ACCOUNTING SOFTWARE  is a structure that a business uses to collect, store, manage, process, retrieve, and report its financial data so it can be used by accountants, consultants, business analysts, managers, chief financial officers, auditors, regulators, and tax agencies. The intent of an accounting system is to document, compile those transactions into an accumulated form, and construct reports that can be used by decision makers to oversee, evaluate, and improve operations.

Types of Accounting

There are two types of accounting systems:

1. Single Entry System

A single entry system of accounting is usually used by very small businesses for its simplicity.  It is convenient, simple and provides costs savings as it does not require complex software. A small business owner could run a single entry system of accounting on an excel program, as desired.

2. A Double Entry System

A double entry system is a much more detailed bookkeeping process, typically used by commercial businesses. A double entry system will provide complete records and allows for the creation of proper financial statements. Errors are also quicker to detect. A double entry system of accounting paints a much more accurate picture of a company’s finances. It is costly, often complex, and time-consuming. It is also subject to error too, if an entire transaction is not recorded there is no way for the system to know examples:

• Chart of accounts
• Sales tax summary
• Invoice summary
• Payment summary
• Expense reports

What Are the Types of Accounting Methods?

There are two types of accounting methods: Cash Accounting and Accrual Accounting:

Cash Accounting Method

Cash accounting records income and expenses as they are received and paid (when the money trades hands).

Accrual Accounting Method

Accrual accounting records the dollar amounts when a transaction (a bill going out or an invoice coming in) occurs, not when the cash is actually exchanged. An accrual accounting method is required by law when a business exceeds 5 million in sales. It is believed that this method of accounting gives a more accurate picture of a company’s finances.

BENEFITS OF ACCOUNTING SOFTWARE

• Maintain control of your finances:

Accounting software coordinates and stores your financial data in one location. It enables you to get a full view of your business’s financial performance in real-time.

• Automate invoices:

To keep cash flowing and your business growing, you must bill clients on time. The longer you wait, the harder it may be to collect. Our software will let you automate invoicing you can also create recurring invoices, send follow-up reminders, and accept digital payments directly from the invoices. You can as well track your unpaid invoices and offer discounts for early payments.

• Track expenses:

Our  accounting software can help you prevent that scenario by automating . With our software, you can scan and record receipts, as well as track mileage and expenses incurred on behalf of clients.

• Reconcile bank statements:

One of the basic feature of accounting software is the ability to connect with your bank accounts. With it, you can access your bank statements directly from your accounting software. You can also match and reconcile bank activities automatically.

• Taxes:

Filling of taxes can be cumbersome enough, but for small businesses it can be even more difficult to maintain compliance. Our software makes it easier. Many of the best accounting software programs automatically calculate sales tax and prepare tax forms for you.

• Reporting and analysis:

As you run your business, your accounting software collects a lot of data through integrations with your POS, CRM and other business applications. That gives you deep insight into your business. Most accounting software offers reporting functions, enabling you to easily analyze data and track performance.

• Manage inventory:

With our accounting software, you can track products sold, set reordering thresholds, and run reports on which items are doing well and which aren’t. Also if you need to keep tabs of your inventory.

• Easy collaboration with your accountant:

When you use accounting software, your financials are organized in one central location. Receipts are scanned in, tax forms filed and inventory tracked. That makes it much easier for your accountant to do their job. It also frees up the time it would take to gather the documents and information your accountant needs.

• Around-the-clock access

Our system is cloud based. That means you can check up on sales, accept payments and run reports whenever and wherever you are.

What are the features of accounting software?

• Accounts receivable
• Accounts payable
• Invoice processing
• Automatic invoicing
• Purchase orders
• Bank reconciliation
• Automatic payment
• Accounting reports(daily, monthly ,quarterly, semi-annually and yearly

• Variable wage schedules: Whether your employees are salaried or paid by the hour, a system that can accurately calculate what you owe them is essential.

• Direct deposit
• Automatic tax calculations
• Expense reimbursements and deductions

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