A reliable accounting system is essential for any business, regardless of its size. For some businesses, keeping hand-written ledgers and spreadsheet-based accounts may be sufficient. For others, computerized accounting can simplify many tasks and offer clear advantages over keeping manual accounts.
Using a computerized accounting system can save you time. Accounting software allows faster data entry than manual accounting, and allows documents such as invoices, purchase orders and payroll to be collated and printed quickly and accurately.
An accounting system is a collection of processes, procedures and controls designed to collect, record, classify and summarize financial data for interpretation and management decision-making. … A computerized accounting system brings with it many advantages that are unavailable to analog accounting systems.
Accounting software can help you save time and money, and offer you valuable insight into your business. It can help you to:
* simplify data entry – inputting data is fast, straightforward and only needs to be carried out once
* speed up processes – eg reduce delays between making a sale and generating an invoice
* automate reports and analysis – on profit and loss, debtors and creditors, customer accounts, inventory counts, sales, forecasting, etc
* automate tasks – such as calculating pay, producing payslips, automatically calculating transaction, etc
* reduce errors – by computerizing calculations that would have historically been done manually
If you choose the package carefully, investing in accounting software can be one of the best decisions you can make for your business.