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The following comparison of accounting software documents the various features and differences between different professional accounting software, personal and small enterprise software, medium-sized and large-sized enterprise software, and other accounting packages. The comparison only focus considering financial and external accounting functions.
QuickBooks is an accounting software package developed and marketed by Intuit. First introduced in 1992, QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
Estimates from 2009 suggested that more than a billion business-to-business invoices were being processed each week, and 97% of these were still processed manually. The average cost to process and pay a supplier invoice was between $5 and $15, with 10% processed too late to be paid within discounting terms, and nearly 2% containing errors. [6]
Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms [citation needed] or payment terms.
QuickBooks Enterprise Solutions – for midsized companies that require more capacity, functionality and support than is offered by traditional small business accounting software; includes QuickBooks Payroll. QuickBooks Online – an online small business accounting and financial management solution [buzzword], offered in EasyStart, Essentials ...
Invoice processing : involves the handling of incoming invoices from arrival to payment. Invoices have many variations and types. In general, invoices are grouped into two types: Invoices associated with a company's internal request or purchase order (PO-based invoices) and; Invoices that do not have an associated request (non-PO invoices).
Upon employment, most workers undergo tax withholding, facilitated by the completion of a W-4 Form, which estimates their future tax liabilities. Within the realm of payroll taxes, withholding tax represents one of two primary categories. The counterpart, paid by the employer to the government, is calculated based on individual employees' wages.
Today, accounting information systems are more commonly sold as prebuilt software packages from large vendors such as Microsoft, Sage Group, SAP and Oracle where it is configured and customized to match the organization's business processes. Small businesses often use accounting lower costs software packages such as Tally.ERP 9, MYOB and ...