Accounting Software


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Accounting Software

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  2. 2. Accounting Software is designed to compute account relatedinformation in a user friendly manner to compute and analyze datafaster. Most software’s are designed not only to collect and analyze databut also used for functioning of business.To record and process accounting transactions within functional modulessuch as accounts payable/ receivable, payroll and trial balance - weemploy an Accounting Software. It functions as an AccountingInformation System.At first glance all accounting software look similar but beyond these coreattributes lie dozens of other features covering a vast array of functionsand services. Some of these features can be considered indispensable.Many others however, are marginally useful or nothing more thanmarketing gimmicks.
  3. 3. Reporting and Analysis- Besides helping users gain insight into crucial financialactivities, reporting and analysis functions help companies conform togovernment and industry regulations.Graphics- Accounting is a numbers-focused activity. Yet graphics, in the form ofcharts and other illustrative formats, is a powerful tool that can be used to presenttrends and other concepts in a way that numbers alone can’t convey.Automation- For many business concerns support for simple accountingtransactions and basic financial management tasks just isn’t enough. Manycompanies require the full amount of employee expenses, payrolls and timesheets, company and departmental budgets, purchase requisitions and othercomplex financial activities.Automatic Updates- Using out-of-date accounting software is like eating foodthat has passed its date of expiry. Tax laws, regulations and financial practiceschange over time, so it is vital to use software that receives fast, user-transparentand automatic updates.
  4. 4. Customization- Chances are that no accounting software will exactly match yourbusiness needs. That is why the software should allow easy customization ofstatements, forms, reports, screens, help systems and other program facets.Internet Connectivity- With the world on the web accounting software shouldenable transmission and reception of digital documents and handle electronic fundtransfers.Interoperability- Data entered can be productively used by various businessapplications in HR, sales, shipping other key business sectors. Conversely, you maywant your accounting program to draw information from other sources.Scalability- When business expands the software should keep pace through upgradation to accommodate a large number of users and a growing amount offinancial data and transactions.Expandability- The business can grow both in size and scope. The accountingsoftware should either offer add-on modules that allow customers to slap extracapabilities to its product or migrate to a full ERP environment.
  5. 5. Security- The entire business depends on the accounting software for its existence.If data is lost or tampered with, you stand to lose time, money, business secrets(such as sales or profit data) and, if damage is severe enough, the company itself.We should be aware of the software’s built-in security features as well as how itsproduct’s ability to mesh with on-site safeguards (such as anti-malwaretechnology and network firewalls).However, human frailties of miscalculations and forgetfulness can have disastrousconsequences on Accounting. So the question of implementation of software is ofutmost importance. Basic training in the use of software may be necessary andonly when thorough knowledge is gained with all the aspects of the accountingsoftware, should it be installed and configured in our system. 9818282106