Types of Accounting Software
Table of content:
- Introduction
- Types of accounting software
- Conclusion
- FAQs
Introduction:
With the advent of the internet, our lives were changed like never before. As the speed and capabilities of the internet increased, so did our dependence on it. From our phones to our laptops, everything has an internet connection on it. All the latest technology is being released with an integrated internet system. If all the technology was suddenly taken away from each and every one of us, we will be thrown back to the stone age in an instant. Everything that we as humans have discovered after the bronze age can be called technology. Imagine a world without wheels, horrifying right?
This is how important all these technological advancements are for the entire human race. All of this technology has seeped into every field of our existence. From agriculture to financing, we rely on technology only. Therefore, even our businesses and their accounting sectors have also become dependent on technology. There are many accounting software that has crossed the barrier between big and small finances.
This is the exact crux of our topic for today, different types of accounting software. We will decode the various types of accounting software floating around in the market. So, let us submerge into the world of accounting software without wasting any time.
Types of accounting software:
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1. Small Business Accounting Software:
These software solutions help small businesses and startups in managing their finances and accounts. They are accurate and can handle a hefty workload.
· Examples: QuickBooks, FreshBooks and Xero.
2. Enterprise Accounting Software:
These advanced services, specifically designed for larger and more accomplished businesses, offer multi-currency support and advanced analytics, helping businesses scale their operations.
· Examples: Oracle Financials Cloud and Microsoft Dynamics 365 Finance.
3. Cloud-Based Accounting Software:
Using the cloud technology, these software upload and secure a company’s data on a remote server. This way, anyone authorised by the company can manage the company’s finances from anywhere in the world.
· Examples: QuickBooks Online, Xero and Wave Accounting.
4. Desktop Accounting Software:
These accounting software solutions are a little outdated as they might need a specific set of features on a system or a network.
· Examples: QuickBooks Desktop and MYOB AccountRight.
5. Freemium Accounting Software:
Just like a music streaming application, these are the software that offers free versions of the same software. However, the free software might lack several features and the customers might get asked to pay for the premium version of the software.
· Examples: Wave Accounting and Zoho Books
6. Open-Source Accounting Software:
Like Linux, these software solutions are open-sourced, allowing businesses to customize and modify them to meet their specific needs
· Examples: GnuCash and FrontAccounting.
7. Industry-Specific Accounting Software:
Some businesses in the world might have a specific set of requirements for their accounting software. That is where these Industry-specific software solutions come into play.
· Examples: FreshBooks (for freelancers and service-based businesses) and Restaurant365 (for restaurants).
Conclusion:
We cannot argue over the fact that technology has already surpassed every human imagination. It was time that our accounts were also simplified by tech and that is exactly what this article was about.
FAQs:
Q. What is QuickBooks?
QuickBooks is an accounting software created for small and medium businesses.
Q. What is MYOB?
Mind Your Own Business or MYOB is one of the most used accounting software in the world. It can be used to manage personal finances as well.
Q. Can I join these courses without having a UG degree?
Yes, we offer certification courses and there is no requirement of having a UG degree.
Q. What is the duration of the course?
Multiple Accounting courses range from 2-6 months depending upon the student’s requirements.
Q. Will I get a job after this course?
We do not offer job guarantees, we offer extreme subject awareness and knowledge. You will get a job depending on the skills that you develop with us.