Tag: selection of an accounting software package

The frequency or volume of accounting transactions in ready-to-use is very low. This is because the cost of installation is low and number of users is limited in ready-to-use.

The Secrecy and authenticity checks are robust in such tailored software and they offer high flexibility in terms of number of users.

The cost of installation and maintenance is relatively high because the high cost is to be paid to the vendor for customisation. the customisation includes modification and addition to the software content provisions for the specified number of users and their authentication, etc.

Some accounting software is user friendly requiring a simple training to the users. Some other complex software packages linked to other information systems requiring intensive training on a continuous basis.

Flexibility, Cost of Installation and Maintenance; Size of Organisation; Ease of Adoption and Training needs; Utilities/MIS Reports; Expected level of Secrecy (Software and Data); Exporting/Importing Data Facility; Vendors Reputation and Capability are the factors usually taken in consideration before sourcing accounting software.

An important consideration before sourcing an accounting software is flexibility, viz. data entry and the availability and design of various reports expected from it.

The tailored software is designed to meet the specific requirement of the users and form an important part of the organisational MIS (Management Information System). Tailored software can interact and share information with the various sub components of the organisational MIS.

Ready-to-use software offers little scope of linking to other information systems.

The size of the organisation and the volume of business transactions do affect the software choices. Small organisations, e.g. in non-profit organisations, where the number of accounting transactions is not so large, many opt for simple, single user operated software.

• Tally is one of the best business accounting software for accounting, inventory, payroll. 
• Miracle is general purpose accounting software with features as par current industry standards. Main strength of Miracle is easy to use, scalability and flexibility. Miracle is available in different variants like Premium Copy, Standard Copy, Super Account Copy, Account Copy & Billing Copy.
  
• SPSS (Statistical Package for the Social Sciences), also known as IBM SPSS Statistics, is a software package used for the analysis of statistical data. Although the name of SPSS reflects its original use in the field of social sciences, its use has since expanded into other data markets.
  
• Profit is not an Accounting software.It is a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.