperation, network infrastructure is also required. It also provides access to online
resources for professional development and research. Protecting against possible
attacks and guaranteeing the accuracy of financial data also need the use of
cybersecurity measures. To increase efficiency, boost accuracy, and maintain
regulatory compliance, the accounting industry as a whole mostly depends on IT
systems and technologies.

The accounting organization's current IT requirements are as follows:

 Accounting software for creating financial reports and documenting transactions

 To store and retrieve financial data, a safe network infrastructure
 Systems for data recovery and backup to protect data and avoid loss
 The incorporation of inventory management and payroll systems with other
business systems
 Software that ensures compliance with rules and industry norms

Despite these requirements, there are some gaps in the current information
systems of the accounting organization:
 Lack of real-time reporting capabilities, leading to delays in generating financial
reports and decision-making.
 Limited scalability of the existing accounting software, hindering the
organization's ability to expand and grow.
 Inadequate cybersecurity measures, put sensitive financial data at risk of
cyberattacks and data breaches.
 Insufficient integration with other business systems, causing inefficiencies and
duplication of efforts.
 Outdated technology and hardware, leading to slower performance and reduced
productivity.

Overall, these gaps show how the IT infrastructure of the accounting company needs to
be updated and improved to provide greater security, efficiency, and adherence to
industry standards.

Processing and storing vast volumes of financial data effectively is one of the IT
infrastructure's strengths as it currently exists in the accounting company. This can
enhance the timeliness and accuracy of financial report production.

The ability of different accounting software and tools to be integrated, which can
improve productivity and streamline accounting procedures, is another asset.

Conversely, the absence of strong cybersecurity safeguards for private financial data
can constitute a vulnerability in the present IT infrastructure. The financial integrity of the
company may be jeopardized and data breaches may result from this.

The firm may also be at risk of data loss in the case of a system failure or natural
disaster if the IT infrastructure is inadequate for backup and disaster recovery
procedures.

In general, the accounting organization's present IT infrastructure excels at data

processing and integration, but there are serious dangers to the organization's financial
operations due to gaps in cybersecurity and disaster recovery.

 Enterprise Resource Planning (ERP) Systems: ERPs are all-inclusive software

programs that include different aspects of human resources, finance, accounting,
and supply chain management. They let businesses make better decisions,
streamline procedures, and increase productivity all around.

 Accounting Software: Accounting software is created especially to monitor

spending, handle financial transactions, and provide reports for a company.
QuickBooks, Xero, and Sage are a few examples.

 CRM Systems: CRM systems assist businesses in tracking sales possibilities,

managing customer relationships, and enhancing customer service. CRM
systems can offer important insights into the behaviour and preferences of
customers, even though they are not immediately tied to accounting.

 Enterprise Performance Management (EPM) Systems: These systems help

businesses plan, budget, and predict their financial performance. They also help
them evaluate financial data to make better decisions and streamline operations.

 Database Management System (DBMS): Structured data management and

storing are accomplished through the usage of DBMS software. Accounting firms
utilize database management systems (DBMS) to safely store financial data and
quickly access it when needed.

 Servers: Throughout an organization's network, servers are hardware

components that are utilized to store, manage, and distribute data. Servers are
used by accounting firms to host databases, accounting software, and other
systems necessary for financial management.
Employees use workstations, which are personal computers, to access and
utilize accounting software and processes. They have the tools and software
needed to complete accounting operations quickly and effectively.
  Network Infrastructure: The gear used to connect computers and other devices
within an organization includes routers, switches, and cables. It makes it possible
for data to flow easily between the many systems accounting departments utilize.

Overview of the Organization's Current IT Infrastructure:

The accounting organization currently has a robust IT infrastructure in place that
includes servers, network equipment, desktop computers, and accounting software. The
organization utilizes cloud-based storage for data backup and has a dedicated IT
support team to maintain and troubleshoot any issues that may arise

IT Requirements for Upcoming Organizational Needs:

The accounting organization must meet the following IT requirements going forward to
expand and adapt to changing technology:

 Enhanced data security measures to safeguard confidential financial data

 Better data analytics that offers insightful information about financial
performance and trends
 Simplified collaboration tools to promote staff cooperation and communication
 Modernized accounting software to guarantee legal compliance and boost
productivity
 . Using mobile technology to allow workers to access data while on the go and
operate remotely

Hardware and Software Recommendations for Information Systems:

The suggestions below are offered to fulfill the organization's upcoming requirements:

 Putting into practice a cloud-based cybersecurity solution to improve data

security and defend against online threats
 Making use of cutting-edge data analytics technologies to examine
financial data and offer insightful analysis that aids in making decisions
 The use of a platform for collaboration, like Microsoft Teams, to encourage
employee interaction and communication
 For better productivity and compliance, switch to a contemporary
accounting software program like Xero or QuickBooks Online
 Including mobile accounting software so that staff members can use their
tablets or smartphones to access crucial financial data

The suggested modifications will be implemented over six months to guarantee a

seamless transition and the least amount of interference with day-to-day operations.
Here is the schedule for when the modifications will be put into effect:
1. Two Month Cloud-based cybersecurity program
2. Three Month Tools for data analytics
3. One Month Cooperation tool
4. Two Month Accounting software upgrade
5. Continuous Integration of mobile accounting apps
Budget for the Suggeste
Esimated cost VS.
BUDGETED AMOUNT budget
900000

TOTAL COSTS $900 000.00

805000 47%
$80553%
000.00

DIFFERENCE
95000

DESCRIPTION Amount VAT

Cybersecurity solution based

on the cloud 180 000.00 27 000.00

Data analytics 270 000.00 40 500.00

Collaboration platform 70 000.00 10 500.00

Upgrade to accounting
software 180 000.00 27 000.00

TOTAL 700 000.00 105 000.00

The accounting organization will be better prepared to handle its future IT requirements
and promote efficiency and effectiveness in its operations by putting these suggested
improvements into practice.

SUMMARY

Accounting organizations use various information systems, hardware, and software to

manage financial information effectively. Key systems include Accounting Information
Systems (AIS), Enterprise Resource Planning (ERP) systems, cloud-based accounting
software, Database Management Systems (DBMS), and hardware devices. These
systems help collect, store, analyse, and process financial data, ensuring accurate
reporting and decision-making. ERP systems integrate business functions, while cloud-
based software offers flexibility and scalability. Hardware devices, such as computers
and servers, ensure the smooth functioning of accounting systems. Investing in the right
technology solutions is crucial for effective financial information management in the
digital age.

By implementing the recommendation provided in this report, PSC Incorporated can

optimize its accounting organization, improve efficiency, accuracy, and effectiveness in
financial reporting, and enhance overall performance.
The organization must prioritize investments in technology, training, and process
improvements to stay competitive and ensure long-term success in the evolving
business landscape.