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Accounting Software and their Different Categories

by

Darcy Grubaugh

Accounting software, such as the

Peachtree Quantum 2012

, are specialized tools which help businesses manage their finances. Such software can document, process, and organize a company’s numerous accounting transactions. They also work as accounting information systems; tools that rely on users, software, and information technology infrastructure to operate accordingly. An accounting information system (AIS) accepts data and instructions entered by users into the system, and make use of an application and IT infrastructures to process the data.

Accounting software often classifies the data to be processed in different modules as needed by the company utilizing them. The most common areas of accounting modules include accounts receivable and accounts payable; accounts receivable refer to money obtained by the business, while accounts payable pertain to its bills and debts. Retailers may also have billing and inventory modules, where customer invoices and inventory figures are stored, respectively. Other industries may have non-core modules included in their accounting software to fulfill particular tasks specific to their trade. This may include debt collection to keep track of overdue bills, timesheets for professionals who are paid by the hour, and purchase requisition modules to document request for purchases ordered and approved. The names for such modules vary from each business and company. The cost to install and configure an accounting system like the Peachtree Quantum 2012

is half or usually twice as much as the actual software purchased when the transaction is made through a reseller or consultant. The products of mid-market software manufacturers are often exclusively sold through these resellers, made possible through payment of a license fee. Other manufacturers directly sell and provide customer support to their users, thus eliminating the reseller stage.

Accounting software is categorized depending on which industry they are utilized and their different features. Personal accounting software is used in processing basic accounting transactions and managing budgets. Low end application software is used in general fundamental business transactions, and have inadequate security and audit trackers compared to mid-market software. Mid-market software, however, serves a wide range of accountancy standards and is utilized by companies to process transactions in different currencies. An example of such mid-market software includes the Peachtree Quantum 2012

. Accounting software like this also has add-on management information systems, which are directed to enhance productivity of various markets. High-end accounting software takes around six months or more to implement, and are created to facilitate processes specific to certain companies. High-end accounting software can be customized to meet the different accounting functions of businesses.

If you have questions, please visit us at www.quantumbuyers.com for complete details and answers.

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