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enable you to manage your business's financial transactions. Such programs can vary widely in scope, with some programs designed for little more than simple bookkeeping and some designed to manage the entire financial comings and goings of large businesses. Using accounting software helps companies to use the resources in their accounting departments efficiently, and can reduce costly bookkeeping mistakes.
speed in getting the result
accuracy in the information presentation
reduce the cost of getting information ( reduce the depending of many employee to implement issues )
By the accounting software we can track our every transactions. Any time we can get the financial and others report by one click with up-to-dated.
1. Security; 2. Data Base Management System; 3. Easy Reporting as per demand; 4. Flexibility; 5. Data preservation systems i.e. Data Backup; 6. Easy reconciling systems.
Oracle is o e of best tool to colllect the financial data to enabe our organization to utilize our CAPEX and prepare the expenses accordingly to put the required budget and target .
by performing different task.
to the above i will addfollowing (especially in use of ready made packages)
1.smooth integration of inventory to financials, one major issue has been incorrect valuation of inventory in FMS, whether its fifo,lifo or weighted average, the discrepancy in physical valuation and book value, effects cogs also, it happens especially in ready made packages where system calculates the cogs and automatically generates the accounting entry cogs dr inventory cr.
2. control on duplication of accounts, in many computer account packages, number coding is not essential name is sufficient (TALLY for eg), and account opening is decentralized for convenience, in countries like in GULF where expatriates from various nationalities and background work many names and words are misspelled or different spelling used ( American, British, Indian, African,etc) causing duplication of accounts.
3. Treatment of suspense account in trial balance automatically generated to balace trial balance , methodology for identification of cause and rectification.
4. integration of HRM ( Human resource Management), payroll to FMS ( Financial Management system)
5. Payroll - calculation , authorization levels and integrity of journal entries in FMS.
Such programs can vary widely in scope. Using accounting softwarehelps companies to use the resources in their accounting departments efficiently, and can reduce costly bookkeeping mistakes.
reliability
comparability
user friendly
compatibility of the system with the nature of the business
Accounting Software Evaluation Procedures:
1. First, who is software developer, how is their reputation in accounting software industry?
2. How reliable is the software platform is (IT related)
3. How secure is the desired software is
4. How easy to understand the software modules for users
5. Is it generating reliable and accurate financial results
6. Is it offering batch / FIFO / Avg / Bar code inventary management system
7. Will it generate customize reports.
8. Will it support or export / imports reports to other softwares like MS Excel or PDF
9. Backup
. Payroll system
. Assets management module
. User controlled environment
. Can we upgrade the software whenever we new requirements demands?