Depending on the type of operations, accounting & finance systems fall under four different categories. There are also wide-ranging accountings suites designed for enterprises that combine the finest features of every category. Here is a brief summary:
Payroll management systems
If looking to protect control over your account payables and account receivables, you must be looking for payroll management systems that will handle it all. These tools were developed to carry out a collection of different tasks, as well as calculating employees’ salaries, cutting deductions, depositing the salary directly into staff members’ bank accounts, producing tax forms, payslips and more. On the long run, they will make safe your financial transactions, cut expenses, and help set up detailed reports.
Billing & Invoicing systems
Billing and invoicing systems absolute companies’ basic, day-to-day tasks, including check writing and informing customers of their due payments. They are significant to preserve control over the accuracy of accounting figures and make service look more specialized and believable to the end-recipient. On the company’s side, billing and invoicing tools help document finance activity and arrange it for authorization and validation.
Enterprise resource planning systems
It is the most significant accounting software categories that combine all systems used for product planning, material purchasing, inventory management and control, distribution, accounting, marketing, finance, and HR. The latest ERP solutions also offer modules for CRM and business intelligence, so that the business can learn from its own practices and prepare enhanced strategies in the future.
Time & Expense management systems
These apps were designed to help accelerate billing cycles and grant expenses on the go, and are usually configurable sufficient for any company to adjust them to its operation pace. The core rationale behind them is to help gather payments faster and discover slow and ineffective practices that were not visible before. Their biggest advantage is being able to construct detailed graphical reports on how time and resources are being used in each company.
Custom Accounting Software
Sometimes, a business creates its own accounting software. This often happens almost by accident: as the business grows, knowledgeable staff may be asked to write software to handle various accounting situations until, after a time, the business may find it has created its own custom accounting software.