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There are certain core modules that are basic to all types of accounting software; the most common ones are accounts receivable and payable, stock levels, purchase and sales orders, billing and the general ledger.
Some types of accounting software come with timesheet records, for professionals who need to keep track of hours worked for billing purposes. The various types of accounting software have different pricing models and accounting software prices are generally worked out based on either one price regardless of the number of users, a price based on number of users simultaneously accessing the system, or a price structured around the total number of users that will at any stage use the accounting software system.
Large applications can be broken down into the various accounting modules, so you need only buy what you require.
They can be roughly divided into the following categories:
Personal accounting – these are personal financial management tools which enable consumers to track and manage their money. Some are web-based applications that are easily accessible, and some are desktop accounting modules which can be downloaded onto a computer.
Low end – these are inexpensive types of accounting software applications that allow basic accounting functions to be performed; they do not necessarily have security checks or audit trails.
Mid market – The accounting software systems suitable for the mid-market are those that comply with different accounting standards and possibly different currencies. These types of accounting software should handle robust databases, analytics and reporting tools
High end – the different accounting software systems for the high-end market are very complex and expensive systems which are also known as enterprise resource planning or ERP software. There is inevitably a lot of customization of various accounting modules to fit exact business requirements.
Vertical market – these are proprietary industry-specific types of accounting software with features tailored for a particular industry. Common examples are those for banking, medical, construction,retail industries and non-profit organizations.
Hybrid software – these are accounting software solutions appropriate to small companies that are fast-growing, and need some of the features found only in those types of accounting software for mid-market or high-end firms. To get accessibility from multiple locations, some firms are employing software-as-a-service or similar applications that can be accessed via the internet.
There are free and open source types of accounting software which are very suitable for personal, low and sometimes mid-market uses. These are freely used or modified by anyone who downloads the application and these types of accounting software are distributed with a free software license. Many of them are powerful multi-user and easy-to-use applications.
Making the right choice depends on the needs of your business, scalability and after-sales support, among others. We have accounting software experts on hand to provide you with a free consultation to help you with the types of accounting software appropriate your business. To get started, all you need do is to fill the contact form on the right for someone to get back to you.