Types of Accounting Packages

Businesses of all sizes are now using financial management software to streamline accounting
processes and reduce human error.

 ENTERPRISE ACCOUNTING SOFTWARE

- Type of business software designed for large organizations, banks and financial companies.
- It has advanced security features and can handle complex accounting tasks.
- The downside is that you will need to hire and train employees, so they use the program to its
fullest potential.

 CLOUD ACCOUNTING SOFTWARE

- These programs are available online and are accessible through the cloud.
- They appeal to startups and small enterprises, offering flexibility and cost efficiency.
- Cloud solutions are easier to implement, more accessible but less secure.

 PAYROLL AND ACCOUNTING SOFTWARE

- Type of financial management software that appeals to small companies.
- Accounting department can use it to calculate bonuses, generate payslips and automate year-
end reporting.
- They can also link it to timesheet systems to record employee attendance and streamline
payroll calculations.

 INSTALLED ACCOUNTING SOFTWARE

- Some accounting packages are available on CDs and DVDs.
- Ideal for startups and small companies with a slow or limited internet connection.
- These programs are easy to install but difficult to customize and use remotely. 

 COMMERCIAL OFF-THE-SHELF (COTS) SOFTWARE

- COTS software is built and delivered via a third-party vendor.
- It usually comes with pre-built settings and cannot be customized.
-  It's one of the most popular options for companies worldwide, featuring advanced reporting
and error detection capabilities.
Features of Accounting Software
Here are some of the core features to look for in accounting software:

Bank Feed
- This feature connects the software to your business bank and credit card accounts to receive
a daily update of your transactions.
- It also gives you a daily, rather than monthly, overview of your accounts.

Dashboard
- A dashboard that shows you an overview of your account activity and key metrics, such as
cash flow, profit and loss, account balances, expenses, accounts payable and receivable, and
sales.
- Some accounting programs allow you to customize what you see first by rearranging the
information.

Online Invoicing
- The ability to email them and accept online payments helps you get paid faster.

Recurring Invoices
- You can schedule the system to automatically generate and send invoices for recurring
charges, such as subscriptions.
- You can choose how frequently invoices are sent – daily, weekly, monthly or annually – and
indicate whether there’s an end date to the billing.

Automatic Payment Reminders

- This feature helps you remind customers about upcoming and past-due payments.

- Some have sample email text that you can use as is or customize and give you the option to
send thank-you emails to customers after you receive their payments.
- You can then choose when you want the reminders to be sent.

Bank Reconciliation
- Smart reconciliation tools identify potential matches between your bank transactions and the
bills and invoices you’ve entered into the accounting software.
- Saving you the hours it would otherwise take to sift through your bank account for this
information.
Financial Reporting
- Every accounting program can generate financial reports but some are more basic than
others.
- Detailed reports can help you interpret your financial data to make informed business
decisions.

Inventory Management
- If you have a retail, e-commerce or distribution business, you need an application that helps
with inventory tracking and purchase orders.
- You may need to subscribe to a top-tier plan to get this feature.

Project-Based Billing
- Accounting software that helps them track their projects’ tasks and budgets.

- The software should allow you to invoice customers for tracked time and bill them for project
expenses.

https://www.businessnewsdaily.com/7543-best-accounting-software.html?
fbclid=IwAR0pw2b9cGAOzuf9vHIJlJtnF96Ilsfp6yxwuPiBvw1HUhlCvDes8rb5O-E

https://bizfluent.com/list-5911787-types-accounting-packages.html?
fbclid=IwAR0rk1zGYgErxjcl_wHMlZb89F24MHTO0SXOoLWeWGMbWfYvJVJnEJhIUUs