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Accounting Software

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Accounting software is specialized software that simplifies and automates the tasks of recording, measuring, summarizing, classifying, and monitoring financial information. Any software product used to perform one or more of the aforementioned tasks falls into the accounting software category.

There are many commercial accounting software packages available on the market, but many companies develop in-house specialized accounting software solutions.

Accounting software can be divided in several categories depending on its target users. The first accounting software category is Personal Accounting Software. The accounting software that belongs to this category is targeted at home users and is used primarily for budgeting and financial transaction recording. Some examples of personal accounting software are Microsoft Money and Quicken.

The next accounting software category is the basic business accounting software, which serves small businesses. This category of accounting software is usually inexpensive and suitable for businesses with less than 25 employees. Small business accounting software packages usually have considerably more capabilities compared to personal accounting software solutions. Examples of accounting software in this category are Microsoft Small Business Accounting and QuickBooks.

The last category is accounting software which is much more robust and powerful compared to the small business accounting software. This high-end accounting software is used by middle to big businesses and can be a purely accounting software solution or can be part of ERP (enterprise resource planning) software like Microsoft Dynamics SL and SAP.

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