What is the basic function of an accounting application?
The accounting system is well designed and integrated software solution that provides accounting and finance management and recording solutions. A featured accounting app is developed to address the company’s complex accounts recording, management, reports generation, taxation, invoices, and billing management as well as compile employee’s payrolls without any error or mistake. Companies, retailers and store owners are concerned and spend money on accounting software installation to make their operations easy and time-saving as compared to manual management. The need of proper accounting system after tax reforms from FBR is gradually increasing in small cities of Pakistan like Jhang, Jhelum, Attock, Mianwali, Chakwal, Khanewal, Lodhran.
Here are some basic features that an application has to perform certain functions:
Accounting and finance
Accounting and bookkeeping is the main feature of any application that provides an easy and reliable solution to manage accounts operations. While doing accounting software specialized to maintain general ledger, income statement, profit and loss accounts, taxation, record accounts payable or receivable and record other cash related activities.
Billing and invoices
Billing and invoices management and generation is a specialized feature of accounting software that helps to keep the records of sales and purchases as well as through this a retailer can send on-time invoices to their customers for recovery.
Accounting software performs the function of recording and generating payroll slips for the employees. In this function through an application, it is easy to make sure to generate on-time payment slips by compiling taxation and transfer the salaries into the employee’s bank account without any delay.
Through an accounting application, it is quite easy to evaluate the financial position of an organization by reviewing the sales, production, and revenues. It also helps to forecast future growth strategies as well as it is easy to make a budget for coming annual year.
Stock level management
Stock management is an essential thing that a manufacturing or production company has to keep an eye on it. Accounting application is featured that provide a solution to maintain the inventory level with respect to their life that helps to avoid the under-stocking or overstocking situation.
Fixed assets management
Through fixed asset management feature an accounting application helps to manage and record data more precisely and accurately. Through this it is easy to evaluate and calculate depreciation cost on assets, keep auditing history, record actual cost occur on assets allocation and many more.
An accounting application helps to keep records and reduce the risk of error or mistakes as well as it makes easy to generate reports required for evaluation of a company’s performance or for tax filing and auditing quickly.