What is accounting software?

Definition of Accounting Software

Accounting software is software that is used to process raw financial data and perform various other accounting and bookkeeping tasks. Financial information is stored in the software. Accounting software also processes various business transactions like purchases, sales and bank transactions. 

Accounting software has now evolved to be mostly cloud based. The advent of the "Cloud" has resulted in entities being able to store and keep secure large amounts of data at a relatively low cost.

There are many different types of accounting software that can be used, these software package decisions are usually based on the business needs. Many new app integrations have also been introduced which integrate with the accounting software to add even more automation and digitization of data.

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