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Open Source Accounting Software Provides Reliable Option to the Accounting Professionals

Accounting software refers to the application software that sophistically records and processes accounting transactions within functional modules such as trail balance, payroll, accounts payable and accounts receivable. Accountants are open to utilize the option of open source accounting software that is freely available with its source code for modification and redistribution just like Linux operating system. Such open source is free from the copyright and often includes the restrictions on the facilities of resale of the accounting software.

The accounting information system may be developed in-house by the organization or purchased from a third party. Many accountants, businesses and financial auditors are still using old-fashioned desktop-based accounting software to fulfill their business accounting needs. Though many big players in this area have launched the free online open accounting sources services that are like software-as-a-service solutions. Some of them are charging customers to pay a monthly for accessing the services of their books online.

The accounting software has made it easy and faster by customizing it to suit the requirements of the clients. This software is typically composed for different sections and modules to deal with the particular areas of accounting. Some of the core modules include accounts receivable & payable, general ledger, billing, purchase order, sales orders, cash book etc. Whereas, the non core modules include debt collection, expenses, payroll, reports, purchase orders, inquiries, timesheets and so on.

The implementation or installation is required more than the actual accounting software in many cases. Sometimes, the larger applications can be purchased exclusively through the resellers, developers and consultants. These firms generally pass on a license fee to the vendor of software and then take reasonable charge for the installation, support service and customization. Clients do normally have to pay roughly 50-200% of the price of the software in implementation and consulting fees. On the other hand, freely available open source accounting software takes no charge for the service. Many accounting professionals are using this link to perform better and cost-effectively.

The online accounting application developed in PHP and MySQL is also being used that can be customized as per the needs of accountants. The selection of whether to purchase an industry-specific application or only to serve the general-purpose is often very difficult. The accounting software application can also be linked with third party systems like CRM applications, payroll software, inventory software etc.