ABC Article Directory banner displaying blue butterfly logo. Click to go directly to the main Homepage

Accounting Software How It Can Benefit You

     Whether you are a new or well established business, maintaining your accounts can be a challenging job for any business. When it comes to accounts, many businesses entrust everything to an account. However by using an accounting software package as well you can save money and time that could be spent productively on other aspects of your business.

Choosing the right package however to do this job can often appear to be a difficult task and not all businesses will benefit from having accounting software. For those businesses that do benefit, having accounting software makes your accounts process very simple.

The detailed requirements that you will need within your accounts package depends on the type of business you have and how you run it. When choosing the right accounting software for your business it involves you deciding on your requirements and then looking for an accounts package that can meet all your overall and detailed requirements. The requirements that each accounting software have all vary, which is why it is important to consider what you will want out of your accounting software package. Some of the requirements that you may want from your accounting software include the following:

Basic bookkeeping this will document all your sales and purchasing as well as invoicing
VAT calculations allows you to keep track of VAT and to calculate your VAT
Payroll processing you should consider this as part of your accounting software if you have more than three employees. The payroll function calculates PAYE (pay as you earn) as well as your weekly/monthly National Insurance contributions.
Production of management information and decision support important if you need to prepare internal management reports periodically.
Invoicing every accounting software package should provide an invoicing function. Most provide an option of tailoring your invoices to your desired appearance.
Credit control this option highlights where customers have exceeded their limits and provides statements to chase them.
Compatibility you should think about whether your chosen accounting software is compatible with any other accounting systems, including the one that is used by your accountant.
Stock control if your business sells products then stock control is an important function to ensure that you have enough products in stock and so that you know what has been sold.

Accounting Software is application software that records and processes accounting transactions. Most accounting software packages consist of various modules/sections. The main core modules of most accounting software packages are as follows:

Accounts receivable - this aspect of accounting software deals with the billing of customers for the use of products or services. It is where the company enters that money has been received.
Accounts payable - this part of your accounting software is used when you receive an invoice. You add the invoice to this file and remove it when you have paid it. These invoices cover money that is owed to people such as suppliers.
General ledger this is the summary of all of the transactions that occur in the company. General ledger can also be known as nominal ledger and is the main accounting record of a business.
Billing when a business invoices its clients/customers
Stock/Inventory it could be important to your business to keep track of all the material/stock that you have within your business. By having stock/inventory lists it allows your business to keep control of its inventory.
Purchase Order when your business orders inventory you will be sent a purchase order, which is a document stating the type, quantity and agreed price of the inventory.
Sales Order order received by a business from a customer. These sales orders are recorded so that a business knows how much inventory it has. These sales orders may be for a product or for a service.

Accounting software could be just what your business needs but choosing the right one is highly important to ensure that you are getting exactly what you need from your accounting software.

Article Source:

Helen Cox is the web master for Synergy Technology, home of all your Accounting Software needs. Please feel free to republish this article providing this resource box remains intact with a working hyperlink to our site.

Posted on 2008-01-02, By: *

* Click on the author's name to view their profile and articles!!!

Note: The content of this article solely conveys the opinion of its author,

Animated RSS Symbol for the ABC Article Directory rss category feed ... Accounting Articles RSS Feed:


" data-width="470" data-num-posts="10">

Related Videos on Accounting


Did You Like/Dislike This Article? Give It YOUR Rating!

Please Rate this Article

No Ratings Yet. Be The First To Rate This Article

animated blue butterfly symbol for the ABC Article Directory

Cartoon image of a figure holding a magnifying glass looking for articles in the ABC Article Directory

Still Searching? Last Chance to find what you're looking for with a Google Custom Search!

Custom Search

Or.... You can search this site using our Bing Custom Search!


/EDF Publishing. All rights reserved. Script Services by: Sustainable Website Design
Use of our free service is protected by our Privacy Policy and Terms of Service | Mobile Version | Contact Us |

User published content is licensed under a Creative Commons Attribution-No Derivative Works 3.0 Unported License
Article Directory Toplist
Increase your website traffic with

Valid CSS!


Powered by ABC Article Directory