Codestone

Category: Accounting software

Businesses in the UK have been advised that they must invest in accounting software if they are to keep up with the latest developments in the industry.

Randolph Johnston, executive vice-president of K2e.com, said the technology is "what is happening" in the commercial world at the current time.

The expert – who works for the North American company that provides educational training to technology professionals – said there are a range of benefits to using the software.

"When used properly, not only can you analyse the past, but you can predict the future with forecasts, inventory demand analysis and cash flow analysis," Mr Johnston stated.

Such abilities may be critical to the long-term health of firms and to their chances of competing in their selected market.

Accounting software could also be of particular use to companies in Australia, as AAP recently reported that there was a 21.1 per cent rise in the number of businesses down under going bust in June.

Posted by Jack Gilbert