5 Important things should know about the Accounting software
Because of its computational, data-intensive nature, Accounting Software work has become inseparable from the software applications that enable efficient and accurate financial record keeping.
Accounting Software is now among the most marketable job skills a professional accountant can possess. To keep up with the changes, there are a number of things every future accountant should know about how Accounting software is affecting their chosen profession.
You will use it.
No matter what kind of accounting you specialize in or whether you work for a private company or a public firm, you’ll use accounting software on a daily basis.
It used to be that keeping “the books” for a business was literally a paper-based process, involving a ledger, lots of columns, and a pencil to record a business’ essential financial data. In the digital age, however, even the smallest business can benefit from a wide variety of small business accounting software products on the market
Both systems end up maintaining their own individual set of customer records. Double the customer info data input is required when the systems are disconnected.
Without integration, data for each invoice billed will also need to be entered twice.
Accounting Software systems can result in less than optimal decision making or tedious workarounds. For instance, if there are unpaid invoices in accounts receivable, perhaps additional work shouldn’t be performed to limit the risk of uncompensated services. Manual processes to communicate this information tend to be unreliable and add to the administrative, non-revenue generating workload.
Making sure data can flow between Accounting Software applications is an easy way to decrease overhead expenses and boost profitability. Integrating software is, for the most part, a one-time cost. Integration enables cost-saving benefits that stem from removing inefficiencies and improving data visibility that will continue to accrue as long as your run the software.
But ensuring systems can integrate can be intimidating to non-technical buyers. If you know what to look for, it’s not as hard as it seems.
The preferred Accounting Software integration method in most cases for application programming interface.
Ensure both software systems have API capabilities to allow for bi-directional integration.
Identify the processes that will require a connection between systems and the data that will need to be passed.
Find out how data updates between systems will be triggered. If you need to keep data synced up in real-time. Integration without still possible in many cases. As long as the application’s underlying database is open and accessible, changes to the data contained in the Accounting Software can be initiated externally. Initiating repeatable direct changes to the database will require the creation of custom database scripts. In the absence of IT personnel capable of creating these scripts, most software providers can offer these services
There are amazing resources available to build Accounting Software skills.
Future accountants looking to gain specific product expertise have access to both developer and independently offered interactive online training series, user created YouTube instructional, seminars, certification programs, books, user community forums, and a host of other resources.
A question many accounting students will ask themselves is this: With sophisticated Accounting Software so readily available, should I focus on learning software or on accounting practices and theory?
The answer of course, is both. Software skills are necessary—but not a substitute for accounting expertise.