The purpose of the literature review was to present the forms of accounting systems that are present, the forms of information system support for accounting systems and the challenges. Accounting system can be classified into manual system and automated system. The development of computer in the recent times is tremendous. The people are found to be greatly influenced by the operations. This automation of the system is found to increase the speed and accuracy of the system. They also reduce the costs involved in the operation. There is easier generation of the accounting results to the internal and the external stakeholders.
In cases of loss of data, there can be easier retrieval in the automated system. The people can rely on the system results owing to the fact that they are mechanised. The room for error is greatly reduced in the processes. The accounting software is classified into three kinds of software. They are the audit software, word processing software and the graphical software. Each of this kind of software is found to have special benefit of the operation. They are found to be beneficial for the people involved. Each kind of the software has specific benefits. The gap in each kind of the software can be overcome in the other system. They are found to be beneficial. There is greater accountancy and transparency of the process. Cloud based systems are found too beneficial for the development of the technology in the current times.
Despite the existence of benefits, a key point to note is that accounting information systems are only as good as the user who uses it. So when accounting professional are deficient themselves, then it would be impossible for an organization to reap benefits.