Digital Accounting means, use of Computer, Laptop, Tablet, Mobile etc. with Accounting Software and Tools for recording financial data, financial report generation, and presentation of financial reports to the users of Accounting.
Features of Digital Accounting
Primary accounting data entry by an Accountant : Money Receipt/Credit Voucher, Payment Voucher/Debit Voucher, Purchase Invoice Entry, Sales Invoice Entry, Bank Transaction Entry etc. with proper Ledger Account categorization.
Automatic Accounts Ledger Posting : Posting of various Income Ledger, Expenses Ledger, Assets Ledger and Liabilities Ledgers.
Automatic Inventory(Stock) Management : Opening Stock, Stock Inward, Stock Outward, Closing Stock, information about High demand product and Low demand product, Stock Re-order Level etc.
Automatic Report Generation : Trial Balance, Manufacturing, Trading & Profit and Loss Account, Balance Sheet, Sundry Creditors Outstanding, Sundry Debtors Outstanding, Cash Flow Statement, Funds Flow Statement, Statutory reports of Indirect Tax(GST) and Direct Taxes(Income Tax) at anytime for any period.
Analysis and Interpretation of Financial data : Tells about, Business is in profitable stage or not at anytime anywhere. Finding out the faults if not in profitable stage and proper planning for growth process.
Presentation of Reports to the users : Presentation of various Accounting Reports in an artistic/impressive way to the Users of Accounting.
Data Security : Most important part of a successful Business is to keep data with a proper security. In Digital Accounting System Business data can be secured easily and comfortably. And there is a very strong Data Security features than Manual Accounting System.
Easy Worldwide Communication : Accounting Professionals can easily share and communicate, required data on demand or voluntarily worldwide within a fraction of time through email and other file sharing applications by generating PDF, JPEG, JPG, PNG, EXCEL, DOCS, XML, HTML, JSON, XBRL format etc.
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