Accounting Software Bridge Gap For Small Businesses

Accounting Software Bridge Gap for Small Businesses Small Businesses face more challenges than large corporations, it is often difficult for small businesses to remain competitive in a constant changing economy. Many small businesses lack the capital, know how, and budgetary allocation that helps small businesses build and expand. Therefore, small businesses depend on accounting software to narrow the gap between large corporation and small businesses by reducing cost, boost efficiency, reduce manual errors, and assist small businesses in staying ahead of their competitors. Accounting software gives small businesses an advantage in a competitive market by improving small business ability to manage financial statements quicker and easier.†¦show more content†¦Small businesses are the fabric of our economy and technology has aid in the development, growth, and prosperity of small businesses. Technology has improved the way small businesses prepare financial statements, record sales, and recognize asset impairment at a click of a button. Technology is so far integrated into our society that it is impossible for a small business to function without using technology. Thus, accounting software allow small businesses to operate efficiently without losing sales and reduce the time it would typically take to prepare financial statements. Small businesses can run more smoothly using accounting software that matches the need of the company. Accounting application is an essential tool for small businesses and is an indispensable asset for the going concern of small businesses. Therefore, accounting software enhance the capabilities of small businesses to function efficiently, increase productivity and competitiveness despite the size of the business. Various accounting software such as QuickBooks, Freshbooks, Xero, and Zoho Books are great for small businesses and include payment processing, payroll capabilities, general ledger management, and invoicing. QuickBooks application are great for small businesses freela ncers, and consultants and as a user-friendly interface. QuickBooks user’s basically complete forms and the software preform theShow MoreRelatedThe Convergence of Two Accounting Systems and the International Financial Reporting Standards1318 Words   |  5 PagesI. Introduction The convergence of two accounting systems, the US GAAP and International Financial Reporting Standards, is not a new concept. For many years, the primordial idea of convergence started in the late 1950’s in response to post World War II economic integration and related increases in cross-border capital flows. Initially, the term used was â€Å"Harmonization until the early 1990’s the politically correct term is â€Å"Convergence†. 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