Benefit Of Online Accounting Essay

Before

Doubts about accuracy of time submitted

Hand written timesheets

Risk of time theft

manual checks required

Lack of visibility into the data & cost centres

Less accurate

After

Number of errors and paperwork slashed

Data is verified and uploaded automatically into payroll

Easy reporting and performance monitoring

Stores get daily, weekly and annual progress reports

Special deals all available in one database

Stock is electronically managed

Live reports available on the spot

Economic transaction: All activities and events in business are not economic transactions. Economic transactions can be refers as those activities and events which has impact on financial position of a company. Most commonly all economic transactions

Using online accounting software implies that, all accounting transaction and events record by a automated computer programs. To record any transaction employee input initial data and computer complete the accounting cycle in order. There is an enormous number of advantageous of using a accounting software tool rather than traditional method. To begin with, using software give more precise results. Businesses have to record numerous numbers of transactions in each business day; a small mistake can leads to a fatal error in financial results. Accounting software can reduce such problems and also may provide more accurate results. Moreover, online software is much faster and also contains lots of information for long time. As all calculations done automatically by software it save valuable time and also increase efficiency. Consequently overall productivity may increase. In case of information such as, stock records, sales, supplies, GST collections and so on manager can quickly get update through the software. In addiction computer base accounting system reduce the employers cost by reducing the number of accountant and it also foster knowledge and skills of employee. Finally it can be stated that, online accounting software tool has vast positive impact on company overall accounting

) : Manual accounting systems are known as a process where accounting records maintain by employers’. For example, Journal, posting a trial balance, ledger and balance sheet everything would maintain in hand written. Core 7 is a small size growing business in Australia. This organisation is experiencing several problems by using manual accounting system. Firstly, Core 7 Fitness are facing problem to maintain supplies records. Moreover they also maintain tax and payroll calculation traditionally which possibly very complicated and account for errors. In addition they have already 5 branches and they are expanding in all biggest cities therefore they would possibly cannot record accurate income and expenses data for rapid increasing in number of