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Best Accounting Software for company 2023

Best Accounting Software for company 2023

Accounting for historical discoveries since 2000 BC is rooted in Chinese, Roman, Greek, and Egyptian civilizations, and the old accounting format has been fairly sophisticated, including reporting, audit function, and bookkeeping.
 Accounting reached its current form at the end of the fifth century, specifically in 1494 AD, by Italian mathematician Luca Patchouli, who created the principle of double entry accounting (debtor/creditor),
where the principle provides that the parties to a financial transaction are either a debtor or a creditor and that the total amount of the parties to the transaction must be equal, and this principle is the basis for recording financial transactions and maintaining accuracy.
 The Italian scientist has also developed the basic accounting equation (assets = liabilities + equity), and Luca's contribution to accounting has also extended to developing the principles of bookkeeping and account management by posting from the general journal to the ledger.
 At the end of the nineteenth century, in 1887, the first organization to regulate and develop the accounting profession (the American Professional Accountants Authority) was established. This step is very important strategically and at all professional and legal levels.

 As a result of the evolution of business and business activities and the emergence of a large base of legislation governing financial and economic relations between individuals, institutions, and Governments in addition to changing and evolving business models, multiple operational risks and an expanded accounting database so that Governments,
, investors, customers, suppliers, and even employees have important and direct links to the validity of accounting statements, Therefore, organizations of a formal nature were established to oversee the development of the accounting profession and to issue accounting standards that serve as the minimum technical standard instructions required to give the accounting statements the necessary,
transparency and credibility. In time, accounting has become a specialized science that needs advanced scientific and professional standards and accounting programs require careful and careful delivery.

What does the accounting software mean?

 The accounting software is a system that helps companies track and manage financial transactions to facilitate the work of accountants, and simplifies business transactions such as sales, purchases, assets, ledgers, and other manually operated processes in old software.
 The technological transformation of standard accounting books and day-to-day functions of the accountant into a digital image through sophisticated accounting software, aimed at assisting the accountant to organize and manage the accounts of companies and shops and record accounting and financial processes on a daily and accurate basis that gives the same results and manages the same operations but more in keeping with the current era and its technical tools based on business needs and requirements.

What is the importance of corporate management accounting software as it is in Phenix Systems?

  Accounting is the essence of work in large companies as well as medium and small business's financial situation, which helps to analyze and clarify the financial situation of the company, Its main objective is to record the business operations related to debit and credits accounts,
the codification of companies' capital and the comparison of their costs and revenues to show the financial position of companies from profit or loss With the evolution of technology and time, accounting is no longer limited to manually codifying the accounting processes, but the accounting program has a very important role in many tasks, notably:

  • The accounting program controls the selection of the data format:

    where it is direct and ready rather than working on Excel files or using books, keeping backups of data, and sharing them instantly with those who want them, without resorting to storage, the need for large storage space, and conventionally transmitting data.

  • A more accurate accounting program to perform various calculations:

    organizing and managing accounts, and accuracy of the information in the processes of entry and output. There is a significant difference in making the required calculations on paper or using the calculator or relying on the use of accounting software, which reduces errors resulting from the conduct of numerous calculations and raises the level of accuracy and confidence of the resulting information.

  • Ease of data transfer and storage:

    enabling the accounting program to store the largest amount of data and files on the computer or stored in secure storage sites rather than in the form of paperwork that can be damaged at any time; It can also be moved online quickly and easily and can be connected on the Internet, For example, accountants who are required to know a lot of information about the goods in the stores, they do not need to review the paperwork but simply press some keypad buttons in the computer associated with all the stores in the companies, enterprises or shops, It enables them to know all the information they need to know in just a few minutes.

  • Saving time and effort:

    Saving time and effort in periodically occurring processes such as inventory, account closure, and settlements is easy to make through accounting programs rather than relying on traditional papers and documents.

  • Data sync:

    Synchronize data and obtain comprehensive and prompt reports on corporate management products and financial statements at any time and place. The accounting program supports the use of the Internet and smartphone devices. Instant reports on sales of companies and shops can be obtained by accessing these programs, saving time and effort in pursuing business management anywhere, especially if you are traveling outside the country in which you operate.

  • Information secretariat:

    The security and protection of important and personal information and data and accounting records with powers for each user and password for companies and shops, as a result of the accumulation of books and the transfer of the work system from one way to another or even from one program to another; An enormous amount of critical data is lost, and the ability to refer to prior years' data is lost for analysis and detailed budgets and reporting, which is provided by the ERP cloud system, which ensures business conservation backups.

  • Raising efficiency:

    Upgrading workers' competence by training in an accounting program puts staff at a broader professional level, which opens doors for creativity, good management, and optimal utilization of available resources. The accounting program helps to analyze data to access reports and information that benefit the production and marketing process spectacularly, relying on the human factor itself.

  • saving the time :

    A free accounting program or a paid accounting program provides material costs, giving the ability to save time and effort to accountants, auditors, and warehouse controllers so that the program can take care of these tasks more accurately.

  • By getting a clear vision and providing times to increase productivity, audit, control, and file preservation, you will be able to track transactions from different resources and stabilize those with the same source, in this way you will be able to decide to plan the strategy.

What are the tasks of company management accounting software as it is in Phenix Systems?

 Accounting programs record everything valuable. They are concerned with recording the business operations that occur in addition to posting all credits, debits, and invoices to customers, controlling inventory, purchasing, and sales accounts, and following up on all the overall details of the activity through accurate and comprehensive reports of all sections. The accounting program has helped )to) facilitate the accountants' business such as:

  • Alerts and reminders:

    of important and outstanding financial matters to be collected or paid, such as invoices under delivery, items under delivery, items (reached) up to the minimum and maximum, cheques in receipt or receivable, outstanding installments, entitlement to disbursements, indebted customers, late installments and statement of prices under delivery.

  • Follow up on customers' purchases :

    and make special marketing offers through the media recorded in their files saved to you which helps increase sales.

  • Submit purchase and sales reports :

    where you can track all purchases and convert purchase orders to invoices according to your business needs and follow all suppliers' accounts.

  • Manage, supervise and follow up on customer balances :

    remind them of upcoming payments, and identify collectible payments.

  • The interconnectedness between all accounting processes:

    so that the entry you register in your account tree automatically affects, and the purchase invoices move to expenses. This correlation makes the accounts more valuable and smooth.

How to choose the best accounting software from software and accounting companies such as Phenix Systems?

  Currently, there are countless options in markets for highly efficient automated accounting programs.
These programs vary in their advantages, characteristics, reporting, and additional options. They also vary in the cost of purchasing them and their maintenance contracts. However, when deciding which accounting program you buy for your company, the following main determinants must be taken into account:

  • Cost:

    The cost of the accounting program must be commensurate with the size and financial position of the enterprise so that the cost-benefit principle applies, and the cost also includes follow-up fees and fixed annual maintenance. The accounting program is a sustainable capital of the company and is not an expense or decimation, but an investment and capital, and in time the return on investment in purchasing an accounting program are rewarding, exceeds the costs by saving profits, and profits are directly or indirectly such as reducing time and increasing productivity, for example.

  • Technical support availability (after-sales service):

    Technical support must be available quickly and efficiently and must not be only at the breakdown level but also at the level of performance development and response to technical and legal variables as well as addressing emergency needs.

  • Ease of use:

    ease of learning for users without requiring prior experience the user may be an experienced accountant and the user may even be a recent graduate accountant, administrative officer, or department manager.

  • Licensing:

    The program must be licensed by relevant official entities such as government tax authorities.

  • Effective internal control:

    The accounting system promotes the objectives of preserving an enterprise's assets. Internal control principles such as the separation of limitations and passwords should be fully applied.

  • Internet and Cloud Accounting:

    The software will support online connectivity options for use from different geographical locations and spaces, including the possibility of working for employees from their homes.

  • Advantages of an accounting program:

    There should be an assessment of other advantages offered by the program such as diversity of reports, financial analysis, and integration with other software and applications such as mobile applications and payment systems.

  • Flexibility:

    The program must have flexibility to keep pace with possible developments arising from the evolution of the enterprise and possible variables. Laws change especially accounting standards, tax laws, and necessary adjustments and additions to the accounting program.

What are the best types of accounting software by company size or activity?

 Companies of all sizes with an accounting or support team can use the best accounting software by identifying and studying the company's needs for the accounting program which is instrumental in the growth and development of companies significantly.

  1. Accounting software for small and medium businesses (SMEs):

     Users of SME accounting software often search for an accounting program, in integration with ERP, and the accounting software has fewer interfaces and is easy to use to cover key usage requirements such as invoices and accounts.
      Small companies can find clear financial statements and record bank reconciliations more easily if they switch from Excel spreadsheets to accounting software.

  2. Accounting software for large companies

     Financial and accounting laws are different for different companies. Large companies that often do business can benefit from accounting software because they need to manage tax compliance with different requirements.
     Accounting software often integrates with enterprise resource planning (ERP) and even cloud software. This integration helps automate and unify many of a company's financial tasks, including billing, budgeting, forecasting, and reporting.

  3. Governmental institutions and non-profit organizations

     The best accounting program for government institutions and non-profit organizations, also called fund accounting, helps non-profit companies manage tax-free transactions, grants, and reporting.
      In addition to the standard accounting program, this type of program also helps non-profit organizations to accept and record voluntary contributions, manage funds, and maintain compliance. Organizations can request an accounting program with an associated human resources program.

Why buy an accounting program despite the availability of free accounting programs?

 The paid accounting program is characterized by a cost commensurate with the size and financial situation of the enterprise so that the cost-for-benefit principle applies and the cost also includes a fixed annual follow-up and maintenance fee, thereby outperforming the free accounting program targeting small entrepreneurs (Small companies) are very simple or fully free of charge unlike a paid accounting program whose costs vary from one program to another and depend on the software packages needed for the business activity of the companies.

  • Technical Support:

    A trained and qualified technical support team provides paid accounting programs to assist and answer all customer queries, to serve them and provide them with appropriate solutions depending on the nature of each company's activity, providing ease and flexibility in how use the accounting program, while there is no technical support team in the free accounting programs.

  • Multiple Users:

    Most companies aim to expand and develop their work. This means that the company needs to allocate a greater number of users with a different degree of validity for each user. This feature is available on the paid accounting software, while the free accounting software allows only one user to enter the program and record accounting processes.

  • Updates:

    Paid Accounting Software Programming Companies seek to periodically develop and improve the program performance as there are permanent updates to meet their customers' demands in developing the program work and adding new benefits to it, while no updates are available in the free accounting program and therefore the problems that the client may suffer while working on the program will not be fixed.

  • Maintaining data security and non-loss:

    storing accounting data in a paid accounting program on protected and secure databases where it is not accessible from unauthorized entities for difficulty in accessing the encrypted and protected database, unlike a free accounting program that may be subject to theft from unknown entities, making it easier to hack accounts and access company data.

  • Cloud Accounting Software:

    Paid accounting software offers the advantage of cloud work, which is based on storing data on multiple huge servers through the Internet with access to accounts from different places, while free accounting software does not allow remote work and cloud version.

Otherwise, a free accounting program can be used, which contains accounting fundamentals such as account management, suppliers, and customers, which is a convenient option for some small enterprises such as shops that cannot afford accounting systems while taking the necessary reserves to maintain data.

 Acquisition of corporate accounting software has become an urgent necessity, depending on the size and nature of the activity, whether commercial, industrial, or service,
on the process of storing databases on servers, and in terms of the cost of a paid accounting program or a free accounting program.



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