Most companies used to do all of their books manually. They would put all of their financial transactions on ledger sheets, and then bring them to their accountant at year end to balance and check. This early record keeping style limited companies in their ability to produce reports for their business which left owners unable to see how their business was doing. As a result, companies could not plan budgets or look at profitablity which lead to an uncertain future for their business.
In today's culture, the accessibility to computers has brought with it a new trend in bookkeeping and accounting. What used to be archaic, slow and burdonsome has become pain free and given management a new tool to guide their businesse's financial future.
So what is right for your company in determining what you need for your business in terms of software? You should understand how your company operates first before you look at software options for you. When looking at different options, keep in mind that you don't want the accounting system to be burdonsome but rather something that has many tools available which can bring your company the most profit. There are hundreds of software packages available today, designed for many different industries. Take a look below at some industries and how their operations can determine your specifice accounting software needs:
1. Retail industries-Usually have a cash drawer, bar code and inventory functions should be built into the software.
2. Manufacturer industries-something with enhanced inventory, value-added and cost per unit will work for this type of industry.
3. Consulting and service industries: something with job costing (a list of types of sales, for instance), estimating, and tracking functions work well for this industry.
When making your choice, packages made to meet the need of specific industries are best, although sometimes expensive and complicated. Make sure you take this into consideration when searching for your accounting software.
Copyright Jeanine Pfeiffer