Advantages And Disadvantages Of Accounting Software

Advantages And Disadvantages Of Accounting Software

ACCOUNTING SOFTWARE'S Software's that records of accounting transaction in a convenient manner. The first software designed for accounting purposes was for basic computations and accumulation of numbers in early days, computing systems added and subtracted numbers to help business organizations to keep their financial information. As advancement in capabilities, complex systems were used to record financial transactions. Software's has made a huge difference in the history of accounting. In the early days people used to record transactions by writing step by step. It would be easy in the small business but it would be hectic for the larger organizations. The development of software's has made all the business organizations to record transactions ... Show more content on Helpwriting.net ...It uses a double–entry book keeping system which was initially made for personal finances but now it has been updated with features for small organizations. Though this software now has been upgraded, still it has some downfall such as it doesn't include inventory management and does not support sales system. It also allows importing QuickBooks data (types of software no.1).
ADVANTAGES OF ACCOUNTING SOFTWARES CONTROL – An accounting software can provide management with internal controls to record financial transactions in a consistent manner. It also ensures that someone authorized person is doing the task that helps to prevent from fraud and abuse. COST REDUCTION & PROFIT MAXIMIZATION – Because of a good accounting system, it provides accurate information from which business organization can identify and reduce cost and maintain profit margins. EFFICIENCY – With the software's on each employee's computer, they can easily access different data's spending less time rather than searching and running more time in the business. SPEED– By the use of accounting software, the entire process for preparing accounts becomes faster. Furthermore, statements can be generated easily within a short period of

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