Question

what are the pros and cons of accounting software?

Answer 1

Pros or advantages of accounting software :

1) Simple data entry ( only recording has been done manually)

2) Fast processes which save time.

3) Automated report generation and analysis ( income statement ,balance sheet prepared by software, and ratio analysis, trend analysis made by the software on the basis of inputs )

4) Automation of tasks like payroll processing

5) Reduction of errors ( no manual errors)

6) Integration with other systems ( with tax filing, e banking )

Cons or disadvantages of accounting software :

1) Price of the software

2) Implementation is difficult ( set up or establishment cost is more)

3) Needs of maintenance support ( to make the system virus free)

4) Chance of hacking and internet security issues ( potential frauds)