Accounting software is much than the receivable and payable accounts, invoicing and billing, general ledger, and other standard elements. Accounting software is a complex and comprehensive system combining financial accounting and managerial accounting.
Financial accounting includes processes of the recording, summarizing and reporting the financial transactions that are a result of the business operations over some period. Summarized financial transactions are recorded in the financial statements that present the next main financial data:
So, financial accounting data gives a full picture of the company's operating performance during a specified period.
Managerial accounting includes processes of the measuring, identifying, interpreting, analyzing, and communicating information for the purpose to achieve the company's goals.
Each company that is anxious for success should choose the best business accounting software system which meets all, even smallest, company's necessities of two main fields: management and finance. Only the best business accounting software solution can give the company, regardless of its size, the maximum benefits, including: