| The technique and system of keeping and | | | | businesses were hiring accountants to maintain |
| updating of business accounts and transactions | | | | their accounting system but now in small and |
| with the help of computers and accounting | | | | mid-size businesses the need of accountants had |
| software is called Accounting Information System. | | | | to decrease. The introduction of computers and |
| There are several types of business transactions | | | | several types of accounting software in small and |
| such as sales, purchases, debts, tax and | | | | mid-size businesses reduced the importance of |
| expenses. Due to laws and standards of | | | | accountants in maintenance of accounts. Today |
| accounting, it is compulsory for all kinds of | | | | everyone knows the use of computers. |
| businesses to maintain their accounts throughout | | | | Therefore, owners of small and mid-size business |
| their accounting year to produce accounting | | | | invest some amount of money on the installation |
| statements. Balance Sheet, Income Statement | | | | of computer technology and accounting software |
| and Cash Flow statements are few examples of | | | | in their business and eliminate the expenses of |
| accounting statements. (Gangolly, 2000) | | | | paper work and extra staff for accounting. |
| Few years before most of the companies and | | | | |