Accounting software is a computer application that records and processes accounting transactions and functions as an accounting information system. It usually consists of several functional modules such as accounts payable, accounts receivable, payroll and trial balance.
How can I benefit from accounting software?
Well planned and implemented accounting software can handle all aspects of finance management.
It is typically composed of various modules, dealing with particular areas of accounting, such as:
A. Accounts payable - where the company enters its bills and pays money it owes.
B. Accounts receivable - where the company enters money owed to it.
C. Billing - where the company produces invoices to clients/customers.
D. Expense - where employee business-related expenses are entered.
General ledger - the company's "books".
Payroll - where the company tracks salary, wages, and related taxes.
Reports - where the company prints out data.
Timesheet - where professionals (such as attorneys and consultants) record time worked so that it can be billed to clients.