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Introduction

The quality and standard of an organization depends on how the employees are able to manage the information they have to improve the process of business execution within the company. Therefore, in the contemporary world the use of Information System has become of greater significance in order to form the database and as a result improve the productivity of the firm. 

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Question 1

The systems used for accounting or finance in the banking sectors are segmented into smaller sections in order to work in a more efficient way and handles the different areas of accounting to avoid complications (Dai & Vasarhelyi, 2017). These sub-systems perform specific functions that accounts for the whole system. There can be quite a few sub-systems such as trade finance, core banking, forex, treasury collateral and capital market and general ledger accounting. Different software is used to manage these different sections but all are guided by a single information system that the bank has implemented. Trade financing is a crucial part of the accounting systems and the information system required to manage it has to be adept (Acharya & Ryan, 2016). Software used by banks for this purpose is Eximbills Enterprise, which is managed by its vendor China Systems Corporation. The software has different functions to serve within the sub-system and for the bank as a whole. It looks after the verification of data and control of the status of transactions made by the internal as well as external unit of the bank. The software also calculates the equivalents of foreign exchange, general fees as well as liabilities. It has the ability to produce documents for various units and does other miscellaneous jobs as well adept (Acharya & Ryan, 2016). 

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Question 2

Accounting and finance is the most crucial part of the banking sector and the use of the accounting information systems helps the banks to report the financial information. Accounting identifies, analyzes, records, measures, communicates and summarizes the economic data to the customers. The information systems collect, process, control as well as manage these data (Dai & Vasarhelyi, 2017). The information systems used for accounting and finance is a collaborative approach, which turns the economic information of the firm to the accounting data for the internal as well as external users through physical components and resources. There are a number of resources that are linked to the system like the computerized or manual processors, the data repositories or database, the computerized or manual procedures, the devices that takes input to give the output and other miscellaneous resources (Tarhini et al., 2014). 

The software used for the purpose of trade financing runs successfully because of the appropriate technology that the vendor uses to develop it. The use of the software is to provide major customer satisfaction. It helps the firm to improve the offering of the products and accelerates the growth of the bank by concentrating on individual employees. The use of the information systems has some issues as well the biggest of which is security threat. The data has to be fed to the system which is processes and the results are produced as documents (Schwarz et al., 2015). The use of the software is to provide major customer satisfaction. It helps the firm to improve the offering of the products and accelerates the growth of the bank by concentrating on individual employees. The use of the information systems has some issues as well the biggest of which is security threat. The data has to be fed to the system which is processes and the results are produced as documents (Schwarz et al., 2015).

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Question 3

The input can be the different economic events or data entries of the bank like the selling of goods for credits or cash, the incurring of an expense, sales orders, check registers, vendor invoices and others. Once the input is provided the data is processed, which goes through a number of events like recording, journalizing and the summarization of the various reports of transactions. Finally, the outputs are provided by the system as financial statements, documents, responsibility reports, etc. (Moro, Cortez & Rita, 2015).

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Question 4

The banking sectors all around the world have to survive in the international market against a lot of competitions (Prasad & Green, 2015). With the shifts in the population and the economy of the world market it is becoming difficult for the banks to provide the best available services to its customers regarding accounting, finance or management. Therefore, the banks have introduced and implemented various information systems within the operational units of the firm in order to manage accounting systems, security, internet-based systems, etc. The IS has helped the banks to manage a record system that is not complicated (Prasad & Green, 2015). The system or the software is based on the J2EE technology and the software is independent of the hardware (Schwarz, Karakitsos, Merriman & Studener, 2015). It is a completely browser based system. It also supports a number of third party RDBMS.

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Question 5

They provide information of budgeting, audit trail, etc., and gives the final statements or reports for future references. If a bank fails to implement the systems properly or chooses not to use the at all then it might face various kinds of issues. Organizing sales goals for the appropriate inventory amount becomes complicated (Tarhini et al., 2014). Assembling the invoices of the customers to verify the data provided is not done systematically. The accounting department will also fail to get notified regarding receivables or liabilities of exchange of economy.

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Question 6

The accounting information systems software has a few users who are professionals and can handle the job perfectly. These can be the auditors, chief financial officers, consultants of the bank or accountants as well (Tarhini, Arachchilage & Abbasi, 2015). The use of the systems in the banking sectors have become relevant because they perform all the financial obligations of the bank in order to achieve the objectives set by the firm. 

Conclusion 

It can be concluded from the discussions in the paper that the Information Systems used in banking sectors helps to achieve operational excellence for the firm. The use of quality information systems with either a management information system or an accounting information system helps the bank provide appropriate data to the best suited user, thereby, helping the firm grow.

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