Diffusion of new financial system in MHM Organization Assignment

Diffusion of new financial system in MHM Organization - Assignment frameworkBut with the concept of globalization, the entire landscape of the accounting system in business changed. Every fundamental law computerised their accounting system that reduced the work time considerably. Today almost every Multi National companion relies on modern accounting software and telecommunicating of accounting information to different units for running the business successfully and reaching clients all over the world. The come with MHM is one of the chief suppliers of electrical equipments and it is currently operating in Qatar. The company was established in the year 1972 and it has also diversified in to other sectors including manufacturing, facilities management, contracting, and contracting. The company has the skill of handling large volume projects with limited assistance from third party. The strategic aim of the company is to commit the present electrical industry of Qatar with qua lity, technical expertise, and competitive price. The company has favorable attitude towards globalization and it also believes that with the introduction of new technology in various sectors, the opportunity to improve existing processes also increases. This is because with new investment in various sectors, foreign technological expertise and advice is also accessible (Harvie and Lee, 2002, p.172). The up dance step from nonagenarian ways of paper based record keeping into automated software based accession manage systems is both challenging as well as rewarding. It is challenging in the sense that the company might face hostility from their employees who are not comfortable with technological advancements (Seacord, Plakosh, and Lewis, 2003, pp.1-2). Even till day of the month there are some sections in the society that believes that machines can birth over their jobs. Such proscribe sentiments have the potential to become a hurdle in the way of achieving companys objectives in the long run. Hence it is meaning(a) for the company to take care of such problems and provide proper procreation to employees first so that the company does not face any opposition from the employees of the company (Hite and William, 2006, pp.22-25). The replacement of old fusion paper ways of financial record into modernized computer software based recording is rewarding in the sense that automated record keeping reduces the time required for paper whole caboodle significantly. Traditional ways of record keeping, especially in double entry system, required consistency which a lot led to clerical errors of accounting. In the automated systems, the computerized software has the ability to store or transfer the documents as per stored formats. The documents are saved and updated automatically whenever any changes are made or any transaction take place. At the same time the chances of losing important business critical document reduces as all the important data will be stored in centralized database. This would in turn also minimize the bail requirements and the man hours of works taken by the accountants (Nobles, Scott, and McQuaig, 2012, pp.237-238). Strategic Role of New Technology The companys business operations include Electrical showrooms, Facility Management, Electrical Switchgear Manufacturer, and along with this the company is also concern in MEP Contracting