Each business's financial features will differ: cash flow monitoring, money transfers, tax calculation, internal auditing, company evaluating and assessment. Organizations also use custom software to streamline a range of financial and accounting procedures to save time and money.
Thus, knowing your firm's accounting demands is essential for collaborating with a custom software development company to produce the most appropriate and successful solutions. The following is the most concise guide to custom accounting software development.
Custom Accounting Software vs. COTS Accounting Software?
Honestly, the appearance of COTS software (commercial off-the-shelf) on the market might be a lifeline for small start-ups struggling to find solutions for themselves due to its low price and quick time to utilize. But not every field is the same! We need to understand that. A basic COTS software will have the elements claimed to be the most fundamental of the accounting sector in general. Still, it will almost definitely not fulfill the unique and precise criteria of the area you are joining, or at the very least for your own business.
The development of accounting software is driven by a clear set of requirements and objectives. For businesses, the best solutions minimize the costs of human resources while also raising total productivity. Therefore, it is no exaggeration to say that every set of accounting software should be a comprehensive information platform with features customized to the specific needs of the business - specifically mid-size businesses, to optimize the profits and downsize unnecessary errors and costs.
Custom Accounting Solutions of Various Types
Each type of software, when developed specifically for a certain industry, will have its characteristics, and custom accounting solutions also have the following various types:
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Hosting type based |
Development based |
Business size-based |
|---|---|---|
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Web-based: The data is stored on remote servers, and the functionality is supplied via a web browser. PCs and mobile devices may be used by anybody with Internet access. |
Custom: All of the procedures are unique and need customized settings for each client. |
Commercial accounting software: Containing summarized data graphs, sustainability statistics, tax forms, or workflow monitoring required. |
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E.g., QuickBooks, TurboCASH, FreshBooks |
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Cloud-based: With a |
COTS: Fully prepared and packaged product with standard features, it is offered to the mainstream market. With the criterion of producing 1 suitable product for the mass market, it doesn't require any customization and can be readily integrated into an existing system. |
Enterprise accounting software: Containing many specialties such as current liability, deferred revenue, account balances, billing, and forecasting, etc. |
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E.g., FinancialForce, Traverse, FlexiFinancials |
Steps Associated With The Creation of Custom Accounting Software
Briefly, the 4 core steps associated with the development of custom accounting software are summarized as follows:
Initial Idea Clarified
Just having the concept is enough to get things moving. The next step is to turn it into a concrete plan of action. Your team should make the first move, research to discover the system's extra functionalities and features.
UX/UI Design & Functionality Defined
Once an idea is complete, the UX/UI design and prototype are ready for the next step. Note that it is common for the price of software development tools to be determined by how many features the solution calls for. Since the product is created based on the needs of each business, in this step, the supplier should address user demands, potential hazards, ROI, technology, and methods with the client and dedicated staff. Simply put, the higher the complexity, the higher the service price.
Prototype & Coding Processed
This is considered the most difficult and expensive step, requiring the professionalism and skill of developers of the process. The previous design is now a working system. At this point, the programmers write and build the code, set up the appropriate environments, create test cases, and integrate all of the functionality.
Product Deployed & Scaling Supported
The project is complete and ready for implementation when the software has been developed. To stay viable, the app may require monitoring and improvement. As a result, these business accounting software products need a dedicated support and maintenance crew. (*) Several features you may need when it comes to developing custom accounting software. Note that the cost of custom software also depends on the number of features and the type of features the company wants.
The following are several important aspects that might be included in your application:
- Handling of invoices
- Control of inventory
- Creating of VAT Budget
- Integrating of third-party apps
- Managing of payroll/ payment flow
- Analytical tools for the further use
- Managing to bill and record-keeping
- Creating reports
Bottom Line
The prosperity of software has increasingly covered most fields, from military, education, manufacturing, automobile, logistics, and not least except the accounting industry - which is an industry that brings a lot of value to the economy of each country. On a micro-scale, for each company, the accounting department is a critical component of any business. Whether it is outsourcing accounting staff or employing a formidable accounting department, this position is critical to the overall success of the firm. As a result, custom software for the accounting sector is gaining more and more traction.
Thanks & Kind Regards,
Thanh (Bruce) Pham - CEO Saigon Technology Solutions
Email: thanh.pham@saigontechnology.com A Member of Forbes Technology Council Mobile: (+84) 913 666 227 Skype: tienthanh.pham (Thanh Bruce Pham).