ACCOUNTING SOFTWARE

NAME :- Sahil Somnath Madhavi

REGISTRATION NO :- WRO0700467
What is Accounting Software ?

Accounting software is a computer program that

maintains account books on computers, including
recording transactions and account balances. It may
depends on virtual thinking. Depending on the purpose,
the software can manage budgets, perform accounting
tasks for multiple currencies, perform payroll and
customer relationship management, and prepare
financial reporting.
Accounting software describes a type of application
software that records and processes accounting
transactions within functional modules such as
accounts payable, accounts receivable, payroll, and
trial balance. It functions as an accounting information
system.
History of Accounting Software.

Till 1970th-80th accounting transaction was recorded by

manually. It was a book with assigned pages for each
account such as cash, receivables, payables, stockholder
equity. Everyday transactions were recorded by hand into a
journal. All these processes where inefficient, slow, and
manual. Even a minor mistake in these processes led to
long time spent for recalculations.
In 1978, the accounting world saw the birth of Visicalc.
It was the first spreadsheet software that enabled
financial modeling on the computer. During the same
year, Peachtree Software introduced an accounting
software package for the early personal computer. As a
result, companies could computerize their accounting
at a fraction of the cost of purchasing a mainframe.
Types of Accounting Software

■ Spreadsheet
■ Commercial Accounting Software
■ Enterprise Accounting Software
■ Custom Accounting Software
Spreedsheet: To help with bookkeeping, businesses often use
spreadsheet programs such as Microsoft Excel or Google
Spreadsheets. You can adapt a spreadsheet to almost any basic
accounting need.
Commercial Accounting: software: It such as QuickBooks or
Peachtree can handle most of a small to mid-size business’s
accounting needs. Its often includes graphs that summarize data,
reports that provide a picture of a business’s health.
Enterprise accounting software: Larger companies may have
enormously complex operations, and enterprise accounting
software helps in managing this complexity.
■ Custom accounting software: Sometimes, a business creates
its own accounting software, this are called custom accounting
software.
 Using area of Accounting Software.

■ Various Business Organisation

■ Governmental Institutions
■ Predict for Financial Condition
■ Forecasting Financial Condition any Intuitions
■ Determine profit or loss of any business organisation
or project.
Advantages of Accounting Software

■ Fast and simple data entry

■ Comprehensive and detailed financial reports
■ Consolidated data
■ Automated record keeping
■ Improves accuracy
■ Increase in efficiency
Disadvantages of Accounting Software

■ Manipulation in accounts
■ Escalating cost of renewals
■ Unclear implementation cost
■ Specialisation needed to operate
■ Multiple databases with no integration
Future of Accounting Software
Cloud Technology -
In cloud computing, users access software
applications remotely through the Internet or other
network via a cloud application service provider. With
cloud accounting, it’s easier to get real-time reporting
and visibility throughout your business, with greater
mobile capabilities and collaboration.
Cloud technology has changed the playing field for all
facets of accounting. Cloud data storage enables “virtual
firms” to operate with no physical office. Accounting
expertise can be spread over larger geographic areas and
niche firms can serve clients located outside their local
market. Cloud technology also increases the efficiency of
the accounting process.
Accounting Software List

■ QuickBooks
■ Oracle
■ FreshBooks
■ Tally
■ Marg
■ ZipBooks
Conclusion

■ The accounting process Is a series of activities that

begins with a transaction and ends with the closing of the
books. Because this process is repeated each reporting
period, it is referred to as the accounting cycle.
■ Also you would have realized that although computerized
accounting systems are labour – Saving, it is not without
disadvantages.
■ An accountant is not made redundant with the
introduction of computerized accounting but his job
scope is redefined such that he is able to add value to
the managing of the organization concerned.
Bibliography

■ www.wikipedia.com
■ www.researchgate.net