As technology improves, software vendors have been able to offer increasingly advanced software at lower prices.
Different Types of Accounting Software Packages
There are different types of Accounting Software Packages that are designed to cater the different needs of different businesses. Below are some of the popular and general types of accounting software.
Accounting Software for Personal Use
This kind of private software is meant for home use. The applications here are adequate and simple and are meant to meet with all the basic accounting requirements such as, budget planner, accounting spreadsheets, diagrams, bookkeeping, etc.
Accounting Software for Small Business
These accounting softwares fulfill the accounting needs of small businesses, such as, creating invoices, financial reporting, merging accounts and payrolls.
Accounting Software for Big Business
These expensive software allow have a large number of applications which can be that can be accessed from anywhere. These softwares can be very complex and extremely functional.
List of Accounting Softwares
There are a wide range of accounting software for different needs. Below is a list of softwares used.
-Peachtree Complete Accounting
-CYMA Accounting for Windows
-Netsuite Small Business
-Accpac from Sage
Advantages of using computers in accounting
(1) Faster and efficient in processing of information.
(2) Automatic generation of accounting documents like invoices, cheques and statement of account;
(3) With the larger reductions in the cost of hardware and software and availability of user-friendly accounting software package, it becomes relatively cheaper;
(4) More timely information can be produced;
(5) Many types of useful reports can be generated for management to make decisions
(6) Increased accuracy of information
(7) Improved reporting and analysis
(8) Greater flexibility of use of information
(9) Internal control system of increased productivity
(10) Easy back up and restoration of records
Disadvantages of using computers in accounting
(1) Power failure, computer viruses and hackers are the inherent problems of using computerized systems;
(2) Some accounting system may not be properly set up to meet the requirement of the business due to badly programmed or inappropriate software or hardware or personnel problems can caused more havoc.
(3) There is the constant threat of computer fraud or computer damage due to virus. It means that appropriate types of monitoring and control and security features need to be constantly in place.