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Accounting software manages and records the day-to-day financial transactions of an organization, including fixed asset management, expense management, revenue management, accounts receivable, accounts payable, sub-ledger accounting, and reporting and analytics. Accounting systems are crucial in helping organizations run their day-to-day business processes. It allows business leaders to keep their finger on the pulse of their company’s financial health.

Accounting software helps small business owners track their financial accounts, income and expenses, prepare for tax season and keep tabs on financials easily. For many small businesses, software is the more affordable alternative to hiring an accountant, a bookkeeper or a large firm to manage their accounting, tax preparation and payroll processes.

A complete accounting system keeps track of an organization’s assets, liabilities, revenues, and expenses. These transactions then populate the general ledger in real time, providing CFOs, treasurers, and controllers immediate access to real time, accurate financial data. It also allows Profit and Loss statement for owners to track visibility into their performance at the operational level.