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Types Of Accounting Software

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By Author: Anjalli Shah
Total Articles: 5
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Accounting software is used to collect information about and report on the fiscal viability of a business. This program is essential to the proper administration of a company. Before deciding upon which software package to use, it is crucial to understand the various kinds of accounting applications, and under what conditions each one needs to be used. The following list itemizes the overall classifications of accounting applications:

Quite a small business can be conducted only using an electronic spreadsheet for its bookkeeping software.
The spreadsheet software is inexpensive and the machine can be configured at all at all. However, spreadsheets are vulnerable to error, since information may be input in the incorrect location, erroneously, or not entered at all, resulting in inaccurate financial statements. Consequently, spreadsheets are usually only used by companies that have quite low transaction volumes.
Commercially-available software. Commercial off-the-shelf (COTS) software is the overriding accounting applications used around the world. It is reasonably configurable to the needs of a business, contains multiple layers of error detection to prevent the entry of erroneous info, and produces standard reports which can usually be configured to the needs of the user. You will find COTS packages that are specific to particular industries, with additional features to address the needs of the target markets. COTS applications may require the services of consultants to set up, and can require a lengthy installation procedure, in addition to onsite personnel to maintain the software. A variant on this concept is accounting software that is accessible as an online service, which requires users to log in the seller's website to access the program.

Enterprise resource planning software (ERP). ERP software integrates information from all parts of a business into one database. This strategy eliminates the problems associated with having separate department-specific applications that doesn't reveal information. But, it is also painfully expensive and may require over a year to set up. This software is generally only required by the greatest and most complex organizations. This software is custom developed for an organization. This strategy is usually only taken once an entity's needs are so specific they cannot be fulfilled by a COTS or ERP package. But this method is rarely accepted, since custom applications tends to be more buggy and requires more maintenance than commercially-available packages.

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