Term: Accounting software

ELI5

Accounting software is a system (usually a website) that allows you to record all incomes and expenses of a company. 

Key Takeaways

  • An accounting software is a type of system that allows you to manage all finances of a company.
  • It also allows you to manage your company’s finances by sending invoices and collecting payments, and generating financial reports.
  • Some popular options are Adolet, Xero and Quickbooks.

What is accounting software?

Accounting software is a technology system that helps accountants to record, categorise and manage all financial transactions of a company.

Old accounting software stored data on mainframe computers but newer accounting softwares is hosted on the “cloud”. This basically means that your data is stored in a remote server and you don’t need to maintain your own data – that’s the accounting software company’s job.

What features does an accounting software have?

Accounting softwares typically have the following features:

  • Add income or expense transactions
  • Add journal entries
  • Do reconciliation between transactions in the accounting software and cash and bank account statements
  • Upload and keep a record of receipts and invoices
  • Create invoices
  • Automatically send invoices to clients
  • Integrate with banks to automatically add transactions to save time with data entry
  • Generate financial statements

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