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How to Buy Accounting Software

Accounting software is an application that helps organize transactions and perform accounting functions for your business or personal finances, saving you time and money. If you own a business, choose accounting software that complements the type and industry of your business. If you’re looking for accounting software for your personal use, make sure the software you choose caters to your needs.

When purchasing accounting software, two key considerations are:

  • Intended User: Choose applications specializing in the type of business you have, whether it’s a large enterprise or just for personal taxes.

  • Features: Narrow down software choices according to the accounting functions and features that you need.

Choose the best accounting software for you and your business by using the key features guide below. With 179 accounting software to choose from, we can help find the best one for you.

How to Find Accounting Software

Features
Use each of the features defined below to sort the various accounting software options based on your needs:
  • Accounting Knowledge Not Required works as a simple accounting software solution that is easy to understand.
  • Accounts Payable (A/P) tracks and manages bills and other outstanding debts.
  • Accounts Receivable (A/R) tracks and organizes money inflow.
  • General Ledger maintains the financial records of a company. Accounting software that includes this module will automatically integrate individual transactions into the company books, which eliminates the need for manual data entry and tracking.
  • Payroll modules allow you to track and manage salaries, wages and related taxes.
  • Point of Sale functions streamline your financial tracking process by automatically updating the company books and all related statements/reports at the point of sale.
  • Customer Relationship Management (CRM) integrates CRM features with an accounting software package to automatically update the company books after a sale. If you are interested in learning more about Customer Relationship Management, check out our CRM Software comparison.
  • Enterprise Resource Planning (ERP) bundles your accounting software with your Enterprise Resource Planning platform. ERP platforms are powerful software programs that encompass all aspects of your business. To learn more about ERP, check out our comparison of ERP Software
  • Human Resources (H/R) Management bundles accounting software with a Human Resource Management solution. If you would like to learn more about Human Resource Management, check out our comparison of Human Resource Management Software.
  • Inventory Management automatically records transactions involving inventory on inventory tracking reports as well as on the company books. If you are interested in learning more about Inventory Management, check out our comparison of Inventory Management Software.
  • Calendar Management includes scheduling functions with the accounting software. If you are interested in learning more about calendar management and how it can make your business more efficient, check out our comparison of Scheduling Software.
  • Audit Trail automatically logs the changes to financial records allowing auditors to track reported numbers and search for specific transactions.
  • Costing functionality uses analytics to estimate costs for different processes in the company.
  • Double-Entry Accounting tracks related pairs of transactions that affect two ledgers, (i.e. a debit and credit transactions) to prevent an unbalanced book. This process assures that every cost incurred corresponds with an appropriate benefit received for that cost; this tracking also provides an automated audit trail.
  • Online Backup automatically backs up recorded financial information to a remote Internet site to preserve your data in case of a local system failure.
  • Tax Preparation performs tax accounting as well as financial accounting.
  • Mobile Application means your software is accessible through a mobile device such as a smartphone.

Features Options: 
Accounting Knowledge Not Required, Accounts Payable (A/P), Accounts Recievable (A/R), General Ledger, Payroll, Point of Sale, Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resources (H/R) management, Inventory Management, Manufacturing Management, Supply Chain Management, Product Lifecycle Management, Portfolio Management, Calendar Management, Reporting Management, Analytics, Audit Trail, Automated Transactions, Budgeting, Business Intelligence, ...
Intended User
Find the accounting software designed to serve your type of business. Some accounting software packages include features for different sizes of businesses, while others cater to industry specific needs.

Intended User Options: 
Small Business, Mid-Market Business, Large Enterprise, Construction, Financial Services, Manufacturing, Personal Finance, Personal Tax, Retail
License Period
How often a customer must pay for the use of the software.
Platform
Operating Systems that are compatible with the accounting software.

Platform Options: 
Windows, Mac, Linux, Server/Database
Accounting Software Glossary of TermsPopular Questions & Answers for Accounting SoftwareSlideshows for Accounting Software

What to Avoid in Accounting Software

Select accounting software that fits your budget. Use the filters to avoid paying additional costs for unnecessary features.

Double check your data entry. Human error is still possible with accounting software because it requires some front-end human input (i.e. entering customer credit card numbers). Use the general ledger and inventory management features to mitigate these errors.

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