E-accounting

E-accounting

E-accounting is the application of online and Internet technologies to the business accounting function. Similar to e-mail being an electronic version of traditional mail, e-accounting is "electronic enablement" of lawful accounting and traceable accounting processes which were traditionally manual and paper-based.

E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as digital tool kits, various internet resources, international web-based materials, institute and company databases which are internet based, web links, internet based accounting software and electronic financial spreadsheet tools to provide efficient decision making.

Online accounting through a web application is typically based on a simple monthly charge and zero-administration approach to help businesses concentrate on core activities and avoid the hidden costs associated with traditional accounting software such as installation, upgrades, exchanging data files, backup and disaster recovery.

E-accounting does not have a standard definition but merely refers to the changes in accounting due to computing and networking technologies.[1]

Uses

  • Accounts payable
  • Accounts receivable
  • Payroll
  • Job costing
  • Financial write-up and reporting
  • Bank and account reconciliations
  • Quarterly tax reporting
  • Compliance reporting
  • Tax return preparation
  • Internal financial consultant
  • Establish the control system
  • Inform those concerned of financial condition
  • Supply the business with adequate information
  • Maintain contact with government agencies, bankers, etc.
  • Provide insight, courses of action
  • Facilitate future planning and growth

References

  1. ^ Deshmukh, Idea Group, 2006

External links


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