Computerized accounting system can be defined as accounting information that processes the financial transaction as per generally accepted accounting principles. Here is the list of advantages of computerized accounting system –
1. Accounting data can be processed faster by using a computerized accounting system
2. Since computers do not get bored of repetitive tasks as humans do therefore chances of errors due to fatigue are eliminated in case of computerized system.
3. It takes less time and therefore more efficient than manually.
4. Since any amount of data can be stored in the computer it solves the problem of accounting record taking huge amount of physical space. Also data can be retrieved quickly when it is stored in a computer than looking into each and every physical record.
5. Under this records get updated automatically once data is entered and also it is eliminates the chances of not able to read the records due to poor presentation of accounting record when they are kept in physical form, since in computerized system records in the computer are maintained in standard fonts.