Accounting Software

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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.

Core Modules

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

Non-core Modules

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