SkyBiz Accounting software is application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, general ledger, payroll, trial balance, income statement, balance sheet.It functions as an accounting information system.
SkyBiz Accounting software is typically composed of various modules, different sections dealing with particular areas of accounting. Among the most common are :
- Sales Journal - A sales journal is a specialized accounting journal used in an accounting system to keep track of the sales of items that customers have purchased by changing them to their accounts-receivable account.
- Accounts receivable - where the company enters money received. Customer make payment to us knows as an official receipt is a written acknowledgment. It is a specified note that shows money which has been received as an exchange for product or services. The receipt aims to provide an assurance that the party has paid the expanses of the products which it has purchased. Official receipts can be printable or online and their format and pattern can vary depending upon the requirements of the company.
- Purchase Journal - The Purchases journal is used for recording credit purchases such as merchandise for resale to customers, business supplies, equipment, and other such purchases.
- Accounts payable - where the company enters its bills and pays money it owes.
- General ledger - the company's "books", The General Ledger module is the foundation of your accounting system, with flexibility that meets the current and future financial management requirements of organizations of all types and sizes. It provides a robust feature set designed to handle your most demanding budgeting and processing needs. General ledger fully integrates with all modules and is the key to maximizing the efficiency and accuracy of your financial data. The general journal is where double entry bookkeeping entries are recorded by debiting one/ few account(s) and crediting another/ few account(s) with the same amount. The amount debited and the amount credited should always be equal, thereby ensuring the accounting equation is maintained.
- Cash Book - where the company records collection and payment
Some business accounting software is designed for specific business types. It will include features that are specific to that industry.
The choice of whether to purchase an industry-specific application or a general-purpose application is often very difficult. Concerns over a custom-built application or one designed for a specific industry include:
- Smaller development team
- Increased risk of vendor business failing
- Reduced availability of support
This can be weighed up against:
- Less requirement for customization
- Reduced implementation costs
- Reduced end-user training time and costs
Some important types of vertical accounting software are:
- Point of Sale (Retail)
- Daycare accounting (or Child care management software)