What is Accounting Software? Definition,Features, Uses and Types

Accounting software is an essential tool that meticulously manages and records an organisation's daily financial transactions. These encompass various financial activities, including expense tracking, revenue recognition, accounts receivable, accounts payable, sub-ledger accounting, fixed asset management, comprehensive reporting and analytics. The software systematically tracks these transactions and ensures that an organisation's financial status, covering assets, liabilities, revenues, and expenses, is accurately maintained and up-to-date.

What is an Invoice? Importance, usage and elements.

An invoice is an essential document issued by a vendor to a purchaser, marking an official plea for payment following a transaction that includes goods or services. This pivotal document outlines the buyer's financial responsibilities to the vendor for acquiring certain goods or services. Typically, it enumerates items like the quantity of goods sold, their price per unit, descriptions of services provided, the aggregate amount due, payment stipulations, and the contact information of both the vendor and the purchaser.