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Business World Essay

641 words - 3 pages

Accounting Software Technology

Accounting Software Technology

Accounting is a broad field that entails keeping of business records for future reference that applies for large, Small and Medium Enterprises (SME’S). Therefore, implementation of modern accounting reporting methods using the web technology will support the accounting standard-setting process. Meanwhile, the implementation of the accounting standards and the revolution in IT are the two major factors that will affect SME’S in the future. Web accounting is accounting software that is based on XML technology that stores records and transactions using HTTP as the primary protocol. The purpose of this paper ...view middle of the document...

For example, the kashflow software provides online help with tutorials and many more. In addition, accounting softwares are used anywhere there is internet access (KashFlow, 2015). In fact, the software is very convenient for small and large enterprises because some soft wares are hosted on secure servers and, in any case, when computers go off, the accounting data for the business remains safe. Web accounting softwares work in collaboration from Quickbooks, sage users, and kashflow users in such a way that it is easy and faster to transfer all the small business data from one user to another hence it becomes more flexible for users.

Moreover, web accounting softwares create invoices easily because they are customizable hence invoices can be scheduled to be sent automatically (KashFlow, 2015). Therefore, entrepreneurs do not need to be in the business premises to send invoices to clients. In fact, some softwares provide alerts by email when invoices are overdue for payment. In addition, accounting softwares provide income statements, the statement of financial position, and trial balance...

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