Top 10 Financial Accounting Software: Ratings and Reviews
Virtuous Reviews provides you with the list of top 10 Financial Accounting Software in the world. These are the best Bookkeeping and simple cloud accounting software which offers you to fulfill the needs of your financial committee by providing scalable add-ons to make financial and accounting software package for your business.
Financial accounting takes care of the accounting associated with the summary, reporting and analysis of the financial transactions related to a business. It includes the preparation of some financial statements that are made available to government agencies, employees, suppliers, banks and other stakeholders. Financial accounting deals with the preparation of accounting information linked with the people that lie outside an organization. Management accounting manages the day to day running of the company.
The prime objective of financial accounting is to maintain financial statements such as income statement, balance sheet and cash flow statement. It determines financial position of an organization at a specific point of time. Financial accounting aims at fetching out the result of accounting in the form of balance sheets and profit and loss statements. Financial accounting software programs offer a wide set of functionality to small and medium sized business models. These software systems has reduced the need of manual process up to a great extent. Financial accounting software offer transparency across security, teamwork and compliance.
How does Financial Accounting Software works?
The financial transactions of accounting system are categorized into four major accounting cycles, that is, Revenue, Purchase, Payroll, and Journal. Accounting system deals in the form of sales invoices, receipts, purchase invoices, checks, and payroll and then entries are posted to the suitable journals.
At the same time, as a form of internal control, these postings are recorded in the ledger. The ledger gathers all transaction activity, where it is controlled by account class. Several reports, together with financial statements, prepared from the data collected in the ledger.
- Simplify data entry - It allows you input data at relatively fast speed, straightforward and required to be carried out only once.
- Speeding up processes - It facilitates to carry out process rapidly such as lowering delays in making a sale and generating an invoice.
- Automating reports and analysis - It provides you with automating reports and analysis on regular basis on profit and loss, debtors, creditors, customer, inventory, sales, and many more.
- Lowering errors - By calculating using computerized method it allows to reduce errors to a great extent.
- Automation - It provides full automation of employee overheads, payrolls and timesheets; and other financial activities such as company and departmental budgets; purchase requisitions, etc.
- Expandability - These accounting software offer add-on modules which allow customers to slap extra potential to its product.
- Security - it provides you with full security features with your own on-site safeguards like anti-malware technology and network firewalls and many more.