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CPA Accounting Software
What is CPA Accounting Software?
Since Certified Public Accountants (CPAs) manage the finances for dozens, or even hundreds of corporations and individuals, they need accounting software that can keep up. CPA-specific accounting programs will be designed for payroll, expense, and reporting for multiple companies, and will also include useful tools like auditing, tax preparation, and time-based billing.
CPA-specific Functionality
Accounting software for banks, mortgage companies, and financial services institutions will include the following industry-specific features:
| Multi-company Accounting | Unlike other industries, professional accountants need to manage the accounting for multiple companies, so the software should allow you to categorize access all their data to keep it separated but easy to recall. Non-accountant specific programs can sometimes become overloaded by all the records, so it’s critical that your software can handle large volumes of data. |
| Tax Preparation | The U.S. tax code is thousands of pages long, and it changes every year. Tax preparation is a major part of a CPA’s job, and CPA-specific accounting software will contain specialized data to support preparation for all your clients. These will include updated tax tables, automated calculations, and electronic filing for individuals and corporations on a state, local, and federal level. |
| Time & Billing | Time and billing refers to the ability to track the time spent on certain projects and then bill clients based on the number of hours spent. Accounting software for any service provider should include time and billing capabilities. |
| Regulations Compliance | Accounting software needs to comply with federal, state, and local regulations and statutes like FASB, GASB 34, IFRS, and DCAA. Ensure the software you select complies with these regulations and updates it for any changes. |
| Financial Reports | Reporting is a critical component for freelance accountants. In addition to standard executive reports, charts, and summary statements, the software should be able to build customized reports using an intuitive interface. |
Evaluating Accounting Software for Certified Public Accountants
When evaluating CPA-specific accounting software, the most important criteria to consider are the nature of your business and the number of clients. Do you primarily deal with tax preparation for individuals, or general ledger and payroll for corporations? Do you have two or three clients or a hundred?
In particular, CPAs seeking accounting software should ask the following questions:
- How many individual records will you need access to at a given time? Is the software designed for that level of usage?
- Do you primarily serve individuals or corporations?
- Will you need support on regulatory compliance?
- Do you need to keep track of billable hours?
Have an opinion on this guide? Email the authors. We appreciate the feedback.
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Sage 300 ERP (formerly Sage ERP Accpac)
For CPA firms looking for superior accounting functionality, as well as applications for customer relationship and contact management, Sage 300 ERP (formerly Accpac) system delivers a scalable solution worth looking into.
Microsoft Dynamics GP
Microsoft Dynamics GP is a top choice for accountants because of its solid reporting and process automation features that help ensure tax code compliance. It also offers business intelligence and analytics functions.
Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200)
For the CPA firm looking for scalable functionality in an ERP software system, Sage ERP MAS 90 and 200 should be on your shortlist. It's designed to offer customizable enterprise-level technology for the small business.
NetSuite Financials
In 2010, NetSuite was rated by the research firm Gartner as a top ten provider of financial management solutions. NetSuite offers an accountant program that allows CPAs to manage other NetSuite customers through the web.
Sage 500 ERP (formerly Sage ERP MAS 500)
Sage 500 ERP is a complete core financial accounting system with accounts payable and receivable, general ledger, cash management, fixed asset accounting, multi-currency management, budgeting and planning and more.
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Multiview Enterprise .NET n10
Beyond sophisticated financial capabilities, Multiview's comprehensive accounting suite boasts a robust reporting & analytics environment giving users the ability to drill down to the underlying detail in every subsystem.
SAP Business One
SAP Business One is a good option for accounting firms that need to organize their business while still keeping track of the diverse financial information of their clients.
Fishbowl Enterprise
A comprehensive ERP/MRP solution, Fishbowl Enterprise offers a suite of applications so companies can manage finances, inventory, purchasing, reporting, payroll and performance management and much more, all from a single location.
Microsoft Dynamics NAV
With specialized functionality for various industries, Microsoft Dynamics NAV is a great ERP system known for being highly customizable. The system is deployed on-site or hosted for an additional fee.
SAP Business ByDesign
Designed to serve all the key needs of a business--including accounting--BusinessByDesign is an ideal software-as-a-service (SaaS) solution for integrating core functions in operations, sales, and accounting.
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