An accounting journal is a book where transactions of any kind are first recorded when they take place before being recorded in the different respective documents. With advancement in technology and the emergence of web-based businesses the concept of online journal diary has emerged. The merits of online journals are as outlined below.
All activities happening on the web-based business are tracked in the journals be it a transaction or just an account update. The journal is updated each time a client login to their account. Online entries are updated automatically after creation of new transaction, modification of a transaction or a delete is made either by the client or third party. Errors which are common in the manual journals do not happen in the web-based entries because they are updated by machine as they happen in real time
Moist online journals are designed in such a way as to enable automation of events. When a client purchases anything from the web-based business, the journal automatically bills the customer. This makes the work of those responsible for such tasks as billing clients as it reduces their workload. This creates more time for other more important tasks. It also ensures accuracy as it avoids chances of errors common with human beings.
The automation of functions can also enhance sending of timely reports to a group of clients through emails. This only needs a few settings on the site such that when a certain time period is reached, the emails are automatically sent to the customers. In manual journals, the function is not possible and the employees have to send the emails manually. This increases the chances of errors and in cases of emergency situations, the information may reach the clients late due to delays.
The location of the customers may be important to some businesses. With web-based journals, it is possible to locate your customers as when they log in, the system records where they are logging in from. This may come in handy for such things as marketing campaigns as you know where most of your clients are located. With manual journals, this may be hard to keep up with.
With most offline journals you are only able to record one accounts receivable entry and accounts payable entry. This is not the case with journals based online because they will allow for multiple accounts payable and receivable lines. When consolidating accounts payable at the end of a reporting period it is very easy to do that on multiple lines. This is the same for accounts receivable.
The system automatically updates the bank accounts and the records of the online business. This reduces the chances of making errors and can only be erroneous if the system has some technical errors. If transactions are tampered with by hackers, all the records had been duly updated and thus the loss of important information is minimised.
The list of advantages of online journal entries does not end there. Due to automation of these entry recordings, operational costs of running the business will be lowered. You only need one administrator to be managing the journal.
All activities happening on the web-based business are tracked in the journals be it a transaction or just an account update. The journal is updated each time a client login to their account. Online entries are updated automatically after creation of new transaction, modification of a transaction or a delete is made either by the client or third party. Errors which are common in the manual journals do not happen in the web-based entries because they are updated by machine as they happen in real time
Moist online journals are designed in such a way as to enable automation of events. When a client purchases anything from the web-based business, the journal automatically bills the customer. This makes the work of those responsible for such tasks as billing clients as it reduces their workload. This creates more time for other more important tasks. It also ensures accuracy as it avoids chances of errors common with human beings.
The automation of functions can also enhance sending of timely reports to a group of clients through emails. This only needs a few settings on the site such that when a certain time period is reached, the emails are automatically sent to the customers. In manual journals, the function is not possible and the employees have to send the emails manually. This increases the chances of errors and in cases of emergency situations, the information may reach the clients late due to delays.
The location of the customers may be important to some businesses. With web-based journals, it is possible to locate your customers as when they log in, the system records where they are logging in from. This may come in handy for such things as marketing campaigns as you know where most of your clients are located. With manual journals, this may be hard to keep up with.
With most offline journals you are only able to record one accounts receivable entry and accounts payable entry. This is not the case with journals based online because they will allow for multiple accounts payable and receivable lines. When consolidating accounts payable at the end of a reporting period it is very easy to do that on multiple lines. This is the same for accounts receivable.
The system automatically updates the bank accounts and the records of the online business. This reduces the chances of making errors and can only be erroneous if the system has some technical errors. If transactions are tampered with by hackers, all the records had been duly updated and thus the loss of important information is minimised.
The list of advantages of online journal entries does not end there. Due to automation of these entry recordings, operational costs of running the business will be lowered. You only need one administrator to be managing the journal.
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