Important Needs of Accounting Software

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Posted by ezaccountingsoftware from the Business category at 16 Aug 2019 12:13:05 pm.
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Speed – data entry onto the computer with its formatted screens andbuilt-in databases of customers and supplier details and stock records can becarried out far more quickly than any manual processing.

Automatic Document Production – fast and accurate invoices, creditnotes, purchase orders, printing statements and payroll accounting software documentsare all done automatically.

Accuracy – there is less room for errors as only one accounting software entryis needed for each transaction rather than two (or three) for a manual system.

Up-To-Date Information – the accounting records are automaticallyupdated and so account balances (e.g. customer accounts) will always beup-to-date.

Availability Of Information – the data is instantly available andcan be made available to different users in different locations at the sametime.

Management Information – reports can be produced which will helpmanagement monitor and control the business, for example the aged debtorsanalysis will show which customer accounts are overdue, trial balance, tradingand profit and loss account and balance sheet.

GST/VAT Return – the automatic creation of figures for the regularGST/VAT returns.

Legibility ­– the onscreen and printed data should always belegible and so will avoid errors caused by poor figures.

Efficiency – better use is made of resources and time; cash flowshould improve through better debt collection and inventory control.

Staff Motivation – the system will require staff to be trained touse new skills, which can make them feel more motivated. Further to thiswith many ‘off-the-shelf’ packages like MYOB the training can be outsourced andthus making a particular staff member less critical of business operations.

Cost Savings – computerized accounting software programsreduce staff time doing accounts and reduce audit expenses as records are neat,up-to-date and accurate.

Reduce Frustration – management can be on top of their accounts andthus reduce stress levels associated with what is not known.

The ability to deal in multiplecurrencies easily – many computerized accounting software packagesnow allow a business to trade in multiple currencies with ease. Problemsassociated with exchange rate changes are minimized.

Source: https://www.ezaccounting.com.sg/blog/important-needs-accounting-software/
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