Update: This article was last updated on 19th Sep 2019 to reflect the accuracy and up-to-date information on the page.

In this day and age, the core processes of every business are powered with the latest technological inventions. Accounting is one of them.

There are a plethora of accounting software solutions available in the market, which cater to each and every aspect of the accounting process. These solutions help you in managing invoices, payments, keeping track of expenses, among others.

In addition, some third-party add-ons accomplish other complementary tasks like employee management, preparing taxes, communication, etc.

Recommended Reading: How to Develop a System for Selecting Accounting Technology

In the infographic depicted below, we have handpicked some of the software tools which an accounting department should have for the streamlined accounting process.

7 Software Your Accounting Department Can’t Survive Without Infographic

Let’s explore in detail.

1. Accounting Application

Accounting application is a program that records and stores all the accounting transactions. It tracks cash inflow and outflow easily, handles invoicing and billing efficiently and keeps your data secure. Some of the examples for accounting applications include QuickBooks, Sage, and Xero accounting software.

2. Tax Preparation Software

A tax software solution is designed to assist companies and individuals in preparing and filing income, corporate, or other tax returns. It helps in pre-season preparation, saves time, reduces significant errors, and simplifies massive calculations for accountants or tax professionals. Some of the best tax software are Lacerte, ATX, and Drake Tax Software.

3. Payroll Management Software

A payroll management software streamlines, automates, and centralizes the payroll processes. It helps in advanced reporting, talent tracking, and performance management for employees and ensures easy documentation. Some of the payroll management software are Intuit Payroll and Sage HMS.

4. Time and Expense Tracking

Time and expense tracking software help businesses in monitoring employee time and improve productivity. They enable easy job and shift scheduling and real-time employee reports for efficiency and convenience. Some of the best time and expense tracking software are Count Me In and TSheets.

5. Integrated CRM

Integrated CRM brings valuable information about your customers into your CRM directly. It improves mobility, enhances inter-departmental communication, and gives real-time information about your customer data. Some of the examples of CRM are Method CRM and Results CRM.

6. Team Communication Tool

Team communication tools act as a means of conversations between team members. The team can share files, exchange project data, and work collaboratively with the help of these tools. Work not only becomes efficient but easy to track and report. Some examples of team communication tools are Zoho and Slack Communication.

7. Hosting Service

Hosting service is mostly used for hosting sites, files, data, application, or other similar services. A hosting provider offers different types of hosting like shared or dedicated hosting of data or service. It ensures data security, reduces cost, saves time, and enables multi-user collaboration. Ace Cloud Hosting is one of the leading providers of accounting application hosting services.

Final Words

Similar to every other industry, the accounting industry is adopting the latest technologies to streamline their process. The above-mentioned software help accountants build a complete accounting solution covering all core tasks.

Which tools are you using for your accounting process? Please mention in the comment section below.

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