Financial accounting and records keeping are a key part of your business. The system you select should be robust enough to handle your needs and requirements, but easy enough to use that you or your team is not bogged down by it.
There are different types of accounting systems, some of which are:
- Enterprise Resource Planning software (ERP): Certain department specific software applications have limitations because they don’t share information. ERP software resolves that using just one database that incorporates all the separate parts of a business.
- Commercially off-the-shelf software (COTS): This is the most popular type of accounting software, adopted in business all around the world. COTS, designed to be adaptable to the demands of any business, also has a system that proofs every piece of information entered by filtering it through the several layers of error detection. This is designed to prevent users from entering incorrect information. Properly customizing the software to suit your business is vital to getting peak performance from your system. An accounting consultant can help you with the critical initial set-up as well as troubleshooting and occasional software maintenance.
- Spreadsheets: The spreadsheet software is a much cheaper option as an accounting software and is often used by smaller businesses—those that don’t have a large volume of transactions.
- Custom Accounting Software: This type of software has been specially developed according to the demands of a particular organization and it is usually used in situations when the organization’s requirements are so specifically detailed that ERP and COTS cannot satisfy it.
We help companies select and implement the right system for their needs.