In the era of expanding industrialisation and rising automation, the world has seen a tremendous shift in work culture with establishment of lots of small scale industries growing to large corporate networks. These networks and corporates work firmly with a flow of lots of money or credits which needs to be maintained continuously for smooth working of the network.
For this smooth flow each corporate need an automated and reliant assistance to maintain the cash flow. The best is done using open source accounting softwares.
What are they?
Open source accounting software are publically accessible softwares which provide a accounting platform to manage various types of financial transactions within functional modules such as Payroll, General ledger, Account payable, Account receivable and Trial balance. The softwares are available in different formats easily workable with Windows, Android and Ubuntu as both Progressive Web Apps in Google Chrome and native apps in devices.
Privacy for a user is assured by accessibility techniques popular as:
- In device software: These softwares are installed on a particular system and can be accessed via the system only. They can be installed both as PWA and Native app based on memory availability and device configurations. In App functions can be added as per user’s needs by paying extra.
- SaaS: Abbreviation for Software as a Service, SaaS is a cloud based access method for various types of softwares and related server services. It is a third party distribution model in which a company develops a host application whose access is distributed over internet to the users with the help of a protected email address.
It can be accessed over any device with a protected email address and active internet connection.
How they work?
Open source accounting softwares are template based host applications providing the public and dynamic object access to the user of the application. The number of functions are predefined which are given accessed to the user based on the services the user has paid for. They work as a free or Paid In-device or SaaS applications depending on Host servers and user’s requirements.
Open Source Accounting Softwares are a platform for startups and firms to manage their accounts easily just by providing data or access to import data to provide assistance for generating invoices, Balance sheets, ledgers etc.
They are known to provide a software based accounting assistance to corporates and individuals.
The function of each application is based on host-user agreement but some of the important features that almost each accounting host provide are- designing and creating quotations, track sales, create invoices, track payments, track cash flows using P&L and Ledgers.
The extra services may include- In Call Support, Importing data from Bank accounts, Importing data from Excel sheets etc.
Each corporate or an individual has variable budgets and accounting needs based on business and availability of technology in a particular area. These needs are to be given proper assistance and a dedicated software to be workable with all types of businesses and devices, which caught the attention of host application developers to generate applications providing a lot of functions and assistance to steering money depending on users’ budget.