HomeProductsAccountingBenefits of Accounting Program to Government Tax Collection Body

Benefits of Accounting Program to Government Tax Collection Body

In these times where corruption and embezzlement of public funds has become a famous lyric or new norm in many countries on the globe, the fact remains that the vice is dangerous because it hinders completion and success of many government projects. This therefore makes accounting program a necessity to all governments tax collection bodies.

What is accounting program?

Accounting program basically refers to the modern technology that is applied in measuring costs, charges, and returns involved in any transaction conducted by business entities. Business management puts more emphasis on income and expenditure since the two are the center of everything.

Seven (7) reasons why government tax collection bodies should embrace accounting program:

1. Ease of accountability

This can be observed by the availability of all necessary tax information for both the public and the tax payer. It makes it easy for the authorities to produce and reproduce the necessary documents for the public and tax payer whenever need arises since it is easy for the information to be accessed both online and offline.

In these modern days where tax returns have become a fragile issue for those that are in the limelight as celebrities and politicians, it creates urge for tax collection institutions to go digital through use of modern software.

2. Promotion of transparency

There is need for every organization to make sure that its activities are seen and regarded as transparent by the people it serves and those concerned. This therefore makes government tax collection bodies one of those organizations with the supreme reason being that money needs more transparency that any other thing.

Governments all over the world are always making sure that their citizens know how much they paid to government tax collection bodies in terms of taxes annually. This is because information seeking is a right of every citizen more especially on public affairs.

3. Closing of financial loopholes

The challenge of some tax records appearing missing or not properly recorded as one of the challenges of analog ways of taking tax records is easily addressed with the help of this technology. During the use of old methods of recording tax collections, a lot of money could end up not being accounted for which automatically affects revenue. Therefore, this technological advancement proves to be of an advantage since it will make it hard for anyone who would like to play around with figures.

4. Accuracy in records

One of the benefits of this technology is that it helps promoting accuracy in taking records. There is likely to be a higher level of accuracy in accounting records that are processed by operating system than that is made manually. This is because humans are bound for errors which is not the case with computers.

5. Time saving

The software operates an automatic kind of technology where some important figures will be automatically given when the system is fed with other sets of data among other capacities which makes it quick time friendly. This thereby reduces on time that would have been used in case of other methods where everything was supposed to fed into the system.

6. Promotion of trust

It becomes very easy and cheap to share information with everyone and anyone with this kind of technology. This easy accessibility of information by all people interested in it enables whoever had questions or doubts on anything to get the right information in a very easy and convenient way.

7. High data security

The software creates some kind of guarantee for the records of those bodies that have embraced technology. Many governments have always reported either loss or damage of valuable state information through either human actions or natural accidents in different departments.

Therefore, the sensitive that surrounds departments like that of tax collection does not only make it needful to put in place accounting program but rather also creates confidence for the security of the processed and stored information.

Conclusion

For all government tax collection bodies that are interested in running a smooth and unquestionable body, they have to embrace this modern technology in the running and management of their accounts records. Though it is believed that numbers don’t lie, it would make a more strong statement if those numbers were prepared through technological system.

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MAFABI MUTWALIBI
MAFABI MUTWALIBI
I am a student at Bina Nusantara University in the faculty of Business. I am pursuing a bachelor's degree in Business Management and Marketing. My Date and Place of birth is 22-04-1995 and Mbale City respectively. And lastly my country of origin is Uganda.

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