- Download PDF
2 Answers | Add Yours
A successful business has the need to know. It needs to know where its revenues come from and how to increase them; it needs to know how its money is being spent, ways to save money, and how to cut costs if necessary; it needs to know if it's making a profit and how to utilize its resources efficiently; it needs to be able to hire a sufficient workforce, encourage that workforce to perform through incentives and motivational tools; and it needs to promote the company's products and services through clever marketing and advertising tactics.
In today's technological world, all this is accomplished through the company's information systems, computer-based software and hardware that enables recording, storage, and retrieval of pertinent data. Most all companies have multiple computers networked together for the sharing of data and for efficient operational capabilities. In addition, most all have their own technical support team and software programmers to insure all systems are running as they should.
In retrospect, a modern day company cannot operate properly without well-organized, well-managed, and efficient information systems.
Modern technology in business today is a must. If you insist in managing your business with old time strategies and techniques, you will be left behind or shall i say your business can't stand out as a profitable business. We must admit that profit is a function of time.
While it is true that profitability of your business depends highly on your business skills it is also a fact that modern facilities is a great factor in running your business to its maximum level. The basic accounting procedure which is a part of any business enterprise whether big and small must be taken in consideration with utmost importance because it is the bottle neck of the business. With the presence of the modern facilities you can keep tract of how your company goes anywhere you go. Efficient accounting system and information technology is a promising tool in manging any business well today and i believe for the next years to come the need will even increase.
We’ve answered 319,823 questions. We can answer yours, too.Ask a question