Different Types of Accounting Software

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Status: In Progress  |  Genre: Other  |  House: Booksie Classic

Accounting software is a type of computer-based or mobile-based application that can be utilized by accountants and bookkeepers for the tracking and reporting of financial dealings.

The types of accounting software are based on its area of operations. As per different working conditions and environments, we can classify them into three main categories.

 

1.Basic Accounting Software for Billing

Most of the small and medium commercial firms utilize basic Accounting Software for the purpose of billing and invoicing. It can also accomplish the tasks with daily operations, for any product and service-oriented business organization.

2.Payroll Management Software

This kind of effective Accounting Software in India takes on the tasks in the area of payroll management. Register of payroll, employee’s salary and other benefits calculations, deductions, salary money transfer to the employee’s salary accounts, reporting, tax calculations and deductions, salary slip generations, and many more operations can be done with the Payroll Management Software.

3.ERP Software for Accounting

ERP stands for Enterprise Resource Planning. Bigger enterprise-level companies utilize ERP accounting software to accomplish huge numbers of operations. Such applications come with a large variety of modules that can help the company in managing their overall financial operations like billing & invoicing, making of sales and purchase orders, handling of expenses, payment via Electronic modes, management of assets, and many more.

 

Benefits of Accounting Software

As of now, we have got some ideas about the accounting Software and its types, we can move onto the benefits of such applications. Check some of the great benefits of Accounting Software for any kind of organization.

1.Simplification of accounting tasks

One of the best advantages and features of Accounting Software in India is the automation of accounting processes. With the application, the company management takes the opportunity of automated entry and calculations that ultimately simplifies the company’s accounting operations.

2.Savings of Time and Money

As we have already mentioned that Accounting Software is more or less automated. Hence all kinds of challenging calculations are done with ease. It has two types of unique benefits. Firstly, it helps in reducing the duration of such tasks. Secondly, it reduces the possibility of hiring human resources for such tasks thus, saves money.

 

 


Submitted: July 19, 2021

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