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Fundamental accounting equation
The fundamental accounting equation was developed by Luca Pacioli more than five hundred years ago. Nevertheless, it still forms the foundation of modern accounting with its... read more
Professional ethics in accounting
Professional ethics has a very important role in accounting and all accountants are expected to behave accordingly. The financial statements, auditing reports and other... read more
Accounting profession and accountants' tasks
There is nothing unusual in the accounting as in profession, and accountants are the same usual people as everybody else. There are several specific directions in accounting... read more
Inherent limitations in accounting
It is often necessary to make estimations of reported accounting measurements that can not be measured at the time when the reports are being prepared. Accounting is not one... read more
Managerial accounting
Unlike financial accounting, the managerial accounting is used to serve specific sets of management needs. Based on managerial accounting information the management plan... read more
Financial accounting and financial accounting reporting
Financial accounting is a type of accounting which main aim is to deliver accounting information to wide set of users outside the company. Usually, analytics and other... read more
Accounting software
Accounting software is a program that records and processes different accounting transactions. Many of the functions that the software is capable of included accounts payable, accounts receivable, trial balance, and payroll. Accounting software functions as an accounting information system for the individual or company that is utilizing it. Some of the accounting software is developed in-house so that it is specifically tailored to the needs of the company, or it can also be purchased from a third party organization. Some companies also decide to use a combination of both in-house programs and third party programs. The complexity of the software and the cost range depending on what particular type of software the company is using. Since the 1990s the market for accounting software has been going through a consolidation because many suppliers have stopped trade or where bought out by larger companies.
Accounting software uses various modules to deal with all of the particular area of accounting. The seven most common software modules are: accounts payable, accounts receivable, ledger, billing, stock (or inventory), purchase order, and sales order. With these modules, a company can keep accurate records of the all the money that comes through the business, from what the company buys to how much the company earns from sales. Other modules that are not as standard include expense, payroll, timesheet, and purchase requisition. These types of modules are more involved into managing the money that goes the employees in the company. Some companies prefer to use other methods of tracking this information.
When choosing an accounting software ensure the software is customizable to your companies needs. A general suite of accounting software will be able to handle the financial ins and outs of the company, but a customized system enables a company to create an accounting system based on their specific company needs.
21 of December, 2009. 10:36
SunGard updates hedge fund accounting software
SunGard has released a new version of its VPM portfolio accounting solution for hedge funds.VPM version 9.0 includes new workflow features and an enhanced reporting engine.... read more
18 of December, 2009. 10:20
An accountant stole £3.6m for prostitutes
A former Toys R Us accountant has been jailed for seven years for defrauding the firm of £3.6m he spent on prostitutes and expensive cars. Paul Hopes, 58, had worked for the... read more
04 of December, 2009. 23:01
BIG4 is releasing its free online accounting system
The accounting software provided by BIG4 is a Software as a Service product. It allows small and medium business users to get full-featured accounting software without any... read more
04 of December, 2009. 22:56
A CPA is facing 12 years for stealing $2.7 millions
Mr. Stephen Anthony Frlekin, a CPA since 1980, today has been pledged guilty to 152 felonies, including computer access and fraud, money laundry, grand theft, and sentenced... read more
18 of November, 2009. 04:31
SunPower shares tumble after accounting errors
NEW YORK, Nov 17 (Reuters) - The shares of solar power company SunPower Corp (SPWRA.O) tumbled more than 18 percent on Tuesday after the company said it was investigating... read more
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