Journals and ledgers comprise the working and final copies of documents, often with separate books for the various accounts. Cash sales could be one set, for example, while payroll may be another. The results of these working documents are usually combined in the company’s general ledger. Advantages of Manual Accounting Despite the convenience and market penetration of computer-based accounting systems, manual accounting still offers several advantages that make it a viable alternative. Error Correction: double-entry accounting, attributed to Luca Pacioli, a 15 th century Italian, provides a natural way to guard against data entry errors and number transpositions. Every transaction gets entered as a debit in one account, and a credit in another account.

Automation in manufacture and production springs a lot of pluses which makes automation a primary investment for companies and industries. Automation - Advantages and disadvantages of automation: Advantages commonly attributed to automation include higher production rates and increased productivity, more efficient use of materials, better product quality, improved safety, shorter workweeks for labour, and reduced factory lead times. Start studying Chapter 14. Learn vocabulary. Manual labor was used. Liste three advantages and disadvantages of large scale mechanized monoculture. Disadvantages of Manual Accounting More Frequent Data Entry Errors: Double-entry accounting in a manual system is laborious, since every transaction must be recorded by hand, twice. Many accounting programs use a double-entry method, but second entry is created automatically.

Trial balances compare all debits and all credits. If these don’t match, an error is made somewhere in the accounts. Data System Errors and File Corruption: Computer systems store data in ways that aren’t commonly understood by many users. Opening the wrong file with old data or encountering a data file with digital errors can ruin the validity of your current data. Manual systems use a single file, the ledger, for each account. There’s no other version with similar data that may be confused. Always Accessible: Power or internet outages won’t prevent you from working on accounts unless you’re thrown into complete darkness.

Non-Employees If your company uses independent contractors, review those services to see if employees could fill those roles, either immediately or with limited training. If the employees can, you can terminate or not renew the external providers’ contracts and reposition your employees to provide the services. The advantage is that terminating contractors is typically less costly and less emotional than terminating employees. In addition, you create goodwill with your employees. A major disadvantage is that employees may not be as productive as the contractors in their new roles.

One disadvantage is the near-term severance costs resulting from severance packages and administrative costs. Another disadvantage is the emotional distress many people experience when they lose a job. If you have good relationships with your employees, you may also experience stress and guilt.

Since about 1970 there has been a growing trend in manufacturing firms toward the use of computers to perform many of the functions related to design and production. The technology associated with this trend is called CAD/CAM, for computer-aided design and computer-aided manufacturing. Today it is widely recognized that the scope of computer applications must extend beyond design and production to include the business functions of the firm. The name given to this more comprehensive use of computers is computer-integrated manufacturing (CIM). CAD/CAM is based on the capability of a computer system to process, store, and display large amounts of (100 of 11049 words).

FSS performs and pays for all payroll functions and deductions. It also pays the premiums for workers’ compensation and unemployment compensation. The fees charged by FSS to the customer are as follows. There is a standard fee per employee furnished of 1.55 × base wage × hours worked per week. The 1.55 is labeled “markup”; it covers all of FSS’s costs (staffing, insurance, benefits, administration) plus a profit margin. On top of the standard fee is an additional fee for customized selection services. This fee ranges from.50 to.90 × base wage × hours worked per week.

You are building a business and you are faced with the dilemma on using manual labor or automation. There is no black and white rule over the choice between both, but there is always the wise decision over its usability and productivity targets for both. There are several factors that I would like to discuss so that you will come to an understanding over the utility and productivity of both.

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Multinational firms may be attracted to invest in countries with more flexible labour markets, creating jobs in the first place. • Lower rates of structural unemployment. Arguably countries with restrictive labour market practices, such as France and Spain have experienced higher rates of structural unemployment. The UK and US with more flexible labour markets have experienced a lower natural rate of unemployment.

This involves spending of a lot of money. Breakdown Cost The cost of breakdown of a machine is heavy to the organization. It will cause a considerably disruption in office work on account of breakdown.

• Disposal of equipment and balance spare parts poses a problem after completion of projects.

For a non-computer savvy workforce, computerized accounting can be tough. However, you need to invest time and money in training just once. Security Risks Involved If precautions are not taken, including installation of anti-virus software and securing of office network, there is a security risk of losing data due to hacking attacks and spying via Internet. Ergo, it's essential that adequate security safeguards are put in place, when using accounting software.

FSS performs all recruitment, selection, and employment activities. It has a standard selection system used for all applicants, composed of an application blank, reference checks, drug testing, and a medical exam (given after making a job offer). It also offers customized selection plans in which the customer chooses from among a set of special skill tests, a personality test, an honesty test, and background investigations. Based on the standard and/or custom assessments, FSS refers to the customer what it views as the top candidates. FSS tries to furnish two people for every vacancy, and the customer chooses from between the two. New hires at FSS receive a base wage that is similar to the market wage, as well as close to the wage of the customer’s employees with whom they will be directly working. In addition, new hires receive a paid vacation (one week for every six months of employment, up to four weeks), health insurance (with a 25% employee co- pay), and optional participation in a 401(k) plan.

Advantages of Manual Accounting Despite the convenience and market penetration of computer-based accounting systems, manual accounting still offers several advantages that make it a viable alternative. Error Correction: double-entry accounting, attributed to Luca Pacioli, a 15 th century Italian, provides a natural way to guard against data entry errors and number transpositions. Every transaction gets entered as a debit in one account, and a credit in another account. Trial balances compare all debits and all credits.