Some of the Commonly used Modules in Business Accounting Software

Business accounting has undergone a sea change over a past few decades. The traditional ways of doing accounting is not at all compatible with the needs and demands of the present day business scenario. The complexities as well as the mammoth size of information and data that has to be managed as well as compiled needs a faster as well as more efficient ways of managing finances. It is imperative that the business accounting takes the next big step that would help the organizations in dealing with the finances and other essential accounting issues. The solution to this issue is the advent of business accounting softwares that have deluged the market.

Accounting software is application software that records as well as processes the financial transactions taking place in an organization. All the recording as well as processing of the financial information as well as data is done in the functional modules that are a part of the accounting softwares. These accounting softwares also known as the accounting information systems can be developed by the company in-house or it can be purchased from the software development firms. In many cases, depending upon the specific needs of the business, the accounting softwares can be purchased from the third party and then modified by the businesses themselves.

All the accounting softwares consist of various modules. Each of these modules deal with different areas and sections of accounting.

Some of the most common modules of accounting that are used by the businesses around the world are:

Accounts Payable: In this module the company makes the entry of the bills that it has to pay and the money that it owes.

Accounts Receivable: In this module the company or the businesses enter the money that it receives.

Purchase order: This modules deals with the orders that the company makes regarding the inventory

Sales Order: It deals with the customer’s orders that are supplied by the company

General ledger: This module forms the company’s account books

Billing: This module is used to record the company’s invoices of its clients or customers

Cash Book: This is used by the company to record its collection as well as payments

Stock/Inventory: This module is used by the company to have a control on its inventory

The above stated modules are the ones that from the core modules of the business accounting softwares. There are some other modules that form the Non core modules of the business accounting softwares.

These non-core modules are:

Payroll: In order to record the salary of the employees as well as its wages and other related taxes, the businesses use this module

Timesheet: This module is used by the people like attorneys as well as the consultants of the company in order to record the information regarding the time spent on the work. It is then billed to the clients

Electronic payment processing: This module is used by the company to record the electronic payments of the company

Debt collection: The module is used to record the payments that are due from the clients.

Expense: This module is used to record the business related expenses of the company

Purchase Requisition: Here the requests for the purchase orders are made, approved and then tracked.