Accounting Software for SME

GST Accounting Software

Accounting software defines a kind of application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, general ledger, payroll, and trial balance. It functions as an accounting information system.

 Accounting software may be online based, accessed anywhere at any time with any device which is Internet-enabled, or it may be desktop based. It varies vastly in its complexity and cost.

Accounting software is usually constituted of various modules, each module consisted of different sections that with particular areas of accounting. The most common core modules are as follow-

Core modules

·         Accounts Receivables- where the company enters money received

·         Accounts Payables- where the company enters its bills and pays money it owes

·         General Ledger- the company’s “Books”

·         Purchase Order- where the company orders inventory

·         Sales Order- where the company records customer orders for the supply of inventory

·         Stock/Inventory- where the company keeps control of its inventory

·         Bookkeeping- where the company records collection and payment

·         Billing- where the company produces invoices to clients/customers

Non-core modules

•        Debt collection—where the company tracks efforts to collect overdue bills

(Sometimes part of accounts receivable)

•        Electronic payment processing

•        Expense Tracking—where employee business-related expenses are entered

•        Enquiries—where the company looks up information on screen without any edits or additions

•        Payroll—where the company tracks salary, wages, and related taxes

•        Reports—where the company prints out data

•        Timesheet—where professionals (such as attorneys and consultants) record time worked so that it can be billed to clients

•        Purchase requisition—where requests for purchase orders are made, approved and tracked

•        Reconciliation—compares records from parties at both sides of transactions for consistency

•        Journals

•        Departmental accounting

•        Support for value-added taxation

•        Calculation of statutory holdback

•        Late payment reminders

•        Bank feed integration