Question

Find ten accounting softwares and show their advantages and disadvantages. (Clearly
show your resources using APA Style)

Answer 1

QuickBooks Online.

Xero.

FreshBooks.

Sage.

Zoho Books.

Odoo Accounting.

Wave Accounting.

Sage Intacct.

Advantages of accounting software

Benefits of accounting software include:

simple data entry - it is typically fast, straightforward and only required once

fast processes - delays, for example between a sale and invoicing, are minimal

automation of reports and analysis - eg on profit and loss, debtors and creditors, customer accounts, inventory counts, sales, forecasting, etc

automation of tasks - eg calculating pay, producing payslips, calculating VAT, etc

reduction of errors - eg transposition of figures, incorrect or incomplete recording of transactions, etc

integration with other systems, such as online banking and e-filing

Disadvantages of accounting software

Certain problems and disadvantages are worth considering if you are looking to use accounting software in your business. For example:

Price - the package cost, although small in relation to your other costs, is higher than a paper-based system.

Implementation - manual accounts are generally easier to set up and can be more flexible than computerised accounting. You will probably need some initial help setting up accounting software. Your accountant or system provider will usually charge you for this service.

Support - you may need to purchase yearly maintenance and support for your package.

Specialised needs - an accounts package will typically suit most types of business. However, specialist businesses may need to refine the package or change their processes to use accounting software successfully. See more on specialised requirements for your accounting package.