Discuss about the Online Software Accounting Market.
The software that has been developed for maintaining the processes of the total records and the transactions of the accounts by following the modules of the accounting functions is said as the accounting software. In other words, it can be said that the accounting software is a whole total system of the information system of accounting process which is online based and is internet enabled and also easy to access with the availability of internet which generally varies in its mode of complexity and the mode of cost. This process of the accounting method or the accounting software had come along from the 15th century. Accounting software process is developed with a process having some modules which have specific effects over specific areas or can be said that every module of the accounting software works on its particular specific part of the accounting process (Arvidsson, Holmström & Lyytinen, 2014). Out of the modules, there are some modules called the core and the non-core modules. The core modules include some specific area, and the non-core modules have some specific area of functioning which deals with its part of accounting. The core modules which include the accounts receivable, accounts payable, general lodger, billing, stock/inventory, purchase order, sales order and bookkeeping where the work of the software to check the entry of the money received or the entry of the bills of the particular amount of the money along with the records of the company. Also, the invoices are also prepared with its help for maintenance of the record (Al-Mamary, Shamsuddin & Aziati, 2014). In accordance with this, it also pays account on its inventory and the supply for orders. Afterward it is also very helpful in keeping the records of the collection and the payment. With knowledge of the core modules, the non-core modules include the debt collection, electronic payment, expense, inquiries, payroll, reports, timesheet, purchase requisition, reconciliation, drill down, journals, departmental accounting and finally the taxation and the statutory holdback. The process of the non-core modules includes the process starting from the collection of the overdue bills, processing, the validity of information and its tracking and finally the purchases and the transactions (Biswas, 2015). These whole processes sometimes vary from vendor to vendor as the work procedure is different according to their business type, i.e., there having small business enterprises or the large business enterprises.
For the enterprises, the main part is the owners have to use of many processes for the accounting processes to ensure the record of the income, expenses and the levels of stock. So the development of the financial soft for the accounting process is a very beneficial achievement for keeping the records of the business and the monitoring of the whole procedure. Like in the small business, they usually prefer to adopt the home accounting software and sometimes a bit more advanced with the use of CRM, HRM, groupware and all. On the other hand, the large enterprises generally use the CRM, BPM, and ECM. Though there are many types of enterprises in the Australian market is having a mixture of all of the above-mentioned businesses which need its specific type accounting system which again have a different level of its packages that are running currently in the market (Galliers & Leidner, 2014). So by the use of this software system, there is an ease in handling the records and monitoring the overall work without any problem. Particular for this convenience in work and to get an efficient result in the work, the choosing of the software needs to be perfect. For this process it is necessary to know that if the system is capable of handling the multiple bank accounts or calculating the payroll requirements or if it can handle the foreign currencies or it can handle the requirements for the task management and finally it is necessary to check that whether it have the customer records or can handle CRM or not. After checking these criteria, the Software is finally selected to get implemented as per its requirement which includes the procedure of the installation and the configuration of the system (Bajdor & Grabara, 2014). This implementation process is a bigger process of consideration as it is a long process starting from the software vendor license to the charge on the client for all the process of implementation.
The accountancy process is getting its development in every increasing day as it is gaining demand within the foils for making the stresses and demanding work simpler and reliable. The accounting system of the blackline journals gives an idea of the system of the whole management and also monitors the creation and review and finally the approval of the journals. Harley M. Courtney et al. in the Guide to the Accounting Software stated about the accounting software and analysis of programs. They said the process of the selection of the accounting software (Dwivedi et al., 2015). In the article, Effect of Accounting Information System on Organizational Effectiveness, Onaolapo A.A, and Odetayo T A said about the accounting software. In which they said it is very particular regarding its concern of work and up to which it has to cover (Onaolapo & Odetayo, 2012). They said accounting software is an effective tool for the period of global technology advancement and formulated a hypothesis which contains the statistical tools for data analysis. Dwivedi et al said accounting to be a powerful force of economy for the two parties those are a business (Dwivedi et al., 2015). They also said that to keep this power of force increasing it is important to value the process of the accounting software which will clarify many illusions regarding the businesses. Haux et al Software said that the accounting software could be used for keeping the technology and the business in advance in a rapid pace (Haux et al., 2013).
Evidence of Research
As in day to day lives the business or the enterprises are increasing so is the use of software also required which includes the maintenance and monitoring of the business records which has given rise to the concept of accounting software. Ismail & King had studied about the evolution of the accounting software and also he had kept an eye in every corner of the past and present and the future scenario of handling the accounts, i.e. with or without software and has drawn conclusions (Ismail & King, 2014). As per Galliers & Leidner, the technology or the software that is used for accounting is able to deal with many types of reporting whether it is compliance, management or financial. He also said that sometimes there occur many stresses and demands that are involved in the process of accounting (Galliers & Leidner, 2014). It is also evident that till 1974 the accountancy also was going through the same procedure by the ancient Egyptians which afterward migrated to Europe then to the east and lastly to west. Evidence of research says that Italy considered being the accountancy’s birthplace. In 1990, Biswas had distributed the TurboCASH in South Africa which was being used in the local market for accounting software (Biswas, 2015). Further before this the quick books gave many solutions to the issues related to accountancy as it is evident software. Gary Epstein said that the quick books contain the cloud solution which will make the work reliable.
Development & Discussion
Accounting Software is the functions that will take help the companies in taking their finances in a good level and help in monitoring them. This software is intended for the simplification of the financial management of the companies. The software intended for accounting needs a good installation and configuration of the system and also depends on the particular type of business going on as the type of business only. As like in a basic structure, there are three types of accounting software, i.e., for payroll and accounting, enterprise resource management and freemium (Dwivedi et al., 2015). The pay roll and accounting software include the standard accounting tools and reports, the cash flow calculator, drag and drop formats, multiple users and finally industry-specific modules for construction, distribution, and manufacturing. The ERP or the Enterprise Resource Management system can be said to be an as very important system for the accounting system which contains standard financial tools and reports, points of sale, inventory control, billing and purchasing, customer relationship management, industry-specific modules for construction, distribution, and manufacturing (Onaolapo & Odetayo, 2012). Freemium is software of accounting which has limited accounting features like creating invoices and print checks, the paid subscriptions need more features, the data must be downloaded, the credit card data needs to get submitted. All the software present for the accounting purpose has its own importance and identity which works in its specific areas and are ideal for its concern area of business.
The accounts of the companies need a regular monitoring and a framework of the records that are the causative of the emergence of the accounting software. The emergence of the accounting software also is the result of the globalization which demands accuracy in every aspect so developed such software which will be able to keep an eye on each and every bit of the financial regards of the company (Rainer et al., 2013). The software is very specific in its function in accordance with the business that is the reason why the business enterprises are having an increase in their numbers. Therefore the development of such system created a new environment and new scope for the enterprises to keep their records and functions in a mannered way.
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