Comparison of Sage, Excel and other packages Accounting can be very time consuming and complex therefore accounting software has been created in order to make this more straightforward and less time consuming for those using it. Features of accounting software range from program to program but all provide basic features which usually include accounts payable, accounts receivable, inventory, fixed assets and analysis. Software can be simply bought off-the-shelf, purpose built, or purchased as an add-on to current software.There are many advantages of using accounting software such as Sage compared to Excel. Sage and other accounting programs are the most cost effective as they are tailor made to meet the specific needs of the accountant, they contain the specific features required for an effective accounting system. They also improve the overall efficiency of the business by being more standardised and ensuring even those with a basic accounting knowledge have the ability to use the system, this helps reduce the cost of training for the company.
All information is available in one application whether this simply allows you to view data or edit data. Tailor made applications may be less susceptible to fraud as they are often very complex and have security in place to restrict entry from unauthorised parties. There are many companies providing accounting software which claims to provide a cost-effective, efficient, end-to-end integrated accounting system, for example Epicor and Microsoft Dynamics GP – Project Accounting Software.Exact Globe, Batch 390 also provides real time business intelligence and works in multiple currencies; this would be effective for multi-national companies. Excel can be very time consuming for doing full accounts unless you are very experienced in working with Excel spreadsheets and the functions related to it. It is useful for doing simple tasks such as recording payments where it is appropriate to use spreadsheets however it is very easy to make mistakes with simple formula errors.
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