What is Accounting Software?

Accounting software is the term for specialised digital applications designed to manage and record an organisation’s financial transactions systematically. 

Various accounting and bookkeeping tasks, including managing accounts receivable and payable, tracking fixed assets, generating financial reports, and handling payroll can all be managed through these software tools.

By storing and analysing financial data, accounting software provides real-time access to accurate financial information, enabling businesses to monitor their financial health and streamline operations. Modern accounting software often operates in the cloud, allowing users to access and update financial data from any internet-capable device, ensuring efficiency and ease of use.

With the implementation of HMRC’s Making Tax Digital initiative, it is now more important than ever that accounting services have access to and utilise up to date accounting software.