To start with, using a generalization, there are two types of accounting software solutions – generic accounting software and industry-specific software. There are versions for non-profits, churches, governments, restaurants, retail, construction, etc.
Government (Federal, State, and Municipal) Accounting Software – Governments have different requirements and specifications for how they bring in and spend money than do corporations. They must deal with regulations and, sometimes, a completely different set of accounting rules. Accordingly, they have very specific software needs and companies have created systems just for them.
Basic Business Accounting Software – These packages include most of the standard accounting modules and features. There are a wide range of solutions and some are specifically for small to medium-sized businesses (SMBs) and others are massive (and expensive) but powerful accounting solutions for corporations in multiple countries and in multiple currencies. The basic software can be used by industry-specific organizations, as well, but they may have to be customized to fit their needs (or vice versa.)
General Ledger Software – This type of software is usually integrated into a complete software package, but occasionally you’ll see software just for the general ledger transactions. All the accounts and journals are entered and monitored here and the software can generate income statements, balance sheets and statements of cash flow.
Manufacturing Accounting Software – Some companies, including non-profit agencies, need accounting software specifically for manufacturing, light assembly, kitting, and other supply chain operations. These systems track … Read the rest