Expense-where employee business-related expenses are entered.

Debt collection-where the company tracks attempts to collect overdue bills (sometimes part of accounts receivable).

Financial close management - where accounting teams verify and adjust account balances at the end of a designated time period.Bookkeeping-where the company records collection and payment.Sales order-where the company records customer orders for the supply of inventory.Purchase order-where the company orders inventory.Stock/inventory-where the company keeps control of its inventory.Billing-where the company produces invoices to clients/customers.Accounts payable-where the company enters its bills and pays money it owes.Accounts receivable-where the company enters money received.

Cloud accounting software was first introduced in 2011, and it allowed to perform all accounting functions through the internet.Īccounting software is typically composed of various modules, with different sections dealing with particular areas of accounting. Since then, the accounting software has revolutionized from supporting basic accounting operations to performing real-time accounting and supporting financial processing and reporting. The first accounting software was introduced in 1978. Depending on the purpose, the software can manage budgets, perform accounting tasks for multiple currencies, perform payroll and customer relationship management, and prepare financial reporting. Example of General Ledger and purchase journal in a Belgian accounting programĪccounting software is a computer program that maintains account books on computers, including recording transactions and account balances.

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