Business Accounting System

As a basic definition, business accounting software records accounting transactions within functional modules. The wide variety of accounting needs ensures that there are hundreds of different packages, each differing in its complexity and cost.

Accounting software normally consists of various modules, with different sections dealing with specific areas of accounting. Some of these include:

Core Modules: Accounts Receivable - In this module the company records moneys received.
Accounts Payable - Here the company enters its bills and pays money it owes.
General Ledger - The company's "books".
Billing - Here the company produces invoices for clients.
Stock - Here the company records the control of its stock.
Purchase Order - Here the company orders stock.
Sales Order - Here the company records customer orders for the supply of stock or services.
Cash Book - Here the company records collection and payment.
Non Core Modules:
Debt Collection - Here the company collects overdue bills.
Expense - Here the company records the official employee expenditures.
Inquiries - Here the company looks up information on screen without any edits or additions.
Payroll - Here the company records salary, wages, and taxes.
Reports - Here the company prints out data.
Timesheet - Where professionals record time of their work.
Purchase Requisition - Here requests for purchase orders are made, approved and tracked.

Finding An Accounting Software Application Based On Your Needs

In the lower-tier market, inexpensive software allows companies to perform most general business accounting tasks. A lot of the low end products are described as being "single-entry" products. These products are widely used by small businesses, particularly ones which have very moderate to minimal accounting needs. Typical products include Peachtree and Quickbooks, among others.

Mid-Size, High Power

The mid-market covers an extensive variety of business accounting software that may fulfill the requirements of multiple national accountancy standards and permits accounting in multiple currencies. This section of business accounting software may include integrated information management systems, and may be oriented towards one or more markets.

Mid level business accounting software programs typically include the following features:

1. Industry-standard robust databases (e.g. PostgreSQL, MySQL, Microsoft SQL, Oracle, Pervasive)
2. Industry-standard reporting tools (e.g. Cognos, Crystal)
3. Tools for configuring or expanding the application (e.g. an SKD, access to program code, the ability to be controlled via Visual Basic for Applications (VBA))

High End - The Corporate Choice

The most complicated and expensive business accounting software is often mated with a wide collection of other operational software. The advantage of a high-end solution is that these systems support individual company specific methods, and they are extremely customizable and can be modified to exact business necessities. This more often than not comes at a significant cost in terms of money and implementation time.

Custom And Industry-Specific Products Many business accounting software applications are designed for specific business types. It has the features that are particular for that business. Some important types of vertical accounting software are:

Banking
Construction
Medical
Nonprofit
Point of Sale (Retail)
Daycare accounting (a.k.a. Child Care Management Software)

Despite the rather dull stereotypes that plague the industry, solid accounting is incredibly necessary to the successful business. Shopping for a business accounting software is a multi-step process, but does reward the diligent in the end.

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