Comfort Finance is a business company that operates by giving loans to companies and individuals over a specified period agreed upon by stakeholders involved therein. The offer both long-term and short terms loans. The loans offered are inclusive of soft loans to individuals who want to set up small business enterprises. The company makes profits through interest realized on loans during their payment period. They also give money to individuals who give their properties as a security for the loans acquired. Goods involved herein as a security may involve such as Vehicle logbooks, laptops, among others depending on the amount of loan desired and the agreement between the lender and borrower.

However, they employ the use of an old accounting systems that have raised an eyebrow in the company. The security of the applied accounting system is poor as seen using the poorly protected programs and database which creates an avenue for hackers and other cyber criminals to use the company information for malicious purposes. The technology employed lacks automation of accounting where data is transferred to multiple systems and reports. Information are entered incorrectly and thus errors continually erupt. The management have considered that computerized systems need to be updated.

They have been a lot of problems that have also erupted associated with the accounting program systems that are out of date. The accounting systems are associated with compatibility issues, speed of access is slow, lack of a bank reconciliation feature, difficult to customize, lack of security, lack of security, lack of efficiency, lack of 24/7 technical support. The management has therefore called for a system the use of an accounting system program that is efficient, effective, cost effective, and adaptable to the organization, secure and user friendly. (Maduqne, 2013).

1.0 Introduction

An accounting system program is a system in an organization used to manage the expenses, income and other financial activities within a business. Its helps a business keep track of all kinds of financial transaction where purchases, sales and liabilities are inclusive. A proper accounting system can generate a comprehensive statistical report that provides management with a clear data set vital in decision making Computer-based accounting is generally automated using specialized software. (Maduqne, 2013).

1.1Scope of the Research.

I have carried a research on various types of accounting systems and will therefore propose an accounting system that would best suit the company. I have therefore the following questions.

a) What are various types of an accounting system?

b) How can use the right accounting system?

c) What is the uses of accounting system?

d) Which usability factors does our company require?

e) How much do these systems cost?

1.2 Various types of accounting systems.

Accounting systems exist in a variety of forms. The various available accounting systems have differed in their appearance, security system, simplicity and complexity, adaptability and compatibility issues. The available accounting systems include such as single systems, double entry systems, manual systems, and computerized. The accounting systems programs include such FreshBooks, Xero, QuickBooks Mircokeeper, Sage Intacct, Happay, Zoho Books, Bright Appeal, and Tipalti, Industrious CFO among others.

1.3 Choosing the right accounting systems.

When choosing the right accounting systems, things that are put into considerations include such as costs, usability and features. The number users are also another determinant factor. Comfort Finance would prefer the most inexpensive basic accounting software application. A more expensive and software that has extra features would work best. The number of users to access the software needs to be determined. A cloud- based system that can be accessed anywhere. Mobile application systems would work best. Features such as accounts receivable and payable tools are essential. Accounting system that has a capability of tracking inventory and tracking time, project management and payroll would suit the interest of Comfort Finance Company. (Chron, 2016)

1.4 Usability factors.

In accounting software, there are certain usability factors that need to be considered. The factors that need consideration include such as Multi user access. Multi user access allows one to invite other users and have control over that information that the invited users can gain access to. Systems that allow one to invite multiple users at no additional cost would work best. Multiple –business support consists of an accounting software system that can support multiple small businesses less than one account at minimal costs. Cloud based software and mobile access refers to an accounting system that allows access to one’s account anytime, anytime from whichever place one maybe be located from any computer provided internet connection is available. It enables remote monitoring of account whether on a vacation or at home. Accounting software that has a mobile application would also serve best. (Madourne, 2010).

1.5 Basic accounting features.

The basic accounting software features may include such as affordability, automation, scalability, billing and invoicing, integration and support. These commonly search basic features that a proper accounting system. (Top Accounting Tool, 2015).

1.6 Uses of Accounting Systems.

An accounting software system provides companies with important information regarding the operation of the business. The uses may include such as performance, creating budgets, investments and business decisions. The importance of accounting systems revolves round accuracy, speed, cost, tax and reports. Accounting software helps in increasing accuracy levels by reducing human errors in calculation. An accounting software also help in the reducing of costs as it enables members of an accounting team to do more work within a short period of time. This in effect reduces the accounting department payroll. Accounting systems allow data processing with greater speed as compared to manual processing due to the use of computerized systems which has the capability of processing figures at a faster rate that the human brain. Staff members can be provided with timely and accurate financial information through the help of this accounting software’s. Accounting software aids in filling of business taxes, a process which sometimes is consisted of complex procedural activities. Companies such as Intuit and ATX manufacture tax returns software’s capable of that integrate with their accounting programs. (Andy, 2018).

1.7 Recommended Accounting Systems software.

Basing our knowledge on the technological advancements, modern accounting software would best suit Comfort Company. However, the accounting systems employed depends majorly on the operating systems currently in use. This move is to reduce compatibility errors such as seen in Mac operating systems that only use Xero accounting software. My recommendation f the best accounting software was based on evaluation of the following factors; costs, ease of use, customer service, timesaving features, customers service, mobile access and features, integration with a third party, and service limitations. (Fairbanks, 2018). I therefore the use such as FreshBooks, and QuickBooks.

1.8 FreshBooks.

This is an award-winning cloud hosted accounting and invoicing app. It is an automated application that performs a variety of functions such as calculation of taxes, charging clients card securely, sending reminders, creating of invoices, categorizing of invoices, important of expenses from banks, billing for payments, billing tracked hours and securely charging clients credit card. This accounting system has enabled startups and small business to do more work within a short period of time in a good manner. It has intuitive features and is simple to navigate through. The software has a cloud platform that comes with mobile applications that enables one to work with any connected device irrespective of time and location. I strongly recommend the use of FreshBooks.

 1.9 Diagrammatic representation of Fresh Books Software

1.9 2.2 2.0 2.0QuickBooks.

This is low priced accounting software suitable for small business-like Comfort. It has a platform for performing tasks relating to recording expenses for tax time and creating customized invoices. The system can automatically download, categorize and reconcile both bank and credit transactions. It also takes control over the flow of cash in an organization. One can capture and save receipts anytime, anywhere hence one has full control over expenses. Billing and invoicing systems are very efficient. (Top Accounting Tool, 2010).

Cost of Purchase.

The cost of procuring Accounting systems software is estimated to be $1500. Both FreshBooks and QuickBooks have similar charges. The budget details are a listed below.

Table 3.1

Budget for recommended accounting software, (FreshBooks and QuickBooks).

2.1 Conclusion

Since Comfort Finance has expanded, the old methods of accounting need not to exist. The manual systems of accounting are to be replaced with modern automated software’s to ensure that inventory is kept in track. This will solve the problems that have been arising from the company as well as making the work of the staff easier. Profits will be realized, and threats will be detected before they get out of hand. Such as FreshBooks and QuickBooks are the latest accounting chosen. They are reliable, secure and cost effective and will therefore help Comfort Finance manage its inventories effectives. A proper accounting software is the success if any accounting department.

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Figure � SEQ Figure \* ARABIC �1�- Fresh Books Software

Figure � SEQ Figure \* ARABIC �2�- QuickBooks of purchase