AAT courses include accounting software training in their modules to develop a more comprehensive understanding of trainees in the accounting field. Accounting software is an effective tool that facilitates the users to record cash flow in their company and examine financial processes.
You can use accounting software to record transactions, generate reports, manage customers and supplier contacts, create purchase orders, track stock levels, bill customers, and monitor account balances.
Accounting software in AAT courses
AAT Level 2 utilise accounting software to equip the students with the required practical skills and understanding of using software like Sage 50 Accounts. The main course content of the training include:
Enter financial transactions
Create various financial reports
AAT Foundation Award Certification in computerised accounting course is suited for students with diverse needs such as:
Attaining award to work in small businesses to manage and control their accounts.
Seeking courses in another accounting software to meet the training needs of their employers.
Freelancing bookkeepers and accountants who want to improve their careers.
The software training helps you attain AAT qualification and prepares you for your future career. To increase your help, various institutes utilise multiple accounting software to train students to work with a company using any software.
Why is accounting software important?
Accounting software is extremely valuable and serves various purposes, including:
- It increases the efficiency of your projects and helps in quick finance analysis.
- It makes various accounting tasks automated to make accounting duties easier.
- It simplifies the tax filing and returns process.
- It performs your most audit tasks to save your time.
- It offers you your business history and cash flow details.
Which accounting software is included in AAT courses?
AAT training providers include different accounting software to train their students. The best accounting software for small and large business are detailed below.
QuickBooks offers detailed accounting knowledge coupled with an intuitive interface that facilitates businesses to manage their accounts and finances. The software has three main versions: QuickBooks Online, QuickBooks Desktop, QuickBooks Enterprise, and QuickBooks Pro.
FreshBooks provides cloud-based accounting solutions for small-size companies. The cloud-based software is most suitable for small service businesses such as lawyers, plumbers, therapists, and architects. The software is user-friendly and can be used on all devices where you can access it anytime, anywhere. It performs your billing tasks and accepts payments from different gateways.
Xero software is the best choice for small and large businesses as it facilitates accountants and bookkeepers to have better visibility of data and connect various data sources. It reduces the burden of manual data entry of bank transactions, helps in bill payment, and enables a view of cash flow anywhere.
Sage 50 Accounts
Sage 50 Accounts is the most popular accounting software that automates various accounting tasks. It performs multiple duties such as sales ledger, sales and purchase invoices, customers and suppliers’ records, chart of accounts, balance sheet, audit trails, and VAT Returns.
Advanced Excel is a database program that is utilised worldwide and showcases your skills to employers. It summarises the data and presents it in a meaningful form. It is a potent and flexible tool that helps in generating financial models for companies and businesses.
Why is accounting software utilised in businesses?
Businesses use different types of accounting software for their various advantages listed below.
Discarding paperwork and moving towards software significantly reduce the time accountants utilise for manual data entry and balancing the ledger. The software allows sending payroll via credit cards, bank accounts and investment accounts without human interventions. It changes the accountant job from record keeper to fund approval and allow them more time to devise financial strategies.
Elimination of manual data entry errors
MS Excel has an increased risk of human errors while working with formulas and numbers. However, accounting software makes the tasks much easier and accurate. It automates several procedures for tax calculation, helps in withholding, and decrease calculation errors in financial reports.
It decreases the paperwork.
Accounting software also decreases your paper cost and decreases the amount of paperwork needed to run the financial department of companies. Several features are included in the software that reduces your work burden, such as:
- Time and attendance
- Quote to Cash
- Financial institutions
- Regulatory compliance
- Tax compliance and submission
- Financial reporting
- Inventory management
Improved account visibility for internal stakeholders
Top accounting features offers visibility into the balance sheet and financial working of business for accountants, management teams, and executives. Each unit has different data utilisation, either using online software or business intelligence software. So, it is crucial to offer than the required information.
Most clients prefer to work with businesses with a professional approach and those using the latest accounting trends and models. Therefore, having accounting software improve your images in front of clients to increase their trust.
Moreover, having accounting software training also increase the employability of employees and help them get recruited. It depicts their professional approach towards work and enhances employers trust in you.
As an accountant or business owner, you can need your data anytime during offsite visits and meetings or while working at home. Therefore, you must have access to your business data to access it anytime you want. Accounting software allows you to access data on laptops and mobile devices in different formats and applications.
Improved engagements with clients
Accounting software allows you to engage with clients and issue their payments effectively. Accounting software sometimes offers a portal for your clients and employees to see them and accept their payments.
They make the auditing process easier to help to see the changes in books and accounts. You can easily retrieve the previous business data through software without having to inquire about different employees.
Also Read: How to Resolve Management Hurdles with Restaurant Software
Various businesses prefer on-demand insights and software tools that facilitate you to generate reports instantly, check client account details, determine bonuses and pay increases, and simply the inventory management and tracking.
Issues in using accounting software
- Despite their numerous benefits, some challenges are attached to accounting software that must be accounted for.
- Single country or currency supported tax regulation
- Data security issues
- Reporting and analytics issues