Question

Describe how accounting software can be used to track business finances and contribute to the quality of record-keeping management.

Answer 1

Accounting software will save your time for preparation of financials compared to manual book keeping.In manual bookkeping most of the financial work done at the end of the financial year,therefore you cannot have a regular reports related the performance of the bussiness.

Accounting software will keep a track on bussines finaces like how are funds utilised and return on such investments.They give a detail comaprisons of fund invested in different projects.

Since the accounts are prepared computarised there will be a low chances of human mistakes and which increase the quality of the financials and record keeping management.