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Types of accounting software

To be successful in running your business or even to know if you are succeeding you need to use accounting software.

Most popular types of accounting software

Accounting software allows you to monitor the financial health of your business. Typically, it allows you to enter in all expenses, such as payroll and equipment expenses, as well as income, such as sales income. Companies of all sizes use accounting software.

Spreadsheets

To help with accounting, companies often use spreadsheet programs like Microsoft Excel or Google Spreadsheets. You can adapt a spreadsheet to almost any basic accounting need. For example, you can use spreadsheet programs to list expenses, sales, or other relevant financial data, and even to manage more advanced accounting functions. In general, only a very simple business should rely solely on spreadsheets to handle accounting; for most others, spreadsheets often complement other accounting processes.

Business accounting software

Business accounting software like QuickBooks or Peachtree can handle most, if not all, small and medium-sized business accounting needs. Accounting software works with almost any business and allows you to create custom functions to meet your specific needs. Business accounting software often includes charts that summarize data, as well as reports that provide a picture of the health of a business. Each type of business accounting software has strengths and weaknesses.

Business accounting software

Larger companies can have enormously complex operations, and business accounting software helps manage this complexity. Accounting software for large companies often integrates accounting with other services provided by the software, such as workflow management, business intelligence, and project planning. Often times when a large company selects this type of accounting software, it follows a multi-stage protocol that includes a request for information from the accounting software vendors, a product demonstration, and communication with other companies that use the software.

Custom accounting software

Sometimes a company creates its own accounting software. This often happens almost by accident: As the business grows, knowledgeable staff may be asked to write software to handle various accounting situations until, after a while, the business may find that it has built its own software. custom accounting. In other situations, a business, such as The Integrated Solution Group, Inc. creates custom software because there are no business accounting programs that meet its needs.

References (6)

  • Business News Daily: What is Accounting?
  • Seattle Central Community College: First Cycle of Accounting, 1 – Classifying Accounting Data Using Excel
  • Software Advisory: Peachtree vs QuickBooks | Comparison for small business owners