At One Time, If an Organization Wanted to Automate Using

question 36

Essay

At one time, if an organization wanted to automate using a computer system, they had to develop the program on their own. Today, there is software available to perform virtually every business function although most of them will not conform exactly to what a company needs. Describe two software tools that can be used for business process analysis and design.

---

Definitions:

Non-Owner Sources

Non-Owner Sources refer to funds sourced from entities other than the owners, such as loans, creditor financing, or any external investments into the business.

Accounting Principle

Fundamental guidelines or rules that underpin the accounting practices and financial reporting standards.

Retained Earnings

The portion of net income that is not paid out as dividends but retained by the company to be reinvested in its core business or to pay debt.

Cumulative Effect

The total impact of a single event, policy change, or accounting principle applied retrospectively to previous periods’ financial statements.