Those days are long gone when people maintained ledgers to keep track of their business. It’s all done with the help of highly advanced software.
By definition, accounting software is application software that is used to record and process data about transactions and payments. They contain various modules to deal with different portions of accounting, such as receiving and making payments to and from clients, paying their employees, etc. While some software is developed by the company itself, most companies choose to use generic software which has been customized to their needs. It works out to be a cheaper alternative, since developing a full blown software is expensive, both in terms of money and time.
