Accounting software

[citation needed] Work to have accounting functions be implemented on computers goes back to the earliest days of electronic data processing.

In many cases, implementation (i.e. the installation and configuration of the system at the client) can be a bigger consideration than the actual software chosen when it comes down to the total cost of ownership for the business.

Those organizations generally pass on a license fee to the software vendor and then charge the client for installation, customization, and support services.

Accounting software provides many benefits such as speed up the information retrieval process, bring efficiency in Bank reconciliation process, automatically prepare Value Added TAX (VAT) / Goods and Services TAX (GST), and, perhaps most importantly, provide the opportunity to see the real-time state of the company's financial position.

Organizations could either development their own software, modeling their internal financial processes, or buy a commercial package and tailor it to their needs.

In many cases, these applications are simply a set of functions which require significant integration, configuration and customization to even begin to resemble an accounting system.

Many freeware high-end open-source accounting software are available online these days which aim to change the market dynamics[citation needed].

The advantage of a high-end solution is that these systems are designed to support individual company specific processes, as they are highly customizable and can be tailored to exact business requirements.

Many of the features of mid-market and high-end software (including advanced customization and extremely scalable databases) are required even by small businesses as they open multiple locations or grow in size.

Additionally, with more and more companies expanding overseas or allowing workers to home office, many smaller clients have a need to connect multiple locations.

Security threats vary from different cloud environments and interactions and can cause significant risks that must be considered specific to that origin.