Accounting Software for Today’s Businesses

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In general, accounting software is meant for recording and processing transactions within functional modules. Functional modules are categorized into accounts payable, accounts receivable, trial balance and payroll. These software were developed so that the accounting process becomes much smoother and easier for companies. Today, numerous industries use these software as accounting information systems to record and analyze transactions in a much easier and efficient way.

What types of accounting software are available?

It is impossible to specify the types of accounting software available. Over the years, there have been numerous providers of these software. Some companies even make them in house whereas some use the ones being used widely. The bigger the organization the bigger can be the size of the software. Therefore, the cost of the accounting software is completely dependant upon the organization.

Modules in Accounting Software:

The modules in any accounting are divided into two categories; the core modules and the non core modules.

Core Modules:

Core modules include accounts receivable, accounts payable, general ledger, inventory, sales order, billing, purchase order, sales order and cash book. All of these are the basic modules without which no accounting software is complete. The non core modules are the ones which further elaborate or categorize the core modules.

Non Core Modules:

Non core modules include expenses, inquiries, debt collection, electronic payment processing, reports, timesheet and purchase requisition. These non core modules are optional to include. If the company is ordering a customized accounting software, then these modules can be included or excluded based on the requirements.

Importance of Accounting Software:

Today, the importance of using accounting software is realized widely. From small shop owners to huge organizations, everyone tries to utilize these software. In fact, the trend has grown so enormously that nowadays there are special courses as well for accounting software.

Further reading: Corporate Governance | Audit | Performance Improvement

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