Pros And Cons Of Accounting Software

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Name: Instructor: Course: Date: Formal report Letter of Transmittal: The purpose of the report is to write down a report on the best accounting software that shall help in the tracking of the revenue transactions involving various payouts provided to numerous parties. The report was authorized by the supervisor. The reports provide three major software packages available in the market: MYOB, QuickBooks, and Peachtree. The paper lists the pros and cons of the software and comes up to the conclusion that the organization requires customized Accounting software named as SOFTRAX that shall help the organization in its quest. Table of Contents A. Executive Summary……………………………….………………………………….…………..2 B. Introduction…………………………………………………………………………….………….2…show more content…
As such, the CFO has recommended that software to be found that can help in the process of revenue distributions. This is usually a main problem in joint ventures. Each and every partner might have a loyalty interests that usually entitles them to a share of the venture. The automation of the company accounting system requires to be fully automated to ensure that the organization can be able to track all the revenue transactions that comprises of payouts to the several parties. The management and tracking of revenue can be a challenging process epically when an organization requires an account for a myriad of revenue types such as licenses, professional services, and regulations. Further on, the challenge is based on the changing regulatory environment, over-reliance on the manual process, evolving business models and poor visibility of both unrecognized and recognized revenue. As such it is important that an organization authorizes all the calculations to eliminate the error-prone and time intensives spreadsheets and make sure that it adheres to the important revenue recognition standards. The Report shall provide a recommendation to the Software that shall help in the tracking of the revenue transactions involving various payouts provided to numerous…show more content…
One of the software available in the market is named as SOFTRAX. This is a leading revenue automation solution and can help the firm manage its revenue needs including deferred revenue, complex allocations, and fair determination without having to use the spreadsheets (Softrax, 1). E. Conclusions and Recommendations The various partners in the business have royalty interests and this to a greater extent entitles them to the venture revenue share. Unlike the use of QuickBooks, MYOB software or Peachtree accounting package, SOFTRAX is complete accounting software that shall provide the CFO with an accounting package that best services the need of the organization. The software package is built in such a way that monitoring the way through which revenue is allocated is straightforward and

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