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Accounting Software

Accounting software is a type of software for computers that both records as well as processes transactions of an accounting nature within certain contexts (or modules). These modules include such things as accounts payable, accounts receivable, expenses, trial balance and payroll. To put it another way, accounting software works as a type of accounting information system for tracking what is happening in a business in a financial capacity.

Accounting software can be created from within the company that is making use of its functions or it can be bought from an outside party, or it can also be an outside party’s package of application software mixed with modifications from in-house. Where the accounting software is developed plays a big role in its purchase price as well as its level of complexity.

Let’s take a closer look at the functional modules used in accounting software. Some of the most commonly used modules (as previously mentioned) include accounts payable, accounts receivable, billing, collections, expense, general ledger, inquiries, payroll, reports and timesheet. Not all companies choose to use the same names for their chosen modules.

Accounts payable is self explanatory, it is where the company or organization enters the bills it owes and needs to pay money to while accounts receivable is the exact opposite- it is the money the company has taken in over an allotted period of time. Billing involves invoices that are written up to present to customers or clients. Collections are sometimes considered a subsection of accounts receivable and are the company’s records of overdue bills and their attempts to collect on them. Different companies have different policies about when bills go into the red zone of collection action. Expense is the place where the business-related expenses of the employees are noted. A general ledger is simply that, it is the company in questions books or records in full. Inquiries are “computer” inquiries where the company members are able to access information without fear of edits, additions or any sort of negative repercussions.

Payroll is another module of accounting software that is for the most part, self-explanatory. It is the way in which a company or organization keeps precise records regarding its employees salaries, wages and relevant taxes. Reports are data or information researched about the company and printed out for the benefit of said company. Finally, timesheets are utilized by highly trained professionals such as consultants and lawyers to record the time they spent working on any given project in order for the time to be billed to clients. These are often referred to as “billable hours.”

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