Business administration courses and degrees could be combined with a minor in accounting as well as other types of relevant specialties such as information systems. Similarly, a Bachelors in accounting degree could be pursued with a minor in information technology. Certified accountants must master various types of software programs that are used to analyze sales, revenues, expenses and other advanced types of transactions. There are enterprise quality accounting applications that are designed for corporate use. Entire accounting departments often utilize such solutions to keep track of the extensive financial records of a single company. Central databases that are stored on onsite servers are used to manage accounting practices that include payroll.

business administration

For small business applications, there are simple accounting programs that could be properly mastered by individual accountants. In fact, certified public accountants often build professional relations with local businesses that don’t have their own onsite accounting specialists. It’s much more cost effective to outsource accounting tasks to a single CPA.

Traditional accounting practices are combined with modern digital technology for an efficient and cost-effective process for all parties involved. Electronic filing of income taxes is a convenient option for individuals and businesses. Data from previous fiscal years is stored in accounting software that’s easy to manage. Each year, a lot of information is imported from other tax forms. Accountants can save a tremendous amount of time in filing income taxes for small businesses. Additionally, electronic filing makes it possible to adjust any income and expenses in order to avoid future penalties as a result of auditing by the IRS.

Accounting solutions for small businesses are improved thanks to information sharing with government agencies. New tax legislation is immediately forwarded to certified public accountants who use the latest versions of bookkeeping software.

Information technology also expedites the process of paying taxes. Businesses can make electronic payments for outstanding taxes that are processed in a matter of days. It’s even possible to make short-term payment plans until the taxes are officially due. Accountants automatically connect the bank accounts of businesses with official tax collection agencies. Accounting practices that depend on IT solutions are more eco-friendly compared to traditional financial bookkeeping.