Advantages of applying Accounting Information System in the banking Term Paper

Advantages of applying Accounting Information System in the banking sector - Term Paper ExampleBusiness processes involve the coordination of closely related prearranged activities conducted either by the respective staff members or a computer. The main reason for the orderly arrangement of business activities is to guarantee the accomplishment of the primary goals (Romney & Steinbart, 2012).Decision-making should be based on the available relevant study. Therefore, Banks should strive to improve their information gathering and processing tactics in order to produce relevant information. Accounting information transcription involves the gathering, storing and dispensing of both financial and accounting information, which is then rulied on for decision-making purposes (Romney & Steinbart, 2012). It is important to note that the accounting information placement is applied on both the financial and non-financial data of an organization. Notably, the implementation of the accounting information system has the akin advantages for banks as it has for other organizations in other sectors. On that note, the three advantages of applying the accounting information system in the banking sector could be helpful in making decisions, increasing efficiency and effectiveness and developing inherent controls as will be discussed in this term paper (Romney & Steinbart, 2012).The accounting information system eases the training and the analysis of the financial affirmations. Company law requires the preparation and publication of the annual financial statements by banks and other companies. The preparation and publication of the financial statements are in the interest of various users of such information. The financial statements dribble four categories of a companys financial information such as the balance sheet, the income statement, the statement of changes in equity position and the cash flow statements. Each category of the information provides a antithetical fi nancial perspective of the banks (Hall, 2013).Financial statement analysis - the use of