Financial Software Standards and Modules

Are you looking for financial software to record your daily accounting activities? Different companies have diverse accounting requirements that call for sophisticated software to incorporate these requirements. The financial accounting software has separate sections, popularly called modules, to handle specific areas in finance.

Financial Software Modules

Financial software typically comprises the following core modules:

Accounts payable: This module records the paid and outstanding bills. It also keeps track of other expenses.

Accounts receivable: All money received is entered into this module.

Ledger: All journal financial transactions are entered here.

Billing: It is used to produce invoices.

Inventory: This section keeps track of stock.

Purchase order: This section is used to order stock

Sales order: All customer orders for stock are recorded here.

Financial accounting software also features various non-core modules, such as electronic payment processing, payroll, timesheet, purchase requisition, expense, debt collection and reports.

Financial Software Standards: What is IFRS?

In 1973, International Accounting Standards Committee (IASC) was formed to standardize various country-specific accounting activities. Continued innovation and improvement in these standards resulted in the formation of International Financial Reporting Standards (IFRS). IFRSs were introduced in 2006 by The International Standards Board (IASB). IFRSs ensure the preparation and presentation of financial statements in compliance with the set standards and framework. As of 2009, over 100 countries have authorized the use of IFRSs. Major technology-oriented countries, such as Canada, the US, Japan and India, are also on the road to conversion to IFRSs.

Financial Software Standards: Implications of IFRS

It is a challenge to implement IFRS in everyday business accounting activities. This is because the conversion involves several technical issues and requires thorough business planning. Companies may be concerned about the impact of IFRS on reported performance measures. They may also have queries about additional data to be collected and the ability of the systems to capture that data. These prepare companies to decide their conversion to IFRS.

Sapphire helps its global clients attain IFRS compliancy and recommends software solutions to clients as per their business requirements. The company’s professional knowledge and solutions are designed to improve the corporate visibility of clients.

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