Is Excel A Standard System Used Nowadays Companies For...

AbstractAbstract Excel is a standard system used nowadays in many companies for accounting. The weakness of the program is that users can modify or erase formulas by accident, and not be detected. Perhaps the program had errors in the results using statistical functions. Moreover, Microsoft was notified the issues from many years, and they did not launch an update to fix the problems. Many employees will try to practice fraudulent activities, especially in a company with poor security and control system. There are few examples written of that fraudulent activity, which will help the reader to understand the situations. Also, managers found that the implementation of accounting complexity for financial reports, which will assist them to†¦show more content†¦The software allows mistakes, provides manipulation of the accounts and makes it difficult to monitor or supervise the real status of companies. Using Excel allows mistakes by the users which will affect the actual reports. Nowadays, the companies are working with two kinds of programs â€Å"closed program† and â€Å"open program†. Closed programs will track all financial activities, for example, inventory, discounts, accounts payable, accounts receivable, cash and payroll; and obtain accurate financial statements. The closed program only lets the user input data transactions of the business, and it does not allow the user to make any changes in the system. For example, QuickBooks is a great program for accounting, which cannot be modified by the user. The program was designed to save time, money and minimize errors from the users. The only problem with that type of program is that companies have to adapt to the computer system. The open programs like Excel, allows the user to create the worksheets needed for the business, which can be modified anytime. A disadvantage in Excel is that users could by accident erase, or change a formula in a cell that will affect the results of the financial statements. At work, employees have been using Excel to record their tips collected every shift which is paying bi-weekly. A problem appears when an employee is added or erased from the list. At the time of modified data in Excel the person in charge by mistakeShow MoreRelatedIs It A Standard System Used Nowadays?2120 Words   |  9 PagesExcel is a standard system used nowadays in many companies for accounting. The weakness of the program is that users can modify or erase formulas by accident, and not be detected. Perhaps, the program had errors in the results using statistical functions. Moreover, Microsoft was notified the issues from many years, and they did not launch an update to fix the problems. Many employees wil l try to practice fraudulent activities, especially in a company with poor security and control system. There areRead MoreMarketing Plan For A Marketing1458 Words   |  6 Pagesto protect investors from the possibility of fraudulent accounting activities by corporations. 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