Free Essay Example: Business Application Project

The business proposal chosen is financial reporting as my information system. Information systems are systems that are formally designed to collect, store, and also distribute information (Jha, 2019). Financial reporting refers to the communication of financial information by use of financial statements such as balance sheets to the users of the financial statements like creditors, investors, and shareholders of an organization.

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Reasons for Choosing Financial Reporting

Financial reporting is a good information system as it provides information used in planning and decision-making by managers. It also assists investors and creditors with information that helps them to make critical decisions. The shareholders of a company and the public at large, in the case of listed companies, are able to know more about the performance of the company by looking at the financial reports (Baumgartner & Rauter, 2017). The reports also provide information on how a firm is procuring and utilizing its resources. Data given in the reports facilitate auditing, which is a statutory requirement for companies, especially public companies. It also provides information about the economic resources of a business and the claims it has to those resources. It also enhances the social welfare of the employees by ensuring that all their interests are looked into.

The use of Access and Word

Micro-soft excel and access are both used to store data that is then used to write financial reports. Excel is more suitable in cases where there is a small amount of data preparation, whereas access is more suitable in cases involving large amounts of data. Access and word can be used to create sales reports, customer lists, inventory reports, and other reports that are used in the preparation of financial statements (Brigham, Ehrhardt, Nason & Gessaroli, 2016). They can also be used to create a database for the employees which will allow them to review their salary information and also review budget numbers. Besides, word and access can be used to track invoices and also keep track of the company finances.

References

Acharya, V. V., & Ryan, S. G. (2016). Banks' financial reporting and financial system stability. Journal of Accounting Research, 54(2), 277-340. https://onlinelibrary.wiley.com/doi/full/10.1111/1475-679X.12114

Baumgartner, R. J., & Rauter, R. (2017). Strategic perspectives of corporate sustainability management to develop a sustainable organization. Journal of Cleaner Production, 140, 81-92. https://www.sciencedirect.com/science/article/pii/S0959652616304358

Brigham, E. F., Ehrhardt, M. C., Nason, R. R., & Gessaroli, J. (2016). Financial Management: Theory and Practice, Canadian Edition. Nelson Education. https://www.angelo.edu/courses/syllabi/201930/30031.pdf

Leuz, C., & Wysocki, P. D. (2016). The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. Journal of Accounting Research, 54(2), 525-622. https://onlinelibrary.wiley.com/doi/full/10.1111/1475-679X.12115

Jha, A. (2019). Financial reports and social capital. Journal of Business Ethics, 155(2), 567-596. https://link.springer.com/article/10.1007/s10551-017-3495-5