Question

Identify three accounting software packages that you would consider for a small business.

• Explain what must be taken into consideration when selecting small business accounting software. And, state why the quality of record-keeping is so important in track business finances for accurate record keeping.  
• Highlight the key discoveries of your accounting software research: Compare and contrast the three-software accounting software you have selected with a focus on record management. Then, discuss the advantages and disadvantages that each accounting software package may present.
• Document if the accounting software packages selected can or cannot be used as a strategic business management tool (historical data, reporting, forecasting, etc.)  
• Conclude with a statement about how accounting software can be leveraged as an effective strategic business management tool.

Answer 1

1-Accounting software can provide small business with many efficient ways of managing daily financial tasks, as well as provide management and ownership with useful reports to help analyze business performance. Without proper consideration, business owners sometimes make costly mistakes by investing in the wrong accounting software, and then they struggle to make the software work or incur even more cost by Converting to different software.

Keeping the records organized and sorted ensures that you can retrieve information when it is needed the most. Even though you don’t often refer back to invoices from several years ago, situations might come up that require referencing to the paperwork. For example, if you are audited by the IRS, then you need to be sure that you know where to gather the requested information.

2. The three major accounting softwares are-:

1. Database Accounting Software
This type of system is used by multi- million dollar companies large corporations. Data is more secured since businesses need to have a large database to install this type of software. Oracle accounting software falls in this category. One needs to hire systems engineer and systems consultant to install and get this type of software operating in your company. Basically, this type of software can handle financial management, more complex tasks, large network and complicated accounting functions.
Target: Big companies, Banks, Large Corporations
Advantages: Flexibility, Security, Ability to handle complex accounting tasks
Disadvantages: Expensive, High Costs for Maintenance.

2. INSTALLED ACCOUNTING SOFTWARE-:

In areas where internet cinncetion is slow and limited business can take advantage of accounting software in form of CDS or DVDS which u need to install in your desktop.

Advantages-:

Easy to install, various accountants can use it

Disadvantages-:

Dificult to customize, difficult to use in multiple locations, limitation to the no. of PC'S that can use the software due to restructions by the manufacturer, data is available on your computer or laptop only it is not available online and cannot be shared to others.

3. CLOUD ACCOUNTING SOFTWARE-:

These accounting software are available online & data can be accessed throuh the internet or cloud.

Advantages-:

Less expensive, your data is available online and can be accessed anytime & anywhere

Disadvantages-:

Needs familierization interms of functiinalities.

3-strategic plan should not be confused with a business plan. A business plan is about setting short- or mid-term goals and defining the steps necessary to achieve them. A strategic plan is typically focused on a business' mid- to long-term goals and explains the basic strategies for achieving them.

This guide sets out the basics of the strategic planning process. It explains how to go about drawing up a strategic plan, it highlights some important issues to bear in mind and it shows how to turn from planning to implementation.

4- fundamental success of a strategy depends on three critical factors: a firm’s alignment with the external environment, a realistic internal view of its core competencies and sustainable competitive advantages, and careful implementation and monitoring.[1] This article discusses the role of finance in strategic planning, decision making, formulation, implementation, and monitoring