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Computerized accounting refers to using computers for a range of accounting tasks. In the past, computers were used as calculators. Modern computers perform a number of additional tasks and provide analytical information. A computerized accounting system is a software program that is stored on a company's computer, network server, or remotely accessed via the Internet and it can be a great benefit for a business. It can help streamline accounting steps and help minimize errors. Computerized system is a computer system with a purpose. When we talk about a computer system, we are simply referring to the hardware and software that comprise the computer system. Computerised accounting system is an accounting information system that processes the financial transactions and events as per Generally AcceptedAccounting Principles (GAAP) to produce reports as per user requirements. Everyaccounting system, manual or computerised, has two aspects. Computerized accounting systems allow you to set up income and expense accounts, such as rental or sales income, salaries, advertising expenses, and material costs. They also can be used to manage bank accounts, pay bills, and prepare budgets. Depending upon the program, some accounting systems also allow you to prepare tax documents, handle payroll, and manage project costing.