Accounting software is a program that can run on a computer to track the total value of a company. What we mean by ‘accounting’ here is a general ledger, fixed assets, accounts payable & receivable, and bank reconciliation. Features or Characteristics of Management Accounting. What are its characteristic features? Fund accounting – These features are to be found in accounting software designed for government agencies and nonprofit organizations and include tracking donation expenditures, grant management, GASB (governmental accounting standards board) regulations, and a special suite of financial reports. Explain Financial Accounting. Bookkeeping is the work of a bookkeeper (or book-keeper), who records the day-to-day financial transactions of a business. The Accounting Hall of Fame was started by Ohio State University in 1950. The Xero accounting software uses a single unified ledger, which allows users to work in the same set of books regardless of location or operating system.. Its features include automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting. Accounting Hall Of Fame: A prominent award in the field of accounting. So here are some of the features of accounting software. Accounting is the bread of each system in this category and the one the businesses should be looking for first when choosing a reliable solution. Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. Financial Accounting is the process in which business transactions are recorded systematically in the various books of accounts maintained by the organization in order to prepare financial statements. Core Accounting. Actual performance is recorded to compare the actual with standard. Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount. A business will sometimes factor its receivable assets to meet its present and immediate cash needs. ... Management accounting fixes the standard for various business activities on the basis of the historical information provided by the financial accounting. A general ledger was the book where the accountant wrote down all payments that came … Product. Accounting software can be downloaded to a computer or can be used through a browser window by logging into a website.. Before computers all accounting information was stored in books called "ledgers".