Business World

Accounting Software Technology

Accounting Software Technology

Accounting is a broad field that entails keeping of business records for future reference that applies for large, Small and Medium Enterprises (SME’S). Therefore, implementation of modern accounting reporting methods using the web technology will support the accounting standard-setting process. Meanwhile, the implementation of the accounting standards and the revolution in IT are the two major factors that will affect SME’S in the future. Web accounting is accounting software that is based on XML technology that stores records and transactions using HTTP as the primary protocol. The purpose of this paper is to identify the advantages due to implementation of web accounting standards and the impacts of such standards on Small and Medium Enterprises.  

Literature review
Web accounting services can range from purely HTML-based, therefore, allowing the user to enter data and get reports through merely a browser and the internet connection. Evidently, it becomes difficult for many small and medium enterprises to manage the accounting software that consumes vital resources. In essence, installation, configuration, maintenance, upgrade, security, and back requirements of the accounting software become onerous for small businesses (Deshmukh, 2006). In addition, the required expertise that ensures that the software works efficiently and effectively among small business enterprises is scarce and, sometimes, expensive to pay for such services from the providers. According to this research done by (Deshmukh, 2006), the lower level accounting software sometimes comes with a weak database engine.

Nonetheless, the web accounting software is easy to learn because it is designed to help running small businesses easy without an individual requiring any book keeping and accounting knowledge. As a result, the business picks up quickly due to this advantageous feature with the help of video...