Posted on 28. Apr, 2010 in Packages.
Accounting packages are software that can significantly enhance the efficiency of the operations of back offices. These applications grant effective financial information filing and recording, precise financial reporting, and good facility in transmitting financial information in safe electronic formats.
The type of software package for accounting that you should choose for your business must depend on the size of your company, number of staff or users, and the various departments or segments in your enterprise.
You can take advantage of the several options available in the market today. You can even look for a provider that offers accounting application that will be specifically designed for your business. All of these considerations rely however, on how much you are willing to pay for the accounting software
For Personal and Small Businesses
Sole proprietorships can take advantage of simple, small business accounting packages or even basic computer applications. These programs provide fundamental solutions for paying vendors or service providers, billing, and even sales recording. While some basic computer programs necessitate a number of setup time in creating business forms and individual invoices, there are upgraded or enhanced programs that come with pre-loaded business forms.
If you are just starting out with your business, look for accounting packages that will permit you to promptly set up your business by responding to a few questions. Make sure that the program has preloaded ledgers, forms, and invoicing modules that you can draw on for your daily business operations. It’s best to get accounting software packages that will allow you to make specialized forms instead of selecting preloaded business formats.
For Mid-Size Businesses
While you might think that accounting programs are expensive, you can always look for free accounting package that can work well with your mid-size business. The free version will give you a good look on the functionality of the program.
Once you’ve familiarized yourself on the free application’s functionality, you can then opt for its professional paid version. Mid-size software programs give out more features for multiple users. Your company can choose from different models based on the number of employees that will access the software and the size of your business.
Although these applications are more costly, their customization features aid in eliminating unnecessary procurement of other business modules. You can select between server and web-based programs, permitting users to acquire and access company data and information from different locations. These packages may also incorporate fixed asset modules and payroll, giving your company the opportunity to accomplish in-house processing of your business’ technical segments of accounting.
For Large Businesses
Large companies with multiple operational departments and multiple business locations may set up ERPs or Enterprise Resource Systems as their ultimate accounting software package. These are completely customizable applications that may take many weeks before they become fully operational.
ERP accounting packages have unique modules designed for every department in a company that will direct financial information and figures into a centralized financial module. On the other hand, all nonfinancial information will be transmitted into a management information system, which most managers utilize to assess and review operational objectives and make informed decisions on the company’s market performance. Web based ERPs permit several users to access and convey information throughout the company in simple steps.