represents the type of application that records and processes accounting transactions in functional modules such as accounts payable, accounts receivable, journal entry, general account holder, payroll and test balance. It acts as an accounting information system. It is either developed in-house by the organization that uses it, purchased from a third party, or a combination of third-party application software packages and local modifications. Accounting software may be online-based, accessed anytime, anywhere using internet-enabled devices, or desktop-based. Complexity and cost are very different.
Since the mid-1990s, the market has undergone considerable consolidation, with many suppliers either closing deals or being acquired by larger groups.