What is accounting software?

Accounting software is a tool that in the last decades of a digital era has increased the effectiveness and efficiency of companies.

Using accounting software will help you record, organize or systematize the financial information of your business, and this will allow you to make business decisions that promote good business management.

Additionally, these accounting programs are ideal for reducing the risks of making mistakes during the recording of the most important accounting functions such as expenses, income, or accounts receivable.

Today, most small, medium and large companies rely on these programs. An accounting software will allow you to automate your accounting work, which will make your company more competitive and efficient in the long term.

There are several types of accounting programs available to you. Depending on the type of company and the size of the business operations, you will have different options. Thus we will have specialized accounting software for financial institutions, companies by departments, manufacturers, wholesalers, retail stores, contractors, among others.

There are many types of accounting software to consider, and each package has its own combination of features. The truth is that before investing in an accounting support package, seek the opinion of your trusted accountant or an auditing firm.

Let’s see some of the advantages that accounting software offers us.

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Advantages of an accounting software

Among the benefits of a computational accounting package, we can include:

  • It allows us to make registration and data entry easily and quickly.
  • We will minimize delays for billing records, inventory updates and valuation or bank reconciliations.
  • We can automate reports, summaries and reports. Also details of accounts, major debtors and creditors, inventories and sales.
  • It makes the auditing and analysis process considerably easier for us.
  • We will automate previously complicated accounting processes, such as payroll, inventory, taxes, purchases, sales, reconciliations.
  • It allows us to standardize the registration and recognition processes of items and facilitates the application of accounting principles.
  • Minimizes errors typical of human activity. For example wrong transcription, incorrect entries and classifications.

The potential of an accounting software

If you are looking to start a profitable business, you are aware of the immense potential that administrative systems have in the structure of your business.

For this reason, you may be interested in trying them and using them regularly. From the moment you start generating accounting transactions (purchases or sales), these software are useful.

Administrative systems are extremely relevant to you today. Especially in your business environment. So much so that in some countries they are legally required to be able to issue electronic invoices.

To be honest, its operation is not that complicated, especially since the management software takes care of all the calculations.

This means that if you are in charge of keeping the accounting in a company you must enter the required information. This is how your accounting software will be able to complete its functions in a timely and efficient manner.

Your tasks involve recording data regarding cash flow, accounting policies, income, expenses, payroll, inventory control, etc. In general, you must record all the accounting operations that it allows you, all update.

These administrative systems facilitate accounting processes. But above all, they help you to carry out these tasks efficiently, accurately and effectively.

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Characteristics of an accounting software

There is a belief that these accounting programs are complex or difficult to use. But the truth is that you will become familiar with them quickly.

You only need to have on hand the information that you must enter in them to complete your tasks satisfactorily. These programs do all the heavy lifting.

By this we mean calculations, those that used to be done by hand, or with the use of a calculator, a few years ago.

Remember that management software is automated. Your operations are done in a matter of minutes, so the process is easy, painstaking and fast.

An optimal accounting software for you should have the following characteristics:

Be flexible

This feature of accounting software means that it can be perfectly adapted to the accounting plan of your business. In short, to each of the accounting needs of your company to achieve the expected results.

In fact, flexibility is key for these types of accounting tools. This is why there are already many options available on the market. Each of these programs is capable of adjusting to what each company is looking for.

They promote integration

The most modern management software on the market offers you the possibility of integrating accounting in a company with its billing process. This maximizes resources like never before.

Indeed, it allows you to save money, time and increase productivity levels. You can also improve the performance of the accounting activity.

The programs that promote this integration are capable, among other things, of making automatic entries linked to some movement that is registered in a certain module and that requires to be accounted for. For example an order to a supplier, an invoice for a customer.

They’re safe

You can only access accounting information systems with a private key. In fact, they allow you to create different users and grant them different permissions according to their authority or position within the company.

In other words: not everyone has access to them freely. This is something you should take into account. These programs have great security and reliability.

They are portable:

This is one of its newest and most useful features for you. It reveals that all the accounting information of a company can be stored in the cloud. This way, you can access it from wherever you are.

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My T: An excellent resource

When we talk about accounting software we refer specifically to a program that handles accounting functions. However, in general terms, the range is quite wide.

Like software, applications are also a valuable resource to optimize our accounting work. Such is the case of our APP: My T.

My T makes your life easier: It helps you process your invoices, uses AI to store data, improves communication with your accountant, allows you to transmit information and store data in real time, it is a true gem.

If you are an accountant or if you are just starting out in business, My T is a great tool to organize your work in the most comfortable way possible.

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At this point you should be very clear about the importance of organizing your company’s accounting information with this type of program.

However, we want to expose you to several compelling reasons so that you have no doubts about its current relevance:

  • They are ideal for issuing electronic invoices
  • Increase business competitiveness
  • They facilitate problem solving
  • Minimize errors

Accounting plays a crucial role in the good financial performance of your company, and this is something that you can verify on your own.

We hope this short review has taught you a bit about what accounting software is and encourages you to use one as soon as possible. Your finances will thank you.


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