Accounting is not exactly the same as it used to be before. It isn’t all colossal, tiring, and procedure-oriented. The accounting image has changed over the times with the introduction of simplified software’s that assist in the accounting activities of a business.
Salient notable points of age-old accounting software’s:
- Age-old accounting software’s were desktop oriented and relied a lot on the system on which the software was installed. They needed to be upgraded every time and ran the risk of data loss and theft. Since these software’s were system restricted.
- They ran the risk of data loss and theft and hence lacked consistency and reliability.
- Use of accounting data anywhere, anytime was not possible since the accounting software’s were limited to the system use only.
An insight into new accounting practices:
- New accounting software’s do not need to be installed on the system, and unlike desktop accounting software’s there is no need of upgradation since they can be upgraded automatically.
- Online accounting software’s do not run the risk of data loss or theft since they are not system restricted and can be used anytime, anywhere.
- Much more consistency and reliability can be expected from online accounting software’s since they are not accompanied by risks.
- The online accounting software’s are browser based; therefore there are no compatibility issues of any sort.
On comparing traditional accounting and new accounting practices closely, it can be affirmed that new accounting practices including online accounting software’s are way better and easier to use as compared to traditional accounting practices and the accounting image has changed drastically over the time.