- — Accounting Software
- — CRM
- — ERP
- — Excel Financial Functions
- — eXtensible Business Reporting Language (XBRL)
- — Extensible Markup Language (XML)
- — Financial Analysis Tools
- — Financial Ratio Analysis Software
- — Human Resource Planning Software (HRP)
- — Hyperion Planning
- — IFRS Taxonomy
- — Microsoft Dynamics
- — MS Excel for Financial Calculation
- — QuickBooks
- — QuickBooks Secrets
- — SAP
- — Software as a Service (SaaS)
- — US GAAP Taxonomy
Accounting software is, basically, application software, which records and processes accounting transactions occurring within functional modules like accounts payable, payroll, accounts receivable, and trial balance. The accounting software works as an accounting information system.
Customer Relationship Management (CRM) is a largely implemented strategy for managing the interactions of a company with its customers, clients and sales prospects. This software application involves the use of technology to automate, organize, and synchronize business processes, mainly sales activities, but also those for customer service, marketing, and technical support. The CRM Software describes a company-wide business strategy counting customer-interface departments in addition to other departments.
Enterprise Resource Planning (ERP) is a software application that integrates internal and external management information athwart the entire organization, including manufacturing, finance/accounting, sales and service, customer relationship management, and alike. The ERP systems mechanize this activity with the help of an integrate software application with the key purpose of facilitating the flow of info between all business functions within the boundaries of the organization and administer the associations to external stakeholders.
Excel Financial Functions
The excel financial functions have been made available to execute a variety of financial calculations, including calculations of yield, investment valuations, interest rates, internal rate of return, asset depreciation, and payments. These financial functions can be, however, classified into different categories so as to enable you to stumble on the required function.
eXtensible Business Reporting Language (XBRL)
The XBRL, short for eXtensible Business Reporting Language, is a freely available, market driven, open, and global standard for exchanging business information. XBRL enables information modeling and the expression of semantic meaning commonly requisite in business reporting. Moreover, XBRL is XML-based. It uses the XML syntax and related XML technologies like XML Schema, XLink, XPath, and Namespaces to articulate this semantic meaning. Also, the XBRL Specification is developed and published by XBRL International, Inc.
Extensible Markup Language (XML)
The Extensible Markup Language (XML) can be referred as a set of rules used for encoding documents in machine-readable form. It is delineated in the XML1.0 Specification created by the W3C, and numerous other related specifications, all gratis open standards.
Financial Analysis Tools
Financial analysis tools are one of the most efficient ways that can be used for ensuring good profit from your investments. These financial analysis tools are highly helpful in evaluating the market and investing in a way so as to maximize the profit from the investments made. These financial analysis tools are useful for deciphering both internal and external information related to a specific business organization.
Financial Ratio Analysis Software
Financial ratio analysis software is a value-added tool which helps in creating quick analysis about financial performance of a client and its comparison against analogous businesses and industry standards.
Human Resource Planning Software (HRP)
The human resource planning (HRP) software has been one of the most important and helpful tools in planning and management of human resources. The human resource planning software can be used for various functions, counting preparing schedules, tracking employee absences, issuing paychecks in addition to managing confidential files and records. These days, different brands of software programs are available for human resource departments are available in the market. These available software programs are efficient in recording information in addition to assisting a human resource employee or manager by supporting employees, setting goals, assessing progress, and improving overall work conditions.
Oracle Hyperion Planning is extremely useful for businesses as it allows them to manage all their requirements pertaining to business planning as well as budgeting. It is a part of the Hyperion EPM software designed by Oracle and also comes with two extra modules viz. Capital Expenditure planning and Workforce planning, which can be added to enhance its capabilities further. It is essentially a centralized, Web and Excel based planning, forecasting and budgeting solution, which integrates well with the operational and financial planning procedures and further helps in enhancing business related predictability.
The IFRS Taxonomy is the extensible Business Reporting Language (XBRL) representation of International Financial Reporting Standards (IRFSs). It issued by the IASB and includes International Accounting Standards (IASs), Interpretations, and the IFRS for Small and Medium-sized Entities (SMEs). The purpose of development of IFRS Taxonomy was to address the need of an electronic standard to pass on the IFRS financial information. The commercial and industrial organizations can use this taxonomy to report under IFRSs.
Microsoft Dynamics can be explained as a line of customer relationship management (CRM) and enterprise resource planning (ERP) software applications developed by Microsoft. The Microsoft Dynamics applications are carried through a network of reselling partners who offer specialized services.
MS Excel for Financial Calculation
Using MS Excel for financial calculations in your business is highly beneficial. MS Excel performs every task for you including algebra, charting, graphing, and statistical analysis. All that is required by you to be done is investing a few minutes in entering the data into a spreadsheet and a little knowledge about the excel tools that can be used for financial calculations.
Founded in 1983 by Stock Cook and Tom Proulx in Mountain View, California, USA, QuickBooks refer to a line of business accounting software developed and marketed by Intuit. After the success of Quicken for individual financial management, the business company developed a similar solution for small business owners.
When Intuit launched the QuickBooks program, it was little more than a computerized bank register with a few features. Today, this program has been tweaked, improved and added to each and every year to become what it is, a complete fully functional accounting program. But even those who have been using QuickBooks for years don’t always discover all the little gems hidden within the depths of the day to day use of the program. Here are some ways to get more out of your QuickBooks program.
SAP, introduced in 1972 by five IBM ex-employees in Mannheim, Germany, affirms that it is the largest inter-enterprise software in the world in addition to being the fourth-largest independent software supplier.
Software as a Service (SaaS)
Software as a Service (SaaS), also referred as “on-demand software”, is a software delivery model which involves software and the related data being hosted centrally and are usually using a web browser over internet. The term software as a service is considered to be a part of the arrangement of cloud computing along with infrastructure as a service and platform as a service.
US GAAP Taxonomy
To define in general, taxonomy refers to a statistical technique that recognizes clusters of stocks that feature highly correlated returns with every individual cluster and comparatively uncorrelated across clusters. The word has been derived from Greek words ‘taxis’ meaning division or arrangement and ‘nomos’ meaning law. The word can be explained as the science of classification on the basis of an encoded system, with the resulting catalog used to give a conceptual framework for analysis, discussion, or information retrieval.