Some of the common uses of an accounting software are:
- Generates profit and loss statements to show revenues, expenses, and profits over time.
- Provides an overview of the company's financial position at a specific point in time.
- Tracks the inflow and outflow of cash to manage liquidity.
- Maintains the core accounting records of a company.
- Automates the calculation of taxes such as GST, VAT, and sales tax.
- Calculates employee salaries, deductions, and net pay.