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Accounting software is computer program that records accounting transactions within functional modules like accounts payable, accounts receivable, payroll and other related tasks. Accounting software may be developed in-house by the company or organization utilizing it, may be purchased from a third party developer, or may be a combination of third-party development with local modifications. Hence, accounting software packages vary greatly in complexity, range of services and cost. Accounting software is composed of various modules. Among the most common modules are accounts receivable (where the company records money it has received), accounts payable (where the company enters its bills and records money it owes), general ledger (the company bookkeeping), billing (where the company produces invoices for clients and customers), stock and inventory (where the company records its inventory), purchase order (where the company makes a record of its orders), payroll (where the company tracks salary and taxes), and financial reports (where the company produces print outs of all previously mentioned modules). In many cases, the installation and configuration of the accounting system can be a bigger financial investment than the actual software chosen. Most mid-market applications are sold through resellers, developers, and consultants. These organizations charge a licensing fee to the software vendors which charge the client for installation, customization, and related support services. Accounting software packages can be divided into several categories: accounting software for low end and personal users, accounting software for mid-market users, and accounting software for high end and vertical markets users. Personal accounting software is a simple application that is meant for home users and is focused on personal budget management. Low end accounting software allows most small businesses to perform accounting functions. Peachtree Quantum 2012 targets mid-market or medium sized businesses. In addition to general accounting functions, the software includes integrated management information systems that may specialize in one industry like manufacturing with additional modules. Complex and sophisticated accounting software solutions like Peachtree Quantum 2012 are extensive suites known as enterprise resource planning or ERP software. These applications normally have a long development period. Moreover, these applications need significant integration, configuration, and customization to become functioning accounting systems. Some business accounting software solution like Peachtree Quantum 2012 is designed for specific business types. It usually includes specifications that are unique to that industry. Vertical accounting software packages usually target industries like banking, construction, medicine, retail, and non-profit organizations.
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