Accounting software is a type of application software that records and processes accounting transactions within functional modules such as payroll, journal, general ledger, trial balance, accounts payable and accounts receivable. It acts as an accounting information system.
Benefits of Accounting Softwares
Simple data entry - it is comparatively fast, straightforward and only required once.
Fast processes - delays, for example between the sale and invoicing, are less.
Automation of analysis and reports - eg on profit and loss, inventory counts, debtors and creditors, sales, customer accounts, forecasting, etc
Automation of tasks - eg producing payslips, calculating pay, calculating VAT, etc
Reduction of errors - eg incorrect or incomplete recording of transactions, transposition of figures, etc
Integration with other systems, such as e-filing and online banking.
Accounting software can help you to save your time and money, and offer you valuable insight into your business. If you choose the package carefully, investing in an optimizing computerized accounting system can be one of the best decisions you can make for your business.