COMMONLY USED BUSINESS SOFTWARES:

ACCOUNTING SOFTWARE
Accounting software is a type of computer software used by accounting
professionals to manage accounts and perform accounting operations.
Accounting is the systematic practice, work or process of communicating and
recording financial information. In a business setting, this is done for the purposes of
internal and external audits, required reports and financial analysis to meet legal or
internal managerial requirements. Accounting may also include systematic and
diverse measurement, classification, verification, summation and interpretation of
financial information.
Accounting software can range from simple, single-entry programs used for
individual record-keeping to more sophisticated, double-entry systems that can
process accounts receivable, accounts payable, payroll and inventory, among other
functions.
Advantages
 On daily basis and in daily routine accounting packages can help in businesses,
including preparing invoices to customers. There are many advantages of using
accounting software. In the whole world. There are a large amount of people get
advantage from using the accounting software.
 Time Saving: In accounting package the major thing and the most important
advantage is that it saves a lot of time over manual bookkeeping. With a
computerized accounting package, front end business documents and back end
transaction recordings are completed simultaneously. For example, you can create
customer invoices, prepare bank deposits and write checks in the program, with the
added benefit that the system records each transaction for you. We can manage all
over the working of accountancy within few times.
 Financial Statements: In a manual accounting framework, the general record is
accommodated toward the end of the year and the purifies for every record are
assembled to make an arrangement of money related proclamations for assessment
and administration purposes. In an electronic bookkeeping framework, monetary
articulations for any time frame can be created with the snap of a catch. This permits
a business director to survey an organization's monetary execution continuously and
address worries before they get to be risky.
 Cash Flow Management: In accounting there is a great advantage that it allows you
to record receivables and payable in every system. This allows the system to project
your cash flow position into the future. For example, if you have submitted all your
bills and customer invoices in the program with their due dates, you can print a report
that will tell you if you will have enough money between what you have now and what
you expect to be coming in to cover the bills that are due. You have records of all
bills and invoices. This forward planning tool can help you avoid overdraft charges
and late fees.
 Learning Curve: The other advantage of accounting system software is learning
curve, especially if you have not used one before. It can often be difficult for a small
business owner to spare the time to learn how to use the package properly, which
can lead to errors and reconciliation issues. Proper training is essential to getting the
most out of your accounting system. We can easily cope with errors in small
businesses.
 Fixing to Computer Availability: Another drawback of automated bookkeeping
bundles is their reliance on the organization's PCs being up and running. In the event
that your business experiences booked PC upkeep or other downtime, you will need
to hold up until the work is finished to have the capacity to get to money related data
on clients, suppliers or representatives.
 Advantage of accounting software: Too much advance for new generation and
especially for youngsters that they work very speedily by accountancy, the process
run faster and more efficiently a major advantage. In all over the world. There are
many advantages of accounting software. Instead of using the old-fashioned manual
paper and pen, you can print professional-looking invoices fast. You even can send
out invoices via e-mail. The faster invoices get out, the faster you are likely to get
paid. Many invoicing or billing software packages interface with the rest of your
accounting software, making the process of preparing invoices and recording them
seamless, fast and automatic.
 Minimize Errors: When you use a computerized system, you make some mistakes
in calculating totals or in typing, decreasing confusion. Invoice software usually
allows you to include a tax percentage when appropriate, with the system performing
all calculations. This is a useful advantage, especially when you have detailed
invoices where hours or specific items are billed at different rates. Once a system is
set up properly, you pick and choose items to be invoiced and the rest is done for
you. There is many low risk of blunder and error in accounting software.
 Hybrid solutions: As technology improves, software vendors have been able to
offer increasingly advanced software at lower prices. This software is suitable for
companies at multiple stages of growth. Many of the features of mid-market and
high-end software (including advanced customization and extremely salable
databases) are required even by small businesses as they open multiple locations or
grow in size. Additionally, with more and more companies expanding overseas or
allowing workers to home office, many smaller clients have a need to connect
multiple locations. Their options are to employ software-as-a-service or
other application that offers them similar accessibility from multiple locations over the
internet.
 SaaS bookkeeping programming: With the approach of quicker PCs and web
associations, bookkeeping programming organizations have possessed the capacity
to make bookkeeping programming paid for on a month to month repeating charge
rather than a bigger forthright permit expense. The rate of selection of this new plan
of action has expanded consistently to the point where legacy players have been
compelled to turn out with their own online renditions. Cloud bookkeeping
programming appears to all the more quickly receive by regions where costs are for
the most part higher because of higher delivery expenses and value separation
hones.
 Computerized invoice: A major advantage of using a computerized invoice system
is the capability to run reports to determine which customers have paid. An aging
report shows you who owes you, how much and for how long. This is done easily and
puts you in control of your finances. You can contact customers who are late-payers,
minimizing losses. A maturing report demonstrates to you who owes you, how much
and for to what extent. This is done effortlessly and places you in control of your
funds. You can contact clients who are late-payers, minimizing misfortunes. A well-
run business relies on prompt and reliable information, and a computerized invoicing
system fits this requirement well.
 Organization: It is easy to lose or forget about invoices, especially when they are
prepared manually. They can get lost in the mail, or they may be misspelled in a
manual system. With an accounting software package, the data is there--all
organized in one place to be reviewed, reprinted and resent in case of problems. You
usually can look in the system for invoices based on names, amounts or invoice
 numbers. It is a fast and easy process because the software organizes data as it is
entered.
 Information Accuracy: Organizations huge and little should keep exact records of
their funds. In a few circumstances, there might be lawful implications for anything
besides the most points by point and particular records of bookkeeping practices.
Obviously, it is difficult to totally take out human blunder in any attempt, yet
bookkeeping programming can disentangle parts of record keeping that may some
way or another be inclined to botches. These projects consequently make the
important estimations when you enter orders, exchange subsidizes or continue with
any of the different budgetary exchanges you are liable to experience when
maintaining your business. As opposed to depend all alone work with a paper record
and a number Cruncher, let bookkeeping programming computerize assignments
and decrease mistakes.
 Time: Bookkeeping programming at least spares you time in various ways. By wiping
out manual counts and record keeping, you can put your vitality to better use by
giving the product a chance to handle errands you would regularly make sense of
yourself. In the event that you work with a staff, you may spare worker hours with
projects that robotize assignments, for example, monitoring representative hours and
producing finance. These errands could involve a noteworthy piece of your work day
on the off chance that you oversaw them totally all alone.
 Inventory: If your business manages a product inventory, you no doubt understand
how important it is to always know what you have in stock. Good accounting software
automatically tracks inventory as you process product orders. Some programs can
project when you will run out of a product, so you know when to order more.
Using accounting system software in inventory tracking has a time-saving
advantage along with the accuracy of results.
 Software excels: Accounting software excels at analyzing your business practices
and letting you quickly identify how money flows through your operation. When an
application manages all your financial transactions, it has extensive data at its
disposal to generate various reports. You can quickly see how your revenue is
divided among different operating costs. You can calculate your bottom line more
efficiently and track which parts of the country generate the most interest from
customers. The reporting options are virtually unlimited depending, on the type of
software you use and the information you provide it. You will have all the data you
need to run your business at your fingertips.

Above all we describe the whole advantages of using of accounting software, but there are
some disadvantages along with them, and are following are these.

Disadvantages
 Not all businesses will benefit equally from usin accounting software. If you’re
thinking of switching from manual to computerized accounting, you should consider
these possible drawbacks: Cost: the bundle cost, albeit little in connection with your
different expenses, is higher than a paper-based framework.
 Usage: you will presumably require some underlying help setting up a records
bundle. This will more often than not be a chargeable administration, maybe acquired
from your bookkeeper or the framework supplier.
 Support: you may need to buy yearly upkeep and backing for your bundle.
 Concentrated requirements: a records bundle is intended to suit most sorts of
business. In any case, if your business is extremely uncommon you may find that you
have to change the way you work to suit the bundle, or pay to have the bundle
adjusted to suit your requirements. You can't effectively deal with your business
 without some kind of a bookkeeping framework. Whether you pick manual over
mechanized arrangement, it's altogether up to you.

1. DATABASE SOFTWARE
Database software is a software program or utility used for creating, editing and maintaining
database files and records. This type of software allows users to store data in the form of
structured fields, tables and columns, which can then be retrieved directly and/or through
programmatic access.
Database software is also known as database management software (DBMS), although
these terms are not exact synonyms.

Database software is primarily used to store and manage data/databases, typically in a

structured format. It generally provides a graphical interface that allows users to create, edit
and manage data fields and records in a tabular or organized form. The data/database
stored using this software can be retrieved in a raw or report based format.
Although database software is similar to database management software (DBMS), most
database software lacks native language support, such as SQL, MySQL or any other
database querying language. For example, MS Access software allows users to create,
manage and query a database using its GUI controls and features, without having to write
programming queries.

Advantages

 Reduced data redundancy

 Reduced updating errors and increased consistency
 Greater data integrity and independence from applications programs
 Improved data access to users through use of host and query languages
 Improved data security
 Reduced data entry, storage, and retrieval costs
 Facilitated development of new applications program

Disadvantages

 Database systems are complex, difficult, and time-consuming to design

 Substantial hardware and software start-up costs
 Damage to database affects virtually all applications programs
 Extensive conversion costs in moving form a file-based system to a database system
 Initial training required for all programmers and users

1. PAYROLL SOFTWARE
Payroll software is a type of software that assists with compensating employees for time
worked. This software can be purchased through a HR software vendor or can be included
as part of a HR software package as a module within a comprehensive system.

Basically, payroll software helps with calculating paychecks from hours logged in time and
attendance tracking systems. The software then draws paychecks or direct deposits funds
into employees’ accounts. Taxes and deductions are also calculated and withheld by payroll
programs.
Payroll software stores and tracks company information about employee compensation and
deductions. Each employee’s pay rate, pay type, and hours worked are stored in the system
and used to calculate gross income.

What Does Payroll Software Do?

 Calculates Deductions and Net income
 Prepares Tax Forms
 Keeps Records Effortlessly
 Determine Company Needs
 Employee Self-Service
 Cloud Based Software
Advantages
 If payroll is being done manually, automating systems by investing in payroll software
can help save labor dollars, eliminate errors, and avoid compliance issues.
Processes can be completed in a fraction of the time, which frees employees up for
activities that are more conducive to generating revenue. Having payroll software in
place can also help to make it easier for a company to adapt and take on more
employees as it grows.
 Shifting payroll from a third-party outsourcing situation to using payroll software can
save money, eliminate the potential for miscommunications regarding payroll, and
minimize the number of vendors that it is necessary to interact with regularly. If a
payroll solution is part of a comprehensive HR software system, processes will be
streamlined and it may be easier to cross reference information for decision making
purposes.
 Improves Compliance: Calculating company taxes and understanding what
reports to file can be confusing, missing deadlines for these items can garner hefty
fines and penalties.
 Payroll software programs helps companies by providing information and reminders
about compliance needs. The software is updated regularly so companies always
have the most current information regarding changes in tax laws and other
regulations. Some software can be set up to automatically generate reports and file
taxes, so managers and employers simply have to submit approval before finalizing.

Disadvantages

 A distinct advantage of a payroll system is that it allows the employer to process its
payroll and comply with payroll tax and record-keeping laws. The payroll system can
be manual, outsourced or in-house computerized. Each system enables payroll
compliance, but each also has its disadvantages.
 Manual: The manual payroll system requires payroll processing to be done
completely by hand. Therefore, time card, wages and payroll tax computations; wage
garnishments; and voluntary deductions are done manually. Furthermore, paychecks
and pay stubs are handwritten or printed on a typewriter. The main disadvantage with
this system is its high room for error. The more manual computations the payroll
representative has to make, the more errors she’s prone to make. Furthermore, it’s
time-consuming because to ensure the payroll is accurate, she has to triple-check
the data before printing checks. Even then, it’s possible to miss errors.
 Paper filing is required with this system, which can create clutter. Furthermore, if the
payroll representative does not understand how to calculate payroll taxes manually,
erroneous tax withholding, reporting and payment occur. This can result in penalties
from federal and state tax agencies.
  Outsourced/External: The employer uses the outsourced or external payroll system
when it hires a payroll service provider. The latter has a payroll staff that, for a flat
fee, processes its clients’ payroll. Services vary by provider, but most payroll service
providers perform paycheck and direct deposit processing. Many also offer payroll
tax and benefits administration.
 Because the employer is entrusting its payroll tasks to an off-site company, it can
suffer from not having immediate help when needed. If the payroll service provider
has many clients, the employer may have to wait in line to get any problems
resolved. Depending on the urgency of the situation, this can be frustrating to the
employer. Furthermore, according to the Internal Revenue Service, if the payroll
service provider makes a tax error, the employer alone incurs the penalty. With the
payroll being processed off-site, if there’s a problem with it, the employer may not
know about it until payday.
 On-Site Computerized: The in-house computerized system enables the employer to
use an on-site payroll staff and payroll software to process its payroll. The employer
must invest in and maintain the software, which can be expensive. Depending on the
complexity of the software, the employer may have to pay for training for the payroll
staff. Furthermore, depending on the size of the payroll, the employer may have to
employ a full payroll staff. This system can prove expensive in that may require the
employer to pay salaries and benefits to the payroll staff, plus pay for technical
support when software glitches occur. The employer has to also pay overtime (if
worked) to payroll personnel who qualify for it.

2. ASSESTS MANAGEMENT
SOFTWARE
Asset management software is a dedicated application which is used to record and track an
asset throughout its life cycle, from procurement to disposal. It provides an organization with
information like where certain assets are located, who is using them, how they are being
utilized and details about the asset. The asset management software is used for
management of both software and hardware assets.

Asset management software is also known as an asset management tool.

Asset management software tracks every aspect of an asset and is very useful to an
organization because, aside from keeping track of assets, it can also provide additional
functions like:

 Measuring vendor performance

 Optimization of supplier portfolio
 Vendor audit and policy compliance
 Optimization of costs for licensing
 Streamlining of procurement processes

Advantages

There are many advantages to taking such a global, holistic view of IT to ensure cost-
efficient operations, achieve corporate objectives, and maximize ROI. In particular, asset
management can help:

 Tracking: The low-hanging fruit in asset management is a complete list what the
business owns and leases, including where assets are located, how they are used,
and when changes were last made (and what those changes were). Such a
comprehensive survey of IT hardware, software, consumables, etc., provides the
basis for the other benefits.
  Operational Efficiency: Realizing efficiencies depends on aligning needs and
requirements with existing capabilities. What can be leveraged before more spending
is considered? What can be eliminated to save money? Asset management puts a
full understanding of IT assets, their capabilities, lifecycle, upgrade expectations,
maintenance requirements, etc., at the disposal of executive decision-makers to
answer these and other questions.
 Maintenance savings: Assets require different maintenance activity at different
stages of the lifecycle, so asset management can help ensure spare parts and
human resources cover corporate corporate needs, without over-spending. Asset
management also enhances the ability to take advantage of lower cost support
contracts when hardware hits the “sweet spot” for third party maintenance, usually in
the third or fourth year.
 Multi-site integration: Organizations that boast multiple locations or multiple data
centers can more easily create inventory reports and provide other IT asset
information that may be required by insurers, auditors, finance executives, or others.
 Financial reporting: Accounting for hardware and software acquisitions,
expenditures on related services and other needs, and amortization rates is key.
Asset management can ensure that corporate financial statements fully disclose
these details.
 Asset recovery: Sadly, IT hardware doesn’t live forever. Some assets will
eventually be redeployed, potentially moving from mission critical application to a
remote office or other purpose. Others will be sold or scrapped. These changes, as
well as use of consumables and spares, need to make it to the business books.
 Risk management: Having an IT function inherently entails risk, and asset
management helps identify where those risks lie and what types of proactive
solutions can be employed to avoid them.
 Forecasting: Having an accurate acquisition history and understanding what is
deployed now empowers an organization to identify trends. This can provide a basis
for predicting IT needs and budgets.
 Accuracy: It’s tough to keep track of all the pieces that comprise enterprise IT. With
strong asset management, it becomes easier to tell when items are lost or stolen and
deal with the underlying causes—such as overly broad access to storage areas—and
reduce vulnerabilities. Recovery efforts can also be initiated promptly.

Disadvantages
 Time-consuming if you choose the wrong system. Make sure you analyze your own
business, the scope of the projects you lead and work on and decide on the type of
the property management system which will suit you the best. If you are running a
small business, choosing a simple, user-friendly interface PMS is the best option.
 Might seem expensive for a small business. However, the system will pay off within
less than a year as it will literally start making money for you. The investment is worth
the expense in the long run.
 Training (cost and time). This depends on the readiness of your staff to learn.
However, the software is user-friendly and everyone should be able to learn how to
use it within a week.
3. WORD PROCESSING SOFTWARE

A word processor is software or a device that allows users to create, edit, and
print documents. It enables you to write text, store it electronically, display it on a screen,
modify it by entering commands and characters from the keyboard, and print it.
Of all computer applications, word processing is the most common. Today, most word
processors are delivered either as a cloud service or as software that users can install on a
PC or mobile device.

Advantages

 Word processing software first came into widespread use with personal computers in
the 1980s, and the importance of word processing tools such as Microsoft Word and
Google Docs in many offices is difficult to overstate.
 The software largely replaced typewriters for a number of reasons, including the ease
of making corrections and the relative lack of maintenance needed compared to
typewriters, which required maintenance and ink replacements. Computer keyboards
are usually less noisy than typewriters, which can be an advantage in some
environments as well.
 Modern word processors also make it easy for multiple people to collaborate on
editing one document, which can be an efficiency gain for office workers and
students.
 Word processors also enable wide choices of fonts, text colors and other formatting
options that often aren't readily available to end users with other devices. Many also
offer built-in spell checking and grammar checking, which are useful for proofreading.

Disadvantages

 Word processors haven't entirely replaced older technology. Some writers prefer the
slow, mechanical process of using a typewriter or a pen or pencil, saying it helps
them think deeply about the words they're putting onto a page.
 Using word processing software requires a learning curve. Some people who grew
up before word processors prefer to use older technology to avoid the learning curve
that is necessary to master the keyboard, mouse and icons in use in word processing
software.
 In some cases, it's difficult to use word processors to fill out existing paper forms
because it's hard to get a computer printer to align the text properly without
sophisticated programming. Typewriters are sometimes used in these cases because
they can line up text exactly where it needs to go. They can also be used in
environments where computers aren't available, such as prisons.
 In some cases, using word processors or any other digital tool can lead to security
risks. Typewriters are sometimes used to handle sensitive documents to reduce the
risk of digital spying. There is no electronic copy for hackers to find when a document
is produced with a typewriter.
