In the old days the records on credits and debits were written by hand on actual physical account books and the whole process of accounting took a lot of working hours and work effort and was quite hard work which needed accuracy and precision with numbers and money transactions. However, what has happened to actual paper money or books for example, has happened to accounting too. These days almost all accounting and financial management is done digitally with the help of computers. Like money, bills, receipts, tax deductions and announcements all travel from sender to receiver on the digital routes via internet and they are archived in the endless corridors of some server space, maybe physically far away place from the actual owner of the archives.
Modern accounting tool can run as software on a computer of as a cloud service used via internet. If in the old days, before the whole information was turned into digital format, the person who actually did the markings to the actual physical accounts needed to be a bit of an expert in accounting, while modern day electronic accounting (in Finnish = sähköinen kirjanpito) system enable for example uploading the information to the system without actually having extensive knowledge on bookkeeping and accounting. The account books needed some space as well, while the records on some remote server doesn’t claim space, only money which runs as well as a digital information in the web.
As with digitalizing the information usually is, the physical manifestation of the actions and information vanishes and becomes maybe only an emanation from the digital world’s events, such as is a receipt from the actual money transaction, which is actually a numbers in digital format moving through internet connections from digital bank account to the other. Bookkeeping is not actually any more bookkeeping as such, writing the records into actual books.
Do you want to know more about electronic accounting (in Finnish =)?