Types of Accounting Software Packages

Written by lynn star
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Businesses, large and small, have complex accounting needs. Financial and accounting software is used to track income, expenses, inventories, bank accounts and invoices and perform other services to make a company function efficiently and effectively. There are software packages for every type of business and many offer free trial periods to test the accounting package to determine if it fits your business needs.

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QuickBooks Pro

Intuit's popular small-business and accounting software package has numerous features that allow a business to customise a program for both product-based and service-oriented business models. Data can be imported from Excel spreadsheets and other accounting programs. Features include managing payroll and taxes, paying bills and printing checks, invoicing, tracking time and expenses to bill clients, and the ability to accept credit and debit card payments. Multiple users can access the data at the same time. QuickBooks has a simple navigation system and can produce business reports for 100-plus industries.

Peachtree Complete

Peachtree Complete by Sage is an accounting software package with many functions and easy-to-learn features. Manage inventory, invoice customers and track incoming receipts through the accounting features. View details of business data in one place instead of jumping from screen to screen. Set up e-mail alerts for items that need attention and forecast payments and receipts. The software converts QuickBooks files. Other features include job costing and billing, time billing, accounts receivable and payable, payroll functions, and banking.

MYOB BusinessEssentials

MYOB's BusinessEssentials software offers the necessary accounting package plus a business basics module, forecasting software, a customer profile feature and even a logo-making application. Navigation through MYOB is intuitive, but the software comes with step-by-step instructions. Other features include banking, job costing and billing. Its inventory control applications are not as robust as QuickBooks, allowing only an average cost method system rather than the more detailed FIFO (first in, first out) or LIFO (last in, first out) stock tracking system.

DacEasy 2010

Another Sage product, DacEasy 2010 is a full-bodied accounting software package. The core module is the Business Center to which other modules can be added. The enhanced accounting module includes a cash management feature while managing banking transactions. It also has account reconciliation capabilities and customer contact and previous quote history. DacEasy's order entry module features credit card and debit card processing as well as customer history and purchase lookups. The core module has basic accounting features; other modules, such as payroll, cost extra.

Book-keeper

Avanquest designed this software for small business and priced it accordingly. Book-keeper 2009 can handle most small-business needs including check writing, credit card processing, tax preparation, payroll and billing, and offers other functions and features. It also creates customised reports and manages inventory, estimates and invoices. Book-keeper can even automate federal, state and payroll tax calculations. This is excellent accounting software for a small price provided your business does not need all the bells and whistles of a fully customisable accounting package.

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