Accounting software refers to computer programs and applications designed to streamline, automate, and manage financial transactions, processes, and reporting for businesses of all sizes. These software systems are crucial for maintaining accurate financial records, managing expenses, invoicing, and generating various financial reports.

1. Accounts Payable (AP)
• Manages money owed by the company to vendors, suppliers, or creditors. It tracks and schedules payments, manages invoices, and helps maintain a clear overview of outstanding bills.
2. Accounts Receivable (AR)
• Handles money owed to the company by customers or clients. It generates invoices, tracks payments, manages overdue accounts, and facilitates the collection process.
3. Bank Reconciliation
• Matches and reconciles internal financial records with bank statements to ensure accuracy and identify discrepancies.