TACC401- Principles of Accounting - Samantha Kennedy - Derek Brown And Kate Wilson -Principles of Accounting Assignment Help

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Principles of Accounting Assignment Help

TASK Samantha Kennedy owns and manages a craft and material shop called Magic Thread. Most of the revenue of Magic Thread is derived from the sale of craft materials, although some revenue is made by giving craft lessons to groups of six customers at a time. As Samantha’s shop relies on a large number of suppliers of small amounts of different craft materials, she has difficulty keeping track of all her accounts payable. Samantha is not very well organised and so struggles to send out accounts to her customers or collect money from them. Samantha is considering implementing a computerised accounting system as she has been doing a computer course at a local college and feels that it could help her to be more organised. What source documents would be required in a manual accounting system in order to record the sales to customers and receipt of cash, and to ensure correct payment of money to suppliers? In her computer course, Samantha learnt that the focus in accounting should not beon bookkeeping but on the use of the information ‘inside the computer’ to make better decisions and to better manage the business. In what ways could a computerised accounting package help Samantha make better decisions and manage her business better?