Question

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Answer 1

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Answer 2

Accounting systems are not something you change or replace very often. However, as your organization grows in size or complexity, you will reach a point where manual processes are draining your productivity and you struggle to analyze the growing range of your financial and operating data. You’ll need a better way to handle accounting within your organization. You’ll need to modernize your system.

Financial Accounting is the process in which business transactions are recorded systematically in the various books of accounts maintained by the organization in order to prepare financial statements.

At a minimum, a modern accounting system should automate and streamline core financial management functions such as:

1. Accounts receivable (order to cash)
2. Accounts payable (procure to payment)
3. Financial close
4. Time and expense capture
5. Fund accounting
6. Project accounting
7. Revenue recognition and management