accounting software

Accounting software is computer software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll and trial balance. It functions as an accounting information system. It may be developed in-house by the company or organization using it, may be purchased from a third party, or may be a combination of a third-party application software package with locally modified softwarelocal modifications. It varies greatly in its complexity and cost.Since the mid 1990s, the market has been undergoing considerable consolidation, with many suppliers ceasing to trade or being bought by larger groups, notably by The Sage Group plcSage and Microsoft.

Modules - Accounting software is typically composed of various modules, different sections dealing with particular areas of accounting. Among the most common are:

Accounts payable—where the company enters its bills and pays money it owes

Accounts receivable—where the company enters money received

Billing—where the company produces invoices to clients/customers

Collections—where the company tracks attempts to collect overdue bills (sometimes part of accounts receivable)

Expense—where employee business-related expenses are entered

General ledger—the company's "books"

Inquiries—where the company looks up information on screen without any edits or additions

Payroll—where the company tracks salary, wages, and related taxes

Reports—where the company prints out data

Timesheet—where professionals (such as attorneys and consultants) record time worked so that it can be billed to clients(Different vendors will use different names for these modules)

Implementations - See main article, List of accounting software

Categories -

Personal Accounting - Mainly for home users that use accounts payable type accounting transactions, managing budgets and simple account reconciliation at the inexpensive end of the market suppliers include:

Low End - At the low end of the business markets, inexpensive applications software allows most general business accounting functions to be performed. Suppliers frequently serve a single national market, while larger suppliers offer separate solutions in each national market.Many of the low end products are characterized by being "single-entry" products, as opposed to double-entry systems seen in many businesses. Some products have considerable functionality but are not considered GAAP or FASB compliant. Some low-end systems do not have adequate security nor audit trails.

Mid Market - The mid-market covers a wide range of business software that may be capable of serving the needs of multiple national accountancy standards and allow accounting in multiple currencycurrencies. 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.

High End - The most complex and expensive business accounting software is frequently part of an extensive suite of software often known as Enterprise resource planning or ''ERP'' software.

Vertical Market - Some business accounting software is designed for specific business types. It will include features that are specific to that industry.

Use by Non Accountants - With the increasing dominance of having financial accounts prepared with Accounting Software, as well as some suppliers claims that anyone can prepare their own books. An area of concern going forward is that of non-accountants producing what they believe to be accurate statutory financial records when the reality may be that they have little understanding of the underlying transactions the package is recording. These developments have led to an added importance in the role of Systems Accountants. They look at the integrity of the reporting process of the automated accountancy systems and software. As the basic 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 this data.

See also -

List of accounting software and Comparison of accounting software

Accounting, and List of accounting topics

Application software

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Medical Expense Wizard personal medical accounting software
Medical Expense Wizard personal medical accounting software was designed to make it easy to record and audit medical bills, obtain knowledge of insurance payments and benefits, track medication records and have a general personal accounting system for audit and payment purposes, as well as year-end tax accounting of your medical expenses.
http://www.medicalexpensewizard.com/

Quickbooks for Real Estate Training
Learn how to use Quickbooks for Real Estate Investing. Step by step instructions and guidance for using Intuit Quickbooks for managing and reporting rental properties, apartments, and investment real estate.
http://www.landlordaccounting.com/

Wistech Solutions - One Stop IT Solution Company
We Offer Web/Software Development, Business Process Out sourcing services (Data Entry and Call Center), Accounting & ERP Solutions, Time & Attendance and HRM Solutions and Internet Marketing services.
http://www.wistech.biz

Reagency Systems Corp. is the leading supplier of productivity-enhancing software for real estate professionals.
Reagency Systems Corp. is the leading supplier of productivity-enhancing software for real estate professionals. Reagency combines many years’ experience in real estate, information technology and accounting to create software products ideally suited to today’s real estate brokers and agents.
http://www.reagency.ca/

E-Syst and ASSIST 2K Wholesale Distribution / Manufacturing Accounting
Product Description: E-Syst and ASSIST 2K are distribution and manufacturing software systems designed to meet the needs of your business. They were developed by people rich in practical business experience, so they offer complete flexibility in getting the job done without sacrificing simplicity. E-Syst and ASSIST 2K both support a graphical (GUI) and a dos character (CHUI) user interface. You choose what works best for you. E-Syst and ASSIST 2K have many unique features that make them a perfect solution for businesses with demanding inventory control requirements, such as the fastener, electronic component and import / export industries. Features such as document / image archiving, cert tracking, lot control / lot traceability, outside processing, warehouse automation, 30 character item codes, item cross-referencing, rfq / quoting, vendor sourcing, multiple warehouses / bins, multiple unit of measures, drill down capability and much more. This strong base package added to RLA's ability to custom fit the software to your business, make us the perfect choice for your accounting software needs Contact Information Web Address: http://www.rla-assist.com/ email: rla@rla-assist.com Sales & Marketing: ph: (661) 424-9062 email: rla@rla-assist.com Marketing Target Customer Profile: ASSIST 2K is designed for fast growing companies. Clients range in the $3 to $500 million in annual sales. The independent design makes multiple location processing a breeze. Target Customer Profile: E-Syst is designed for fast growing smaller companies. Clients with less than $10 million in annual sales. E-Syst allows for upward growth and advanced inventory control, without costing an arm and a leg. Clients looking for fastener software and electronic component software, will find ASSIST and ideal fit. These demanding industries have unique requirements in inventory / lot control. All businesses can benefit from the features that ASSIST incorporates to satisfy these industries. The design of ASSIST, coupled with RLA's ability to deliver custom solutions, make for an ideal solution for those businesses that are hard to fit. If your company needs more than what the no modification, shrink wrap software can offer, then you need ASSIST
http://www.rla-assist.com/

Peachtree Software Inc.
Creates accounting software for small businesses, products include Peachtree Accounting, Peachtree Complete Accounting, Peachtree First Accounting, One-Write Plus and Peachtree 2000. Technical support and Training Solutions are available.
http://www.peachtree.com/

QuickBooks.com
Offers small business accounting software. Includes support forums, online ordering and training information.
http://www.quickbooks.com/

ACCPAC
Accounting, financial, business management, and e-business software, including Simply Accounting and e.Advantage
http://www.accpac.com/

FindAccountingSoftware.com
Search for accounting software software by industry, operating system or application. Or browse alphabetical listings based on software developer or product name.
http://www.findaccountingsoftware.com

Great Plains Software
e-business solutions for financial accounting, distribution, e-commerce, human resource management, manufacturing, sales, and marketing management and customer service and support.
http://www.greatplains.com/

R*KOM
Software programs for motor industry and general retail accounting. Free demos to download and some free software.
http://www.rkom.com/