Different Types of Accounting Software Packages
An accounting application is usually made up of module and disparate sections that deal with specific accounting areas. With more and more accounting applications becoming available, it can be a daunting process for any businesses or individuals to select the right accounting software package.
Available accounting software packages range from very simple to extremely complex, with much disparity in price. When choosing an accounting software package, first determine the exact extent of personal or company needs.
Personal Accounting Software
Typically designed for home use, personal accounting software can help you manage your household expenses and budgets. Some good examples of accounting software of this type include Quicken 2009 Deluxe, Money Plus Deluxe and GnuCash. All these personal accounting software packages are equipped with helpful features like charts, net wealth monitor, budget planner, personal accounting spreadsheet, rapid file categorisation, automatic upgrades, embedded help features and more.
Low-End Accounting Software
Small businesses primarily make use of low-end accounting software in generating invoices, handling payroll and merging accounts. Sage MAS 90 and 200 ERP are examples of such application for the low-end accounting software market. Modules include payroll, customer relationship management, financial reporting, e-commerce and more. The advanced version of this software is known for its reliability and scalability.
Mid-Market Accounting Software
Mid-market accounting software packages are widely used in performing various functions that are crucial to business accounting. Applications of this type are typically integrated with management information systems, reporting tools and databases. They cover various business applications that help serve the needs of national accounting standards.
High-End Accounting Software
The most expensive and complex business accounting applications are often part of an all-embracing software suite that is at times called Enterprise Resource Planning (ERP) software. The implementation period of these applications is usually greater than five or six months. In several cases, high-end accounting applications are a suite of functions that necessitate important integration, customisation and configuration. Their main advantage is they were designed to support certain processes of a company, as they can be customised and tailored to business needs. Among the leaders that compete for the high-end accounting software market pie are Sage and Microsoft.