Codestone

Category: Accounting software

The benefits of using accounting software may be on the minds of businesspeople across the world, as many stop to consider the implications of an investigation into payments made between two food companies.

Diamond Foods is being looked into following suggestions that funds it transferred to walnut growers did not meet accounting regulations, reported Bloomberg Business Week.

Some may wonder whether the use of accounting software could make such doubts impossible, as deals are completed and recorded in the most reliable fashion.

The US Securities and Exchange Commission has taken up the investigation and, depending on whether it dishes out a penalty, might scupper a $2.35 billion (£1.5 billion) deal for Procter & Gamble's Pringles.

That is the view of analyst Thilo Wrede, of Jefferies & Co in New York, who questioned his faith in Diamond's chief executive officer Michael Mendes, who is currently defending his firm.

Business Standard recently told how the Confederation of Indian Industry is expecting a rise in financial sector work being outsourced in 2012 – something that could require the use of accounting software.

Posted by Jamie Rees