Accounting Application is an application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It functions as an accounting information system. It may be developed in-house by the company or organization using it, may be purchased from a third party, or may be a combination of a third-party application software package with local modifications. Also an accounting software may be on-line based i.e accessed anywhere at anytime with any device which are internet enabled eg StraightBook, FreshBooks, Xero, QuickBooks Online, or may be desktop based like QuickBooks, Sage50, Tally etc. It varies greatly in its complexity and cost. The market has been undergoing considerable consolidation since the mid-1990s, with many suppliers ceasing to trade or being bought by larger groups.
