Record of Finances
Calculating the record of sales manually as in doing it by staff is an advantage because it saves a large amount of money because then the business doesn’t have to hire anyone do the calculations. Plus it is paper based so it is easy to write because typing takes more time than writing. So it would be faster and would save time so the business can get the information and understand what it has to do to change the sales (if wanted) This is a large number of disadvantages, these are that there might be miss calculations therefore the information given to the manager about the sales would be wrong. Also since the record of sales would be on paper it would be very easy to loss therefore having to do the record of sales again.
After seeing the different types of solution it has come to picture that the most suitable solution for the Calculation of record of sales is Spreadsheets, this is because it is cheap to install into the computer, plus the software needed for the spreadsheet is Microsoft Excel. Spreadsheets doesn’t need any hired professionals the business can train its staff to operate it.
Spread sheets are useful for
Need essay sample on "Record of Finances"? We will write a custom essay sample specifically for you for only $13.90/page
A database it quite useful for recording financial information because the different types of costs or revenue can be recorded easily and also queries can be made so they can find out how much revenue was received for a specific day or if the business is has a creditor it has not paid back.Probably the most common disadvantage of using databases for recording financial information is that, the business has to create different fields, this is categorized as the time consuming.
This is a good way of recording financial information because it shows the business exactly how the business is doing. Plus it will be able to give clear information about any improvements and it can also supply a graph to show any increase or decrease in revenue. There are some disadvantages; well there are actually no important disadvantages. But some minor set backs are that there could be no knowledge of each day, only maybe a week. So this wouldn’t show the full detailed record of sales.
After analyzing all 3 solutions it has come to knowledge that 2 solutions are suitable for the system, these 2 are databases and monthly report this is because databases can store/record the financial information in an orderly manner and they can create forms or types of forms where monthly records can be inputted. After the databases have recorded all the financial information a monthly report can be produced. For databases I will use Microsoft Access and for the report as well.
There are some advantages of creating backup files for business information. Using the computer, files can be done fast and if there is any damage to the system and the current file is deleted, the back up file can just be transferred from the computer efficiently to the computer. There are no crucial disadvantages of creating back up files on different computers to back up the important business files.
Photo-copy files Photo-copying important information for the business is a good and cheap way to back up files, if some how the files are lost or hazard has occurred the back up file can replace it easily. Also the photo-coped file can stay in a safer place for instants in someone’s house There are some disadvantages of photo coping files, this is that if the photo copied files are lost then there would be no back up for the existing files. Plus when photo-coping sometimes some part of the coping is not done well so there might be crucial information lost because of photo coping.
Using Compact Disk to back up existing files has a lot of advantages, the CD-ROM has a large amount of space so it can store large amounts of valuable information, plus the CD-ROM is compact and so it can be carried around and used on any computer to access the existing business files. There are some crucial disadvantages which should be known. The Compact disc is very fragile this meaning that it is even scratched then it will not be able to function on the computer and if might even harm the computer if attempted. If the business wants to use CD-ROM’s they need to get a CD writer or they will not be able to get the files onto the CD. Using a floppy disk for backing up of business files is a good idea because the floppy disk is quite compact and if it is dropped it will not damage the disk therefore not loosing any information, also the floppy disk is normally made so storing files on Microsoft Word.