Related Sponsors

What Can Accounting Software Do?

Home » Accounting » Accounting Software » What Can Accounting Software Do?

Many programs, such as Business Essentials Pro, by MYOB, offer accounting applications with complete sales and purchases, inventory tracking, customer management and payroll features. Additional features include tools for conducting performance evaluations, employee training, and attendance tracking. Business Essentials Pro is available for just under $300. Microsoft’s Money 2005 Small Business offers many of the same features, such as cash-flow management, tax planning, inventory tracking and payroll. It also helps create invoices, automatically categorize business and personal income and expenses, and manage accounts receivable and payable, all for around $89. However, even though these two accounting software programs appear to be comparable on the surface, they may not be. It is best to take advantage of each company’s trial version before purchasing to make sure the accounting software program is right for your business.

Some features that are available in different accounting software packages include:

• Accounts Payable,
• Accounts Receivable,
• Auditing,
• Budgeting, Planning and Forecasting,
• Cash Management,
• Foreign Currency Conversion,
• Fund Accounting,
• Inventory Tracking,
• Invoicing,
• Job Cost Analysis,
• Order Entry,
• Payroll,
• Purchase Orders,
• Point of Sale Tracking,
• Remote Access via the web,
• Sales Analysis,
• Tax Preparation.
• Tax Forms, such as W-2’s and 1099’s, and
• Time Sheets.

Depending on the type of business you run, the features you need will vary. Manufacturing businesses require different forms than a small boutique. The features listed above are not the only options available, and your business may require something that is not listed here. However, knowing what accounting software is available and what features each program includes, will help in choosing which features will be helpful in your particular business.

Next Page: What Accounting Software is available?

Related Accounting Software Articles