Accounting In accounting, there is the recording, processing, and presentation of financial transactions to generate financial statements vital to different stakeholders in making decisions about an organization, whether short-term decisions or long-term decisions. Traditionally, manual accounting was prevalent through the use of vouchers, registers, and accounting books. However, through the emergence of technology, accounting has been computerized, ensuring speed, accuracy, and convenience. This essay compares and contrasts a manual accounting system with a computerized accounting system for processing customer transactions. Despite the differences between manual and computerized accounting systems, they are both based on the same accounting conventions, principles, and concepts. The significant difference is in the sense that, in recording transactions in a manual system, pen and paper are
