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Every company in every industry can benefit greatly from an accounting softwarepackage. Not only will accounting software help improve the way critical financial-relatedprocesses are managed across the business – resulting in increased efficiency andsmoother execution of core business operations – it can help companies avoid the risksand severe penalties associated with non-compliance with financial reporting laws andguidelines.
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The accounting software packages on the market today provide a broad range of capabilities designed to improve the way companies execute, manage, and monitor their most important financial transactions. Most available offerings provide support for:
Accounts receivable and debt collection.
With accounting software, companiescan better track monies owed, payment due dates, and outstanding balances. As a result, they can facilitate faster recognition of revenues and other income. Additionally, past due balances and non-payments can dramatically impact cash flowand related activities. With accounting software, companies can better understandwhere outstanding debt exists and why, and accelerate time-to-collection.
Financial staff can more effectively manage bills, payments, andmonies owed by the company.
Accounting software systems can dramatically improve the waya company manages its “books”, the primary, centralized log of all key financialactivities and information.
Billing and invoicing.
With accounting software, businesses can more rapidlygenerate comprehensive invoices and account statements for clients.
An accounting software package can help procurementprofessionals improve the efficiency and accuracy of purchase order creation. Thispromotes better vendor relationships, while ensuring timely and effective ordering of parts, components, and other supplies.
Companies can automate and improve the way they process, fulfill, andtrack customer orders.
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