Imagine stepping into any accounting role equipped with the skills, insights and confidence to streamline financial operations and uncover strategic opportunities. An advanced education can provide accounting professionals with these versatile tools.

The University of Wisconsin-Parkside (UW-Parkside) online Master of Business Administration (MBA) with a Concentration in Accounting program prepares students to master accounting software, developing skills that transform complex data into precise, actionable insights. Graduates are prepared to improve efficiency, reduce errors and support informed decisions for any organization they serve.

What Is Accounting Software?

Accounting software is a specialized tool built to manage transactions and record, organize and monitor financial data. It enables accounting and finance professionals to oversee various financial processes, including fixed asset management, accounts payable, accounts receivable and reporting. The best accounting software aids accountants by simplifying daily business transactions and organizing critical financial information.

Accounting software also offers industry-specific benefits. For example, small business accounting software like QuickBooks and Zoho Books offers affordable, user-friendly features tailored to basic accounting needs, while enterprise resource planning (ERP) accounting software like Oracle NetSuite or SAP S/4HANA integrates complex financial data across large organizations, providing advanced features like tax management, compliance and forecasting.

Benefits of Accounting Software for Business Finances

Accounting software offers significant advantages, making it an essential resource for organizations of all sizes. This software benefits organizations in the following ways:

  • Efficiency: Automating repetitive tasks like data entry and reconciliation saves time, allowing accountants to focus on strategic planning and analysis.
  • Accuracy and compliance: Software reduces manual errors and helps companies comply with tax and regulatory standards.
  • Financial transparency: Real-time updates and centralized data offer clear financial insights critical for decision-making.
  • Scalability: As businesses grow, they can upgrade to software with advanced features to handle increasing data complexity.
  • Accessibility: Cloud-based software enables accountants to manage finances anytime, anywhere, which is particularly beneficial for remote work.

Types of Accounting Software

Various types of accounting software are tailored to meet the needs of businesses of different sizes and complexities. These are some of the most common types:

  1. Small business accounting software: Tools like the versatile QuickBooks and collaborative Xero are popular for their ease of use and flexibility, catering to small businesses. These solutions typically include invoicing, expense tracking and basic reporting features.
  2. ERP accounting software: Large companies often use enterprise resource planning (ERP) software to integrate financial data with other business functions. SAP S/4HANA and Oracle NetSuite are examples that offer advanced analytics and interdepartmental data sharing.
  3. Cloud-based accounting software: Cloud-based solutions like Zoho Books and FreshBooks offer remote accessibility, allowing finance teams to access data from any device.
  4. Nonprofit accounting software: For nonprofits, accounting software such as Fund EZ and Aplos provides specialized features for fund accounting, donations tracking and grant management.
  5. Industry-specific software: Industry-specific solutions cater to fields like retail, construction and healthcare. For instance, Sage 300 Construction and Real Estate offers robust project management and payroll features suited for construction businesses.
  6. Spreadsheet software: Startups or freelancers often use programs like Microsoft Excel and Google Sheets for basic accounting tasks.

Essential Features in Accounting Software

Accounting software often provides a range of features that add value depending on the business type and size. Consider the following examples:

  • Invoicing and billing: Automating the creation of invoices and tracking of customer payments
  • Expense tracking: Helping businesses manage spending with real-time insights and customizable expense categories
  • Payroll processing: Managing and automating employee payments and tax calculations
  • Reporting and analytics: Generating reports for analyzing business performance, including profit and loss statements, cash flow statements, and balance sheets
  • Inventory management: Helping businesses track inventory levels and costs
  • Integration with CRM and e-commerce platforms: Streamlining financial data across platforms

Selecting the Right Accounting Software for Your Business

Making an informed choice requires assessing your business needs and considering factors like size, complexity, budget and future growth. Small businesses often benefit from tools like QuickBooks Online or Xero, while larger enterprises may lean toward ERP systems.

Beyond matching software to business size and needs, accounting professionals must evaluate specific features that align with their operations. They should consider core functions and ease of use, especially if their team includes non-accounting professionals. Scalability is vital to growing businesses, as are cost and long-term value. Lastly, ensure the choice meets compliance and security standards.

Develop Accounting Software Proficiency With UW-Parkside

For aspiring accountants and finance professionals, understanding accounting software and its applications is essential. The UW-Parkside online MBA in Accounting program prepares students to use software effectively, equipping them to optimize financial processes and maintain accuracy.

Students learn to analyze financial data, generate reports and develop visual analytics. These skills, combined with their accounting education, prepare graduates to work with popular software or enterprise-level solutions and to make data-driven decisions, enhance attention to detail and streamline financial processes through technology.

Learn more about UW-Parkside’s online MBA in Accounting program.