E-accounting is the application and use of online and Internet technologies to the business accounting. Accounting work is generally found manual and quite lengthy in workplaces and generally requires a lot of file work and the same. But E-accounting is a concept came in existence to beat this lengthy and stressful work. As e-mail is an electronic version of traditional mail system, e-accounting is “electronic enabling” of official accounting and observable accounting processes which were traditionally highly manual and paper-based.
E-accounting involves doing regular accounting functions, research and the accounting training and education through a range of computer based or internet based accounting tools like digital tool kits, large number of internet resources, international web-based materials, web links, internet based institutes and company databases, internet based accounting software and electronic financial spreadsheet tools which makes it to provide competent decision making.
Online accounting is usually based on a simple monthly charge and zero-administration method to help businesses to focus on core activities and avoid the hidden costs which are associated with traditional accounting software such as installation, exchanging data files, upgrades, backup and disaster recovery.
E-accounting does not have any standard definition or description but simply refers to the changes in accounting process due to advanced computing and networking technologies.
Uses associated with E-Accounting
- Accounts receivable
- Financial write-up and reporting
- Bank and account reconciliations
- Quarterly tax reporting
- Compliance reporting
- Job costing
- Tax return preparation
- Internal financial consultant
- Inform those concerned of financial condition
- Establish the control system
- Supply the business with adequate information
- Provide insight, courses of action
- Maintain contact with government agencies, bankers, etc.
- Facilitate future planning and growth
These are some of the contemporary terms in accounting which helps a student in having a current knowledge in field of accounting. Students generally are not aware of these terms and they got assignments associated with these topics. So online accounting assignment help is the best option available for the students to get current as well as basic knowledge of the subject.