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Accounting software is used by accounting professionals to manage accounts and perform accounting transactions.
Accounting is a systematic application, operation or process of transmitting and recording financial information.
In an enterprise, internal and external audits are carried out for the purpose of reporting and financial analysis to meet legal or internal management requirements.
Accounting may also include systematic and diverse classification, measurements, verification, collection and interpretation of financial information.
Accounting software include simple, single-entry programs used for individual record keeping, to more complex, double-entry systems that can process accounts receivable, accounts payable, payroll, inventory, and much more.
Accounting has become more important than ever because it allows business organizations to track their financial transactions and receive instant reports and analysis.
Accounting operations had to be done manually before it existed. By automating these tasks accounting software has reduced the cost of accounting.
It also provides more accurate and timely reporting, enabling business organizations to use information for making financial decisions.
Accounts receivable: Where the company enters amount received
Accounts payable: Where the company enters the invoices and pays the debt
General ledger: Company’s “books”
Billing: Where the company generates invoices to clients/customers
Stock/inventory: where the company holds control of its inventory
Purchase order: where the company orders inventory
Sales order: Where the company records customer orders for stock supply
Bookkeeping: Place where the company records collection and payment
Financial Closing Management: Accounting teams verify and adjust account balances after a specific period of time
Debt collection: Here the company tracks to collect overdue bills
Electronic payment transactions
Expense: Employee work-related expenses are entered
Inquiries: Where the company searches for information on the screen without making any adjustments or additions
Payroll: Place where the company monitors salary, wages and related taxes
Reports: Where the company prints the data
Timeline: Where professionals such as consultants record time worked, so that it can be billed to clients.
Purchase requisition: Where purchase order requests are made, approved, and tracked
Reconciliation: Compares records of parties on both sides of transactions for consistency