Accounting Software
Definition of 'Accounting Software'Computer programs that assist bookkeepers and accountants in recording and reporting on a firm's financial transactions. The functionality of accounting software differs from product to product. Larger firms may choose to implement a customized solution which integrates a vast amount of data from many different departments. Smaller firms often choose an off the shelf product. |
|
Investopedia explains 'Accounting Software'Accounting software is an invaluable resource for modern business. Software allows detailed tracking of financial transactions and near instantaneous reporting and analysis. Before accounting software, these tasks had to be performed by hand, using large transaction journals. Ad hoc reporting was generally impractical due to the labor involved to consolidate the manual entries. Accounting software automates these tasks, reducing the costs of accounting and allowing better financial decision making through timely reporting. |
Related Definitions
Articles Of Interest
-
How To Effectively Use Financial Planning Software
The right financial planning software provides clients with reports that help them achieve their financial goals. -
Core Earnings Strip Away "Creative" Accounting
This metric is an attempt to counteract creative accounting, but it poses its own set of challenges. -
Accounting Rules Could Roil The Markets
FAS 142 is an accounting rule that changes the way companies treat goodwill. Be aware of the impact it has on reported earnings to avoid making bad investment decisions. -
How To Evaluate Pension Risk By Analyzing Annual Costs
Learn how to assess whether a company's pension plan is posing more risks than what the footnotes indicate. -
Footnotes: Early Warning Signs For Investors
These documents hold very important information, but reading them takes skill. -
A Look At IRA Separate Accounting Rules
If you are a younger multiple beneficiary, make sure you understand the RMD regulations. -
Pay Attention To The Proxy Statement
Don't overlook this overview of a company's well-being. -
Explaining Amortization In The Balance Sheet
Amortization is important to account for intangible assets. Read to find out more about amortization. -
Top 4 Most Competitive Financial Careers
If your goals include a big paycheck and working for a Wall Street firm, then you need to learn how to meet employers' expectations. -
A Day In The Life Of A Public Accountant
Here's an inside look at the workdays of two experienced CPAs, to give you an idea of what it might be like to pursue a career as a public accountant.
Free Annual Reports