Accounting market faced recession in the year 2009, but as the economy is recovering from recession, in 2010 the market is expected to grow fast. After recession many industries are facing huge losses and if somebody plans to start a new business in this economic situation, it is very difficult to face the current level of competition. Companies are ready to endeavour into new market and the economic climate of the world is changing. Accounting is main component for a business organization and with the help of technology; a business can stay ahead of its competitors. Accounting is not just bookkeeping and asset maintenance, but today accounting requires many other features, which can help a business to stay ahead of its competitors.
For example: If you own a motor company, you have to make decisions to purchase the right raw material required for the production. You will have to keep a record of sales, inventory and pay checks as per the latest market standards and government rules. Accounting software provides easy solutions to these problems.
The current generation of accounting software should have features to provide the information about changing market and changing legal rules. A new business may require proper background support to define its functioning and the accounting software not only helps in maintaining funds, but gives the clear analysis of needed data to help a business to take decisions.
Low end accounting market: Low cost accounting software is used to provide solutions to low end business markets. General accounting such as business transactions and budget is the main modules of the software. Low end software may have the single entry features, no option for audit trail and security of such systems is low. It may not provide complete account management and customization features. Multi-location and multi-users features may not be present in the software.
Mid market accounting: Mid market software can be used by businesses, which have branches located in various parts of the world and the monetary transactions in such systems supports multiple currencies. These systems can be easily integrated to other software modules and standard database system such as SQL and Oracle, are used to handle the database of such systems. Reporting tools such as crystal reports and Cognos are used to give the reports of such software. The database of mid market accounting is robust and secure.
High end accounting software: These are one of the most expensive accounting software, which may take a long time for implementation. Sometimes, the system requires a lot of customizations and most of the high end solutions are client specific solutions.
Vertical market software: Some accounting software are specifically, designed for particular industry. In the vertical market, software development teams are generally small and there are more chances of failure of such software implementation processes. But the software doesn't require much customization, and implementation time and cost is low. Some of the common form of accounting software for vertical market includes solution for hospitals, constructions houses, banks and retail chains.