It is true that Artificial Intelligence has eased the business Raw Data to be converted into Finished appropriate form where it should lead to.
As it is saying that behind every positive there is always being negative, so that also goes with the Accounting Technologies that we nowadays adopting it for.
For instance, if I say that my business Data work on Tech-based software. Yes, I can understand, it comes into your mind that Software leads to the reduction of human error that occurs while Accounting of Data is based upon Human resources. Whereas although the software of Accounting helps you to achieve the accurate and speedy processing of data, there are some common problems encountered in Business accounting. Let’s have a glimpse of this:-
1.Being the Software oriented
Now it has become the tendency of the business groups to have their Business accounting done through the help of Outside software. It has been unclear to the Businessman whether the Accounting Software they are opting for, is from the certified vendor and whether that software will give the Desired Result as per the needs of Business. Certain problems like Accounting errors, bug into the Running Software running along with it and so on.
Accordingly, to stop this problem, it is advisable to opt for the Reliable Accounting Software that is AKT Macs. AKT MACS ensures your Business Accounting will be accurate as AKT MACS is a certified software proving error-free accounting service at your fingertips.
2.Function of Bookkeeping
It is a very crucial issue to happen to the Businessman that they are not familiar with the Accounting Terminology required into the Bookkeeping and other Financial records so as to make the Financial Statement. Sometimes error occurred in the Maintenance of financial accounting.
It is immaterial to the fact that whether your Accounting is either Software-based or through Human accounting, its very crucial that businessmen should understand the Accounting Terminology so as to understand the Financial Soundness of the business.
AKT MACS let the Business user free from the Understanding the Financial Health of their Business since this software give its service in the User-friendly manner via Financial Reports, Financial Statement, etc.
3.Future Accounting Records
As financial statements of the Business is subject to Audit then for it easily forming an opinion, it is required each and record related to Accounting must be placed safely at an appropriate place so as to refer them in future, if any query or Objection raised by the Department of Income Tax.
So generally it happens that Businessman forgets to maintain their accounting records via software. But unlikely AKT MACS software automatically records of the user’s that may be needed at any time during the years. So this software relieves the businessmen from maintaining and saving the records for future reference.
4.Back up Plan
It means that Saved Accounting data must be preserved at a different log. There are instances where the Data may be corrupted either by the Unauthorized User or got catch by the Errors lead to Incorrect all stored Financial data. Reasonable care should be done that a different backup should be installed so that required action can be taken when it needs it.
So as to recover from the disaster, Backup of the Data is necessary so to maintain the business Records update.
AKT MACS come with the inbuilt facility of Backup of the data at different Scenario.
Data Backup may be:- Incremental Backup or Full Backup.
5.Income and Expense Accounting
It happens that certain trivial amounts of Income and Expenses are forgotten to record in the financial statement on an ongoing basis. This all will to Incorrect accounting Figures at a time where decisions are required to be taken. It’s a better practice to record each and every transaction on a real-time basis and this AKT MACS has the facility of recording the data on a Real-time Basis.
6.Alignment of the Budget with assigned Projects
There are cases where the business owners aren’t able to assign an appropriated budget cost to the Assigned project so that they could do better Cost-Benefit analysis. So this drawback has been overcome by AKT MACS software as it aligns the Budgeted cost with the Aligned project.