Accounting & Billing Software is an application that is used in recording and processing of transactions. Accounting software functions as accounting information system and it has available modules such as accounts payable, account receivable, payroll and trial balance. On the other hand, Billing software provides assistance in billing customer like invoices. It is also integrated in payment gateways and terminal that can be use in online processing payment.
Accounting Software is normally composed of several modules and has specific portions that can deal with any particular areas of accounting. For instance Accounts Receivable is where the company enters that incoming money. Account Payable is the section where the bills and payments go. General ledger is used a company’s books. Stock and inventory is where the company takes control over the delivery. Sales order is where the company record the order of each customer that can be use is inventory.
Billing software comes in numerous forms, for instance, it can be downloadable software wherein it can be installed to the server, it can be a hosted application solutions, desktop software that has interfaces with a third party processor or automated payment gateway.
Moreover, the software can be use either for business or for personal purposes. If it is for business, business owners can choose application based on the size of their ownership and the needs that has to be catered. If mainly for home use, user can use accounts payable type of accounting transactions, managing budget and simple account resolution.