Accounting Software Resources

Articles, Glossary Terms, Discussions, and Reports to expand your knowledge on Accounting Software

Resource pages are designed to give you a cross-section of information we have on specific categories. You'll find articles from our experts, feature definitions, discussions from users like you, and reports from industry data.

Contents

Accounting Software Articles

What is Contract Management and Why is It Important?

Contracts govern almost every interaction between businesses.

MCN

by Mary Clare Novak

How to Calculate Cost of Goods Sold (COGS): A Complete Guide

Understanding your costs is essential for sustaining profitability in manufacturing.

by Devin Pickell

Top 9 Free Invoice Management Software for 2024

Unpaid invoices haunting your dreams? Managing multiple clients and tracking expenses can turn into a nightmare for fast-growing small businesses. You might find yourself spending hours creating client invoices, approving vendor bills, tracking your payments, and managing financial records rather than focusing on the heart of your business.

by Soundarya Jayaraman

Accounting Software Glossary Terms

Payroll Management

Payroll management is an administrative process that ensures employees are financially compensated for their work. Learn more about its types and benefits.

by Holly Landis

Accounting Controls

Accounting controls help businesses maintain financial integrity and accurate data. Learn about the types, benefits, and challenges of accounting controls.

by Alyssa Towns

RFID

Radio frequency identification technology (RFID) tracks and identifies objects, animals, or people using electromagnetic fields. Learn more about types.

by Sagar Joshi

Budget Period

A budget period is the particular time frame in which a business plans, implements, and evaluates its budgets. Learn more about its types and benefits.

by Sagar Joshi

E-Signature

An electronic signature, or e-signature, is a digital representation of a person's signature used to sign a document online. Learn about its benefits.

by Sagar Joshi

Bank Reconciliation

Bank reconciliation compares a company’s accounting records with corresponding bank statements. Learn more about its benefits and purpose.

by Sagar Joshi

B2B

Business-to-business, or B2B, describes a transaction between two business entities. Learn more about the types of B2B companies and their benefits.

by Whitney Rudeseal Peet

Cash Accounting

Cash accounting records finances by only recognizing cash transactions. Learn more about this bookkeeping method to see if it's the right fit for you.

by Harshita Tewari

Fiscal Year-End

Fiscal year-end is when a company’s 12-month accounting cycle comes to a close. Learn about its benefits and best practices.

by Kelly Fiorini

Closed Account

A closed account is an account that's been deactivated or terminated by the account holder or a counterparty. Learn more about how it works and its causes.

by Amanda Hahn-Peters

Accounting Software Discussions

Question on: CheckMark MultiLedger

How easy is MultiLedger to set up and start using ???

How easy is MultiLedger to set up and start using

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MultiLedger is designed to be straight-forward and easy to use for any small business owner. We include several sample charts of accounts to choose from that you can use as is, or adapt for your business. And, you can start using the software at any time of the year, even before you have beginning balances, which can be entered at any time. Plus we offer 60 days of free limited support to get you off to a good start.

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Answered: Vaibhav Gupta on October 17, 2019

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Answered: Vaibhav Gupta on November 30, 2016

See more answers (1)

Your answer

Question on: BQE CORE

Is this a desktop version or cloud-based?

Both. BQE BillQuick is available as stand-alone desktop product as well as in the cloud. You also have an option to host your own data in the web version.

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BillQuick desktop integrates with BillQuick Online. The local and cloud databases automatically update one another. One reason is many users are unsure about putting their accounting in the cloud, OR the accounting in the cloud offers too few features, OR cloud accounting is very expensive, OR they simply don't want to give up their desktop accounting software. This configuration also minimizes the IT impact inside the company.

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Answered: Bob Wolff on August 27, 2015

Your answer

Question on: Rootstock Cloud ERP

Why Should I Choose Rootstock?

Can I give my management some quantitative reasons for choosing a manufacturing ERP?

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A manufacturing ERP like Rootstock is specifically designed to support the unique workflows common to all manufacturers to achieve operational targets more efficiently with the right capabilities. A “generic” ERP is focused on the financial workflows that all businesses have but must be configured or customized to support those same workflows. Rootstock refers to our underlying architecture as a “manufacturing operating system” that is purpose built with financial workflows such as accounts receivables (AR) and accounts payable (AP) where AP is intertwined with supply chain functions which are more complex than simple vendor issues. Of course, a manufacturing ERP must support inventory management which is complicated by raw materials coming in and finished goods going out that a non-manufacturer would not need. Finally, all of the specific manufacturing operational processes such as work orders, work instructions, and quality disposition are again, intertwined with all of the above. Building this into a generic ERP is how implementations go wrong and take twice as long as they should. If you’re a manufacturer, you should be using a manufacturing ERP for faster and measurable implementation timelines and faster time to value. If you’re on the Salesforce Platform, you should be using Rootstock because having one platform for your manufacturing function and business functions can significantly reduce total cost of ownership over time.

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Answered: Rachel Hayes on January 25, 2024

Not knowing your specifics, we can say this in general. The first thing most companies examine is how much inventory reduction they will obtain with an effective ERP system. Industry analysts generally agree that between a 20 to 30 percent reduction is achievable with improved management of raw material, parts, WIP and finished goods. Even if the incremental improvements are only 10 to 15 percent, this still results in significant savings. Forecasting and scheduling improvements resulting from an effective ERP system will have a positive impact on purchased materials and components. With the ability to provide firmer commitments with predictable lead times to the company’s vendors, purchasing departments can negotiate better terms which can lead to five percent reductions. An area often overlooked is the direct labor and indirect labor costs in the production area. Direct labor savings flow from improved scheduling that balances workload and minimizes overtime. If a manufacturing firm is currently using a combination of QuickBooks and spreadsheets, they will be shocked on how much time is being spent feeding the spreadsheet system and emailing documents to substitute as a work flow system. Indirect labor savings resulting from modern ERP systems add up quickly. Most industry analysts believe that a ten percent reduction in labor costs is easily achievable. The last quantitative area to discuss is accounts receivable. With a manufacturer’s ability to product error free and timely invoices, the turns on receivable can be improved around five percent, resulting in a significant improvement in cash flow.

Accounting Software Resources

Articles, Glossary Terms, Discussions, and Reports to expand your knowledge on Accounting Software

Accounting Software Articles

What is Contract Management and Why is It Important?

How to Calculate Cost of Goods Sold (COGS): A Complete Guide

Top 9 Free Invoice Management Software for 2024

W-9 vs. 1099 Forms: What's the Difference?

History of Accounting: How It's Evolved Over the Years

Free Balance Sheet Template for Easy Accounting

Venture Capital: What It Is, How It Works, and Types

How to Calculate Your Gross Profit and Gross Margin

11 Best Accounting Software in India for 2023

What Is Accrual Accounting? How It Works, Pros, and Cons

Small Business Bookkeeping Essentials (+5 Tips for Newbies)

Introducing the Returns Management Category on G2

What Is a General Ledger (GL) and Why Does Every Company Need One?

Some Well Known (and Lesser Known) Facts About GAAP

22 Basic Accounting Terms Every Small Business Owner Needs to Know

2021 Trends in Accounting and Finance

The Role of Artificial Intelligence in Accounting

The Importance of Accounts Payable (AP) Automation

Key Components of Accounting Automation

Financial Forecasting: The Crystal Ball of Your Business

What Is a Current Ratio? (+ The Current Ratio Formula)

13 Accounting Principles Essential to Financial Accounting

What Is Cash Basis Accounting? (+When You Should Use It)

What Is Cost of Debt? (+How To Calculate It)

Share to Grow: Why and How Companies Use Equity Capital

Using Project Portfolio Management (PPM) to Determine Value

Accounting Software Basics (+ Some Key Features to Look For)

What Is Debt to Equity Ratio and How Do You Calculate It?

Accounting Software Glossary Terms

Accounting Software Discussions

Accounting Software Reports