Everyone probably knows what accounting software is because it has been around for a while, whether the softwareÂ has been developed in-house by the company or organization using it, purchased from a third party, or a combination of third party software with local modifications. What hasnâ€™t been around that long is the softwareâ€™s transition online to aÂ cloud.
Accounting software helps accounting professionals manage accounts and perform accounting operations. The software can range from simple to diverse. The different types of software vary in both complexity and cost. The simpler accounting software is usually in the form of personal finance managers, which are single-entry systems that take tasks such as record keeping, check writing and automates them. More complicated accounting software â€“ in other words, software that accounting professionals would most likely be using â€“ includes double-entry systems that have functionality for accounts receivable, accounts payable, and general ledger. They also support functions for payroll, invoicing for inventory, fixed assets, time billing, and even sales analysis on some systems.
When it comes to accounting software, one must be wary of implementation. This is the installation and configuration of the system. Even if you do manage to choose a software that fits your companyâ€™s budget and mindset, clients can quickly become surprised when they end up paying 50-200% of the price of software in implementation fees. The main reason for this is because most accounting applications are sold exclusively through developers and consultants, who pass on a licensing fee to the software vendor and then have the ability to charge the client for things like installation and support.
This is where the cloud has come in huge handy. Financial applications on the cloud are slowly becoming the norm for companies today. This is because they provide integration with other popular third party applications and banking software, better backup, quicker bug fixes, immediate access to updates and upgrades, and most importantly, better security.
You might be thinking â€œbut isnâ€™t a companyâ€™s financial data stored on the cloud more at risk than data stored in a business ownerâ€™s own servers?â€ This is not entirely true, since most on-site servers are only looked after maybe once a month by IT workers, whereas data in cloud servers are monitored 24/7 and have the latest in secure anti-hacking technology. Businesses are more than ever trusting cloud-based accounting software because of their track record in saving their company money â€“ by getting rid of large implementation fees â€“ and keeping their data secure.
Want an affordable and simple business accounting software on the cloud? inBOLD Business Solutions can help you out. Set up your new integrated system with ease and keep in touch with our interactive and friendly tech support chat, should you have any questions. Click here to sign up!