Accounting Software Key Terms
Learn accounting software key terms to know which program is right for youMost businesses in today's high-tech market depend on software to handle accounting functions. While accounting software does not eliminate the need for in-house accountants, it does assist them by reducing the amount of time accountants normally spend performing tedious tasks. For example, accounting software can break down job costs or maintain payroll records electronically. Learn how to optimize your company's accounting functions when you understand accounting software key terms.
Activity-based costing, or ABC
Job costingWhen businesses want a breakdown of the time, expense and sometimes even profit margin associated with individual jobs or projects, they use a job-costing analysis in their accounting functions.
Asset management softwareAsset management software allows you to take control of fixed income and equity sources, current and cash liquidity, and infrastructure and real estate assets.
Wholesale distribution businessAccounting software usually includes capabilities to manage the wholesale distribution business end of a company.
Inventory managementAccounting software usually offers companies inventory management capabilities. This helps companies purchase just enough to fill customer orders but not so much that they have to absorb higher costs.
Integration of payrollWhen accounting software programs allow the integration of payroll they are assuming all the roles performed by your payroll clerks and payroll specialists.
Copyright © 2013 Business.com, Inc. All Rights Reserved.