Question

Compare and contrast 2 commercially available information technology systems available to an organization in financial management

Answer 1

There are a number of information technology sytems available to an organisation in financial management. Two of them are ERP (Enterprise Resource Planning) and AIS(Accounting Information Systems).  

ERP is an advanced software capable of tracking tangible and intangible assets of the organization, inventory management, job costing ,invoicing, reporting,customer relationship management, production management, order fulfillment and so on. While AIS is a subset of ERP which can collect, store and process accounting and financial data and produce reports for making better business decisions.

The role of accounting software in the organization starts from establishing the purchase or sales invoice while that of ERP starts from the generation of lead(lead management) before becoming a customer.