Accountancy software basics

Article Abstract:

The UK's accountancy software market is very fragmented with no dominant players, although Sage has the largest market share. The market for larger companies is not as mature as that for smaller organisations and the ten leading vendors account for less than a half of sales. Important developments in computer technology have had an impact on the accountancy software market and most packages have a graphical user interface, such as Windows.

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What is accountancy software?

Article Abstract:

Accountancy software packages allow for the automation of an organisation's financial accounts and the market is commonly divided into entry-level, mid-range and high-end applications. The basic units of most packages include sales ledger, nominal ledger, sales order processing, stock control, purchase-order processing and payroll. Other options can be incorporated into some packages, including bill of materials and fixed assets modules.

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What to look for

Article Abstract:

All accountancy software packages incorporate sales, purchase and nominal ledgers, but there are different levels of functionality depending upon the sophistication of the package. A selection of useful features offered by most financial software packages includes cheque printing, prior-year comparisons, cash book, purchase analysis and sales analysis.

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