Different Types of Accounting Software

1. Different Types of Accounting Software Accounting software is used for collecting financial reports for the visibility and viability of the company. This software is crucial for the proper working of the organization and accounting software helps in proper maintaining of the accounts. Before deciding which software package to use, you have to see all the different types of software that are available in the market for small business accounting. All software is not for all kinds of uses, so learn to make a difference between both. These are available at affordable rates and are so popular among businesses. Some of the major types are listed as under: 1. Spreadsheets Small businesses can be seen using spreadsheets as part of their free accounting software. The spreadsheet software is inexpensive and there is no requirement for configuration at all. But spreadsheets can create errors as the information can be misplaced while placing. This can result in inaccurate financial statements. Spreadsheets are only used in companies having less volume of financial work in it. 2. Enterprise Resource Planning software ERP helps in the integration of all the information into a single database. And accounting software helps in doing the same. This approach is so nice because it eliminates any kind of independent department-specific software by not providing the information. But ERP is very expensive and the installation can take more than 1 year. This software is mostly used in large and expensive organizations. 3. Commercially available software This is the predominant free accounting software that is used throughout the world. It is configured as per the needs of the business containing multiple layers of error detection in it. There are COTS packages for so many different industries targeting the needs of the markets. It may require certain consultants for installing and the installing can be lengthy at times. A variation of the same is also present in the online mode logging into the vendor's account from the software. But for that, there is a necessity of fees paid at the end of every month. 4. Customized accounting software This software is made especially for your organization and this software is made only when small business accounting needs it. This step is taken very rarely or when the employees demand it. The custom packages need more maintenance than the available packages.

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