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What is Accounting Software?
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Accounting Glossary
- Accounting 101
- Accounting Software
- Accounts Payable
- Accounts Receivable
- Accrual Accounting
- Adjusted Trial Balance
- Amortization
- Audit
- Bad Debt Expense
- Balance Sheet
- Bank Reconciliation
- Benefits
- Bonds Payable
- Book Value
- Capital Asset
- Cash Basis Accounting
- Cash Flow
- Cash Flow Statement
- Chart of Accounts
- Class Tracking
- Comprehensive Income
- Contingent Liability
- Contractor vs Employee
- Cost of Goods Sold (COGS)
- Cost of Sales
- CPA, Controller, CFO
- Credits and Debits
- Current Ratio
- Debt to Equity Ratio
- Deferred Revenue
- Depreciation schedule
- Direct Cost
- Double-Entry Bookkeeping
- Earnings Before Interest and Taxes (EBIT)
- Equity
- Financial Reviews
- Fiscal Policy
- Fiscal Year
- Fixed Cost
- GAAP
- General Ledger
- Gross Margin
- Gross Profit
- How to Calculate Income
- Income Statement
- Indirect Cost
- Internal Control
- Inventory
- Journal Entry
- Liability
- Liquidity
- Modified Adjusted Gross Income
- Monetary Policy
- Net Income
- Operating Expenses
- Operating Margin
- Payroll Taxes
- Prepaid Expense
- Profit Margin
- P&L Statement
- Retained Earnings
- Return on Investment (ROI)
- Revenue Recognition
- Sales Revenue
- Straight-Line Depreciation
- Tax Liability
- Trial Balance
- Unearned Revenue
- Variable Cost
- Variance Analysis
- Wage Expense
- Working Capital
- Write-Off
- Yield
- Zero-Based Budgeting (ZBB)
ACCOUNTING SOFTWARE
Accounting software is a type of computer software used by business owners and accounting specialists to perform bookkeeping and accounting operations.
Accounting is the practice of the communication, recording, measurement, classification, verification, and interpretation of financial information. Accounting software can range from simple, single-entry applications used for singular record-keeping to more complex, double-entry systems that can process accounts receivable, accounts payable, payroll and inventory, and more.
WHY IS ACCOUNTING SOFTWARE IMPORTANT?
Accounting software advantages include increased efficiency by reducing or eliminating individual errors in calculation. Manual bookkeeping methods involve making a lot of repetitive and labor-intensive calculations, and an incorrect calculation early on in the process could have a great impact on the end result.
Accounting software can be developed in-house by the organization using it, but it is more often purchased from a third party. Another option may be a combination of a third-party application software package with local modifications. Accounting software can be cloud-based or might be desktop based. There is a wide spectrum of options, complexity, and cost.
Accounting Software such as Intuit, Quickbooks Online, QuickBooks Desktop, Xero, Netsuite, Intact, Freshbooks, and Wave are some of the more notable names you’ll hear the most often.
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