Accounting Software is used by accounting professionals to process financial transactions like accounts receivable and payable, invoicing, tax compliance, general ledger, cash flow analysis, trial balance, income and expense statements, balance sheets, payroll among others.
With the reports generated, an organization can get a glimpse of how they are performing financially and create future budgets. Accounting software enables the efficient and fast processing of financial transactions. Automation of processes leads to a reduction of staff costs who would previously be engaged in manual processing of data. There is also a reduction in human accounting error. Records are automatically kept up to date.