What Is Accounting Software?

Modern technology has given us ways of automating (or at least assisting with) things that used to be done manually, using paper, files, calculators, etc. Accounting software is among the innovations that have allowed business processes to become faster and more accurate.

Simply put, accounting software is the term given to computer programmes that assist bookkeepers and accountants in dealing with the financial workings of a business. While the software’s features and functionality might differ between products, they all offer ways to make the accounting process much more streamlined.

So, What Does Accounting Software Really Do?

As we mentioned, the term ‘accounting software’ covers a range of programmes that allow accountants and bookkeepers to work on a computer instead of using a paper system. But, what do these programmes really do that makes them an asset to modern business? Here are a few of the areas in which they offer vital benefits:

  1. Data Entry

Manual data entry could be exceedingly slow and repetitive. However, with good accounting software, the process is simple and far less time-consuming. Furthermore, software allows for the duplication of processes, meaning that certain data only has to be entered once and can then be duplicated across multiple documents or channels.

  1. Reduction of Errors

One big problem with manual accounting is the human element. One bad night’s sleep or a personal problem could mean that even the most accurate accountant or bookkeeper could make a mistake. But, with accounting software, the tallying of numbers is consistently flawless, ensuring that costly errors don’t occur.

  1. Generally Faster Processes

Accounting software means that the time between point A and point B is greatly reduced. For example, the time between making a sale and creating an invoice for that sale is a lot less thanks to the software’s input. This applies to all the processes of a business, adding up to a lot of time saved.

  1. Multiple Applications

Accounting software goes beyond the mere tallying of sales and expenses. With high-end software it is possible to schedule automatic reports, track leads for conversion, manage stock, trade in multiple currencies, calculate VAT, create an audit trail, and much more.

Does Your Company Need Accounting Software?

One of your business’s most valuable assets is time. Time allows you to refine your processes and expand your business – things you can’t do if your outdated accounting process is slowing you down.

So, if you want to increase this asset while improving the accuracy of your accounting process and automating other processes, accounting software definitely is for you.

To get started on a new era for your business, contact QuickBooks today and let one of our experts help you find the right option for your needs.

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Where a party receives any personal information (“PI”) related to the other party, the party who receives the PI, will comply with and have adequate measures in place to ensure that its employees, agents, subsidiaries and representatives comply with the provisions and obligations contained in the Protection of Personal Information Act, No. 4 of 2013. Any PI pertaining to one party which is required by the other party, will only be used by that other party for the purposes of this contract and will not be further processed or disclosed without the written consent of the latter and the recipient of that PI will take all reasonable precautions to preserve the integrity and prevent any corruption or loss, damage or destruction of the PI. If and when the contract is terminated, each party will, save to the extent that it is required to do otherwise by any applicable law, erase or cause to be erased, all PI and all copies of any part of the PI relating to the other party”.