Accounting software is computer software, this record and processes the accounting transactions within the functional modules such as accounts payable, accounts receivable, payroll and trial balance. The programs are used to keep the books of account on computers. The accounting software can also be used to record transactions, maintain account balances and prepare financial statements and reports.
Several other accounting software packages also exist, and the best package must be selected and given the circumstances and needs of client. An accounting software package usually contains numerous integrated modules. Many modules are also used to account for the general ledger, accounts receivable, accounts payable, payroll, inventory and fixed assets. Accounting software functions as an accounting information system.
The company or organization using it may also develop this in-house, may purchase from third party. It may be developed by a combination of third-party application software package with local modifications. It terms of complexity and cost, it varies greatly. Accounting software is composed of different modules, various sections dealing with specific areas of accounting. The most common are Core Modules – accounts receivable, accounts payable, general ledger, billing, stock/inventory, purchase orders, sales orders. Non Core Modules – debt collection, expense, inquiries, payroll, reports, and timesheet.
Accounting software performs the functions of business accounting, at the low end of business markets. Many low end products are also characterized by being “single-entry” products. The mid-market addresses a wide range of business software that may be capable of performing the needs of multiple national accountancy standards and admit accounting in various currencies. The software may also include integrated or add-on the managements information systems and may also be targeted towards one or more markets.
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