Simply put, accounting is the lifeline of a business. Accounting deals with summarizing, analyzing and reporting the financial data and information about a business. An accounting software records and processes the accounting transactions of a business within its functional modules. Financial statements consisting of the balance sheet, profit and loss account, and statement of changes in financial position can be easily prepared with an accounting software.
An accounting software is all about the various functional modules that it has. Some of them are- General ledger which takes care of the company’s financial dealings; Accounts Payable where the company enters its bills and pays the money it owes; Accounts Receivable where money received is entered.
The different categories or types of accounting software are as follows:
a) Small business/personal accounting software which are mainly meant for home users. They are simple and inexpensive with simple functioning such as management of budgets.
b) Low end accounting software are for small business markets that are capable of serving a single national market. Such software are characterized by...
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