Different Types of Accounting Software Packages
o An accounting application is usually made up of module and disparate sections that deal with specific accounting areas. With more and more accounting applications becoming available, it can be a daunting process for any businesses or individuals to select the right accounting software package. Available accounting software packages range from very simple to extremely complex, with much disparity in price. When choosing an accounting software package, first determine the exact extent of personal or company needs.
Personal Accounting Software
o Typically designed for home use, personal accounting software can help you manage your household ...view middle of the document...
High-End Accounting Software
o The most expensive and complex business accounting applications are often part of an all-embracing software suite that is at times called Enterprise Resource Planning (ERP) software. The implementation period of these applications is usually greater than five or six months. In several cases, high-end accounting applications are a suite of functions that necessitate important integration, customization and configuration. Their main advantage is they were designed to support certain processes of a company, as they can be customized and tailored to business needs. Among the leaders that compete for the high-end accounting software market pie are Sage and Microsoft.
44 Different types of accounting software
Business Accounting Software – This is a pretty broad category within the accounting softwares arena. It basically consists of all of the accounting packages that a business might use. Some popular choices include QuickBooks, Sage, Peachtree, etc. Note that a lot of larger businesses will develop special software just for their business.
General Ledger Accounting Software – Just like it sounds, this software is specifically designed to interact with the general ledger. Most software out there has this integrated within the package, but there are still some places where you can buy just general ledger software.
Manufacturing Accounting Software – Turns out that manufacturers want their own type of accounting software. We’ll dive more into this topic at a later time, but manufacturers need something that will not only keep them in compliance with GAAP, but will also keep track of vital manufacturing information that can give them an edge on their competitors.
Inventory Control Software – This in all honesty is some of the coolest accounting software available. The normal software tracks the information provided by bar codes and scanners. The high-end packages are really awesome; the software actually interacts with RFID (Radio-Frequency Identification) tags to keep track of where your inventory is at all times. Very nice, and very expensive.
Property Software – Like all the categories we are discussing, this one has a lot of different functions. The basic function of this type of software is to be able to keep track of a Landlord’s many properties and tenants while still being able to generate reports that satisfy banks and investors.
Restaurant Accounting Software – Another fun area of accounting. There is actually a whole field of accounting software dedicated to restaurants. Who would have thought? More on this coming in the future.
MRP Software – Stands for material requirements planning software. This software is used to account for the type, quantity, and quality of material that will be necessary for the manufacturing process.
Small Business Inventory Software – This is just like the inventory software mentioned above except it is specifically designed for smaller businesses. This usually means...