Accounting Software in Modern Business

Abstract

The purpose of the research is an investigation of different accounting software products, their functions, and specific features to make easier choice among variety of similar products and analysis of their pros and cons that can influence on companies’ performance. Authors classified accounting software according to its capabilities to serve the different managerial purposes. Because accounting software contains hundreds, some of them even thousands of features, the grouping method gave a possibility to assort similar models that might suit the company's specific requirements – size, cost, customizing, formats, appointments, models, and providers. Observation and comparing of data showed that the cost of accounting programs is critical to making the right choice. As the global accounting software market has a tendency to abrupt change to e-accounting, so that makes it impossible to predict the future behavior of accounting software users. To determine the objectives of this research statistical procedures are conducted. Received results can help potential users of accounting software products to choose the appropriate one based on listed advantages and disadvantages among the best sellers – customization tools, foreign currencies handling, financial and managerial reporting system and analytical capabilities. Lack of prior research studies on the topic and lack of available data have caused significant limitation of the analysis scope. The obtained results gave possibility to identified the main elements in formation the list of features necessary for making right choice of accounting software products. Facts showed managers, who don’t consider specific needs and features of accounting software, encounter with problem of discrepancy to company’s requirements. The research is based on theoretical and empirical data. To collect the necessary data for research there was used a quantitative approach. Analytical method helped to analyze and evaluate the ponderable factors which must be considered in selecting process the most appropriate accounting software for companies. The research is dedicated to problems connected with an uncertainty that appears in the accounting software market. This research adds new knowledge to the accounting field as there was disproving theoretical and practical knowledge about accounting software.