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  Category: Articles » Business » Article

As Business Moves Forward, the Necessity for Improved Fund Accounting Software Grows

By Tuesday knight

The fund accounting software applications available to businesses today are far more complex than their immediate predecessors. Developments in the last few years have made fund accounting software solutions more fluid in their ability to incorporate large scale databases while providing advanced reporting capabilities and increasing end user efficiency. The impetus for these changes is not only from competition between developers, but also from the changing face of business itself.

Modern businesses have propelled the necessity for feature rich, intuitive suites that can offer more than simple reporting and analysis. More recent additions to the field, such as Sage's MIP, have brought about a host of new features that are a direct result of the shortcomings of other previously available offerings. The ability to decrease the amount of time spent in a reporting cycle has improved dramatically, as has the ability to access data when and where it is needed. Large scale, multinational corporations as well as mid sized businesses have far more reporting options as well, including customizable charting of accounts within groups and even trends within the individual accounts themselves.

Third party vendors also play a role in the way fund accounting software is developed. Many companies have become viable development enterprises simply from creating and distributing third party offerings designed to enhance or make up for the shortcomings of the fund accounting software applications of the past. Where an all encompassing software suite has failed in its abilities, third party vendors have created programs designed to circumvent those failures. Of course, the more widely known fund accounting software developers have taken note and usually incorporate their own versions of these tools into their next suite. It should be noted, however that it's still the business world that creates opportunities for third party vendors to engineer these products, which ultimately find their way into the next full scale offerings from the more widely utilized, heavy hitters of the development industry.

Feedback from the distributors who are licensed to implement fund accounting software applications can also impact future versions. Distributors and the developers they represent are the link between manufacturer and customer and are often the most knowledgeable regarding the successes and failures of the software solutions they sell.

In the end, as with all business, those developers who are able to meet their target audiences' demands will continue to produce effective products and flourish while those who cannot will fall by the wayside.
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