Until the 1980s when technology and computer software development really progressed, accounting was a long and laborious task, requiring all notations and financial data to be analysed, recorded and stored by hand. Accounting software introduced a quick and reliable method of tracking accounts that has revolutionised the industry.
WHAT IS A SAGE ACCOUNTING SYSTEM?
A Sage 50 accounting software is a computerised package that has numerous facilities to process your financial information. The system collects your information, classifies it and then summarises the data in an accessible way to allow the user to view their financial information in simplistic terms. Just some of the many capabilities of a Sage system include:
Ability to print out invoices
Updating customer and supplier records
Making payments
Automatic update of the general ledger
Automatic altering of stock levels
Automatic calculation of payroll
Summarises customer accounts with overdue balances
Valuation of stock
Analyse sales
VAT returns
Due to its early beginnings and market dominance, Sage managed to attract accountants before other packages had the chance. It’s an aging industry, full of traditionalists so those who started with Sage have mostly stayed with Sage.
90% of accountants in the UK recognise the Sage format because of this, either using it in the past or still use it today, passing it on to their employees and the next generation of accountants. Sage have concentrated on providing users with solutions which benefit them, they include features requested by their clients and have remained loyal to the small and medium sized businesses instead of going to what is more likely to be the more profitable option of the corporates.
Sage understand what their customers need, the industries they work in and advancements in a quickly changing technology. This allows them to improve their package to retain their current users whilst attracting new ones.
THE BENEFITS
RULE OUT HUMAN ERROR
By having a completely computerised method of storing all of your financial information, you rule out the risk of human error, such as jotting down the wrong figures or misplacing information. These seemingly small errors can have a catastrophic effect on a business’s financial standing, so having an accurate system is hugely beneficial to the user.
REAL TIME FINANCIAL INFORMATION
You can access your account and see all the transactions and your cash flow to date as the system is updated in real time. This is handy if you need to check you can afford unforeseen costs or to confirm which transactions have been processed.
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