Why an Integrated Financial Accounts?
Following are the reasons why you need an accounting package:
1. To know Income, Expenditure, Payment, Receipt, Assets, Liabilities, Profit, Loss.
2. The Law Demands it (Income Tax, Sales Tax).
3. To submit returns and reports (Income Tax, Sales Tax).
4. Audit Demands it.
5. It provides processed feedback to management to evaluate performace and take necessary actions.
6. To create accountability.
7. For posterity (Hand away responsibilities and system from one to another, one generation to another).
Following are the reasons why you need an integrated accounting package:
1. Primary reason is that integrated system is a part of the main application and is deliverd by the same vendor.
2. Almost 60% of your total accounting transaction comes from Purchase, Sale and Returns. If you’ve an integrated system you do not have to record this information again.
3. What you need to enter is only 40% of the balance accounting vouchers. They are receipt, payment, journal and contra vouchers.
4. All of these activities happen on a daily basis. This information is recorded as and when appears. You do not have to make separate vouchers for book-keeping.
Why an Integrated Financial Accounts - To learn more about this author, visit Nilesh Shah's Website.
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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