Write any four advantages of Computerized Accounting?
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Advantages of Computerized Accounting:-
Automation:
Since all the calculations are handled by the software, computerized accounting eliminates many of the mundane and time-consuming processes associated with manual accounting. For example, once issued, invoices are processed automatically making accounting less time-consuming.
Accuracy:
This accounting system is designed to be accurate to the minutest detail. Once the data is entered into the system, all the calculations, including additions and subtractions, are done automatically by software.
Data Access:
Using accounting software it becomes much easier for different individuals to access accounting data outside of the office, securely. This is particularly true if an online accounting solution is being used.
Reliability:
Because the calculations are so accurate, the financial statements prepared by computers are highly reliable.
Scalable:
When your company grows, the amount of accounting necessary not only increases but becomes more complex. With computerized accounting, everything is kept straightforward because sifting through data using software is easier than sifting through a bunch of papers.
Speed:
Using accounting software, the entire process of preparing accounts becomes faster. Furthermore, statements and reports can be generated instantly at the click of a button. Managers do not have to wait for hours, even days, to lay their hands on an important report.
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Any four advantages of Computerized Accounting are as follows:
These days Computerized Accounting has taken the financial marketing almost entirely.In this system , generally a software is involved which manages the concerned transactions, data, reports etc. We can easily think of multiple advantages of this system:
- Cost Efficiency: A PC can handle a job of higher volume with much less time, resulting in better economy.
- Efficiency: A PC with automation and other feature can be much efficient than a manual work.
- Better Control: From a management standpoint, with the involvement of such digital technologies, greater control is possible.
- Minimized Mathematical Errors: While using Computer, there is very less possibility of making a mathematical mistake.
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