Automated or computerized accounting systems are essential to businesses in various ways. The use of computers is time-saving for businesses and keeps financial information well-organized.
Here are the top 5 reasons why you should implement an accounting system for your business:
- Customize by industry. Accounting systems are customizable by industry, allowing accountants and bookkeepers to use preset templates for their general ledger.
- Time Saving. Using a computerized accounting system saves companies time and money. Transactions are entered into the system, and the system posts transactions accordingly. Accountants and bookkeepers can process more information quickly, resulting in formulas verifying calculated totals and minimizing errors.
- Organization. A computerized accounting system helps businesses stay organized. When information is entered into the system, it makes finding the information easy.
- Storage. Storing information is vital to a business. After information is entered into the system, the information is stored indefinitely. Performing backups on the system regularly is a must to avoid losing any information.
- Reporting. Computerized accounting systems allow companies to distribute financial information efficiently. Financial statements are printed directly from the system and are distributed internally and externally to those needing the information. Computerized systems also allow accountants to create trending analyses and report any variances quickly and accurately. Additionally, transactions from all company divisions are accessible through computerized accounting systems, giving accountants better access to financial information.
For more information about selecting and implementing a computerized accounting system for your business, call LSL CPAs at 714.569.1000.
