ERP Software

Accounting Software Packages

Accounting software packages come in a variety of both freeware and paid versions at various levels of cost, with the most expensive options usually offering the highest level of complexity in terms of higher functions and industry specific features. Before you investigate accounting software packages for your small or mid-sized business, it’s a good idea to do a full assessment of your budget and also your current and future business needs.

Would you like to confine your search to accounting software packages that can be run from your existing ERP backbone? Or you would you like an independent system that can be integrated into your current software landscape? Would you like a product suite that can be upgraded and has the flexibility to grow as our company grows? Or would you like to investigate advanced accounting softwarepackages and allow your business to grow into the one you choose?

The top small business accounting software packages that offer a standard suite of basic accounting functions at an affordable price usually include Sage Peachtree, Tally Accounting Software, MYOB, and QuickBooks. Some larger accounting software packages are available through Microsoft, SAP and Oracle.

At the most basic and usually the most affordable level, accounting software packages should be able to offer budgeting and planning options and balance ledgers to keep track of income and expenses. Basic suites should allow the user to enter single transactions that are automatically calculated and sorted into the appropriate journal free of error. Programs at this level should be able to reconcile balances for multiple bank accounts and allow users to keep templates and print invoices, collection letters and other documents. They should also help you to monitor payments and pay bills electronically.

At a slightly higher level, accounting software should provide templates for comparison charts so business managers can compare and contrast different business, investment, financing and loan opportunities. At this level, accounting software packages should also be able to allow the user to process payments received andbuild and manage inventory. Many software accounting packages at this level will auto complete purchase orders for inventory items when they need to be ordered.

At the most advanced and expensive levels, accounting software packages can offer specialized payment features and translation functions for multinational languages and currencies. Some accounting packages have features that assist the user with the navigation of local, regional and international tax laws. Industry specific features may also be available at this level, since some industries deal with specialized tax and regulation issues.

While researching accounting software packages, make sure you find a solution with the business and financial management tools  that fit your budget and offer what your business needs.

Erin Sweeney

Written by :

tracey boxer