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Development of top of the line financial information system can enhance the speed as well as efficiency of the process of recording business transactions, preparation of ledger, trail balance and analysis of financial assertions.
Way to begin the process: However, the process starts with the purchase of a specific shared in software, planning of implementation, software installation, configuration of the accounting system and system training.
Need for consultation: In order to develop an effectual financial information system it is important to talk to both internal as well as external users. It is important to talk to an information analyst to recognize different sources of requisite information for collection of data, preparation of reports and preservation of reports (Peppard & Ward, 2016).
There is need to talk to the employees of the company for asking them questions and discussing about charts of accounts, defining account numbers of customers, information on inventory and vendor numbers. In addition to this, there is need to talk about planning the entire process of integration to undertaken, selecting the employees and deciding on specific information that need to be migrated (Laudon & Laudon, 2016).
Steps for defining the system requirements: The steps for defining the requirements of the system involve
Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education India.
Peppard, J., & Ward, J. (2016). The strategic management of information systems: Building a digital strategy. John Wiley & Sons.
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