E-accounting
E-accounting or online 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] Most e-accounting services are offered as SaaS (Software-as-a-service).
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