Question

Accountants rely heavily on using Excel to perform a wide range of activities to record transactions and report their results. Identify and discuss at least three (3) tools an accountant can use to make the recording and reporting of accounting transactions efficient and effective.

Answer 1

The following tools can be used to make the recording and reporting of accounting transactions efficient and effective.

1. Tally: Tally is an accounting tool used to record business transactions, estimating job costing, managing inventory, generating reports for varied business purposes. It is highly effective tool for small and medium sized business. It operates at a high speed and provides accuracy and flexibility. It can also be customized as per the business needs. High-quality data integrity checks at regular levels ensure dependability on the records.

2. Quickbook- With the advent of online tools, Quickbook eases the task of the accountant and helps in recording the transactions in the most productive and cost-effective manner.It helps save time by processing bulk transactions instead of one at a time.The tool gives overall view of the clients and help manage the accounts efficiently.

3. SageOne- SageOne is hosted on cloud and allows to access the system from any location. It helps to manage cash-flows, track expense and income, record purchase and sales, track and control stock movement. It also allows to link to internet banking and interface with the cashbook. Other features include dashboards, quotes & estimates, designing reports.