The use of software applications for the provision of accounting-related services has become common practice in the modern commercial world. The use of these software applications enhances the productivity of accounting professionals, leading to increased rates of client satisfaction.
There are various factors that an accountant needs to consider when looking to invest in work-related software programs. Because accountants are seldom IT experts, here is a discussion on the three types of commercial accounting software applications for the benefit of interested accounting professionals.
Entry Level Accounting Software Applications
As their name would suggest, entry level accounting software applications are the most basic of accounting software applications in terms of the features that they provide. They are also the most affordable.
Typical features of entry-level accounting software applications allow the accountant to undertake basic tasks such as creation of invoices and printing of cheques. These accounting software applications also have more complex features, which are only available via subscription. Entry level accounting software applications are preferred for the low initial capital input required for their acquisition. However, their functional capabilities are limited. A large number of accounting software service providers offer entry-level software applications on a free-trial basis for a pre-determined duration of time.
Medium-Sized Enterprise Accounting Software Applications
Medium-sized enterprises have fairly complex accounting needs; hence the need for them to use specialized accounting software applications. Software applications designed for medium-sized enterprises have the basic features of entry-level accounting software applications. In addition to this, the software applications have additional features that allow for their integration with other important aspects related to the operation of the commercial entity. Thanks to the additional features, these software applications allow for inventory management, point-of-sale transactions, and management of human resources among other important activities.
Because of the relatively large number of employees in a medium-sized commercial entity, the mentioned accounting software applications are designed to allow for simultaneous use by several employees.
Enterprise Accounting Software Applications
Enterprise software applications are developed with large, established commercial entities in mind. Enterprise applications can be said to combine features of the two types of software applications discussed above. In addition to this, a large number of enterprise accounting software applications incorporate a feature that allows for the management of customer relations. By using this feature, the commercial entity is able to respond to customer concerns promptly and monitor the rate of customer engagement.
Enterprise accounting software applications can be designed to support an infinite number of users simultaneously.Share
7 January 2016
Good day. I’m Linda and I run two family businesses — building contractor and aged care staff agency. It is quite a feat to juggle schedules and keep track of finances. I have become quite an expert with business management software. I have also learnt the vital importance of having good accountants to give advice and keep bookwork up-to-date. Prior to starting our family businesses, I honestly thought accountants existed to organise tax returns. I now understand that their jobs are much more complex and they can help your business prosper. I started this blog to highlight the numerous ways I’ve found that accountants can contribute to financial success. Please browse through the posts and I hope you find something useful within.