What is an accounting software?
“An accounting software as a business solution that records, analyzes and reports accounting transactions with a view to providing management information system from which business owners, decision makers or accountants can monitor financial processes, generate reports and make informed decisions.
Its essential feature is an interactive financial dashboard with a series of charts of accounts or general ledgers for handling double-entry bookkeeping. Common features to these accounting softwares include:
Monitoring turnover
Tracking direct and indirect costs
Tracking inventory movement and management
Automated invoicing
Receipt capturing
Monitoring and controlling vendors and creditors
Tracking profitability
Analytics for budgeting and revenue tracking
Financial reporting
Tracking Accounts payable/Receivables
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