Most accountants train to work with the simplest tools that generations of accountants before them used. However, There may come the point in your career that you will work for a company that too large or too complicated to stick by this traditional means of accounting.

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One of the very first accounting software programs to enter the industry and also the most common is QuickBooks by Intuit. The program was initially released in 1998 but has gone through many changes to be the tool it is today. One of these recent additions to the program is. Payroll Accounting System (PACS) PACS is an internal financial management system of NFC. PACS processes over 500,000 accounts. The system computes and reconciles payroll appropriation charges, feeds information to other systems, and produces numerous external and internal reports and Standard Forms. Mar 05, 2021 Compatible with NABARD System Our PACS Software is fully compatible with NABARD oriented CAS (Common Accounting System). It assures that all recommended settings and configuration measurements have been followed properly as mentioned in the CAS. Search and Find Details. There are 50 plus number of our software development company working actively in this field. They are helping to deliver the best PACS software as per the client requirements. The Primary Agriculture Credit Society Software is totally secure and its records are maintained through common accounting system that client can manage from their end.

Luckily, modernization has innovated most of the jobs around the world, and the accounting profession is no exception to that. Hence, to keep up with other professional, it is important that one learns about the latest and most common accounting software’s used in the market.

Why Are Accounting Software Important?

Most accountants engage in hundreds, if not thousands, of transactions every single day. Furthermore, they would have to summarize and present these transactions with the highest level of accuracy possible. This rigorousness of their job is because, at the end of the period, these reports would be a major of basis of future decisions.

Before accounting software existed, they’d have to record each one these transactions of their books manually. Hence, not only was their job several times harder before, the accuracies of their reports were highly unreliable. Thanks to accounting software, all these changed.

Most Common Accounting Software

To help you find the best software for you and your business. We’ve listed below 5 of the most used Accounting software by companies today:

QuickBooks Accounting

QuickBooks is one of the most famous accounting software in the market. California-based financial software company Intuit released the first version of the software in 1998 to cater for the need of simplified accounting platforms. Today, QuickBooks, according to the company, holds an estimated 85% of the retail market.

QuickBooks Online lets you see how your business is doing instantly.

–QuickBooks Website

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The software is available in three variants. The first one is the original desktop version of the software. The desktop-version offered the user various services such as remote payroll assistance and outsourcing, remote access capabilities, online banking and reconciliation, electronic payment functions, and more.

QuickBooks also has a cloud-based service called QuickBooks online. The product is available to users who are willing to pay a monthly subscription which provides them exclusive access to QuickBooks online platform.

Lastly, QuickBooks Point of Sale is one of the newest offerings of Intuit. It aims to replace traditional cash registers by offering other functions such as inventory tracking, customer information, sales, and more.

Xero Accounting

Unlike QuickBooks, the New Zealander Rod Drury and his personal accountant created the software more recently in 2006 to compete with what he believed were outdated accounting software in the market.

Xero is offered as a “software as a service” product where users can access the platform by paying monthly subscriptions. Since its initial release, the product is now available in over 180 countries worldwide.

Some of the major offerings of the software are automatic bank and credit card account feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, and standard business and management reporting. Some of which are not available to others.

FreshBooks Cloud Accounting

FreshBooks caters specifically to smaller service based businesses. The original version of the software was created in 2003 by Canadian entrepreneurs Mike McDerment and Joe Sawada. Three years later they rebranded it to FreshBooks to suit the changing taste of internet users.

The all-new FreshBooks is accounting software that makes running your small business easy, fast and secure. Spend less time on accounting and more time doing the work you love.

–FreshBooks Website

One of its biggest advantage over its competitors is its responsive mobile app. Users can access the software while on the go making the product easy to use for freelancers and small businesses. Furthermore, it also offers some necessary functions such as cloud invoicing, reporting, and payment processing.

Wave Accounting

Launched just in 2009, Wave Accounting is one of the newest players in the accounting software market. According to their website, they manage at least $175 billion in revenue and expenses of their customers worldwide annually. The company initially offered the software as a double entry accounting tool.

Wave Accounting Inc. then made available other financial services such as Payments by Wave (credit card processing), Receipts by Wave, Invoice by Wave, Payroll by Wave, and Lending by Wave. All of which is available to anyone for up to a certain number of employees.

Sage 50 Accounting

Lastly, Sage 50 Accounting, formerly known as Peachtree, is offered by the third largest supplier of enterprise resource planning software worldwide namely The Sage Group Plc. It is a subscription-based business management software available to businesses of all sizes.

[Sage] delivers built-in accounting best practices to keep your business finances on track and help you stay compliant with taxes and reporting requirements.

–Sage Website

Users can integrate the software with the functions of Microsoft 365 making reports easier to process. Furthermore, it offers an integrated data checker to weed out common mistakes committed by accountants, security functions that allow the users to track who is entering their database, stock management and more.

Centralized PACS Solution (CPS) is an effective software solution that covers the complete day-to-day functionality of the primary agriculture credit societies (PACS) through a centralized architecture. While designing PACS-CPS our primary focus was to make it simple to use and automate the time consuming & monotonous front and back office activities of a typical PACS branch. More importantly we made it completely compliant with common accounting system (CAS) and guidelines laid by NABARD.The software provides complete functional coverage through user friendly modules, sound security features and data availability through comprehensive reports.

Overview

C-Edge offers a comprehensive centralized solution for PACS, built using state of the art technologies. It empowers PACS to manage customer relationships, create and roll out innovative products quickly, control operations centrally, provide intuitive user interface to perform daily operations with ease. The open architecture of the Solution adds flexibility to customize while keeping the core processing components unchanged. This is a highly secure centralized 365 * 24 web based solution which has been highly parametrized to create differentiated banking products. It has evolved in Cooperative Bank environment; work-flow familiar to Cooperative Banks and has low total cost of ownership (Hardware, Operating system, Database Independence), built using industry standard open source technology.

Common Accounting System For Pacs Software Company

Benefits

Our PACS Model provide following benefits:

• Product architecture supports a wide variety of server platforms & can interact with any software for effective data integration.
• Does complete handling and maintenance of crop, other loans & advances.
• Total Compliance with CAS and MIS.
• Extensive coverage of KCC Module.
• Centralized database.
• Fast & error free disposal of transactions.
• More effective MIS and Audit Trail.
• POS can be used to perform transaction from any branch which supports KCC transaction across the PACS network.
• API/XML interfaces are available to interface PACS with other Core BS.
• Enables the Agricultural Societies at the Village level to disburse all the social sector related Government fund distribution to the targeted beneficiaries at the doorstep.
• Helps in implementing any Government sponsored Scheme through PACS as Government can monitor these schemes, through the application.
• Effective Security management and Disaster Recovery Plans.

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C-Edge Advantage

Common Accounting System For Pacs Software Free

• Seamlessly integrated with Core Banking Solution and other channels.
• Ready to deploy.
• Regular functional upgrades.
• Compliant with regulations.
• Secure application.