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accounting software
Accounting Software
Accounting software records and processes financial transactions such as accounts payable, accounts receivable, and payroll.
There are many types of accounting software both custom built in-house by the company, or purchased from a software company. Or you may select accounting software which is a combination of off-the-shelf software with modifications.
Costs for accounting software also vary.
There are various modules in accounting software. When selecting software you should consider what your business needs are and then make sure your software does everything you want it to do. Some modules include:
- Accounts receivable -- money received by the company is entered here
- Accounts payable -- bills and money owed
- General ledger -- financial statements
- Billing -- invoices to clients/customers
- Stock/Inventory -- control of inventory
- Purchase Orders -- ordering inventory
- Sales Orders -- customer orders
Optional modules:
- Debt Collection -- track attempts to collect overdue bills
- Expenses -- employee business-related expenses
- Inquiries -- find information without editing or adding information
- Payroll -- salary, wages, and related taxes
- Reports -- printing reports
- Timesheet -- professionals (such as attorneys and consultants) record time worked to be billed to clients
Note: (Different vendors will use different names for these modules)
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