Over the years, manual accounting process has proved to be cumbersome, time consuming, laborious and prone for tampering. It always carries the risk of being lost or destroyed. Further, the information in the books is difficult to search and cannot be readily accessed when required. This leads to unwanted waste of time at the time of filing tax. Accounting software has proven to be a perfect substitute for this futile effort. The following points will explain how this software has proven to be a winner for every business and unavoidable too.

Saves time

One of the main advantages of using this software is that it saves time. Accounting through software will help you to keep track of all the money transactions, prepare payroll, avoids duplication of work, maintain ledger in electronic form, maintenance of cash book etc. It also facilitates easy consolidation of transactions and viewing of various reports essential for analyzing the inflow and outflow of cash.

Easy monitoring

Electronic accounting means that the information is up to date. Unlike in the manual process where there is always uncertainty about whether all the transactions have been recorded in the books or not, the software will ensure there are no lapses. With the help of various reports available in the software, it is easy to monitor the outstanding amounts payable, stock and inventory position etc.

Security

Unlike in the manual process where there is always a risk of a transaction being erased or modified, there is 100% security for all the information that is entered into the software. This information can only be accessed by the authorized persons and is therefore more secure. The data that has been fed into the software can be preserved through periodic backups.

Quickbooks phenomenon

Quickbooks, a comprehensive accounting software, has been responsible for setting a trend for electronic management of accounts. With the help of this tool, it is very easy to organize the finances, track sales & expenses, and save lots of time while filing the taxes, as all the information is readily available in terms of reports.

It has set the benchmark for developing accounting software across the globe. Today, we see more and more such software emerging which are very useful in handling the accounts in a systematic and organized way.

Accounting software, no doubt, is a must for every business but is also very useful in the day to day functioning and tracking of sales and services. Today, it has become a major tool through which the financing headaches of a business can be handled with ease.