Management Information System (MIS) is a compulsory subject that I have to study during semester 2 for my course : Accounting & Finance. Both my lecturer and tutor, Mr. Choo Wou Onn and Dr. Ho Ree Chan have taught me a lot of knowledge regarding to the subject and has made the dull subjects more interesting to be learning during lecture and tutorial classes.
After 11 weeks of learning the subject, I have understood that what is actually an information system and how does it helps enterprise in growing their business in the competitive world. As we are slowly moving into an electronic world, businessmen are trying to imply information system to replace all the traditional methods as it effectively cut down the cost and the time consumed so that they are able to compete with their rivals. We cannot deny the facts that information systems actually contribute to prosperity of business, provided it is being used wisely and safely. Otherwise, it may lead to turnover of a company eventually.
We were split into groups and were assigned to complete a video assignment which contributed 25% to our assessment. The aim of this task is to encourage us to explore and understand the role, importance and issues of information system today. After a series of discussions with my group members, we have decided to come up with the payroll system, which belongs to the transaction processing system (TPS). TPS is a computerized system that performs and records the routine transaction necessary to conduct business.
While doing the assignment, I have gained a lot of knowledge of the payroll system. Payroll system is a system which keeps track of money paid to employees. The employees’ timesheet, name, identity number, and number of hours work per week represent a single transaction for the system. All the data are combined in various ways to create reports that are essential for specific departments. Payroll systems reduce management costs, liability and burden of administrative departments so that works can be carried out more effectively and efficiently. This increases the performance and profit of a company as well.
Furthermore, it can also be used to take care of taxes on time. It will automatically and accurately remind employers to pay those taxes punctually so that no deadline is missed to avoid fine. It also helps to keep track of employees’ information so an employer can easily access to all the payment histories of that particular employees.Lastly, we actually do not face huge problem while dealing with the video as we have assigned our task earlier. I have learnt that responsibility and full cooperation are really important while doing work especially when it comes to group work. A good piece of work cannot be produced if one of the members does not cooperate well with other members. So we always discuss our problem patiently and solve it by picking the best suggestion. I am sure that I will have an edge over others by learning this subject when I am to work in the very near future.