accounting system Meaning in the Cambridge English Dictionary

Meaning of “accounting system” in the English Dictionary

"accounting system" in Business English

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accounting systemnoun

uk   us   ACCOUNTING
[C] a particular way in which a ​company or ​organizationrecords and ​reports its ​financialinformation: Your ​accountingsystemneeds to be ​designed to ​trackcosts and ​monitor all ​companytransactions.
[S] the set of ​principles and ​methods used by ​organizations for ​recording and ​reportingfinancialinformation: The ​financialaccountingsystem was historically well ​established before the ​concept of ​costaccounts was ​introduced.
[C] a ​computerprogram or set of ​computerequipment and ​software that is used for ​keepingaccounts: Management circumvented the company's ​internalaccountingcontrols by ​overriding the company's ​computerizedaccountingsystem. You can ​purchase accountingsystemsoftware for as little as $100.
(Definition of accounting system from the Cambridge Business English Dictionary © Cambridge University Press)
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