Choosing Accounting Software 1 The task of selecting an accounting software package which meets the needs of the company or client can be the most challenging The product needs to fits the organization s needs which are based on complexity and size Accounting software is engineered to meet the needs of the organization There are five basic groups in which the market is divided Accounting market is broken into the following groups entry level Entry small to medium business SMB small to medium enterprise SME and enterprise resource planning ERP Not for profit NFP makes up the final group of accounting software Entry is designed for smaller businesses with up to 20 employees and revenues less than 5 million Currently estimates show 5 million companies fall within this group SMB is engineered for companies with no more than 100 employees and sales up to 100 million SME is for larger organizations which have more than 500 employees and sales exceeding 500 million Companies can save money by using a lower product in a lower category which will have fewer features versus higher category which has long term costs Software such as Simply Accounting Online Peachtree Accounting ePeachtree and QuickBooks Microsoft Money Small Business and Oracle Small Business Suite are classified under Entry Examples of SMB are Small Business Edition MAS 90 QuickBooks Enterprise Solutions BusinessVision 32 Adagio and SouthWare Excellence Series Middle market software is MAS 200 and AcccountMate MAS 500 ACCPAC Pro Series and e Synergy are examples of SME QuickBooks Enterprise Solutions Nonprofit Edition is an example of NFP ERP would be the following J D Edwards Oracle Financials and Financial Management Solutions Choosing Accounting Software 2 Reference Page Johnston Randolph P 2003 A Strategy for Finding the Right Accounting Software Journal of Accountancy Retrieved from http www journalofaccountancy com Issues 2003 Sep AStrategyForFindingTheRight AccoungtingSoftware htm
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