Digital Accounting for your Business

5/8/20223 min read

A digital Accounting Software is a mechanism solution for preparing financial information by formation, representation and transmission of financial data in an electronic format instead of the well-known traditional methods, where digital accounting systems enhance the accounting process by ensuring that expenses are monitored, incomes are tracked, and other financial processes are 100% accurate and error-free.

Therefore, digital accounting softwares can be the best choice for many companies by easily tracking and managing finances in any time or place via any device or smartphone - where purchases, sales, assets, bank, and liabilities data are all available and up to date. Thus, the ability to generate required reports in just a few clicks and helps to take accurate financial decisions.

Xero Accounting Software System and Odoo ERP (Accounting Module) are the two digital accounting software’s that Alkhuzam & Co (an Independent Member of Morison Global) has to offer.

Types of digital accounting software systems:

  • Xero - an Accounting Software System.

  • Odoo ERP - Accounting Module.

Xero Accounting Software System

Xero is unquestionably one of the top digital accounting software solutions available for businesses looking for a straightforward yet effective digital accounting solution. Xero is easy to use and has a clean interface. It is fully compatible with third-party payroll services provided by the Xero payroll. Through it integrates with Stripe and Go-cardless, a business may utilize Xero to take payments from clients online.

  • Xero is a digital cloud-based accounting software that keeps all your company's documents safely in the Xero cloud.

  • Xero also provides a comprehensive payroll integration by Xero payroll.

  • You'll also appreciate the fact that Xero can generate reports on-the-go and is accepted by most tax bodies and legislation.

  • If you always want complete access to your financial records, a Xero mobile app is also available.

  • One of the most essential reasons why this digital accounting software solution sells so well is because of its straightforward inventory management feature, which is highly praised by its users.

  • When you add-in direct bank connections and simple customizing, it's easy to see why so many businesses use the Xero system.

Odoo Accounting Software System
  • Odoo ERP is an advanced software system that can be very useful for many companies, were Odoo application is a suite of interconnected applications that work together as business management tools to ease your day-to-day tasks. Including Odoo CRM, Odoo e-commerce, billing, Odoo accounting, Odoo manufacturing, warehouse, project management, Odoo inventory management and many more applications which any type of business may require.

  • Odoo accounting software system is distinguished from other accounting software system through providing many accounting applications that can support and facilitate handling the accounting process. Where Odoo accounting application can be automatically linked to other Odoo applications such as invoicing, expenses, sales, point of sale (pos), e-commerce, subscriptions, inventory, manufacturing, and many more apps, that can save time, effort, labor and providing complete accuracy.

  • Odoo accounting software system supports all types of devices, smartphones (with an available mobile application) that enable the users to reach and handle their accounting information anywhere and anytime, to remain up to date.

In conclusion, digital accounting softwares can also help you gain more control over your accounts payable, allowing you to run your business more efficiently and have a better understanding of your firm’s financial situation. Using a digital accounting software decreases the risk of human error while also speeding up the accounting process. Automation is omnipresent in an accounting software. It's used to extract information from big tax papers, make new journal entries, track payments, send invoices, and eliminate data entry by hand.

Our firm, "Alkhuzam & Co. - an Independent Member of Morison Global ", is one of Kuwait's top accounting firms, and we are delighted to assist you as Xero partners & Odoo partners in Kuwait, with financial consulting and with the goal of continuing to build better businesses. | +(965)22260014 | +(965)66162610

Located at: KIPCO Tower, Sharq, Kuwait