These software are capable of serving the needs of multiple national accountancy standards and facilitate accounting in multiple currencies.ĭ) High end accounting software are complex and expensive business accounting software that are also known as Enterprise Resource Planning or ERP software. Such software are characterized by 'single entry' products.Ĭ) Mid market accounting software are for companies with large businesses. They are simple and inexpensive with simple functioning such as management of budgets.ī) Low end accounting software are for small business markets that are capable of serving a single national market. The different categories or types of accounting software are as follows:Ī) Small business/personal accounting software which are mainly meant for home users. Some of them are- General ledger which takes care of the company's financial dealings Accounts Payable where the company enters its bills and pays the money it owes Accounts Receivable where money received is entered. Financial statements consisting of the balance sheet, profit and loss account, and statement of changes in financial position can be easily prepared with an accounting software.Īn accounting software is all about the various functional modules that it has. An accounting software records and processes the accounting transactions of a business within its functional modules.
Accounting deals with summarizing, analyzing and reporting the financial data and information about a business. Simply put, accounting is the lifeline of a business.
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