software for accounting

Accounting software is one of those things that the marketplace has decided it can construct in advance and put in a tidy little box and sell for outrageous prices. This makes accounting software generic and often tedious to operate. Many times accounting software is not chosen because it optimizes the company, but because it was either affordable or the founder took a leap of faith and just chose one without extensive research. To be fair, most companies have quite a bit of overlap, and in light of Generally Accepted Accounting Principles (GAAP) there are some functions that should be found in every software option. However, this does not fully justify how most accounting software brings little to nothing that is new to the table. This is why PostBooks is unique. As an open source software, PostBooks gives consumers the opportunity to give direct feedback to the makers and to mold the software itself.

What exactly does it mean to be “open source”? This means that the consumer has access to the code that is the foundation of the software, and has the ability to change it. Although many software manufacturers claim that their software is customizable, in reality all they have done is provided a few pre-established options for the user to choose and apply. In the case of open source software, if the system does not or cannot do what the user wants it to do, the code can be changed to make it do so. These changes can also be presented to the makers of the software, who can consider applying those changes to everyone’s software. In other words, if there is a flaw or an opportunity for improvement, users can point it out to the makers of PostBooks so it can be fixed. Now not to worry, PostBooks still functions like any other accounting software insofar as  providing all the accounting needs of a company such as sales, inventory, purchasing, etc. In addition, PostBooks provides a Customer Relationship Management (CRM) function that allows companies to maintain a database of their customers’ information, keep a history of any conflicts that have occurred relating to a customer, and document potential future customers. The basic PostBooks software system is free, making it great for start-up companies that may not have the capital to buy expensive software. The purpose of PostBooks is to provide people with a free and customizable alternative to traditional commercial accounting software.

PostBooks, of course, has its limitations. Because it is open source, it does not have the same level of tech support that the larger software companies do. This causes the speed at which things are fixed or implemented to be much slower. There is also the slim but real chance that at some point development will cease, and although the software will continue to work, it will no longer have updates. Also, in order to fully customize it, the user would have to know how to change code, or hire someone who does. Fortunately, mistakes in the code are not permanent. This software would be best for a company that is just starting or is still in its beginning stages. However, if a growing company with ample resources wanted to continue to use PostBooks, it could have a team of programmers customize it to the exact needs of the company. If a large company is unwilling to do this, a more traditional system may be more appropriate.

Accounting software has major room for improvement. As new accountants and businesses enter the marketplace they have an opportunity to innovate the way accounting software operates. This in turn could improve productivity or customer relationships. PostBooks is an example of what people can do when they do not want to put a broad and complex concept into a little box and sell it on a shelf. More information about PostBooks can be found at http://www.osalt.com/postbooks.

Written by: Layman

If you plan to have a career in accounting for a very large company, you must be aware that due to the size and complexity of these organizations, their software is often just as large and complex. When you do a little research, you will find that a lot of Fortune 500 companies like Halliburton, Baker Hughes, GE and Waste Management all use SAP as their main accounting software. SAP, which stands for Systems, Applications and Products, is an Enterprise Resource Planning (ERP) software. This means it can integrate a lot of the individual systems the departments in a company use, as well as automate several processes that can be tedious or time-consuming without it.

SAP is constantly innovating to stay up to par with the technological advances and needs in some of their clients’ industries which is one of the main perks of the software. SAP was originally created in Germany in 1972. Since its creation, SAP has evolved in ways that have improved its ability to be used in multiple different industries and to produce real-time business numbers and information that is easily accessible at all times. SAP is now on its third “Era” and is focusing on how it can be used with cloud computing, via mobile devices and beyond regular business tactics. SAP also is great for large companies because so many things can be done at the same time. There are also different “testing” sections that you can use if you want to try out a new way of recording your company’s data or any new idea you have without making the change abruptly. SAP’s constant improvements make it one of the best options for large companies with many different needs; payroll services, accounts payable, vendor and customer maintenance and support, operational and manufacturing reporting, product planning, marketing and sales and beyond. SAP is much more than just a basic accounting software that helps the company keep all information and tasks in fewer programs and does not force them to manually consolidate multiple programs often.

On the other hand, there are a few downsides to SAP software mostly including its overall complexity. Since the software was developed in Germany, many of the “T-Codes” otherwise known as “Transaction Codes,” that a user might have to type in to run certain reports are tailored for the German language specifically. While the “T-Code” may be very easy to remember because it has the same letters and numbers as a word in German, in English it can be just plain confusing and can take a while to get used to and memorize. Along with language barriers, SAP can be used for so many different reasons and so many people can make changes constantly. There is a stiff learning curve when using SAP but it only gets easier the more you are exposed to it. Once you finally grasp SAP and understand how to use it effectively and all of the different ways it can be used for your company, it can benefit your knowledge of the business and can spark ideas that will make it easier for others to understand later on.

Although the complexity of the system may seem like an overwhelming obstacle, trainings and experience can help get over those issues. If your company is very large and needs software large enough to support your business, desires to automate processes and integrate information from multiple sources all while providing real-time business information in multiple formats, SAP is the software for you. For more information on SAP, visit their website at www.sap.com.

Written by: Megan Neal

Small to medium-sized businesses have the daunting task of deciding how to keep track of their financial records. QuickBooks software offered by Intuit is a way in which many smaller businesses keep track of their books. It is the top selling accounting software package according to BusinessKnowledgeSource.com. There are many basic features available to users such as: accounts payable, accounts receivable, payroll, inventory, creating invoices, creating checks, and processing credit cards. Just like with any software, there are pros and cons when using QuickBooks to track financial records.

First and foremost, QuickBooks is often considered the most popular software available because it is affordable. Different versions of the software are available at different prices depending on the accounting record needs of the business. QuickBooks software starts around $199.95 and increases in cost as the versions become more complex. Essentially the business pays only for what it needs. There is also an online version of QuickBooks where users can subscribe and pay a monthly rate starting at $12.95 per month. A second advantage of QuickBooks is the large support network. Because of its popularity, users can network through QuickBooks forums and have questions answered quickly rather than having to contact the manufacturer. Finally, QuickBooks works on Microsoft and Apple products, so businesses don’t need to purchase any new or special computers in order to run the software.

While there are a number of pros when using QuickBooks, there are also a number of cons. For one thing, there is a security issue when using the QuickBooks Online version. Internet hackers could get ahold of your private financial information. A second issue is the limitations of the QuickBooks software. QuickBooks is a fairly simple software program with basic accounting and financial functions. Therefore, it does not have all of the accounting processes and calculations professional accountants use. QuickBooks works well with smaller companies, but it is not the best fit for larger companies because of the limitations of the software. There are also limitations on the number of journal entries a user can make. A third issue can deal with upgrading the software since the versions with more features can sometimes end up costing hundreds of dollars more than the original price.

Overall, QuickBooks is a great resource to use depending on the size of your company and its specific needs. Small to medium-sized companies tend to prefer QuickBooks to keep track of their records because of the simplicity and ease of use of the software. Large companies tend to prefer using professional accountants to keep track of financials because there are fewer limitations related to this software. Companies should weigh the pros and cons and decide which method is the best for their company’s needs. For more information on QuickBooks software and QuickBooks online, visit http://quickbooks.intuit.com.

Written by: Emily Olvera

References

Joseph, C. Pros & Cons of Quickbooks. (n.d.). Retrieved August 1, 2015.

Pros and cons of QuickBooks for business finances. (n.d.). Retrieved August 1, 2015

In the business world, there are many different options when it comes to accounting software. There’s software for specific types of industries, different function abilities, and even software for the external auditors at year end. After doing extensive research on accounting software, I found one that stands out amongst the rest called CYMA. CYMA is a well-rounded software that provides options for all needs: not-for-profit accounting, job-costing, payroll, financial management and much more. CYMA is ideal for small to mid-sized businesses; Stephen F. Austin State University’s Alumni Association uses it every day! In order to make a decision on what software is the best fit, the entity needs to evaluate the pros and cons of each potential software option.

CYMA has a lot to offer a company. The software has been evolving for about thirty years now! The experienced software has also been named on Accounting Today’s “Top 100 Products.” CYMA covers all basic accounting features and much more! The accounting model includes important sections like accounts payable, accounts receivable, bank reconciliation, billing, general ledger, inventory control, job costing, payroll, purchase orders, human resources and sales orders. It offers third-party integrations like time-tracking and direct deposit services, along with the ability to print checks, manage electronic payments and import financial file types. Even though this software is quite extensive, the layout is simple and easy to navigate for anyone with traditional accounting experience. CYMA is a software system perfect for small to mid-size entities, as long as there are no more than a handful of people operating it. The software can be customized to meet expectations, making it flexible to fit many different needs. CYMA can handle complex accounting needs without requiring a complex accounting background. Basically, CYMA does not require extensive training but can provide an all-around accounting service.

Not all software is perfect though. CYMA may be basic to experienced accountants, but not to a novice with little to no accounting experience. A novice would require a lot of training to fully maximize the potential CYMA has to offer. CYMA also was primarily developed for small to mid-size companies, not-for-profit organizations and Certified Public Accounting (CPA) firms. Therefore, there are a lot of companies that would have no use for this software at all. Companies who can use the software will learn that this one in particular does not have a workflow presentation like other software can offer. It has a very basic setup with modules on the left-hand side of the screen that only flow if you have prior experience. Finally, though CYMA does offer several third-party integrations, it does not offer one for processing credit card payments. This could be a major setback in today’s business world, since that is how many customers pay for services. This drawback will deter several companies from purchasing this software.

All software have good and bad traits, but it is up to the company to perform adequate research to ensure they are using the best accounting software available. CYMA is great for smaller sized companies, requiring basic accounting knowledge and offering easy navigation for users. The software even scored a 7.85 out of 10 on a “Top 10 Reviews” article, verifying that it is worth looking into. However it may not be simple enough for the beginning accountant, and may even be too basic to be utilized by all companies. For more information on CYMA, visit their website at www.cyma.com.

Written by: Haley Doss

Sources:

• http://accounting-software-review.toptenreviews.com/small-business/cyma-review.html
• http://www.cyma.com/accounting-software/#url