E-accounting

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E-accounting is the application of online and Internet technologies to the business accounting function. Similar to e-mail being an electronic version of traditional mail, e-accounting is "electronic enablement" of accounting and accounting processes which are more traditionally manual and paper-based.

e-Accounting is a term originally coined by Joanie Mann at InsynQ one of the founders of the ASP industry, and was introduced in 1998 along with InsynQ's hosted QuickBooks offerings under the banner of InsynQ Accounting Solutions, and later CPAASP.^{[citation needed]}

E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as: digital tool kits, various internet resources, international web-based materials, institute and company databases which are internet based, web links, internet based accounting software and electronic financial spreadsheet tools to provide efficient decision making.

1 Uses
2 Benefits
3 See also
4 References
5 External links

[edit] Uses

Accounts Payable
Accounts Receivable
Payroll
Job Costing
Financial Write-up and Reporting
Bank and account reconciliations
Quarterly Tax Reporting
Compliance Reporting
Tax Return Preparation
Internal financial consultant
Establish the control system
Inform those concerned of financial condition
Supply the business with adequate information
Maintain contact with government agencies, bankers, etc.
Provide insight, courses of action
Facilitate future planning and growth

[edit] Benefits

No need of in-house bookkeepers' training and expertise
No problems with employee turnover, vacations, sick leave and absenteeism
No communication difficulties between the accountant and business owner or organization due to load / work pressure
The business organization concentrates on the revenue side of business, and spends as little time as necessary on the accounting and payroll function. Maximum resource utilization.
The accounting function receives attention only when a critical need arises. No time wastage.
Up to date information which is available in realtime.
No need of Hiring/Training accounting and payroll staffs.
No Payroll related costs, FICA, workers compensation, unemployment, vacation/sick benefits, health insurance benefits, and many other expenses.
No need to upgrade software and annual updates from client side.
Check and monitor office supplies (check stock, paper stock, envelopes, toner)
No additional bank charges
Cost saving on office space (rent for additional offices)