What is accounting?

In a word, it’s a record-keeping system of the financial sector. Don’t worry I will explain. It’s a comprehensive but systematic recording of financial transactions to a business. It’s also referred to as summarizing, analyzing, and reporting all transactions. For readers, I won’t spread the knowledge of accounting but accounting software. Let’s come to the point Firstly we need to get the basic concept of accounting software then we will dive into the deep.

Definition of accounting software:

The fundamental application of an organization that allows keeping the record of the flow of money for internal and external review and auditing. Modern accounting software keeps the records of the purchase order, stock or inventory and billing, general ledger, accounts payable and receivable, Invoice processing Automatic invoicing, Payment processing payroll modules, electronic payment, timesheet.

Basic features of Accounting software

Standard accounting maintains a minimum of 5 basic features • Quick Access • Analysis • Enhanced Security • Minimal Paperwork • Efficient Storage • Quick Reporting But it varies region-wise, as. Making Tax Digital compliant should remain in the UK region but what about the US region!!! Accounting software for the US region should remain the sweeping Tax Cuts and Jobs Act. Now we know the definition, feature of accounting software but what are the examples of accounting software? We will know but after a while.

Examples of Top 5 accounting software

Everything got smarter and advanced. If you want to be the key player in the accounting area then you need to play with accounting software. In this section, I will give a short brief of the top 5 giants of accounting software. They got a higher rank on accounting software reviews. So take a short tour of them. FreshBooks: Award-winning finance & accounting software used by around 5 million businesses in different parts of the world. The highest customer satisfaction proves how popular and how much popular this software is. Dynamic solution provider FreshBooks is ideal for small business owners. Cloud-based extreme level solution provider help to Dynamic deliver solution for SMBs, lucrative and responsive mobile design, provide time-saving auto-bills, moreover accurate time tracking and brilliant report provider Xero: Xero introduces in the market in the year of 2006, birthplace New Zealand. Cloud-based software Xero born to provide a robust accounting solution for more than 1,000,000 users. Ample reports provider Xero integrated with 700+ tools even it’s able to show cash flows, transactions and account details from any location of the world. Multi-currency support Xero provides Enterprise-grade functionality moreover some features make Xero hero of the market features like Simplified transactions, business’s current financial health, Transformed inventory management, Expense claims. Declaree: The digitized cloud-hosted account management solution is Declared. Automated VAT calculation depending on different regions' tax rules and rate facilities available in Declaree. User-Friendly Application Declaree can be easily integrated with integrating with financial applications like numbers, twin field,unit4 even with QuickBooks. Declaree allows credit card integration and some unique facilities like daily allowance costing, traveling expense tracking, dynamic workflows, and data provisioning. CashManager: If you want combo facilities like on-premise/cloud-based then CashManager will your perfect solution. The trust-able software CashManager provides very easy functionality that you don’t need to have too many accounting knowledge. Business owners able to get world-class support to expand their Business Growth Zoho Books: Zoho Books is the holder of Useful Free Trial Awards 2017 for its great User Experience. Features like normal usability, more flexibility than before, and depth in standard bookkeeping areas make Zoho Books the perfect solution for small and mid-marketer. Automates workflow-based Zoho is fully responsive. With lots of user reviews, it provides more useful features than its rival in the current market.

Do you know the types of accounting software?

Well, we already discussed accounting software, Basic features, giant’s name in this field but another important thing is its type. All the accounting software doesn’t do the same task if it so then different giants will not come to the market to dominate.

So what are the types of accounting software?

Typically accounting software composed of different modules. Based on modules they differ from other But in general, it has some common types These are: • Payroll • Billing & Invoicing systems • Enterprise resource planning systems • Time & Expense management systems Payroll Management Systems: Functions like employees’ salaries calculating, deductions cutting, salary depositing, etc including Payroll management systems. Accounting software such as Xero, Zenefits, AccountEdge works to maintain the payroll management system of any organization Billing & Invoicing: Accounting software FreshBooks, Zoho Books, and Zoho Invoice performs into the companies’ basic level like daily basis assigned a task, notify a customer about their due payments by maintaining accuracy and professionally. Enterprise Resource Planning Systems: Enterprise resource planning systems use for company practice to make better strategies than before. Most important accounting software with including planning, purchasing, management, controlling, and distribution. Software like Intacct, Brightpearl, Odoo performs these types of duty very well. Time & Expense Management Systems This type of management tool works to track and control labor costs. This system integrated with accounting software for proper billing also. Software like Intacct, Brightpearl, Odoo did this job for proper management of the company.

Why you need accounting software for your business?

Accounting software is an automated process that helps accountants and bookkeepers to make a robust speed to their organization. Every owner wants to keep their eye on every sector of his/her organization. Accounting software gives full access and permission to keep an eye on the respective section. It cant be described in a word about the importance of accounting software. Best accounting software holds a better accounting software review for its outbound facilities. But I will discuss some criteria why companies want to buy accounting software for his organization. Key criteria Accounting software are given below • To manage Cash Flow • To gain the Accounting accuracy • To Improve Work Efficiency • To reduce the overall cost • To generate Accurate Reports Cash Flow managing: Every organization faces difficulties to control cash flow but this difficulty easily removed by accounting software. It can calculate and trace every cash flow source Accounting accuracy: A single error can do the biggest harm for any organization, especially in tax, the income-expenditure section has to control without error. This challenge meets by accounting software. Improve Work Efficiency: Traditional paper works kill the important time to generate reports. With a few clicks, that paperwork can be done through accounting software Reducing cost: The accuracy, speed, traceable work only possible by accounting software. It was a lengthy and costly procedure to maintain. But accounting software can perform than humans. Generate Accurate Reports: The finance director needs to check all the activities of the account sections. They decide on how to make better economic planning for business growth. Accounting software generates the perfect report of all the sections of accounting without any error in the shortest time

Main functions of accounting software?

Accounting software does some important tasks like even this function considered when we work on accounting software reviews. • Accounting • Billing & Invoicing • Budgeting and Forecasting • Management of fixed asset • Payroll management • Inventory management Accounting: Accounting is the born assign task for accounting software. Some important functions like a ledger, fixed assets, accounts payable & receivable, and bank reconciliation is done by accounting software within the shortest time and perfectly. Billing & Invoicing: Prepare billing and Invoicing of all the processes of any organization is one of the main tasks performed by accounting software. This software can notify and trace the due and collection of the customer in this meantime. Accounting software can generate Effective payment methods. Budgeting and Forecasting: Most of the accounting software integrates this module that helps to cal calculate and interprets finance performance, current year budget, an upcoming budget can be calculated through this module. Management of fixed asset: This module used to manage financial data accurately even audit history, cost records, depreciation calculation, resource allocation, and many more features are including with this Payroll management: Employee payments, print their checks, responding to all active legal and tax commitments without errors deals with payroll management module Inventory management: An essential tool for accounting software to developed for stock control, It can calculate the availability and stock amount of products

Factors should consider getting an Accounting Software

Your perfect decision can make Your organization more profitable than before if you consider just 5 factors to buy accounting software. • User-Friendly • Multi-Currency • Integration With Other Business Software • Connectivity • Reliable Customer Support After the long discussion, now you can understand the introductory concept of accounting software. For the goodwill of your business, you can step a bold step to buy the perfect account accounting software. You can also run the trial version. For testing purposes but before taking the final decision features and key factors should be considered obviously get ideas about accounting software review.