Most people believe that accounting software is not a very broad topic. However, it turns out that there are about as many different accounting packages as there are people in a small country. Below is a list of all the

different types we could identify. We’ll provide a short summary of each here, but in the future we plan to go more in depth into each category. In fact look for a post on each software category in the future.

Business Accounting Software – This is a pretty broad category within the accounting softwares arena. It basically consists of all of the accounting packages that a business might use. Some popular choices include QuickBooks, Sage, Peachtree, etc. Note that a lot of larger businesses will develop special software just for their business.

General Ledger Accounting Software – Just like it sounds, this software is specifically designed to interact with the general ledger. Most software out there has this integrated within the package, but there are still some places where you can buy just general ledger software.

Manufacturing Accounting Software – Turns out that manufacturers want their own type of accounting software. We’ll dive more into this topic at a later time, but manufacturers need something that will not only keep them in compliance with GAAP, but will also keep track of vital manufacturing information that can give them an edge on their competitors.

Inventory Control Software – This in all honesty is some of the coolest accounting software available. The normal software tracks the information provided by bar codes and scanners. The high-end packages are really awesome; the software actually interacts with RFID (Radio-Frequency Identification) tags to keep track of where your inventory is at all times. Very nice, and very expensive.

Property Software – Like all the categories we are discussing, this one has a lot of different functions. The basic function of this type of software is to be able to keep track of a Landlord’s many properties and tenants while still being able to generate reports that satisfy banks and investors.

Restaurant Accounting Software – Another fun area of accounting. There is actually a whole field of accounting software dedicated to restaurants. Who would have thought? More on this coming in the future.

MRP  Software – Stands for material requirements planning software.  This software is used to account for the type, quantity, and quality of material that will be necessary for the manufacturing process.

Small Business Inventory Software – This is just like the inventory software mentioned above except it is specifically designed for smaller businesses. This usually means that the package is not as detailed, and in most cases not as expensive.

Payroll Accounting Software – This software is specifically designed to keep track of the payroll department of a business. It tracks payroll information, generates checks, and generates payroll reports for management.

Insurance Accounting Software – If you’re not part of the insurance industry you may believe that we’re making up this type of accounting software. Although it doesn’t seem like the Insurance industry would need its own accounting software, there are companies that specialize in making accounting software for these companies.

Trust Accounting Software – Trust accounting is a difficult area, burdened with all sorts of laws and policies. Having specific software for this industry helps, but don’t expect it to solve all your problems.

Warehouse Inventory Software – Similar to inventory software, but designed for larger warehouses.

Asset Software – This type of software can be as basic as you want or as high tech. Some people keep track of their assets with excel, while others have some complicated programs that interact with RFID tags to keep track of depreciation, life, location, and value of each asset (pretty cool software).

Audit Management Software – Just like it sounds, this software industry provides a tool for auditors to manage their audits. Most of the larger audit firms (The Big 4) have their own proprietary software, but some of the smaller firms may be interested in some over-the-counter packages.

Retail Inventory Software – Similar to normal inventory software, but for retailers. On a big scale think Wal-Mart’s vendor managed inventory system that basically forces all of their suppliers to keep their inventory stocked. On a smaller scale, think of a Mom-and-Pop shop that needs some inventory tracking software that will alert them when they need to reorder.

Construction Accounting Software – QuickBooks Premier Edition actually has a specific industry section for construction; that shows you how large of an accounting software industry this is.

Online Accounting Software – This type of software, known as software as a service (SAAS) has become very popular in recent years. Basically the idea is that you don’t need to store your information on local computers. Instead the information is stored on secure servers. This can be beneficial because you can access key information from anywhere in the world, even when you’re on vacation.

Personal Accounting Software – Excel is probably the most used personal accounting software. There are some other popular services out there such as QuickBooks. There is also a wealth of free resources available on the Internet.

Accounts Payable Software – Not a lot to add about this type of software. It simply tracks a company’s accounts payable. Most accounting software comes with this included, but you some still sell it as a separate module.
Accounts Receivable Software – Tracks your accounts receivable. This software can help you reduce your days receivables outstanding.

ERP Accounting Software – ERP (Enterprise Resource Planning) software is a growing trend amongst today’s businesses. The idea is that you have one software package to manage all parts of the business. As you can imagine, these are often custom built because each business is different. However there are a few basic packages that will work if you’ll mold them to your business model.

Fund Accounting Software – Fund accounting is most often used by governments, non-profits, and churches. This is a growing area of accounting software with a few well-established providers, but room for others to move in.

Tax Accounting Software – Almost everyone knows about this type of accounting software. Turbo Tax and Tax Act are some of the more popular services out there. More and more this type of software is moving to the Internet. FreeTaxUSA is a popular online tax service, and the federal filing is free.

Cost Accounting Software – There are some over-the-counter packages that deal with managerial accounting. However, there are no rules when it comes to cost accounting so many companies develop their own accounting packages and consider these packages a confidential, competitive advantage.

Linux Accounting Software – Specifically designed accounting software for Linux.

Project Accounting Software – This is usually used for managing large projects. You would be amazed at how difficult it can be to manage a large project without some software.

School Accounting Software – What type of accounting a school does really depends on its affiliation with the government. If it is a public school then it will likely want to use some form of governmental accounting software. If the school is a private, not-for-profit, then it will probably still want to use fund accounting. If the school is a for-profit entity then it will probably just want to use basic accounting software.

Trucking Accounting Software – Yes even truckers need some form of accounting software. Basically this keeps track of where everyone is going.

Farm Accounting Software – Anytime there is something to keep track of you will see some form of accounting software popping up. Farms are no different; if you think about it they have plenty to manage.

Medical Accounting Software – This is a rapidly developing area. In the olden days, doctors were ridiculed for their lack of business prowess; nowadays they have software built especially for their practices. Some software packages in the medical industry are tracking patient information. Connecting this information with doctors around the world is the future of medical accounting.

Loan Accounting Software – This software handles loan billing, loan servicing, and loan amortization processes. It’s a smaller industry, but it exists.

POS Accounting Software – Point of Sale accounting software comes in very handy for those organizations that sell multiple products. Basically you integrate your point of sale system with your accounting software. This means that for each sale, the accounting information is automatically updated.

Hotel Accounting Software – Basically an accounting package designed for hotels. Surprisingly enough this has been around since the 1980’s.

Partnership Accounting Software – Partnerships have different rules and regulations than corporations. It only makes sense that they would have some slightly different accounting packages as well.
Time Accounting Software – We’re not talking about your average, run of the mill planners here. These are packages designed to track what hundreds of employees throughout the day. This comes in very handy when trying to eliminate employee waste.

Invoice Accounting Software – Software that processes invoices and automatically enters it into the accounting system.

Mortgage Accounting Software – Basically some software that mortgage companies use to track all of their customers payment and billing information.

Stock Accounting Software – Basically a glorified excel spreadsheet. This software tracks whatever stock information you ask it to.

Daycare Accounting Software – Who would have thought that daycares needed their own special accounting software? You won’t see QuickBooks having a special category for these guys, but there is some software out there that keeps track of important financial daycare information and interfaces with QuickBooks.

Municipal Accounting Software – Similar to governmental accounting software. Governments don’t account for their money in the same way that businesses do; so they need their own type of software. Government accounting has a lot of tricky rules that we don’t want to get into in this article, but we will talk more on this in the future.

Opensource Accounting Software – This type of software doesn’t entail a specific type of software, but more about how the software is created. Opensource refers to the fact that the code is available to manipulate the software and usually for free. This can be very helpful if your company is looking to develop custom software, but needs a base to begin.

Database Accounting Software – Most accounting softwares act as a type of database; however when people are looking for this type of software, we assume they are looking for something with a little more storage power than your average software. Database accounting software can be queried and manipulated for data mining purposes.

Rental Accounting Software – If your organization is more focused on renting than selling, then you may want to look for accounting software in this category.

Billing Accounting Software – Most accounting packages come with some form of billing function. However some software packages create the bills and automatically update your accounting ledgers.

Budgeting Software – For individuals budgeting software may just be excel or a personal QuickBooks. However, large companies that rely on budgeting need complex budgeting software. The government is probably the largest entity that uses budgeting regularly. Yes we know it is hard to believe, but the government’s budgeting techniques are rigorous and highly sophisticated. They more than anyone need and use budgeting software.

As most people know, the accounting software does not solve all of your accounting problems. It is simply a tool, but you still need to understand accounting in general, as well as any industry-specific accounting or legal issues. For example if you know nothing about trust accounting and you buy trust accounting software, don’t expect that you will automatically be in compliance with all of the industry standards.

Think this list isn’t comprehensive of all the accounting software out there? Please leave us a message below suggesting a category we missed. Think the list doesn’t provide enough information? Look for an individual, in-depth post for each of these categories in the future.