All companies use different accounting software to help automate and manage payroll, purchase orders and more.
FREMONT, CA: Accounts payable, accounts receivable, and trial balance is the essential functions of an accounting information system. Accounting Software is used by different companies to help automate and manage payroll, purchase orders, and more. Digitization and modernization have innovated most of the jobs across all the industries, and the accounting profession is not a new thing to that. So to keep abreast of the market, it is necessary to learn about the latest and most common accounting software.
Here is some most used accounting software by companies:
QuickBooks is considered as one of the most popular accounting software among the companies. In 1998, California-based financial software company Intuit released the first version of the software to cater to the need of simplified accounting platforms. According to the company, now QuickBooks holds an estimated 85% of the retail market.
Users can find the software in three variants. Among them, one is the original desktop of the software. This version provides several services like payroll assistance and outsourcing, remote access capabilities, online banking and reconciliation, electronic payment functions, and more. QuickBooks also has a cloud-based service called QuickBooks Online. The users who are willing to pay a monthly subscription can also get exclusive access to QuickBooks online platform.
Xero is offered as a “software as a service” product; and users can pay monthly subscriptions to get access to the platform for a month. The product is available for its users in more than 180 countries worldwide. Automatic bank and credit card account feed, expense claims, accounts payable, fixed asset depreciation, and standard business and management reporting are some of the main offerings of the software.
In 2009, Wave Accounting was launched and is also one of the newest players in the accounting software market.
According to the reports, they handle at least $175 billion in revenue and expenses of their customers worldwide annually. Financial services such as Payments by Wave (credit card processing), Receipts by Wave, Invoice by Wave, Payroll by Wave, and Lending by Wave are some of the financial services provided by Wave Accounting.