Did You Know? The first accounting software was developed in 1978 when Visicalc and Peachtree Software were introduced. Visicalc was the first spreadsheet software that enabled financial modeling on the computer, while Peachtree Software was an accounting software package for the early personal computer.
During the start-up phase of a company, using excel spreadsheets to handle accounting records may be a viable option. However, as your business grows, expands, and begins to handle more complex and large amounts of financial data, the need for an accounting software becomes necessary. Accounting software is a business program that handles various accounting and bookkeeping tasks such as recording and reporting financial transactions, invoicing and billing, tax calculations, project management, client management, bank account reconciliation, and generating insightful financial reports.
Conclusion: Investing in the right business automation tools can be the difference between growth and stagnation of your business.