In today’s age of technology, there are all types of computer programs and software packages available for performing pretty much any type of business transaction. Envolta uses accounting software that is approved by the CRA, which is updated whenever tax laws and rules change. The bookkeeping software has the power and modules to work with accounts payable, receivable, payroll, and all of the financial statements that are necessary for financial reporting.
In addition, the freedom found by using computer software designed for accounting and bookkeeping is that it is usable online or offline. While different software packages vary in complexity and price the basic functions are similar. The following root functions are found in each package.
- Accounts receivable—where the company enters money received
- Accounts payable—where the company enters its bills and pays money it owes
- General ledger—the company’s “books”
- Billing—where the company produces invoices to clients/customers
- Stock/inventory—where the company keeps control of its inventory
- Purchase order—where the company orders inventory
- Sales order—where the company records customer orders for the supply of inventory
- Bookkeeping—where the company record collection and payment
Envolta utilizes the following Accounting Software: