6th sem tally assignment

COMPUTERISED ACCOUNTING


Computerized accounting is the use of accounting software to record, store, and process financial transactions electronically, replacing manual methods like ledgers. This system automates tasks like invoicing and payroll, leading to increased accuracy, efficiency, and faster reporting.


🔽ADVANTAGES 🔽

1.Speed and efficiency:

 Tasks like data entry, calculations, and report generation are much faster, saving significant time compared to manual methods. 

2.Accuracy: 

Automation reduces human error from manual calculations and data entry, leading to more reliable financial records. 

3.Real-time data: 

Financial information is updated immediately, providing up-to-date insights for better and more timely decision-making. 

4.Automated reporting: 

Generating financial statements like profit and loss accounts and balance sheets becomes an instant process. 

5.Reduced paperwork and storage:

 Storing records electronically significantly decreases the need for physical storage space and reduces paperwork. 

6.Improved security:

 Data can be backed up and stored securely, protecting it from physical damage, and access can be controlled through user permissions.
 
7.Enhanced inventory control:

 Computerized systems can track inventory levels in real-time, improving management and helping to avoid stockouts or overstocking. 

8.Cost-effectiveness: 

Although there may be an initial investment, long-term savings come from increased efficiency and reduced labor costs. 

9.Better compliance

: Software can be designed to meet specific tax and legal requirements, automating compliance tasks and reducing the risk of errors and penalties



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