Chapter#6B: Introduction to Simply Accounting 2005

Question 1

What does Integrated mean?

Answer 1

it means that you only have to enter business data once

Question 2

What are the 3 versions of Simply Accounting 2005

Answer 2

Basic, Pro and Premium

Question 3

What are some things Simply Accounting can do?

Answer 3

The program can be used for a new business operating out of the home and, as the business expands, customers, vendors, and employees can easily be added to the program.
The program can be used for virtually any sized company.
The program enables you to choose between accounting terminology and nonaccounting terminology.
Simply Accounting 2005 enables you to enter budget figures in order to compare the actual results against the budget amounts to analyze the performance of the business.
Payroll can be done quickly and accurately and can handle many different types of income and deductions.
You can age both Accounts Payable and Accounts Receivable trial balances to give you an overview of your unpaid accounts. It can also give you an overview of how well your customers are paying their accounts. By keeping a close check on the aged trial balances, you can take advantage of all discounts allowed and cut down on the possibility of bad accounts.
The program can reconcile all your bank accounts with very little effort, thus eliminating the time-consuming job of producing a manual reconciliation.
Password protection prevents unauthorized personnel from seeing confidential financial information.
The program can create meaningful graphs for various reports such as Payables by Aging Period, Receivables by Aging Period, and Sales versus Receivables.
Simply Accounting 2005 can provide comparative reports.