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Accounting software is a program that documents and processes different transactions within functional modules like payrolls, accounts receivable, etc. Large firms and money-handling organizations have been implementing and using these programs to standardize their processes and regulate them.

Usually, most firms prefer developing their own accounting software. They may do so with the help of in-house software developers, or by hiring a software development company and supplying it with their requirements. However, there is more than one great accounting information system in the market. The best accounting software these days has the following characteristics:

• Simplified Functions – The whole purpose behind accounting software is to simplify difficult accounting procedures and increase accountants’ efficiency. With a few clicks of a button, a full-fledged financial report can be generated in just a few seconds. Another advantage of these simple functions is accuracy. The chances of delivering errors in these reports are very low.
• Ease of Use – Accountants should be able to learn quickly how to use the software, thus, it should be simple and directly. Spending too much time reviewing manuals is definitely not the way to go.
• Inventory Control – Companies which manage goods need this feature because inventories are an integral part of many accounting functions. In addition, this is a value-added feature which will prove useful for all departments.
• A Payroll Feature – Just like inventory control, the ability to generate payrolls is a function that can add value to accounting software. This can help accountants further while balancing their companies’ accounts.

Accounting software is a great way of relieving companies from the hassle and tediousness of manual accounting and its management. The best part is that there are so many options for accounting software that choosing one may be difficult. However, with the aforementioned characteristics in mind, that choice can become much easier.

Further reading: Corporate Governance | Audit | Performance Improvement