Adding Knowledge to Accounting Systems for Virtual Enterprises

Abstract

Any business organisation has always needed mechanisms to control its affairs, particularly how it optimises the economic resources at its disposal to meet its objectives. Accounting essentially provides a universally established basis for optimising these finite resources, thus has long become the ‘language of business’. Being highly numeric in nature, by using monetary measures as its basis, it was relatively easy to automate accounting information on computer. As well as providing businesses with much greater decision-making capability, capturing this information on computer has given them a key organisational memory that they can retain and build upon regardless of, say, employee turnover.