![]() It is worth remembering that when you are looking at buying an accounting software package to factor in the growth of your business. Usually in terms of large, medium or small business operations while the small business software may be cheap it doesn't always fulfil your needs while larger businesses will benefit from the extensive range of applications contained in top flight packages. Packages usually come dedicated to the size of the business. Depending on your business requirements it may not be essential to use all of these functions. Naturally not all accounting software will include these applications. Put simply this is the recording of all the salaries and wages that are paid to staff members, including information on tax paid, bonuses and any deductions that may have to be made. Payroll information should be included in your accounting software package. Some software packages will also be able to record information on customer enquiries including what kind of goods and services they were looking to buy. One of these functions is 'debt collection' where the software is able to track any debts that may be owed to the company. There are however peripheral functions that the package should be able to carry out. So far we have looked at the fundamental applications your software package should include. By recording and updating a list of stock constantly the software should be able to produce a list of all the items you currently hold in stock. Invoices also fall into this category and should be used by businesses that do a lot of delivery orders as part of their commercial operation.Īccounting software should also be able to help with stocktaking and inventories. With use of efficient software it should be able to surmise your businesses gains or losses from the general ledger.īilling is another function that accounting software should possess, this is generally the production of bills and receipts for customers. Included are figures for fixed and current assets liabilities, revenue and expenses. Put simply this is the main accounting record for a business and in most cases will use a double entry bookkeeping method. Put simply it is the expenses that your company must pay out.Ī 'general ledger' is also referred to as a nominal ledger. ![]() This works in much the same way as the accounts receivable but instead of customers it is the funds that must be paid to suppliers of energy. This would normally done by sending out invoices and the like, it is possible with accounting software to optimise the process so less time is spent calculating charges and all you simply must do is pop it in the post.Īnother accounting function is the 'accounts payable' module. The core module labelled 'accounts receivable' is the billing of customers automatically. One function your software should perform involves accounting transactions. These different functions are usually referred to as core modules, the following gives definitions of these functions and which should be included in your package. Software that is available ranges from the sublimely simple to the ultimately complex it is important to recognise your needs before making any purchase.Īccounting software is usually categorised by the functions it performs. Some of these software packages are suited for use by large corporations while others are perfect for personal accounting functions. With so many accounting packages on the market today with a huge array of different software applications, the choices can be almost limitless. Accounting software is rapidly becoming an essential element for a vast number of businesses.
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