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book keeping - QuickBooks

By: accounting software

Choosing the Right Accounting software

If you or your business is on look out to purchase accounting software, it is important to understand the accounting software basics, the objective and goals you are planning to meet.

Accounting software is composed typically of different modules dealing with various aspects of accounting. The important modules being Accounts receivable, Accounts Payable, general Ledger, billing and stock inventory. Personal accounting is mainly for the home users that use accounts receivable and accounting type of transactions. Low end business is characterized by single entry system whereas medium business uses double entry system. Low end systems do not have appropriate security nor audit trails. Most of them are not compliant to GAAP or FASB.
The mid-market covers a wide range of small business software that may be capable of serving the needs of multiple national accountancy standards and allow accounting in multiple currencies.
In addition to general accounting functions, the software may include integrated or add-on management information systems, and may be oriented towards one or more markets, for example with integrated or add-on project accounting modules.
The most expensive, complex and business accounting software is comprehensive suite of software termed as Enterprise Resource Planning (ERP). These applications typically have a very long implementation period, often greater than six months and may range up to years. In many cases, these applications are simply a set of functions which require significant integration, configuration and customization to even begin to resemble an accounting system.
The advantage of a high-end solution is that these systems are designed to support individual company specific processes, as they are highly customizable and can be tailored to exact business requirements and bring high returns. This usually comes at a significant cost in terms of money, implementation time and huge investment.
With the increasing dominance of having financial accounts prepared with Accounting Software, as well as some supplier’s claims that anyone can prepare their own books, accounting software can be considered at risk of not providing appropriate information as non-accountants prepare accounting information. As recording and interpretation is left to software and expert systems, the necessity to have a Systems Accountant overseeing the accountancy system becomes ever more important. The set up of the processes and the end result must be vigorously checked and maintained on a regular basis in order to develop and maintain the integrity of the data and the processes that manage these data.

Business Accounting Software is designed for specific business and industry type. Accounting Software for some specific business is custom made to suit the industry and the business type. The disadvantages of ready made accounting software include:
• Increased Risk of Vendor Business failing
• Reduced Technical Support.

Banking, Medical and point of Sale are good examples of vertical markets using business accounting software.

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