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The universe of mainstream financial management has been completely transformed by the addition of computer accounting software. The greatest benefits of computer accounting software is that these applications bring about a much higher degree of accuracy and speed than was ever seen before. Combine this with the new capability to watch where a company stands and their production, all in real time, and computer accounting software is unsurpassed.
Even the most old school accountants have been very easily swayed towards these new methods once they've interacted with computer accounting softwares, never returning to the pen and paper methods that they'd been using all of their lives.
Usually, a computer accounting software system includes a few basic things:
- A sales ledger which automatically updates customer accounts
- Sales invoices which can be generated and printed form an on-screen display
- Automatic generation of payroll
- Easy, complete integration between your existing database and the accounting software
- Automatic updating of your general ledger
- Capture of bank receipts
- Automatic updating of the purchase ledger to reflect suppliers accounts
A majority of computer accounting softwares will also be enabled to send faxes and mail relevant documents (such as invoices and receipts), all natively within the software. These programs also allow you to instantly have access to edit management reports, adjusting information like:
- Analysis of payroll
- Budget analysis and variance analysis
- Reports of stock valuation
- Accounts for loss and trading, and balance sheets
- A display of overdue amounts on the accounts of your clients
Modern computer accounting software will also be easy to use and ergonomic, and include features like a clear and easy to understand input screen. These computer accounting software systems also have the benefit of enabling you to enter your transactions only once into the system, as opposed to multiple entries in multiple locations - which pen and paper systems often require.
The following is a list of how computer accounting software can benefit you.
- Automatic creation of documents: This includes payroll, purchase orders, printing statements, credit notes and invoices.
- Information in real time: You can see customer accounts and accounting records as they change and are updated.
- Quick retrieval of information: The accounting software will have fast access to all of the data that you need, and can share this data with users in multiple locations.
- Efficient management of information: It should be easy to generate reports with accounting software, so you can effectively manage and monitor your business.
Ultimately, you should switch to a computer accountings software as soon as possible if you find your business still operating with a pen and paper accounting system.
