State any one accounting package
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Types of accounting packages
Accounting software allows you to monitor and manage the financial health of your business. Many different types of accounting packages are available on the market, with options to suit different business sizes, sectors, industries and even work processes.
Types of accounting packages generally fall under three main categories of products.
Small business payroll and accounting
These are usually simple programs, easy to use, with basic or add-on features. You can find them off-the-shelf or over the internet. Some programs and apps may allow you to create customised functions or modules to fit your specific needs. Read more about payroll software.
Business management software
These accounting packages are usually more expensive and offer all the standard financial tools and reports, as well as a wider range of features and functions. For example, they will often integrate customer relationship management, billing, purchasing, supply chain software, inventory control, etc.
Enterprise-level software commonly features industry-specific modules, eg for construction or manufacturing. Keep in mind that advanced features come at a higher price, so unless you run a complex operation or have very specific business needs, investing in such software may not be worth your while.
Web-hosted applications
Full-featured applications hosted online or in the cloud usually offer great flexibility and cost benefits. However, you should consider certain risks with cloud accounting packages, such as data protection, business continuity and issues around service provision. For more information, see cloud computing.
Within these three categories, you can choose from many different accounting packages. It is important to choose the solution that fits your business needs. Avoid paying for extra features if you don’t need them and, if possible, check trial versions first to make sure that the software meets your expectations. See more on choosing the right accounting package.
Accounting software allows you to monitor and manage the financial health of your business. Many different types of accounting packages are available on the market, with options to suit different business sizes, sectors, industries and even work processes.
Types of accounting packages generally fall under three main categories of products.
Small business payroll and accounting
These are usually simple programs, easy to use, with basic or add-on features. You can find them off-the-shelf or over the internet. Some programs and apps may allow you to create customised functions or modules to fit your specific needs. Read more about payroll software.
Business management software
These accounting packages are usually more expensive and offer all the standard financial tools and reports, as well as a wider range of features and functions. For example, they will often integrate customer relationship management, billing, purchasing, supply chain software, inventory control, etc.
Enterprise-level software commonly features industry-specific modules, eg for construction or manufacturing. Keep in mind that advanced features come at a higher price, so unless you run a complex operation or have very specific business needs, investing in such software may not be worth your while.
Web-hosted applications
Full-featured applications hosted online or in the cloud usually offer great flexibility and cost benefits. However, you should consider certain risks with cloud accounting packages, such as data protection, business continuity and issues around service provision. For more information, see cloud computing.
Within these three categories, you can choose from many different accounting packages. It is important to choose the solution that fits your business needs. Avoid paying for extra features if you don’t need them and, if possible, check trial versions first to make sure that the software meets your expectations. See more on choosing the right accounting package.
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Xero , Sage so , QuickBooks,etc...
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